Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Insights - The automotive market is benefiting from policies supporting vehicle scrappage and replacement, as well as advancements in intelligent driving technology, leading to strong growth in both overall and new energy vehicle sales [12][30] - The new tariff policies announced by Trump are expected to benefit companies that establish factories in North America, particularly those in the parts sector [13] - The report suggests continued focus on humanoid robotics and competitive domestic brands in the automotive sector, with expectations for market share expansion among leading new energy vehicle companies [3][14] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on humanoid robotics and companies within the Huawei, Xiaomi, T chain, and intelligent driving sectors, anticipating profit and valuation increases [3][14] - Suggested companies for investment include SAIC Motor, JAC Motors, BYD, Changan Automobile, China National Heavy Duty Truck Group, GAC Group, Yutong Bus, and several parts manufacturers such as Newquay, Silver Wheel, and Top Group [3][15] Market Performance - The automotive sector's performance this week showed a decline of 5.4%, underperforming compared to the CSI 300 index, which fell by 2.9% [16] - The parts sector experienced a significant drop of 8.30%, while the automotive sales and service sector fell by 8.73% [16] Sales Tracking - In March, the wholesale sales of narrow-sense passenger vehicles reached 2.412 million units, a year-on-year increase of 8.9% and a month-on-month increase of 36.4% [12][24] - New energy passenger vehicle sales in March were particularly strong, with wholesale sales of 1.128 million units, reflecting a year-on-year growth of 35.5% [28][30] Industry News - The report highlights the launch of new models such as the BYD Han L and BYD Tang L, which are expected to enhance sales performance [33][34] - The report also notes the anticipated performance of companies like Changan Automobile and BYD in the upcoming quarters, with significant profit growth expected [39][42]

Investment Rating - The report maintains a recommendation for the automotive industry [4] Core Insights - The Shanghai International Auto Show will commence on April 23, showcasing several significant new models, including those from Geely, NIO, and Li Auto, which are expected to impact stock prices [3][10] - The report highlights the anticipated launch of nine major new or updated models in April 2025, suggesting a potential catalyst for investment in the automotive sector [9][12] Summary by Sections Industry Overview - The automotive sector comprises 225 listed companies with a total market capitalization of approximately 30,810.37 billion CNY and a circulating market value of about 23,623.17 billion CNY [4] Market Performance - The absolute performance of the automotive sector over the past month, six months, and twelve months is -3.5%, -4.3%, and -9.1% respectively, while the relative performance shows -2.1%, 1.3%, and 3.2% [5] New Model Launches - Key new models expected in April include: 1. Leapmotor B10: A-class flagship pure electric SUV, expected to sell 5,000 to 8,000 units monthly [11][13] 2. BYD Han L: C-class flagship plug-in hybrid/pure electric sedan, expected to sell 10,000 units monthly [20][28] 3. BYD Tang L: C-class flagship plug-in hybrid/pure electric SUV, expected to sell 8,000 units monthly [30][31] 4. NIO Firefly: A0-class pure electric hatchback, expected to sell 5,000 to 8,000 units monthly [11][20] 5. Avita 06: B-class range-extended/pure electric sedan, expected to sell 5,000 units monthly [11][20] 6. AITO M8: C-class range-extended family SUV, expected to sell 15,000 to 20,000 units monthly [11][20] 7. Lynk & Co 900: C-class plug-in hybrid six-seat SUV, expected to sell 6,000 to 8,000 units monthly [11][20] Investment Recommendations - The report suggests focusing on the new models from Leapmotor (B10), BYD (Han L, Tang L), NIO (Firefly), Changan (Avita 06), and Geely (Lynk & Co 900) due to their expected market impact [11][20][30] - Key investment recommendations include Geely and Li Auto, with expectations of exceeding market performance in upcoming financial reports [11][20]