周观点 | 文远、小马即将港股挂牌 智能驾驶催化密集【民生汽车 崔琰团队】

Market Performance - The automotive sector in A-shares rose by 2.2% from October 27 to October 31, ranking 10th among Shenwan sub-industries, outperforming the CSI 300 index which increased by 0.8% [2] - Within the sub-sectors, commercial passenger vehicles, automotive parts, motorcycles and others, commercial freight vehicles, and automotive services saw increases of 7.7%, 3.5%, 3.4%, 2.1%, and 0.8% respectively, while the passenger vehicle sector declined by 1.0% [2] Investment Recommendations - Recommended core stocks include Geely Automobile, Xpeng Motors, Li Auto, BYD, Xiaomi Group, Berteli, Top Group, New Spring Co., Hu Guang Co., and Chunfeng Power [3][12] - For passenger vehicles, focus on quality domestic brands accelerating in intelligence and globalization [15] - In the parts sector, recommendations include intelligent driving companies such as Berteli, Horizon Robotics, and Kobot, as well as new force industry chain companies [6][17] Robotics and AI Developments - 1X Technologies launched the world's first consumer-oriented humanoid robot, NEO, entering the home service market [4] - Tesla's shareholder meeting on November 7 is expected to provide significant updates on robotics, while Xpeng's AI Day is scheduled for November 5 [4] - The domestic robot main engine manufacturers are expected to enter a concentrated IPO phase, which could serve as a strong catalyst for the industry [4][18] Motorcycle Market Insights - The market for large-displacement motorcycles is expanding rapidly, with sales of 250cc and above motorcycles reaching 87,000 units in September 2025, a year-on-year increase of 13.1% [25] - Recommended leading companies in the large-displacement motorcycle sector include Chunfeng Power and Longxin General [7][27] Heavy Truck Market Trends - Heavy truck sales exceeded 100,000 units in September 2025, marking a year-on-year increase of 83% and a cumulative sales increase of 20.5% for the first nine months [28] - The expansion of the old-for-new subsidy policy is expected to stimulate demand for heavy trucks [29][30] Tire Industry Outlook - The tire industry is experiencing strong demand, with domestic PCR operating rates at 67.47%, indicating high demand levels [32][54] - Recommended companies in the tire sector include Sailun Tire and Senki Lin [31][33]