Guangda Securities: Focus on changes in post-holiday terminal discounts for car companies, focus on the theme of intelligence.

Guangda Securities has released a research report stating that attention should be paid to changes in terminal discounts for car companies after the holiday and focusing on the theme of intelligence. 1) It is expected that the prospect of boosting domestic sales in 2025E driven by the trade-in old for new policy is still promising. It is recommended to continue to pay attention to orders and changes in terminal discounts; 2) The resonance of intelligent driving and robots, the theme of intelligence is expected to continue to ferment. It is optimistic about car companies that have accumulated sufficient autonomous driving algorithms/chip self-development capabilities at the vehicle end, as well as the supporting industrial chain for extended layout of robots; 3) Continue to pay attention to tariff policies.