以旧换新政策拉动汽车销量，9月乘用车市场回暖

Investment Rating - The industry investment rating is "Synchronize with the market" [1] Core Viewpoints - The automotive market is experiencing a boost in sales due to the "old-for-new" policy, with a notable increase in both retail and wholesale volumes for new energy vehicles (NEVs) [5][6] - In September, the retail sales of passenger cars reached 2.109 million units, a year-on-year increase of 4.5% and a month-on-month increase of 10.6% [5] - The penetration rate of NEVs in September was 53.3%, up from 36.9% in the same period last year, indicating strong growth in the NEV segment [5] - The report highlights that the automotive market is expected to maintain growth momentum in the fourth quarter, supported by various government policies and incentives [8] Summary by Sections Investment Ratings of Key Stocks - Key stocks include: - Yinlun Holdings: 2023A PE of 24.77, 2024E EPS of 0.97, rated "Buy" [1] - Changan Automobile: 2023A PE of 11.45, 2024E EPS of 0.88, rated "Hold" [1] - Joyson Electronics: 2023A PE of 20.94, 2024E EPS of 1.00, rated "Buy" [1] - Top Group: 2023A PE of 32.86, 2024E EPS of 1.71, rated "Hold" [1] Market Performance - The automotive sector's performance compared to the market index shows a decline of 25% as of October 2023, with a 1-month performance of 16.71% and a 3-month performance of 6.38% [3] Policy Impact - The "old-for-new" policy has been enhanced, increasing subsidies for scrapping and replacing vehicles, which is expected to further stimulate demand in the automotive market [6][8] - As of October 7, over 1.27 million applications for vehicle scrapping subsidies have been received, indicating strong consumer interest [8]