中信建投研报：自主品牌持续冲击超高端市场，重视物理AI板块底部配置机会
英文摘要
A CITIC Securities research note indicates that domestic Chinese auto brands are increasingly competing in ultra-high-end and niche premium segments, driven by intense technological competition. Recent weekly sales data show weak domestic demand but robust exports. New vehicle launches are rapidly adopting large-capacity batteries for plug-in hybrid and extended-range models, significantly raising the threshold for all-electric range. The auto sector has corrected since late April, likely pricing in economic pessimism; the report remains bullish on premium and overseas growth for the full year. Meanwhile, robotics and autonomous driving stocks are seen as attractively positioned at bottom valuations, with medium-term industry catalysts expected to materialize.
中文摘要
中信建投研报指出，自主品牌正持续冲击超高端及细分红利市场，技术内卷加速提升产品竞争力。本周汽车销量呈现内需承压、出口强劲特征。插混/增程车型加速普及大容量电池，纯电续航门槛大幅提升。汽车板块自4月底回调后，悲观预期或已price-in，全年仍看好高端化与出海。同时，机器人和智驾板块底部标的具备高性价比，中期产业趋势有望兑现。
关键要点
Chinese domestic auto brands are expanding into ultra-high-end and niche premium segments, intensifying tech competition.
自主品牌正向超高端和细分红利市场进军，技术内卷加剧竞争。
Weak domestic demand contrasts with strong export performance in the latest weekly sales.
本周汽车销量呈现内需承压、出口强劲的特征。
Large battery packs are rapidly being adopted in plug-in hybrid and extended-range vehicles, raising the bar for pure electric range.
大容量电池在插混/增程车型中加速普及，纯电续航门槛大幅提高。
The auto sector's sell-off since late April may have already priced in pessimistic demand expectations; CITIC Securities remains positive on premium and export trends.
汽车板块自4月底以来回调，悲观预期或已反映，全年依然看好高端化和出海行情。
Robotics and autonomous driving stocks are at attractive entry levels, with medium-term industry catalysts expected.
机器人及智驾板块处于底部，具备高性价比，中期产业催化有望兑现。