汽车琰究·2025-11-30 06:45Market Performance - The A-share automotive sector rose by 3.6% from November 24 to November 30, outperforming the CSI 300 index, which increased by 0.9% [2] - Sub-sectors such as automotive parts, motorcycles, automotive services, passenger cars, commercial passenger vehicles, and commercial freight vehicles saw increases of 4.0%, 4.0%, 3.4%, 3.3%, 3.2%, and 1.4% respectively [2] Investment Recommendations - Recommended core stocks include Geely Automobile, Xpeng Motors, BYD, Xiaomi Group, Li Auto, Bertel, Top Group, Xinquan Co., Hu Guang Co., and Chunfeng Power [3][12] - In the passenger car segment, focus on quality autonomous brands that are accelerating in intelligence and globalization [16] - For automotive parts, recommended stocks include Bertel, Horizon Robotics, and Kobot, with a focus on the new forces in the industry chain [19] Company Developments - Changan Automobile announced plans to invest 225 million yuan to establish a robotics company, holding a 50% stake, while its subsidiary Changan Technology will invest 45 million yuan for a 10% stake [4] - Avita Technology submitted an IPO application to the Hong Kong Stock Exchange, reporting a revenue of 12.21 billion yuan for the first half of 2025, a year-on-year increase of 98.5% [5][14] Policy Impact - The Chinese government is extending the "old-for-new" vehicle replacement policy, which includes subsidies for scrapping vehicles that meet certain emission standards [15][30] - The subsidy for scrapping and replacing eligible vehicles is set at an average of 80,000 yuan for scrapped vehicles and 35,000 yuan for new purchases without scrapping [30] Industry Trends - The demand for high-performance computing driven by AI is expected to boost the liquid cooling market, projected to grow at a CAGR of 27.6% from 2024 to 2030, reaching a market size of 21.3 billion USD [24] - The motorcycle market is experiencing growth in the large-displacement segment, with sales of motorcycles over 250cc reaching 61,000 units in October 2025, a year-on-year decrease of 0.2% [27][29] Competitive Landscape - The tire industry is witnessing a recovery in demand, with the operating rate for passenger car tires at 70.05% and truck tires at 62.25% as of November 22, 2025 [33] - The heavy truck market is expected to benefit from the expanded subsidy policy, with sales in October 2025 reaching approximately 93,000 units, a year-on-year increase of about 40% [30][31]