Caitong Securities: High-end + Export-driven total quantity, Intelligent driving + Robots driving industrial upgrading.

Caitong Securities released a research report stating that the total demand for passenger cars in 2026 will remain relatively stable, and it is expected that policies such as subsidies for old-for-new replacements will continue. The structural growth of passenger cars mainly comes from the middle to high-end market and maintaining rapid growth in export sales. Many car companies are beginning to transition into the robotics industry, and the robotics industry is gradually moving from an import phase to a growth phase. Companies with the ability and willingness to transform are more likely to have growth opportunities. The firm recommends focusing on high-end vehicles, robotics, and smart driving technologies.