汽车行业周动态：特斯拉FSD或于2025Q1入华、上海提高以旧换新补贴标准

Investment Rating - The report maintains an "Overweight" rating for the automotive sector, with specific companies recommended for investment including Great Wall Motors, Yutong Bus, and Fuyao Glass [1][9]. Core Insights - The automotive sector is expected to see upward momentum, driven by new policies and market dynamics. The increase in subsidies for scrapping old vehicles in Shanghai is anticipated to significantly stimulate demand for new energy vehicles [8][9]. - Tesla plans to launch its Full Self-Driving (FSD) system in China by Q1 2025, which is expected to enhance its competitive edge and accelerate the development of the domestic autonomous driving industry [8][9]. Summary by Sections 1. Weekly Dynamics - Tesla's FSD system is set to launch in China in Q1 2025, pending regulatory approval. The system has accumulated over 1.6 billion miles of driving data, which supports its advanced capabilities [8]. - Shanghai has increased subsidies for purchasing new energy vehicles, raising the subsidy for personal consumers from 10,000 yuan to 20,000 yuan, which is expected to boost sales significantly [8]. 2. Sector Performance - The automotive sector outperformed the broader market during the week of September 2-6, 2024, with the automotive index rising by 0.5% while the Shanghai Composite Index fell by 2.7% [10]. - The sector's PE-TTM (unadjusted) stands at 22.8, with historical valuation percentiles indicating a relatively low valuation compared to the past year [10]. 3. Recommendations - The report suggests increasing allocations to the automotive sector, highlighting that the combination of new policies and a low base from the previous year could lead to a significant increase in retail sales of passenger vehicles [9]. - Recommended stocks include BYD, Great Wall Motors, and Yutong Bus for the vehicle segment, and Fuyao Glass and other component manufacturers for the parts segment [9].