CICC remains steadfastly bullish on the automotive sector, convinced that the industry's trajectory remains distinctly upward. Since March, BYD's enhanced production of smart driving-enabled vehicles has ignited interest in the supply-demand dynamics of upstream and midstream components, including cameras. Concurrently, within the robotics sector, entities demonstrating robust performance, high fixed-point win rates, and anticipated deviations from expectations have emerged as promising buying opportunities. With an eye on 2025, the entire automotive and smart driving industry chain is anticipated to undergo a significant revaluation. Specifically, investment prospects in the automotive sector hinge on the anticipated sales and profit growth spurred by advancements in intelligence. On the parts front, investment focus lies on the consistent delivery of hardware company performance, the valuation uplift of suppliers leveraging new technologies and business models, and potential supply chain bottlenecks.