Minsheng Securities: Stable growth for the car market in April, new forces start a new product cycle.

Minsheng Securities released a research report stating that intelligent capabilities will become an important factor in the competition among automobile companies. With the emergence of a turning point in the usage rate of Tesla's FSD, autonomous new forces are accelerating the implementation of urban assisted driving and Xiaopeng has opened up a new business model. The bank judges that intelligent driving is gradually entering a triple turning point in technology, user acceptance, and business models, and is bullish on high-quality independent car companies with relatively leading intelligent layout, product cycles, and brand cycles on the rise. Electric intelligence is reshaping the order, and high-quality independent parts suppliers are obtaining more support due to cost-effectiveness and rapid response capabilities. At the same time, bottleneck technologies are seizing the opportunity to achieve breakthroughs from 0 to 1, accelerating the globalization process and breaking the monopoly of foreign capital. The bank recommends focusing on the new forces in the industry chain and intelligence.