汽车事件点评：上海车展开幕，产品、智驾亮点层出

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The automotive industry is expected to enter a phase of high sales prosperity, event-driven catalysts, and resonance with industrial trends. The "old-for-new" policy in 2024 is anticipated to boost passenger car sales beyond expectations, with continued support for automotive consumption in 2025. The automotive sector is projected to experience a high sales boom in April, driven by improved year-on-year sales, numerous new car launches, and the development of advanced driving technologies and robotics [8]. Summary by Sections Recent Trends - The automotive sector has shown a performance of -6.3% over the last month, 3.8% over the last three months, and 22.2% over the last year, compared to the CSI 300 index which has seen -3.8%, -1.3%, and 7.5% respectively [6]. Event Highlights - The 21st Shanghai International Automobile Industry Exhibition opened on April 23, 2025, attracting nearly 1,000 well-known enterprises from 26 countries and regions, with an exhibition area exceeding 360,000 square meters [4]. Investment Opportunities - The report identifies several investment opportunities: 1. Domestic brands are entering a new phase of high-end development, with companies like Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors expected to benefit significantly [8]. 2. The "affordability" of advanced driving technologies is likely to enhance penetration rates, with companies such as Xpeng Motors, Huayang Group, and Desay SV benefiting [8]. 3. The mass production of robotics is anticipated to achieve a breakthrough, with companies like Top Group, Sanhua Intelligent Control, and Beite Technology recommended [8]. 4. In the commercial vehicle sector, the heavy truck market is expected to recover in 2025, with recommendations for leading companies like China National Heavy Duty Truck Group and Yutong Bus [8].