汽车行业周报：“端到端”成智驾新热词，新能源公交再迎政策利好

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of September 29, 2024 [1]. Core Insights - The automotive industry is experiencing significant growth driven by favorable government policies, particularly in the new energy vehicle (NEV) sector, with retail sales of NEVs increasing by 47% year-on-year in early September [2][3]. - The introduction of substantial subsidies for the replacement of old vehicles and the promotion of NEVs is expected to further stimulate demand in the automotive market [2][32]. - The competition in smart vehicles is shifting towards "end-to-end" technology, which is anticipated to reshape the industry landscape and enhance the capabilities of intelligent driving systems [2][8]. Summary by Sections 1. Market Overview - The automotive sector saw a retail sales increase of 10% year-on-year for passenger vehicles in early September, with total retail sales reaching 1.47 million units this year, up 3% [3]. - The overall market sentiment is positive, with the automotive sector index rising by 11.1% in the last week of September [13]. 2. Policy and Regulatory Developments - The National Development and Reform Commission (NDRC) reported over 1.13 million applications for vehicle scrappage subsidies, indicating strong consumer interest in vehicle replacement programs [2][32]. - New policies have been introduced to support the replacement of old public transport vehicles, with subsidies of 80,000 yuan per new energy bus and 42,000 yuan for battery replacements [2][9]. 3. Company Performance - Major companies such as BYD and GAC Group are highlighted for their strong sales performance, with BYD's passenger vehicle sales increasing by 35.3% year-on-year in August [34]. - The report identifies key companies to watch, including GAC Group, Aikodi, and Fuyou Glass, among others, as they are expected to benefit from the ongoing market trends [3][34]. 4. New Energy Vehicles - The NEV market is particularly robust, with retail sales of 664,000 units in early September, marking a 36% increase year-on-year [3]. - The report emphasizes China's significant position in the global NEV market, driven by both retail and export growth [3]. 5. Smart Vehicles - The report notes a shift in the competitive landscape for smart vehicles, with a focus on advanced driving technologies and AI integration in vehicle systems [8]. - The demand for components such as laser radars and smart cockpit technologies is expected to rise, indicating a growing market for intelligent automotive solutions [8].