【周观点】8月第3周乘用车环比+9.4%，继续看好汽车板块

Investment Highlights - In the third week of August, the compulsory insurance for vehicles reached 470,000 units, with a week-on-week increase of 9.4% and a month-on-month increase of 6.8% [10] - The performance of segmented automotive sectors this week ranked as follows: SW commercial cargo vehicles (+1.6%) > SW commercial passenger vehicles (+0.8%) > SW automotive parts (+0.4%) > SW passenger vehicles (+0.3%) > SW motorcycles and others (+0.1%) [10] - The top five stocks covered this week with the highest gains were Weimars, NIO-SW, Yadea Holdings, Jingwei Hengrun-W, and Luxshare Precision [10] Research Outcomes - The team released investment strategies for automotive intelligence in September, along with a report on heavy trucks and performance reviews for various companies including Seres, Zhongding Shares, Huada Technology, Shuanghuan Transmission, Hengshuai Shares, Yinlun Shares, Xusheng Group, Aikedi, SAIC Group, Top Group, Jingzhu Technology, CIMC Vehicles, Yutong Bus, Longxin General, Aima Technology, Jianghuai Automobile, Huguang Shares, Fuyao Glass, and Changan Automobile for Q2 [3] Industry Core Changes - Xiaopeng's new P7 model was launched, featuring three Turing chips across the entire lineup, priced between 219,800 to 301,800 yuan [4] - Great Wall Motors reported Q2 revenue of 52.3 billion yuan, with a year-on-year increase of 7.7% and a quarter-on-quarter increase of 30.7%; net profit attributable to shareholders was 4.59 billion yuan, with a year-on-year increase of 19.1% and a quarter-on-quarter increase of 161.9% [4] - BYD's Q2 revenue reached 200.92 billion yuan, with a year-on-year increase of 14.0% and a quarter-on-quarter increase of 17.9%; gross margin was 16.3%, down 1.1 and 3.8 percentage points year-on-year and quarter-on-quarter respectively [4] - Top Group's Q2 revenue was 7.167 billion yuan, with a year-on-year increase of 9.69% and a quarter-on-quarter increase of 24.26%; net profit attributable to shareholders was 729 million yuan, down 10.04% year-on-year but up 29.00% quarter-on-quarter [4] Current Market Configuration - The automotive industry is perceived to be at a new crossroads, with the electric vehicle dividend nearing its end and automotive intelligence entering a "dark before dawn" phase; innovation in robotics is at the 0-1 stage [7] - Recommendations for the second half of 2025 include increasing the allocation weight of "dividend style" investments [7] - Key investment themes include: - Dividend & Good Pattern: Buses (Yutong Bus), Heavy Trucks (China National Heavy Duty Truck A-H / Weichai Power), Two-Wheelers (Chunfeng Power / Longxin General), and Parts (Fuyao Glass + Xingyu Shares + Xinquan Shares + Jifeng Shares) [7] - AI Intelligence: Preferred passenger vehicles in Hong Kong (Xiaopeng Motors-W / Li Auto-W / Xiaomi Group-W) > A-shares (Seres / SAIC Group / BYD); preferred parts (Horizon Robotics-W / China Automotive Research / Desay SV / Bertley / Heishima Intelligent) [7] - AI Robotics: Preferred parts (Top Group + Jingzhu Technology + Fuda Shares + Xusheng Group + Aikedi) [7] Weekly Market Performance - The automotive sector's performance this week was generally average, with commercial cargo vehicles performing the best; the core changes included the compulsory insurance data meeting expectations and the disclosure of interim reports from automotive companies, revealing that leading companies' performances fell short of expectations [11][12]