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Investment Highlights - This week, the performance of the automotive sector was mixed, with the SW commercial cargo vehicle segment showing the best performance at +1.1%, while the overall automotive sector declined by -2.1% [4][12] - The top five stocks covered this week included XPeng Motors, King Long Automobile, Songyuan Safety, Ruima Precision, and Foton Motor, all of which saw notable gains [4][12] Industry Core Changes - The new model ET5 from Xingtu Automobile has officially started pre-sales, featuring the world's first Horizon HSD urban auxiliary driving system and the Journey® 6P computing solution [6][12] - WeRide has received official approval from the UAE federal government to launch commercial operations of a fully autonomous Robotaxi in Abu Dhabi [6][12] - China National Heavy Duty Truck Group (CNHTC) reported wholesale sales of 28,000 units in October, a year-on-year increase of 70.5% and a month-on-month increase of 0.5%. Exports reached 15,100 units, up 77.7% year-on-year and 0.7% month-on-month, setting a new monthly sales record [6][12] Current Automotive Sector Configuration - The automotive industry is perceived to be at a crossroads, with the electric vehicle (EV) boom nearing its end and the smart vehicle sector entering a phase of innovation. Three main investment opportunities are identified: AI smart vehicles, AI robots, and traditional vehicle segments [8][13] - Key investment lines include: - AI Smart Vehicle Line: Focus on Robotaxi and Robovan, with downstream application targets including Tesla, XPeng Motors, and technology providers like Horizon Robotics and Baidu [8][13] - AI Robot Line: Emphasis on selected components from companies such as Top Group, Junsheng Electronics, and others [8][13] - Traditional Vehicle Line: Focus on buses (Yutong Bus), heavy trucks (CNHTC and Weichai Power), and two-wheelers (Chunfeng Power and Longxin General) [9][13] Market Performance Overview - The automotive sector ranked 26th in A-shares and 15th in Hong Kong this week, indicating a relatively lower performance compared to other sectors [17][24] - The overall valuation of the automotive sector has seen a decline, with the PE (TTM) for various segments such as commercial vehicles and passenger vehicles showing different trends [40][48]