汽车行业：从尊界发布会观察华为系汽车整车投资机会

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Insights - The report highlights the launch of Huawei's latest smart car, the Zun Jie S800, which is set to lead the transition from passive to autonomous intelligence in smart vehicles. The car will officially launch and begin deliveries at the end of May 2025 [6] - A strategic cooperation agreement was signed between SAIC Group and Huawei to collaborate on product definition, manufacturing, supply chain management, and sales services for new energy smart vehicles [6] - The Zun Jie S800 is positioned as a super luxury sedan with performance metrics that surpass competitors, including the Maybach S-Class and Bentley Flying Spur, which had sales of 12,449, 1,096, and 940 units respectively in 2024 [6] - The success of Huawei's previous models, such as the AITO Wenjie and Chery's Zhi Jie, demonstrates the viability of Huawei's smart car model, with Wenjie achieving sales of 426,900 units in 2024, a year-on-year increase of 182.84% [6] - The report emphasizes investment opportunities in the automotive sector under Huawei's smart selection model, recommending attention to companies like Seres, JAC Motors, BAIC Blue Valley, and SAIC Group [6] Summary by Sections - Recent Industry Performance: The automotive industry has shown relative returns of 8.49% over one month, 12.73% over three months, and 28.99% over twelve months compared to the CSI 300 index. Absolute returns were 12.85%, 15.42%, and 42.74% respectively [3] - Strategic Developments: The report discusses the collaboration between SAIC and Huawei to create the "Shang Jie" model, which will be the most affordable vehicle in the Huawei smart selection lineup, expected to launch in Q4 2025 [6] - Market Positioning: The Zun Jie S800 aims to set a new price ceiling for Huawei's vehicle offerings, with a focus on advanced technology and performance metrics that outshine existing luxury models [6]