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Investment Rating - The overall investment rating for the automotive industry is "Outperform the Market" [1][42]. Core Insights - The automotive sector experienced a decline of 4.57% from October 8 to October 11, underperforming the CSI 300 index by 1.32 percentage points. The passenger vehicle segment fell by 4.07%, while the commercial vehicle segment decreased by 1.52%, outperforming the index by 1.73 percentage points [1][8][35]. - The PE-TTM for the automotive industry as of October 11 is 23.35, an increase of 0.85 from the previous week. The valuations for passenger vehicles, commercial vehicles, and parts are 26.32, 34.76, and 20.28, respectively [2][10][35]. - The retail sales of passenger vehicles in September increased by 2% year-on-year and 8% month-on-month, totaling 2.063 million units. The cumulative retail sales for the year reached 15.529 million units, also up by 2% [2][36]. Summary by Sections Market Review - The automotive sector's performance from October 8 to October 11 showed a significant decline, with the overall market underperforming the CSI 300 index. The passenger vehicle segment saw a drop of 4.07%, while the commercial vehicle segment had a smaller decline of 1.52% [1][8][35]. Valuation Levels - As of October 11, the automotive industry's PE-TTM is 23.35, reflecting a slight increase. The passenger vehicle segment's valuation rose by 1.07%, while the commercial vehicle segment increased by 1.96% [2][10][35]. Sales Performance - In September, the retail sales of passenger vehicles reached 2.063 million units, marking a 2% increase year-on-year and an 8% increase month-on-month. Cumulatively, the sales for the year reached 15.529 million units, also reflecting a 2% growth [2][36]. New Models - A total of 12 new and updated models were launched during the week of October 7 to October 11, including various types of vehicles from different manufacturers [32][34]. Investment Recommendations - The report suggests a cautious outlook for the automotive sector, given the recent performance and valuation trends. The overall sentiment remains focused on potential recovery in the coming months [35].