汽车行业深度分析：二季度末公募基金超配汽车行业0.91Pct

Investment Rating - The automotive industry is rated as "Buy" in the report [1]. Core Insights - As of the end of Q2 2024, public funds have an allocation ratio of 5.19% in the automotive sector, which is an increase of 0.14 percentage points from the previous quarter. The automotive industry's free float market value accounts for 4.29% of the total free float market value of A-shares, resulting in an overweight of 0.91 percentage points in the automotive sector [1][11]. - The report highlights that the allocation ratio for the automotive sector reached a peak of 6.20% at the end of Q3 2014, followed by a general downward trend. However, since Q2 2023, the demand for passenger vehicles has shown positive performance, coupled with a favorable policy environment, leading to a significant recovery in the sector's allocation ratio [1][11]. - The report also notes that the weighted PE (TTM) for public fund heavy stocks in the automotive sector is 32.2, which is at the 26.5% percentile since 2005, indicating a relatively favorable valuation compared to historical levels [1][21]. Summary by Sections Section 1: Fund Allocation - The allocation ratio for the automotive industry as of Q2 2024 is 5.19%, up 0.14 percentage points from Q1 2024. The allocation ratios for sub-sectors are as follows: automotive complete vehicles at 1.96% (+0.45 percentage points), passenger vehicles at 1.48% (+0.39 percentage points), commercial vehicles at 0.48% (+0.06 percentage points), automotive parts at 2.72% (-0.45 percentage points), automotive services at 0.01% (-0.02 percentage points), and motorcycles and others at 0.50% (+0.16 percentage points) [1][11][15]. Section 2: Overweight Analysis - The automotive sector is overweight by 0.91 percentage points, with specific overweights in automotive parts (0.43 percentage points), motorcycles and others (0.30 percentage points), commercial vehicles (0.14 percentage points), and passenger vehicles (0.10 percentage points). The automotive services sector is underweight by 0.06 percentage points [1][15][17]. Section 3: Valuation Metrics - As of Q2 2024, the weighted PE (TTM) for public fund heavy stocks in the automotive sector is 27.5, which is at the 49.3% percentile since 2005. The overall automotive sector's weighted PE (TTM) is 30.2, at the 31.6% percentile since 2005, indicating that public fund heavy stocks are currently valued lower than the overall automotive sector [1][21][23].