【周观点】5月第5周乘用车零售环比+17.1%，继续看好汽车板块

Core Conclusion - In the fifth week of May, the compulsory insurance for vehicles reached 458,000 units, with a week-on-week increase of 17.1% and a month-on-month increase of 10.1% [2][6] - The performance of various segments this week ranked as follows: SW motorcycles and others (+3.6%) > SW passenger cars (+0.8%) > SW auto parts (+0.3%) > SW automobiles (+0.2%) > SW commercial passenger vehicles (-2.6%) > SW commercial freight vehicles (-6.7%) [2][6] - The top five stocks covered this week with the highest gains were Changhua Group, Xusheng Group, Chuncheng Power, Li Auto-W, and Changan Automobile [2][6] Industry Changes - Xiaopeng and Huawei collaborated to develop the world's first truly AI-integrated HUD solution, the "Chasing Light" panoramic head-up display system, which will debut on Xiaopeng's G7 model [2][6] - Baolong Technology successfully held the "Baolong Technology Day," enhancing technical exchanges with BMW Group [2][6] - GAC Aion's automatic driving vehicle, equipped with the seventh-generation autonomous driving system from Xiaoma Zhixing, officially received a road test license for intelligent connected vehicles, commencing public road tests in Guangzhou and Shenzhen [2][6] - Xiaoma Zhixing announced an investment of 50 million yuan for a 10% stake in Gelanruo Intelligent Robotics, gaining a board seat [2][6] - Three ministries held discussions with automotive company leaders, advocating against price wars in the industry [2][6] - The head of Tesla's humanoid robot project has left the company [2][6] Market Outlook - The automotive sector is expected to continue benefiting from technological innovation, with a focus on three main lines: AI robots, AI intelligence, and favorable market conditions [3][4] - The market's attention this week was on discussions regarding "anti-involution" in the domestic automotive industry and the changing relationship between Musk and Trump, leading to significant debate about the automotive sector's beta in the second half of the year [3][7] Investment Recommendations - The recommendation is to focus on technological innovation to help the automotive industry escape the price war dilemma, with a positive outlook for 2025 based on three main lines: AI robots, AI intelligence, and favorable market conditions [4][7] - For the "favorable market conditions" line, recommended stocks include Yutong Bus (客车), China National Heavy Duty Truck (重卡), and auto parts companies like Fuyao Glass, Xingyu Co., Xinquan Co., and Jifeng Co. [4][7] - For the "AI intelligence" line, preferred stocks include Hong Kong-listed companies like Xiaopeng Motors-W, Li Auto-W, and Xiaomi Group-W, as well as A-share companies like Seres, SAIC Motor, and BYD [4][7] - For the "AI robots" line, recommended auto parts companies include Top Group, Junsheng Electronics, Jingzhu Technology, Zhongding Holdings, Aikedi, and Ruihu Mould [4][7]