CITIC Construction Investment: The passenger car market continues to improve, with new models showing a trend of "price increases and additional configurations".

The CITIC Securities research report pointed out that at the current point in time, passenger car wholesale in the first half of March was 648,000 vehicles, and the bottom of February sales has been basically confirmed. The improvement trend of March's business climate is clear comparing to the previous month. The export of commercial vehicles maintained high growth, and the heavy truck market is expected to achieve a "good start" in the first quarter. The physical AI sector is experiencing a series of catalytic events: NVIDIA GTC released the Alpamayo 1.5 autonomous driving model, Tesla's Optimus V3 is about to enter mass production, Cybercab will start mass production in April, FSD is pushing to land in China, and progress in Xiaopeng's second generation VLA/ Wenyuan Intelligence Robotaxi going international, it is currently recommended to actively layout technology themes.