汽车行业周观点（1007-1011）：行情震荡分化，优选整车龙头

Investment Rating - The industry rating is "Outperform the Market" [5] Core Insights - The automotive sector is experiencing a volatile market with a preference for leading vehicle manufacturers [2] - The recent performance of the automotive index shows a decline of 4.57%, ranking 11th out of 31 sectors [2] - Retail sales of narrow passenger vehicles in September reached 2.109 million units, a year-on-year increase of 4.5% and a month-on-month increase of 10.6% [2] - The wholesale figure for September was 2.504 million units, reflecting a year-on-year increase of 2.1% and a month-on-month increase of 16.1% [2] - The report highlights the upcoming market entries and product launches, including Horizon's listing on the Hong Kong Stock Exchange and the launch of new models by Xiaopeng and Seres [2][3] Summary by Sections Recent Market Performance - The automotive index has seen a significant adjustment, with the market showing signs of volatility and differentiation among stocks [2] - The overall market sentiment is shifting towards selective stock picking as the broad rally appears to have ended [2] Industry Developments - Key developments include the anticipated listing of Horizon on the Hong Kong Stock Exchange and the introduction of new models by Xiaopeng and Seres, which are expected to enhance market dynamics [2][3] - The report notes that Tesla's recent announcements regarding autonomous vehicles have met industry expectations but fell short of market anticipations, impacting the automotive supply chain's valuation [3] Investment Recommendations - The report recommends focusing on leading vehicle manufacturers such as BYD, JAC Motors, and Geely, which are expected to benefit from new product cycles and improved sales forecasts [3][5] - Caution is advised in the automotive parts sector due to the recent Tesla event, which has diminished short-term catalysts for the supply chain [3] Motorcycle Sector Insights - The motorcycle index has declined by 4.29%, with specific companies like Chunfeng Power and Qianjiang Motorcycle experiencing notable drops [3] - The motorcycle sector has shown resilience with a year-to-date increase exceeding 100%, driven by export growth and rising demand for larger displacement motorcycles [3]