CITIC Construction Investment has released its 2026 investment strategy outlook for the automotive industry, highlighting three investment paths: cyclical recovery, growth, and overseas expansion. In 2026, with weakened policy expectations, the industry's cyclical recovery attributes will diminish. It is recommended to downplay expectations for total domestic demand and focus on changes in industry structure and industrial trends. Overseas expansion and growth may emerge as the core investment directions, with commercial vehicles offering stable dividends at low valuations. The growth focus will be on AI-end applications such as intelligent driving, Robotaxi, and robots. The technological attributes of vehicle stocks will strengthen, with potential for valuation reshaping. Parts suppliers will benefit from supply chain breakthroughs in areas like robots, opening up new growth opportunities.