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<Research>UBS: Intelligence to Be Key Driver in Yr of Snake; Li Auto/ BYD COMPANY/ CATL/ GWMOTOR Are Worth Buying
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UBS released a research report expecting China's passenger car industry to grow modestly this year, especially into 2H25, as the government's consumption stimulus policy becomes clearer. Following the DeepSeek surprise, intelligence could remain a key theme for automakers, the broker added. In the longer term, although China's auto makers account for only about 10% of the market capitalization of global carmakers, UBS believed that some industry leaders are worth buying, including LI AUTO-W (02015.HK), BYD COMPANY (01211.HK), CATL (300750.SZ) and GWMOTOR (02333.HK), as they are expected to lead the way in smart innovations and democratize related technologies in mass-market vehicles. UBS noted LI AUTO-W as its top pick among automakers because of its strong AI R&D program, potential to gain further market share from foreign premium brands, and modest valuation. The broker recognized XPENG-W (09868.HK)'s strong sales momentum and AI initiatives, but was concerned about its rich valuation, vulnerability to price competition and short product shelf-life. Among suppliers, the broker was optimistic about the performance of TUOPU GROUP(601689.SH) and SANHUA INTELLIGENT CONTROLS(002050.SZ) in AI hardware including humanoid robots. AAStocks Financial News |
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