国泰海通 · 晨报0930｜汽车：人形机器人闪耀2025上海工博会

Core Viewpoint - The article emphasizes the growth potential in the humanoid robot industry and the automotive sector, highlighting investment opportunities in high-performance technologies and companies with inherent advantages [3][5]. Automotive Industry Summary - The investment strategy maintains an "overweight" rating for the automotive industry, focusing on high-cost performance technology routes similar to lithium iron phosphate batteries in new energy vehicles and companies with endogenous advantages like CATL [3]. - The domestic passenger car market faces increased competition as the effects of the vehicle replacement program diminish by 2025. Recommended companies include Great Wall Motors, SAIC Motor with deep European layouts, and Jianghuai Automobile, which is expected to open up high-end models [3]. - The heavy truck market has shown significant growth due to the vehicle replacement program initiated in May, with AIDC's diesel engine business driving industrial upgrades [3]. - The growth potential in the auto parts industry is becoming scarce, with recommendations for steering system leaders and experienced brake system suppliers that have room for product penetration and localization [3]. Market Performance Summary - In the past week (September 19-26, 2025), the Shenwan Automotive Index remained stable, while the new energy vehicle index fell by 2%, and the commercial vehicle index dropped by 3% [4]. - For the month (August 27 - September 26, 2025), top-performing stocks included Tianpu Co., Haon Automotive, Kebo Da, Shanzi Co., and Junsheng Electronics, while the worst performers were Tenglong Co., Hunan Tianyan, Chuanhuan Technology, Construction Industry, and Zhongma Transmission [4]. - According to the China Passenger Car Association, from September 1-21, 2025, retail sales of passenger cars reached 1.191 million units, a year-on-year increase of 1%, with a cumulative retail of 15.955 million units for the year, up 9% [4]. - In the new energy sector, retail sales from September 1-21, 2025, reached 697,000 units, a year-on-year increase of 10%, with a cumulative retail of 8.267 million units for the year, up 24% [4]. Humanoid Robot Industry Summary - The 2025 Shanghai Industrial Expo showcased several humanoid robot manufacturers and core component suppliers, including Fourier and Shanghai Electric, which leverage multi-industry collaboration for advanced smart robot development [5]. - Xinuo Future, a key supplier in the humanoid robot sector, possesses a complete production line from mechanical processing to assembly, demonstrating full-chain self-research and production capabilities in motors, controls, reducers, and algorithms [5]. - The humanoid robot industry is experiencing rapid iteration, with a positive outlook for companies that exhibit innovation and cost advantages [5].