Core Viewpoint - The article discusses the promotional strategies of Hongmeng Zhixing and its collaboration with Chery, highlighting significant cash subsidies and the financial implications of selling their vehicles at a loss to boost sales volume and market presence [1][4]. Group 1: Promotional Activities - Hongmeng Zhixing announced a cash subsidy of 20,000 yuan for all models of the Zhijie brand, effective from June 27, 2025, to July 31, 2025, with potential total benefits reaching up to 60,000 yuan [1]. - The Zhijie brand has previously offered various discounts, including a promotion in March 2025 that allowed customers to save up to 17,000 yuan through financing options [4]. Group 2: Financial Performance and Strategy - Despite the promotional efforts, the company is reportedly selling vehicles at a loss, with the Zhijie R7 model incurring a loss of approximately 30,000 yuan per unit sold [4]. - As of May 27, 2025, the cumulative delivery of Zhijie vehicles surpassed 100,000 units, with total orders exceeding 130,000 units, indicating a growing market presence despite the financial losses [4]. Group 3: Competitive Landscape - The article notes the competitive environment, mentioning that Xiaomi is set to launch its first SUV, the YU7, on June 26, 2025, which may impact the market dynamics for Hongmeng Zhixing [5]. - Xiaomi's SU7 model achieved over 28,000 units in deliveries in May 2025, showcasing strong demand and competitive pressure in the automotive sector [5].

Group 1 - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show was held in Shenzhen from May 31 to June 8, showcasing a shift in the automotive industry towards high-tech smart terminals, particularly in the electric vehicle (EV) sector [1] - BYD dominated Hall 1, while Huawei's HarmonyOS Intelligent Driving presented four major brands in Hall 2, including the Wenjie and Zhijie series [1] - In May, Leap Motor achieved a sales volume of 45,100 units, marking a year-on-year increase of 148%, securing its third consecutive monthly sales championship among new energy vehicle manufacturers [1] Group 2 - HarmonyOS Intelligent Driving and Li Auto ranked second and third in May sales, each surpassing 40,000 units, with HarmonyOS delivering 44,500 units across its brands [1] - The Wenjie brand, produced by Seres, was identified as the key contributor to HarmonyOS Intelligent Driving's success, with over 36,600 units delivered in May [1] - Li Auto's new vehicle deliveries reached 40,900 units in May, reflecting a year-on-year growth of 16.7%, with expectations to soon return to a monthly delivery level of 50,000 units [1] Group 3 - Xpeng Motors maintained stable performance with a delivery volume of 33,500 units, exceeding 30,000 units for seven consecutive months [2] - Xiaomi's automotive division delivered over 28,000 units in May, while NIO reported 23,200 units, showing a year-on-year increase of 13.1% [2] - Industry experts noted that the auto show highlighted a dual competitive model in the EV market, focusing on "intelligence + cost-effectiveness," with technological integration and ecosystem consolidation being crucial for future success [2]

Group 1: Sales Performance of New Energy Vehicle Brands - Leap Motor leads the new energy vehicle brands with a delivery volume of 45,067 units in May, achieving a year-on-year growth of over 148%, driven by its self-research strategy and "high configuration at low price" advantage [1] - Hongmeng Zhixing follows closely with a record sales of 44,454 units, with the AITO brand contributing 36,600 units, and the AITO M9 achieving a monthly delivery of 15,481 units [3] - Li Auto ranks third with a delivery volume of 40,856 units, reflecting a year-on-year increase of 16.7% and a month-on-month growth of 20% [3] - Xpeng Motors delivered 33,525 units in May, marking a year-on-year surge of 230%, maintaining monthly sales above 30,000 units for seven consecutive months [4] Group 2: Other Notable Brands and Market Trends - Xiaomi Auto secured a position in the top five with over 28,000 units delivered, and cumulative deliveries from January to May exceeded 130,000 units [4] - NIO delivered 23,231 units in May, with a year-on-year growth of 13.1%, benefiting from the scale effect of its battery swapping network [4] - Geely Group's new energy vehicle sales reached 138,021 units in May, with a year-on-year growth of 135%, and a penetration rate of 59% for new energy vehicles [6] - BYD's sales of new energy vehicles reached 382,476 units in May, with a year-on-year increase of 38.7%, and overseas exports accounting for nearly one-quarter of its total sales [6] - The market trend indicates that new energy vehicle brands are solidifying their positions through technological advancements and multi-brand strategies, while traditional automakers are accelerating their catch-up through resource integration [6]

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Insights - The report emphasizes the potential growth in humanoid robotics and the automotive supply chain, suggesting that related companies may see both profit and valuation increases [2][13] - It forecasts that competitive domestic brands and new forces in intelligent driving technology will continue to expand their market share by 2025 [2][13] - The report highlights the strong sales performance of various automotive brands in February, with significant year-on-year growth for both traditional and new energy vehicles [10][27] Summary by Sections Investment Recommendations and Targets - The report recommends continued focus on humanoid robotics and automotive supply chain investment opportunities, with specific companies expected to benefit [2][13] - Suggested companies for investment include SAIC Motor, BYD, Changan Automobile, and several others in the automotive and parts sectors [2][14] Market Performance - The automotive sector experienced a decline of 3.0%, underperforming compared to the broader market [16] - Notable stock performances included HaiTaiKe and Dele Shares, which saw significant gains, while others like Longsheng Technology faced substantial losses [16][17] Sales Tracking - February sales data indicates a strong performance in the automotive sector, with a 53% year-on-year increase in wholesale sales [25] - New energy vehicle brands like XPeng and Li Auto reported remarkable growth, with XPeng's deliveries increasing by 570% year-on-year [27] Industry Dynamics - The report notes that Tesla is preparing to update its software in China to deploy Full Self-Driving (FSD) features, which could enhance its competitive position in the market [48]