A CITIC Securities research report said that in early May, nationwide retail sales of passenger cars reached 407k units, including 226k units of new energy retail sales, with a penetration rate of 55.5%. Although holiday effects were present, there was a month-on-month rebound. High oil prices also support NEV. It recommends focusing on two types of market opportunities: first, the export of complete new energy passenger vehicles shows strong alpha characteristics. After domestic demand remains weak and expectations for raw material prices bottom out, the addition of new models combined with improving export conditions—supported by factors such as high-end positioning, intelligent driving, and robotics—could help keep the vehicle sector rising; second, the physical AI (intelligent driving/robotics) sector offers strong value for money, and there has been a large pullback in the year so far. Mid-year catalysts include the release and mass production of Tesla Optimus V3, large-scale operations of Robotaxi, and the listing of Unitree, and improvements in risk appetite and liquidity will also support gains.

K-LinePoet

2026-05-21 05:14:20

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CITIC Securities Research Report states that from May 1 to 10, the retail sales of passenger cars nationwide reached 407k units (year-on-year -21%, month-on-month +36%); new energy vehicle retail sales were 226k units (year-on-year -13%, month-on-month +27%), with a penetration rate of 55.5%. The holiday affected sales but the month-on-month trend still shows a recovery. High oil prices are driving the penetration rate of new energy vehicles to stay high. CITIC Securities believes that two types of markets should be actively deployed now: 1. The export of new energy passenger vehicles is a strong alpha; after the first quarter earnings report, the expected weak domestic demand and rising raw material prices are likely to bottom out. The launch of many new cars improves domestic demand month-on-month, combined with high export prosperity. Upgrades in premiumization, intelligent driving, robotics, and other new developments support valuation centers. The vehicle sector, with low valuations, is expected to see more sustainable upward trends; 2. The physical AI (intelligent driving and robotics) sector currently offers good value for allocation. Since the beginning of the year, it has experienced significant adjustments. The mid-year period is a key catalyst point for related companies like Tesla, including the release and mass production of Tesla Optimus V3, Robotaxi scale operations, and the listing of Yushu. Additionally, risk appetite and liquidity improvements are expected to further strengthen the upward trend.

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CITIC Securities: The automotive sector is expected to continue rising, and the physical AI (intelligent driving and robotics) sector already offers good investment value.

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