政策推动下多家新能源车企9月销量创新高，部分公司将见估值修复

Investment Rating - The automotive and parts industry is rated as Neutral (maintained) [4] Core Insights - In September, several new energy vehicle companies reported record-high sales, with BYD achieving sales of 419,400 units, a year-on-year increase of 45.9% and a month-on-month increase of 12.4% [9][10] - The sales figures for new energy vehicle companies such as Li Auto, Leap Motor, Deep Blue, Xiaopeng, and Zeekr also reached historical highs, with respective sales of 53,709, 33,767, 22,709, 21,352, and 21,333 units [9][10] - The demand for vehicles is expected to improve due to policies promoting vehicle trade-ins, and the automotive industry is anticipated to maintain a high level of prosperity [10][12] Summary by Sections Sales Tracking - In September, the wholesale sales of passenger vehicles in China reached 505,000 units, a year-on-year decrease of 2% but a month-on-month increase of 12% [16] - Cumulative wholesale sales for the year reached 17.31 million units, a year-on-year increase of 4% [16] Market Performance - The automotive sector's performance outpaced the broader market, with the CITIC automotive sector index rising by 8.9% [12] - Key companies in the automotive sector, such as BYD and SAIC Motor, saw significant stock price increases, with BYD rising by 8.21% [12] Investment Recommendations - Recommended companies include BYD, Jianghuai Automobile, Changan Automobile, SAIC Motor, and others, with a focus on those with strong operational capabilities and high profit certainty [3][11]