【周观点】Robotaxi落地加速，继续看好汽车板块

Investment Highlights - This week, the automotive sector outperformed the market, with the best-performing sub-sector being commercial vehicles, which rose by 3.0% [4][14] - The top five stocks covered this week include GAC Group, Ruima Precision, King Long Automobile, Leap Motor, and Daimay [4][13] Key Industry Changes - Xiaoma Zhixing reported Q3 earnings, achieving profitability on a per-vehicle basis in urban areas, with a target of 1,000 Robotaxis to be completed ahead of schedule, and plans to expand to 3,000 vehicles next year [6][14] - WeRide announced Q3 earnings with a year-on-year revenue increase of 144.3%, and Robotaxi revenue surged by 761.0% [6][14] - The Starway ET5 will be globally launched on November 28, featuring Horizon Robotics' HSD technology [6][14] - Li Auto's Q3 2025 delivery volume reached 93,211 units, with total revenue of 27.36 billion, reflecting a year-on-year decline of 36.2% and a net loss of 620 million [6][14] Current Investment Opportunities - The automotive industry is at a crossroads, with the end of the electric vehicle boom and the dawn of automotive intelligence. Three main investment themes are emerging: - AI Intelligent Vehicles: Focus on Robotaxi and Robovan, with key players including Tesla, XPeng Motors, and Horizon Robotics [9][14] - AI Robotics: Emphasis on selected components such as Top Group and Junsheng Electronics [10][14] - Traditional Growth: Opportunities in buses (Yutong Bus), heavy trucks (China National Heavy Duty Truck Group), and two-wheelers (Chunfeng Power) [10][14] Market Performance - The automotive sector's performance this week was led by SW automotive parts (+3.7%), followed by SW automotive (+3.2%) and SW commercial passenger vehicles (+3.0%) [4][13] - The overall market sentiment for the automotive sector remains positive, with all sub-sectors showing an upward trend [22][39]