Investment Rating - The report maintains a "Buy" recommendation for the automotive industry, indicating a positive outlook for the second half of the year [1]. Core Insights - The report highlights the increasing popularity of new models from emerging automakers, such as the Leidao L90 and Li Auto i8, suggesting a rise in risk appetite for investing in standout products from new players. It anticipates continued strong sales in the terminal market for the second half of the year, alongside a decrease in price war risks due to recent industry destocking and a "de-involution" trend [1][2]. - Concerns regarding potential sales fluctuations due to the expected reduction in electric vehicle purchase tax next year are noted, with a recommendation to actively observe opportunities in the sector after sentiment digestion [1][2]. - The report projects a net profit of 19.2 billion yuan for A-share passenger vehicles in Q2 2025, reflecting a year-on-year increase of 1% and a quarter-on-quarter increase of 31%. For auto parts, a net profit of 21.1 billion yuan is expected, remaining flat year-on-year and increasing by 5% quarter-on-quarter [1]. Data Tracking - In June, new energy vehicle deliveries from leading companies showed significant growth, with BYD delivering 383,000 units (up 12% year-on-year), and Leap Motor achieving 48,000 units (up 140% year-on-year). However, Li Auto's deliveries fell by 24% year-on-year to 36,000 units [3][19]. - Traditional automakers also saw notable sales increases, with Geely's sales rising by 42% year-on-year to 236,000 units in June. SAIC Group led the market with 365,000 units sold, a 21.6% increase year-on-year [3][21]. - The average discount rate in the automotive market slightly increased to 9.9% in early July, with an average discount amount of 22,185 yuan, reflecting a rise in both metrics compared to the previous month [3][7]. Industry News - The report notes significant developments in the automotive sector, including the merger of Geely and Zeekr, which is expected to strengthen Geely's market position [28]. - The Ministry of Finance and the State Taxation Administration announced adjustments to the consumption tax policy for ultra-luxury vehicles, which may impact sales dynamics in the high-end segment [29]. - The report also highlights the increasing penetration of new energy vehicles, with retail sales reaching 332,000 units in early July, a 26% year-on-year increase, while the penetration rate for new energy vehicles reached 58.1% [28]. Market Performance - The automotive sector experienced a weekly increase of 3.22%, ranking third among 29 sectors. The overall market indices also showed positive movements, with the Shanghai Composite Index rising by 0.69% and the CSI 300 by 1.09% [7][31]. - The report indicates that 208 stocks in the automotive sector rose, while 67 fell, reflecting a generally positive sentiment in the market [31].

Group 1 - The core viewpoint is that the robotics industry is accelerating its industrialization process, with a focus on T-chain robotics and highly intelligent main engine manufacturers [2] - The China Securities Index for robotics (H30590) has seen a strong increase of 2.34%, with notable individual stocks like Xinjie Electric (603416) rising by 10.00% and Haimu Star (688559) by 7.61% [1] - The Robot ETF fund (562360) has also experienced a rise of 2.36%, marking its third consecutive increase, with a latest price of 0.95 yuan [1] Group 2 - The market is beginning to recognize the scarcity of full-loop capabilities in both hardware and software for domestic humanoid robots, which have shown significant technological breakthroughs [2] - Concerns regarding tariff issues have eased, leading to a potential rebound for T-chain stocks [2] - Experts indicate that while hardware is relatively easier to solve, the real challenge lies in developing highly intelligent general-purpose AI models for humanoid robots [2]