Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1]. Core Insights - The automotive scrapping and replacement update has exceeded 4 million applications, with the "old-for-new" policy expected to continue into 2025. The Ministry of Commerce will evaluate the effectiveness of the 2024 policy and plan for the 2025 continuation to stabilize market expectations [15][1]. - The implementation of the "old-for-new" and replacement subsidy policies has led to a significant increase in the national scrapping of vehicles, with a year-on-year growth of over 50% from January to October 2024 [15][1]. Summary by Sections Weekly Insights - As of November 21, 2024, the national scrapping update application volume and replacement update application volume have both surpassed 2 million, totaling over 4 million. Daily averages for scrapping and replacement subsidies from October 24 to November 21 were 15,400 and 26,400 applications, respectively [15][1]. Key Industry Dynamics - **Electrification**: The Ministry of Commerce plans to advance the "old-for-new" policy for next year. Collaborations in solid-state battery technology are being established between the Shenzhen Institute of Advanced Technology and BYD [17][18]. - **Intelligent Driving**: Zhejiang province is developing benchmark scenarios in autonomous driving, while Huawei has deployed 50,000 ultra-fast charging stations across China [17][18]. - **International Expansion**: Neta Auto plans to open 20 stores in Indonesia by the end of the year, and BYD's factory in Hungary is expected to commence production in the second half of 2025 [19][20]. Market Performance - The automotive sector under the Shenwan index saw a decline of 2.17% from November 18 to November 22, 2024, with the passenger vehicle segment dropping by 3.61% [27][1]. Data Tracking - In October 2024, retail sales of passenger vehicles reached 2.261 million units, a year-on-year increase of 11.3%. New energy vehicle retail sales were 1.196 million units, up 55% year-on-year, with a penetration rate of 52.9% [42][50]. - The penetration rate of new energy vehicles has remained above 50% for four consecutive months, indicating strong market demand [50][51].

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证券研究报告 银行/非银金融 报告日期：2024 年 11 月 25 日 近期关注地方债发行对银行资产端的影响 ——金融周报 华龙证券研究所 最近一年走势 上周（11 月 18 日至 11 月 22 日，下同）A 股市场普遍下行，金 融各指数（申万）均呈下跌走势，沪深 300 指数跌 2.60%，全年 涨幅为 12.67%；银行指数跌 1.17%，全年上涨 23.65%；非银金融 指数跌 3.61%，全年上涨 31.24%；证券指数跌 2.89%，全年上涨 30.67%；保险指数跌 4.89%，全年涨幅至 35.27%。上周 A 股日均 成交额继续大幅回落，环比前一周大幅减少 21.79%,成交额日均 17064 亿元。上周五两融余额至 18325 亿元，周度降幅为 0.21%， 两融余额维持平稳没有明显变化。2024 年 10 月股票市场募资规 模相比 9 月缩减，募资家数 22 家，募集金额为 145 亿元，IPO 数 量 3 家，IPO 募集资金 50 亿。上周新发基金份额为 266 亿份有所 减少，截至 2024 年 9 月底公募基金规模 32.07 万亿元，规模环比 8 月增长 3.77%。 投资评 ...

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Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights that the demand for new energy installations is expected to continue growing in the long term, with pressure on consumption likely to be alleviated through energy storage and virtual power plants [1] - In October 2024, the newly installed photovoltaic capacity reached 20.42 GW, maintaining high growth, with a total installed capacity of 790 million kW, representing a year-on-year increase of 48.0% [1] - The report notes that the newly installed wind power capacity in October 2024 was 6.68 GW, with a total installed capacity of approximately 490 million kW, reflecting a year-on-year increase of 20.3% [1] Summary by Relevant Sections Photovoltaic Sector - In October 2024, the newly installed photovoltaic capacity was 20.42 GW, with a year-on-year increase of 50% and a month-on-month decrease of 2% [1] - From January to October 2024, the domestic photovoltaic newly installed capacity was 181.30 GW, showing a year-on-year increase of 27% [1] Wind Power Sector - The newly installed wind power capacity in October 2024 was 6.68 GW, with a year-on-year increase of 74% and a month-on-month increase of 21% [1] - For the period from January to October 2024, the domestic wind power newly installed capacity was 45.80 GW, reflecting a year-on-year increase of 23% [1] Investment Trends - Power investment from January to October 2024 increased by 8.3% year-on-year, while grid investment rose by 20.7% year-on-year [1] - The cumulative average utilization hours for national power generation equipment were 2880 hours, a decrease of 128 hours compared to the same period last year [1] Company Recommendations - The report suggests focusing on leading photovoltaic companies such as Tongwei Co., Longi Green Energy, Trina Solar, Jinko Solar, and Canadian Solar, as well as companies with strong profitability in the inverter and energy storage segments like Sungrow Power Supply, Deye Technology, and Shuneng Electric [1]