【周观点】曹操出行Robotaxi战略升级，继续看好汽车板块

Investment Highlights - This week, the automotive sector outperformed the market, with the commercial passenger vehicle segment showing the best performance at 4.5% increase [4][12][13] - Key stocks that performed well this week include China National Heavy Duty Truck Group H, Xinquan Co., Top Group, Xingyu Co., and Huguang Co. [4][12][27] Research Outcomes - The team released an in-depth report on Xiaopeng Motors and a sales review for Yutong Bus for November [5][12] Industry Changes - Cao Cao Mobility held a strategic upgrade conference for Robotaxi, proposing a "Ten Years, Hundred Cities, Hundred Billion" strategy and launched the first future urban transportation hub, the "Green Intelligent Passage Island" [6][12][13] - Top Group is advancing its H-share listing [6][12][13] - Desay SV plans to establish Huizhou Chuanxing Zhiyuan Technology Co., Ltd. to develop Robovan business [6][12][13] - WeRide's end-to-end ADAS solution won the China Smart Driving Competition [6][12][13] Current Automotive Sector Configuration - The automotive industry is entering a new crossroads, with the end of the electric vehicle (EV) dividend and the dawn of automotive intelligence. Three main investment opportunities are emerging during this transition phase [8][14] - AI Intelligent Vehicle Main Line: Focus on Robotaxi/van and C-end vehicles. Key targets include: - Robotaxi Perspective: Integrated models like Tesla, Xiaopeng Motors, and Qianli Technology; technology providers and operational sharing models like Horizon Robotics and Baidu; transformation of ride-hailing/taxi services like Cao Cao Mobility [8][14] - Robovan Perspective: Desay SV and others [8][14] - C-end Vehicle Sales Perspective: Whole vehicles from Xiaopeng Motors, Li Auto, Huawei, Xiaomi, etc. [8][14] - Upstream Supply Chain Key Targets: B-end vehicle manufacturing like BAIC Blue Valley, GAC Group, SAIC Group; core suppliers in testing, chips, domain controllers, sensors, and more [8][14] AI Robotics Main Line - Focus on selected components such as Top Group, Junsheng Electronics, Xinquan Co., and others [8][14] Dividend & Good Pattern Main Line - Focus on passenger vehicles (Yutong Bus), heavy trucks (China National Heavy Duty Truck A-H, Weichai Power), and two-wheelers (Chunfeng Power, Longxin General) [9][14]