华创证券近日研报指出，2025年行业基本面预期乐观，为板块提供良好的EPS支撑。整车将受益于OEM在端侧的竞争禀赋，有望在AI时代增加新的商业模式。零部件继续受益于品类扩增逻辑，包括机器人、智驾等。产业投资将贯穿全年、增量标的有望持续涌现。当前投资主线聚焦机器人（零部件）、AI智驾（整车）。后续重点关注新车节奏，尤其是各品牌为上海车展的相关预热。
The 21st Shanghai International Autos Industry Exhibition (2025 Shanghai Auto Show) will be held from April 23 to May 2.
On March 25, Financial Association reported (editor: Zilong) that the 21st Shanghai International Automobile Industry Exhibition (2025 Shanghai Auto Show) will be held from April 23 to May 2, 2025. The theme of this auto show is "Embracing Innovation, Winning the Future," with an exhibition scale expected to reach 0.36 million square meters. Notably, the Shanghai Auto Show will hold the first global automotive leaders' closed-door summit on April 22, inviting leaders from global automotive, technology, and related fields to discuss the current status, development, and future of the global automotive industry.
Currently, automotive consumption continues to benefit from bullish policies. The General Office of the CPC Central Committee and the General Office of the State Council recently issued the "Special Action Plan to Boost Consumption," which points out the use of ultra-long-term special national debt funds to support local efforts to expand the implementation of trade-ins for consumer goods, promoting the green and intelligent upgrades of durable consumer goods such as autos, home appliances, and home decoration. In addition, the document also points out the need to carry out pilot reforms in automotive circulation consumption and expand consumption in the automotive aftermarket, including modifications, rentals, events, and RV camping.
Huachuang Securities recently stated in research reports that the industry fundamentals are expected to be optimistic in 2025, providing good EPS support for the sector. Complete vehicles will benefit from the competitive advantages of OEMs at the terminal, likely increasing new business models in the AI era. Components will continue to benefit from the logic of category expansion, including Siasun Robot&Automation, intelligent driving, etc. Industrial investment will span the entire year, and incremental symbols are expected to continue to emerge. The current investment focus is on Siasun Robot&Automation (components) and AI intelligent driving (complete vehicles). Future focus will be on the rhythm of new car launches, especially the preheating related to the Shanghai auto show for various brands.
Regarding symbols to pay attention to, among the screened automotive stocks, a total of 10 stocks have been subject to over 500 institutional research visits in the past year. Among them, Ninebot Company, Foryou Corporation, Keboda Technology, Zhejiang Shuanghuan Driveline, and Gsp Automotive Group Wenzhou have relatively high research volumes. If considering the stock price activity level, a total of 16 stocks have seen their limit-up occurrences exceed 15 times in the past year. Among these, excluding Special Treat stocks, Weichai Heavy Machinery, Shanzigao Technology, Zotye Automobile, Xiangyang Automobile Bearing, and Xiamen King Long Motor Group have experienced many limit-up occurrences in the past year.
Note: Automotive stocks with the highest institutional research visits in the past year (as of March 24 data)
Note: Automotive stocks with the highest limit-up occurrences in the past year (as of March 24 data)
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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