【周观点】特斯拉Robotaxi进展顺利，继续看好汽车板块

Investment Highlights - The automotive sector has shown varied performance this week, with commercial passenger vehicles leading at +4.1%, followed closely by automotive parts at +4.0% [4][12] - Key stocks that performed well this week include Luxshare Precision, King Long, Aikodi, Hengshuai, and Xinquan, all showing significant gains [4][12] Industry Core Changes - Tesla reported total revenue of $28.095 billion for Q3 2025, reflecting a quarter-on-quarter increase of 11.6% and a year-on-year increase of 24.9%. Automotive sales revenue was $20.776 billion, with a year-on-year increase of 6.2% and a quarter-on-quarter increase of 28.0% [5][12] - Tesla's GAAP net profit for Q3 2025 was $1.373 billion, down 36.8% year-on-year but up 17.2% quarter-on-quarter. Non-GAAP net profit was $1.770 billion, down 29.3% quarter-on-quarter but up 27.1% year-on-year. The progress on Robotaxi is on track, with significant milestones achieved [5][12] - BAIC Blue Valley reported Q3 2025 revenue of 5.87 billion yuan, with a year-on-year decrease of 3% but a quarter-on-quarter increase of 2%. The net profit for the quarter was a loss of 1.12 billion yuan, with a similar trend in non-GAAP net profit [5][12] - Aima Technology achieved Q3 2025 revenue of 8.06 billion yuan, up 17.3% year-on-year, with a net profit of 690 million yuan, reflecting a 15.2% increase year-on-year [5][12] Current Investment Opportunities - The automotive industry is at a crossroads, transitioning from the end of the electric vehicle boom to the dawn of automotive intelligence. Three main investment themes are emerging: AI smart vehicles, AI robots, and traditional vehicle segments [8][13] - Key investment opportunities in the AI smart vehicle sector include: - Robotaxi and Robovan models led by Tesla, XPeng, and Qianli Technology [8][13] - Technology providers and operational sharing models involving Horizon Robotics, Baidu, and Didi [8][13] - Traditional vehicle manufacturers adapting to new market demands, including XPeng, Li Auto, and Huawei [8][13] - In the AI robot sector, preferred components include Top Group, Junsheng Electronics, and Aikodi [8][13] Market Performance Overview - The A-H share automotive market performed moderately this week, with commercial vehicles showing the best performance. The overall sentiment in the automotive sector remains cautious but optimistic due to ongoing developments in electric and smart vehicle technologies [6][7][13]