周观点 | 小米25Q3汽车业务首次盈利 关注汽车政策延续情况【国联民生汽车 崔琰团队】

Market Performance - The A-share automotive sector declined by 5.0% from November 17 to November 23, underperforming the CSI 300 index, which fell by 2.9% [1] - Within the automotive sub-sectors, commercial trucks, motorcycles, commercial passenger vehicles, auto parts, automotive services, and passenger cars experienced declines of -2.7%, -4.0%, -4.7%, -4.9%, -5.9%, and -5.9% respectively [1] Investment Recommendations - Recommended core stocks include Geely Automobile, Xpeng Motors, BYD, Xiaomi Group, Li Auto, Berteli, Top Group, Xinchuan Co., Hu Guang Co., and Chunfeng Power [2][10] Company Highlights - Xiaomi Group reported Q3 2025 revenue of 113.1 billion yuan, a 22.3% year-on-year increase, with its automotive and AI businesses achieving operational profitability for the first time, generating 700 million yuan [3][11] - Xpeng Motors announced that its new generation production robot will enter the "ET0" mass production phase next month, with a target of over 1 million units sold annually by 2030 [3][11] Technological Developments - Huawei announced its ADS Pro enhanced version, which will be commercially available in 2026, featuring advanced capabilities for urban navigation and risk scenario avoidance [4][12] - The HarmonySpace 5 cockpit has achieved significant upgrades, with user numbers reaching 1.34 million [4][12] Sector Insights Passenger Vehicles - The continuation of the vehicle replacement policy is expected to stimulate domestic demand positively [15] - Recommended stocks in the passenger vehicle segment include Geely, Xpeng, BYD, Xiaomi, Li Auto, and Seres [15] Auto Parts - The auto parts sector is expected to grow, with a focus on intelligent driving and new energy vehicle supply chains [16][18] - Recommended companies include Berteli, Horizon Robotics, and Kobot [18] Motorcycles - The market for large-displacement motorcycles is expanding, with a recommendation for leading companies such as Chunfeng Power and Longxin General [6][25][27] Commercial Vehicles - The heavy truck market is recovering, with sales in October reaching approximately 93,000 units, a year-on-year increase of about 40% [28] - Recommended companies include Weichai Power and China National Heavy Duty Truck [29] Tires - The tire industry is experiencing a shift towards globalization, with recommendations for leading companies like Sailun Tire and Senkiren [30][32]