CITIC Securities has noted that March's production and sales data from major automakers have exceeded expectations, particularly in exports and high-end vehicle sales. According to Jin10, the firm emphasized that the export of new energy passenger vehicles is becoming a structural strength due to high oil prices and geopolitical conflicts overseas. The market is gradually becoming desensitized to high oil prices and war factors, and CITIC Securities suggests actively seizing opportunities in high-growth sectors. The ongoing positive impact of AI on the internal combustion engine market, the approval of Full Self-Driving (FSD) in the Netherlands, and the high growth in the robotics sector are driving continuous industry evolution. Currently, the stock prices of leading companies have stabilized, and CITIC Securities recommends actively positioning for the second quarter's new catalysts.