Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [14] Core Insights - The impact of the recent tariffs imposed by the U.S. on China is relatively limited for the automotive sector, primarily affecting parts exports. Strong parts manufacturers have established global production capabilities, particularly in Mexico, which benefits from zero tariffs under the USMCA agreement [2][10] - The overall automotive sales for the week of March 24-30 reached 482,500 units, a 12.3% increase compared to the previous week. New energy vehicle sales were 241,900 units, reflecting an 8.0% increase, with a penetration rate of 50%, down 2.0 percentage points from the previous week [9][10] - The A-share automotive sector experienced a decline of 3.60%, underperforming the CSI 300 index, which fell by 1.37% [9] Summary by Sections Tariff Impact - The U.S. tariffs on Chinese imports have a limited short-term impact on the automotive sector, with parts exports being the primary concern. Companies can potentially shift production to Mexico or other low-tariff regions to mitigate costs [10][23] Market Performance - The automotive sector's performance in the A-share market has been weak, with various sub-sectors showing declines, particularly in commercial vehicle parts and tires [9][11] Sales Data - Total automotive sales for March 2025 reached 1.685 million units, a 23.4% increase year-on-year, with new energy vehicles accounting for 890,000 units, up 27.7% [9][10] Investment Recommendations - The report recommends focusing on the complete vehicle segment and parts manufacturers with strong overseas layouts, particularly those involved in smart driving technologies and robotics [11][12] - Specific companies highlighted for investment include BYD, XPeng Motors, and Geely for smart driving vehicles, and Top Group and Fulin Precision for robotics [11][12] Parts Manufacturing - Some parts manufacturers may face pressure due to declining Tesla sales, but recovery is expected with new vehicle launches in Q2. Companies with operations in Mexico are less affected by the tariffs [12][40]

4月2日晚，药明康德发布公告称，公司于4月1日通过大宗交易出售联营企业药明合联5080万股股票，占 其当前总股本的4.23%，成交金额约21.78亿港元。 药明康德表示，此次交易预计将为公司带来约18.47亿元人民币的投资收益，占2024年度经审计归母净 利润的10%以上，将显著提升2025年上半年业绩表现。本次减持后，药明康德子公司合全药业仍通过香 港子公司持有药明合联33.94%股份，保持第二大股东地位。 事实上，此次减持已经是药明康德半年内的第三次减持。药明康德曾于2024年11月及2025年1月通过两 次大宗交易累计出售8600万股，套现24.26亿港元。若叠加本次减持，三次交易合计减持比例达11.4%， 套现总额超46亿港元。 值得一提的是，药明康德的几轮减持，建立在药明合联股价不断上涨的背景下：自2023年11月登陆港交 所以来，药明合联的股价便持续攀升，4月1日盘中更是创下49.50港元的历史新高。 资料显示，药明合联成立于2021年，由药明生物与合全药业合资设立，主要从事抗体偶联药物 （ADC）等生物偶联药物的CRDMO服务，客户覆盖全球前20大药企中的13家。业绩方面，药明合联 2024年实 ...