Dongwu Securities Research Report points out that central state-owned enterprises have limited downside space in electrification logic+ close cooperation with Huawei+ main forces of globalization: the market share of central state-owned enterprises is already limited in the downward range under the electrification logic. Looking ahead to the next major industry logic: 1) Intelligent level: optimistic about the endogenous growth of central state-owned enterprises + gradually leading the industry with complementary advantages with Huawei; 2) At the global level of globalization: Central state-owned enterprises are also actively promoting localized production strategies to enhance the global competitiveness of Chinese car companies. At the same time, the reverse export trend of joint venture brands is also quite clear. It is the main exporter of passenger cars in China. Therefore, on the premise that the overall valuation of central state-owned enterprises is low, the strategy is optimistic about the systemic valuation reshaping of central state-owned enterprises, recommending Changan Automobile, JAC, SAIC Motor Group, and Guangzhou Automobile Group, and focusing on the targets of central state-owned enterprises such as BAIC Blue Valley and Dongfeng Group Co., Ltd.