【周观点】7月第4周乘用车环比+13.2%，继续看好汽车板块

Core Viewpoint - The automotive industry is entering a new crossroads phase, with the end of the electric vehicle (EV) dividend and the dawn of automotive intelligence, while robotics innovation is in the 0-1 stage. The recommendation is to increase the allocation weight of "dividend style" investments in the second half of the year [6][8][13]. Weekly Review Summary - In the fourth week of July, the compulsory insurance for vehicles reached 440,000 units, with a week-on-week increase of 13.2% but a month-on-month decrease of 22.8% [3][11]. - The performance of segmented automotive sectors this week ranked as follows: SW commercial cargo vehicles (-0.4%) > SW commercial passenger vehicles (-0.7%) > SW automotive parts (-2.1%) > SW automobiles (-2.4%) > SW motorcycles and others (-2.4%) > SW passenger vehicles (-3.4%) [3][11]. Industry Core Changes - Xiaopeng's new P7 will debut on August 6, with 36,717 new cars delivered in July. - Li Auto launched its first pure electric SUV, the i8, with deliveries starting on August 20. The Pro version is priced at 321,800 yuan, the Max version at 349,800 yuan, and the Ultra version at 369,800 yuan, with 30,731 new cars delivered in July [5][12]. - Zhiji released the "Star" super range extension system, targeting a pure electric CLTC range of over 400 km and a comprehensive CLTC range of 1,500 km. Audi A5L Sportback was officially launched with a starting price of 259,900 yuan [5][12]. - Yutong Bus signed a procurement agreement for 400 pure electric buses with its partner in Pakistan, marking the largest single order for new energy buses in Pakistan [5][12]. Sector Outlook - The automotive sector remains optimistic, focusing on three main lines: dividends, intelligence, and robotics [6][13]. - The market's core focus this week was on the automotive sector, which underperformed the broader market, with heavy trucks performing relatively better. The internal demand for passenger vehicles met expectations, but the performance of new energy vehicles fell short [6][13]. - Recommendations for sector allocation include: - Dividend & Good Pattern Main Line: Buses (Yutong Bus), heavy trucks (China National Heavy Duty Truck Group A-H / Weichai Power), two-wheelers (Chunfeng Power / Longxin General), and parts (Fuyao Glass + Xingyu Co., Ltd. + Xinquan Co., Ltd. + Jifeng Co., Ltd.) [8][13]. - AI Intelligence Main Line: Preferred passenger vehicles in Hong Kong stocks (Xiaopeng Motors-W / Li Auto-W / Xiaomi Group-W) > A-shares (Seres / SAIC Motor / BYD); preferred parts (Horizon Robotics-W / China Automotive Research / Desay SV / Bertel / Black Sesame Intelligence) [8][13]. - AI Robotics Main Line: Preferred parts (Top Group + Precision Forging Technology + Fuda Co., Ltd. + Xusheng Group + Aikodi) [8][13].