Wind数据显示，12月10日，共有3只个股获券商买入评级，其中1只个股公布了目标价格。按最高目标 价计算，贵州轮胎目标涨幅排名居前，涨幅分别达29.92%。从评级调整方向来看，1只个股评级维持不 变，2只个股为首次评级。从获买入评级个股所属Wind行业来看，汽车与汽车零部件、半导体与半导体 生产设备买入评级个股数量最多，分别有2只、1只。 ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2025 年 12 月 8 日 [Table_Title] 自动驾驶发力，出行公司先行 ——汽车行业周报 [Table_Summary] 报告要点： 11 月累计批发销量仍在合理区间 乘用车：11 月 1-30 日，全国乘用车市场零售 226.3 万辆，同比去年同 期下降 7%，较上月增长 1%，今年以来累计零售 2,151.9 万辆，同比增长 6%；11 月 1-30 日,全国乘用车厂商批发 299.2 万辆，同比去年同期增长 2%，较上月增长 2%，今年以来累计批发 2,676.6 万辆，同比增长 11%。 新能源：11 月 1-30 日,全国乘用车新能源市场零售 135.4 万辆，同比去 年同期增长 7%，较上月增长 6%，今年以来累计零售 1,150.4 万辆，同比 增长 20%；11 月 1-30 日，全国乘用车厂商新能源批发 172 万辆，同比去 年同期增长 20%，较上月增长 7%,今年以来累计批发 1,377.7 万辆，同比 增长 29%。 政策企业齐发力，智能驾驶/自动驾驶发展持续深入 12 月 1 日，上 ...

Investment Rating - The report maintains a "weaker than the market" investment rating for the U.S. stock market [4] Core Views - The market is showing a slowdown in price increases with a deepening industry divergence, as evidenced by the S&P 500's 0.3% increase and the Nasdaq's 1.0% increase this week [1] - The focus of capital flows is shifting towards technology, with significant inflows into software and services, automotive, and semiconductor sectors [2] - Earnings expectations for most industries are being revised upwards, indicating a generally stable outlook despite some sectors facing downward adjustments [3] Summary by Sections 1. Market Performance - The S&P 500 rose by 0.3%, while the Nasdaq increased by 1.0% this week, reflecting a mixed performance across sectors [1] - Small-cap growth stocks outperformed small-cap value stocks, and large-cap growth stocks outperformed large-cap value stocks [1] 2. Capital Flows - Estimated capital inflow for S&P 500 constituents was +$71.8 billion this week, down from +$214.0 billion the previous week [2] - Major inflows were seen in software and services (+$20.7 billion), automotive (+$20.6 billion), and semiconductor products (+$20.2 billion) [2] - Significant outflows occurred in utilities (-$4.6 billion) and pharmaceuticals (-$4.2 billion) [2] 3. Earnings Forecast - The dynamic future 12-month EPS expectation for S&P 500 constituents was adjusted upwards by 0.3% this week, consistent with the previous week's adjustment [3] - 22 industries saw upward revisions in earnings expectations, with notable increases in semiconductor products (+0.9%) and automotive (+0.5%) [3] - The energy sector experienced a slight downward adjustment of -0.1% [3]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [7]. Core Insights - Current demand is weak, but annual cumulative sales remain within a reasonable range, with retail sales of passenger vehicles in China from November 1-23 at 1.384 million units, a year-on-year decrease of 11% [2][21]. - The report highlights the acceleration of domestic brands in the automotive market, with significant developments in AI and solid-state battery technologies [5][4]. - The automotive industry is witnessing a shift towards self-owned brands revitalizing joint venture capacities, as seen with Changan taking over Beijing Hyundai's Chongqing plant [3][35]. Summary by Sections Weekly Market Review - The automotive sector rose by 3.24% this week, outperforming the CSI 300 index by 1.60 percentage points [13]. - The automotive parts sector saw the highest increase at 4.03%, with notable individual stock performances from GAC Group and BYD [16][17]. Data Tracking - Retail and wholesale sales of passenger vehicles showed a cumulative increase of 6% and 11% year-on-year, respectively, for the year to date [21]. - New energy vehicle retail sales from November 1-23 reached 849,000 units, a 3% increase year-on-year, with cumulative sales for the year up 20% [21]. Industry News - Xiaomi launched its MiMo-Embodied model, marking a significant advancement in integrating autonomous driving with embodied intelligence [29][30]. - GAC Group established the first large-capacity solid-state battery production line in China, capable of producing batteries with over 60 Ah capacity [33]. - Long-term plans for Changan include utilizing the newly acquired Hyundai plant to support its production goals [35]. - NIO reported a record third-quarter revenue of 21.79 billion yuan, with a significant increase in vehicle deliveries [38][39].

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Viewpoints - The price recovery across the market is evident, with significant differentiation in fundamentals among various sectors [1] - The Hang Seng Index and Hang Seng Composite Index have shown positive performance, with increases of 2.5% and 3.8% respectively [1] - Small-cap stocks outperformed mid and large-cap stocks, indicating a shift in market dynamics [1] Summary by Sections Market Performance - The Hang Seng Index rose by 2.5%, while the Hang Seng Composite Index increased by 3.8% [1] - The performance of different market segments showed that small-cap stocks (Hang Seng Small Cap +3.0%) outperformed mid-cap (Hang Seng Mid Cap +2.6%) and large-cap stocks (Hang Seng Large Cap +2.5%) [1] - Notable sector performances included the Hang Seng Innovation Drug Index (+6.1%) and the Hang Seng Automobile Index (+4.5%) [1] Valuation Levels - The valuation of the Hang Seng Index increased by 1.6% to 11.8x, while the Hang Seng Composite Index rose by 1.8% to 11.7x [2] - Significant valuation increases were observed in the Hang Seng Automobile Index (+5.3% to 13.8x) [2] - Among 30 sectors, 22 saw valuation increases, with notable rises in Light Industry Manufacturing (+6.7%) and Automotive (+5.7%) [2] Earnings Expectations - The earnings per share (EPS) for the Hang Seng Index increased by 0.4%, while the Hang Seng Composite Index saw a 0.5% rise [3] - The earnings expectations showed a mixed trend, with the Hang Seng Biotechnology Index up by 1.3% and the Hang Seng Automobile Index down by 0.7% [3] - A total of 19 sectors experienced upward revisions in EPS, with Steel (+11.6%) and Non-ferrous Metals (+3.6%) leading the increases [3]

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 [Table_Summary] 报告要点： 当前需求偏弱，但年度累计仍处超预期区间 乘用车：11 月 1-16 日，全国乘用车市场零售 88.6 万辆，同比去年 11 月 同期下降 14%，较上月同期下降 6%，今年以来累计零售 2,014.2 万辆， 同比增长 7%；11 月 1-16 日，全国乘用车厂商批发 102.1 万辆，同比去 年11月同期下降14%，较上月同期增长14%，今年以来累计批发2,479.5 万辆，同比增长 11%。 新能源：11 月 1-16 日，全国乘用车新能源市场零售 55.4 万辆，同比去 年 11 月同期增长 2%，较上月同期增长 7%，今年以来累计零售 1,070.3 万辆，同比增长 21%；11 月 1-16 日，全国乘用车厂商新能源批发 61.8 万辆，同比去年 11 月同期增长 1%，较上月同期增长 17%，今年以来累 计批发 1,267.5 万辆，同比增长 28%。 国内主要车企推动多策略出海，中国汽车全球化趋势明确 11 月 18 日，零跑汽车透露与一汽集团的合作已取得实质性进展。 ...

Investment Rating - The report maintains a "Weaker than Market" investment rating for the U.S. stock market [4] Core Views - The report indicates that most industries are under pressure, but earnings forecasts are improving [4] - The S&P 500 index experienced a decline of 1.9%, while the Nasdaq fell by 2.7% [1] - There is a notable divergence in performance among sectors, with media and entertainment, pharmaceuticals, and consumer goods showing positive trends, while software and services, semiconductors, and retail sectors faced significant declines [1][2] Summary by Sections 2.1 Investment Returns - The energy sector saw a decline of 3.1% this week, while the healthcare sector increased by 1.9% [14] - The media and entertainment sector outperformed with a return of 3.7% [14] - The overall performance of the S&P 500 components was down by 1.7% [14] 2.2 Fund Flows - The estimated net fund flow for the S&P 500 was -15.403 billion USD this week, indicating significant outflows [16] - The media and entertainment sector had a net inflow of 0.896 billion USD, while the semiconductor sector faced a substantial outflow of -7.798 billion USD [16][2] 2.3 Earnings Forecasts - The earnings per share (EPS) forecast for the S&P 500 components was adjusted upward by 0.9% this week, following a 0.3% increase the previous week [3] - The semiconductor sector saw a notable EPS increase of 6.2%, while the retail sector's forecast was downgraded by 0.4% [3][17] 2.4 Valuation Levels - The report does not provide specific valuation levels but indicates a general trend of improving earnings forecasts across various sectors [19]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - Current demand is weak, but the annual cumulative figures remain above expectations, with retail sales of passenger cars in early November showing a year-on-year decline of 19% but a cumulative growth of 7% for the year [1][20] - The report highlights the approaching commercialization of L3/L4 autonomous driving technologies, with significant advancements expected by 2026 and 2027 [2][29] - Solid-state battery technology and battery swapping systems are evolving, with strategic partnerships being formed to enhance market competitiveness [3][35] Summary by Sections 1. Weekly Market Review - The automotive sector experienced a decline of 2.11% in the past week, with most related sub-sectors also down [12] - The cumulative retail sales of passenger cars for the year reached 19.67 million units, reflecting a 7% year-on-year increase [20] 2. Data Tracking - From November 1-9, 2025, retail sales of passenger cars were 415,000 units, down 19% year-on-year, while wholesale sales were 468,000 units, down 22% year-on-year [20] - Cumulative retail sales of new energy vehicles reached 1.04 million units, a 21% increase year-on-year [20] 3. Industry News - Xiaomi is set to offer end-to-end assisted driving experiences in select stores, showcasing advancements in autonomous driving technology [27] - Huawei's plans for L3 and L4 commercial applications are expected to significantly impact the market by 2026 and 2027 [29] - The Ministry of Industry and Information Technology has set new requirements for the proportion of new energy vehicle credits for 2026 and 2027 [30][31] 4. Investment Recommendations - Focus on the nearing commercialization of L3/L4 technologies and the potential breakthroughs in solid-state battery technology [4]

Investment Rating - The report maintains a "Buy" recommendation for the automotive industry [5] Core Insights - Current demand is weak, but the annual cumulative figures remain above expectations, with retail sales of passenger vehicles in October showing a year-on-year increase of 6% and a month-on-month increase of 7% [1][21] - The Robotaxi industry is accelerating towards commercialization, with significant developments from companies like Baidu, Xpeng, and Tesla, indicating a maturing market [2][3] Summary by Sections 1. Weekly Market Review (2025.11.1-11.7) - The automotive sector index fell by 1.24%, underperforming the Shanghai Composite Index, which rose by 0.82% [11] - The passenger vehicle segment experienced the largest decline at -3.31% [12] 2. Data Tracking (2025.11.1-11.7) - Retail sales of passenger vehicles from October 1-31 reached 2.387 million units, a 6% increase year-on-year, with cumulative retail sales for the year at 19.395 million units, up 9% [21] - New energy vehicle retail sales for the same period were 1.4 million units, a 17% year-on-year increase, with cumulative sales for the year at 10.27 million units, up 23% [21] 3. Industry News (2025.11.1-11.7) - Baidu's Apollo Go reported weekly orders exceeding 250,000, matching Waymo's figures, indicating strong growth in autonomous driving services [35] - Xpeng announced its first Robotaxi model, aiming for global market expansion in collaboration with mapping services [37] - The IPO of Sailyus marked a significant milestone, raising over 14 billion HKD, highlighting investor confidence in the electric vehicle sector [38]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [7] Core Insights - The automotive market is experiencing a year-on-year decline in retail sales for October, with a 7% decrease compared to the same period last year, but the cumulative retail sales for the year remain above expectations, showing an 8% increase year-on-year [2][20] - The report highlights the importance of price competition among car manufacturers, as several companies, including Chery, have announced subsidies to offset the impact of tax adjustments on consumers [3][30] - The rebranding of "semi-solid batteries" to "solid-liquid batteries" is expected to stabilize market expectations and promote orderly competition within the industry [4][35] Summary by Sections Weekly Market Review (2025.10.25-10.31) - The automotive sector saw a weekly increase of 0.92%, outperforming the Shanghai and Shenzhen 300 index by 1.35 percentage points [13] - The commercial vehicle segment had the highest weekly growth at 3.17%, while the passenger vehicle segment experienced a decline of 2.00% [15] Data Tracking (2025.10.25-10.31) - Retail sales of passenger vehicles from October 1-26 totaled 1.613 million units, a 7% year-on-year decline, while cumulative retail sales for the year reached 18.621 million units, an 8% increase [20] - New energy vehicle retail sales during the same period were 901,000 units, showing a 0% year-on-year growth, with cumulative sales for the year at 9.771 million units, a 22% increase [20] Industry News (2025.10.25-10.31) - Huawei and Dongfeng are accelerating the implementation of their DH project, focusing on deep technological integration [28][29] - Chery announced a subsidy plan for vehicle purchases, with a maximum subsidy of 15,000 yuan per vehicle [30] - Changan Automobile is collaborating with JD.com to develop new energy autonomous vehicles [31] - The report notes that the semi-solid battery will be renamed to solid-liquid battery to avoid market confusion [35]