中汽协9月销量点评：9月销量同比提升，补贴申请量维持高速增长

Investment Rating - The investment rating for the automotive industry is "Outperform the Market" (maintained) [6][9]. Core Insights - In September, the passenger car sales reached 2.525 million units, showing a year-on-year increase of 1.5% and a month-on-month increase of 15.8%. Cumulatively, from January to September 2024, the total passenger car sales reached 18.679 million units, representing a year-on-year growth of 3.0% [3][6]. - The application volume for the "old-for-new" subsidy reached 1.258 million by October 4, 2024, with an average daily increase of over 10,000 applications since the subsidy amount was increased at the end of July [3][6]. - The penetration rate of new energy vehicles (NEVs) reached 48.9% in September, with NEV sales of approximately 1.235 million units, reflecting a year-on-year increase of 43.8% [6]. Summary by Sections Sales Performance - September passenger car sales were 2.525 million units, up 1.5% year-on-year and 15.8% month-on-month. The cumulative sales from January to September 2024 were 18.679 million units, a 3.0% increase year-on-year [3][6]. Policy Impact - The "old-for-new" subsidy application volume has been growing rapidly, with 1.258 million applications by early October, driven by government policies to boost demand [3][6]. New Energy Vehicles - NEV sales in September were approximately 1.235 million units, with a penetration rate of 48.9%, marking a year-on-year increase of 14.4 percentage points [6]. Brand Performance - Sales of domestic brands reached 1.709 million units in September, a year-on-year increase of 21.9%, capturing a market share of 67.7% [6]. Export Growth - Domestic passenger car exports in September were 457,000 units, a year-on-year increase of 20.0% [6].