汽车行业中汽协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 - Investment recommendation: Outperform the market (maintained) [6] Core Insights - In September, passenger car sales reached 2.525 million units, a year-on-year increase of 1.5% and a month-on-month increase of 15.8%. Cumulative sales from January to September 2024 reached 18.679 million units, a year-on-year growth of 3.0% [6][3] - The high growth in sales is attributed to strong exports and the implementation of vehicle replacement policies, including the "old-for-new" subsidy program, which has seen applications reach 1.258 million by October 4, 2024 [3][6] - The penetration rate of new energy vehicles (NEVs) continues to rise, with September NEV sales at approximately 1.235 million units, a year-on-year increase of 43.8% and a month-on-month increase of 17.1% [6][3] - The market share of domestic brands has increased, with September sales of domestic passenger cars at 1.709 million units, a year-on-year increase of 21.9% and a market share of 67.7% [6][3] - Exports of domestic passenger cars in September reached 457,000 units, a year-on-year increase of 20.0% [6][3] Summary by Sections Sales Data - September passenger car sales: 2.525 million units, YoY +1.5%, MoM +15.8% [6] - Cumulative sales (Jan-Sep 2024): 18.679 million units, YoY +3.0% [6] Policy Impact - "Old-for-new" subsidy applications: 1.258 million as of October 4, 2024, with daily applications exceeding 10,000 since late July [6][3] New Energy Vehicles - September NEV sales: approximately 1.235 million units, YoY +43.8%, MoM +17.1% [6] - NEV penetration rate: 48.9%, YoY +14.4 percentage points [6] Domestic Brands - September domestic brand sales: 1.709 million units, YoY +21.9%, market share 67.7% [6] - Cumulative sales (Jan-Sep 2024): 11.919 million units, YoY +20.5% [6] Export Performance - September domestic passenger car exports: 457,000 units, YoY +20.0% [6]