汽车行业周动态：小米智驾接入VLM，蔚来智驾调整

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1]. Core Insights - The automotive sector is expected to see an upward trend in fundamentals supported by policies, with recommendations to increase allocation in automotive stocks [13]. - The recent "old-for-new" policy has shown significant stimulating effects, leading to increased retail sales across various brands, especially in the fourth quarter [13]. - The report anticipates a slowdown in price wars among luxury and joint venture brands in the second half of 2024, indicating improved pricing stability [13]. Weekly Dynamics - Xiaomi's automotive division has integrated the VLM visual language model into its systems, enhancing the vehicle's ability to recognize complex road environments [11]. - NIO has announced organizational adjustments in its smart driving department to strengthen delivery capabilities, with a focus on end-to-end delivery [12]. - The automotive sector's performance from December 23 to December 27, 2024, showed a 0.7% increase, underperforming the broader market indices [39]. Sector Performance and Valuation - The automotive sector's PE-TTM (unadjusted) stands at 29.7, with a historical valuation percentile of 73.1% [41]. - Sub-sectors such as passenger vehicles and commercial vehicles have PE-TTM values of 30.5 and 34.4, respectively, with historical valuation percentiles of 97.5% and 63.3% [41]. Recommendations - Recommended stocks in the automotive sector include BYD, Great Wall Motors, Changan Automobile, and Li Auto for the complete vehicle segment, while recommending Fuyao Glass and Top Group for the parts segment due to their strong performance and dividend yields [13].