Investment Rating - The report maintains a positive outlook for the automotive industry in the second half of the year, with a focus on electric vehicles outperforming traditional fuel vehicles [3]. Core Viewpoints - The market anticipates policy changes for the next year, leading to an optimistic sales outlook for the second half of the year [3]. - Investment recommendations include continuing to focus on Jianghuai Automobile, SAIC Motor, and Great Wall Motors for complete vehicles, while suggesting a watch on Geely and Li Auto for potential opportunities [3]. - For auto parts, the report recommends selecting stocks based on low valuations and expected growth of over 15% next year, highlighting Xingyu Co., Aikedi, and others [3]. Data Tracking - In July, new energy vehicle deliveries showed significant growth, with BYD delivering 344,296 units (up 0.6% YoY, down 10.0% MoM), and Leap Motor increasing deliveries by 126.9% YoY [3][18]. - Traditional automakers also saw growth, with Geely's sales up 57.6% YoY, and SAIC Motor leading with 338,000 units sold [20]. - The average discount rate in early August was 10.1%, showing a slight increase from the previous month [3]. Market Performance - The automotive sector saw a weekly increase of 3.21%, ranking 8th out of 29 sectors [6]. - The overall market indices also showed positive growth, with the Shanghai Composite Index up 1.70% and the ChiNext Index up 8.58% [6]. Industry News - In July, the automotive production and sales reached 2.591 million units, with a year-on-year increase of 13.3% and 14.7% respectively [28]. - New energy vehicles accounted for 48.7% of total new car sales in July, with production and sales of 1.243 million units [28]. - The report highlights the launch of new models, including the Great Wall Tank 500 and the 2026 Deep Blue L07, indicating ongoing innovation in the sector [28][29].

Domestic News - Hubei Xiaogan offers a maximum subsidy of over 22,500 yuan for purchasing new energy vehicles, with significant consumer interest leading to 150 orders and over 600 test drives recorded at the event [6] - Zhongchuang Innovation and GAC Gaoyue signed a strategic cooperation agreement in the eVTOL field, aiming to standardize power products for eVTOL applications, with a new battery achieving over 300Wh/kg energy density [7] - Chengdu has launched a new round of automobile consumption subsidies, offering up to 6,500 yuan for purchasing new cars in specific districts [8] - GAC Group announced a high-end brand in collaboration with Huawei, expected to launch next year, targeting the high-end market with advanced technology solutions [9] - The ZhiJie brand 2.0 strategy is accelerating, with user centers being established in multiple cities to enhance customer engagement [10] - Zeekr 7X has officially launched in the Australian market with a starting price of 57,900 AUD, featuring advanced battery options and impressive range [11] - From September 1, Jiangsu Province will waive towing fees for vehicles in need of rescue on highways, ensuring free service for stranded motorists [12] - Xiaopeng Motors added 86 self-operated charging stations in July, expanding its network to over 2,440 stations across 430 cities [13] International News - Tesla has received a ride-hailing license in Texas, paving the way for its Robotaxi service under new state regulations [15] - The Indian government has extended its $1.2 billion electric vehicle subsidy program for two more years, aiming to boost EV adoption and infrastructure [16] - Brazil's automotive exports are expected to surge by 38.4% this year, driven by strong demand from Argentina, significantly revising previous forecasts [17] - Italy has approved a new subsidy plan worth approximately 698 million USD to stimulate electric vehicle sales, offering substantial incentives for buyers [18] Commercial Vehicles - Yuanmeng's alcohol-hydrogen products have officially launched in Inner Mongolia, with significant orders for hydrogen-powered trucks and buses [19] - GAC Lingcheng's new energy heavy truck T9 has officially rolled off the production line, marking a breakthrough in high-end new energy commercial vehicles [20] - JAC's electric pickup truck, HanTu EV, has been successfully delivered to a Singaporean airline, enhancing JAC's presence in the international market [21] - Weidu's pure electric heavy truck has completed successful tests in Australia, demonstrating competitive performance in heavy-duty scenarios [22][23]