Investment Rating - The report maintains a recommendation for the automotive industry [4]. Core Insights - The market share of domestic brands in the automotive sector has increased significantly, reaching 70% in April-May 2025, up by 6.1 percentage points year-on-year [7][11]. - Domestic brands have shown stable growth across various price segments, particularly in the high-end market, where they are gaining ground against joint ventures and foreign brands [11]. - The report anticipates that the overall market share of domestic brands will continue to rise, potentially exceeding 70% in 2025, driven by new model launches and competitive pricing strategies [11]. Summary by Sections Industry Overview - The total market value of the automotive industry is approximately 50,730.05 billion, with a circulating market value of 32,553.74 billion [4]. - The industry comprises 232 listed companies [4]. Sales Performance - In the 0-15 million yuan price segment, domestic brands accounted for 79% of sales, with a year-on-year increase of 1.4 percentage points [3]. - In the 10-15 million yuan segment, domestic brands' market share rose by 2.0% to 73%, significantly impacting Japanese and German brands [3]. - The overall sales volume for the automotive industry in the first five months of 2025 reached 3.7 million units, representing a 29% increase year-on-year [3]. Price Segment Analysis - In the 15-20 million yuan segment, domestic brands accelerated their market share growth to 58%, with a notable increase of 5.8 percentage points year-on-year [3]. - The 20-25 million yuan segment saw domestic brands' share rise to 60%, up by 16.5 percentage points year-on-year, driven by new model releases [3]. - In the 30-40 million yuan segment, domestic brands captured 56% of the market, reflecting a 21 percentage point increase year-on-year [9]. Competitive Landscape - BYD leads the market with a 15% share, followed by Chery and Geely with 9% and 8% respectively [16]. - The report highlights that domestic electric vehicles are increasingly dominating sales across various price segments, with several models ranking as bestsellers [11][35]. Future Outlook - The report suggests that domestic brands are expected to continue their upward trajectory in market share, particularly in the mid to high-end segments, as they enhance their product offerings and competitive pricing [11].