汽车汽配：8月新能源汽车渗透率继续增长至53.5%，“金九银十”将进一步促进整体车市销量提升

Investment Rating - The report assigns an "Overweight" rating to the automotive and auto parts industry, indicating a positive outlook for investment in this sector [1]. Core Insights - In August, the penetration rate of new energy vehicles (NEVs) increased to 53.5%, with expectations that the "Golden September and Silver October" period will further boost overall vehicle sales [1][2]. - August saw a significant year-on-year increase in NEV sales, with retail sales reaching 1.027 million units, a 43.4% increase compared to the previous month [1]. - The report anticipates continued support for subsidies in September for passenger cars and NEVs, which will likely enhance market performance during the upcoming sales season [2]. Summary by Sections NEV Sales Performance - In August, the retail sales of narrow-sense passenger cars reached 1.921 million units, with a slight month-on-month increase of 0.1% and a year-on-year decrease of 3.0% in wholesale sales [1]. - Cumulative retail and wholesale sales of NEVs from January to August reached 6.012 million and 6.608 million units, respectively, representing year-on-year growth of 35.3% and 30.1% [1]. Battery Sales and Installation - In August, the sales and installation of power batteries increased by 10.0% and 13.5% month-on-month, respectively, with total battery sales reaching 92.8 GWh, a year-on-year increase of 43.2% [2]. - Cumulative battery sales from January to August reached 581.8 GWh, with a year-on-year growth of 42.1% [2]. Market Outlook - The report projects that the overall vehicle market sales will continue to rise in September, driven by favorable sales expectations and the gradual onset of winter purchasing trends [2]. - It is estimated that the retail and wholesale sales of NEVs in China for the entire year of 2024 will be approximately 10 million and 11 million units, respectively, reflecting year-on-year growth of 29% and 24% [2].