【周观点】8月第4周乘用车环比+9.7%，继续看好汽车板块

Key Points - The core viewpoint of the article emphasizes the performance of the automotive sector, highlighting a significant increase in insurance registrations and the varying performance of different automotive sub-sectors [10][54]. Group 1: Weekly Review - In the fourth week of August, the number of compulsory insurance registrations reached 515,000 vehicles, representing a week-over-week increase of 9.7% and a month-over-month increase of 11.5% [10][54]. - The performance of sub-sectors this week ranked as follows: SW commercial passenger vehicles (+5.1%), SW motorcycles and others (-0.8%), SW auto parts (-1.0%), SW passenger vehicles (-2.3%), and SW commercial cargo vehicles (-2.3%) [10][54]. - The top five stocks covered this week included Xinquan Co., Junsheng Electronics, Huayu Automotive, Yutong Bus, and Seres, all showing notable increases [10][26]. Group 2: Research Outcomes - The team released a summary of Q2 performance and in-depth reports on various companies including Cao Cao Mobility, Weichai Power, Bertel Technology, GAC Group, and others [3][10]. Group 3: Industry Changes - Key industry developments included the unveiling of Tesla's next-generation Optimus, the pre-sale of the Wuling M7 with over 100,000 initial orders, and the launch of new autonomous vehicle brands by Desay SV and Hezhima Intelligent [4][6][10]. Group 4: Market Focus - The automotive sector's performance in both A-shares and H-shares was generally mediocre, with commercial passenger vehicles performing the best. Notable changes included the Wuling M7's initial order success and the introduction of new autonomous vehicle brands [6][11]. Group 5: Investment Recommendations - The company suggests increasing the allocation to automotive dividend-style investments in the second half of 2025, as the industry appears to be at a crossroads with the end of electric vehicle incentives and the dawn of intelligent vehicle technology [5][11]. - Recommended investment focuses include commercial vehicles (Yutong Bus), heavy trucks (China National Heavy Duty Truck Group, Weichai Power), motorcycles (Chunfeng Power, Longxin General), and auto parts (Fuyao Glass, Xinyu Co., Xinquan Co., Jifeng Co.) [11].