汽车汽配：9月新能源汽车渗透率持续突破50%，全年批发销量预计达到1,200万辆

Investment Rating - The report assigns an "Overweight" rating to the automotive parts industry [2]. Core Insights - In September, the penetration rate of new energy vehicles (NEVs) exceeded 50% for the third consecutive month, with wholesale sales expected to reach 12 million units for the year [2]. - The sales of power batteries and installed capacity increased by 11.9% and 15.5% month-on-month, respectively, indicating a strong growth trend in the battery sector [3]. - The report anticipates continued support for NEV subsidies in October, projecting retail and wholesale sales of NEVs to reach approximately 10.6 million and 12 million units, respectively, for the year, reflecting year-on-year growth of 36.8% and 35.4% [3]. Summary by Sections New Energy Vehicle Sales - In September, retail sales of narrow-sense passenger vehicles reached 2.109 million units, a month-on-month increase of 4.5% and a year-on-year increase of 10.7% [2]. - NEV retail sales in September reached 1.123 million units, with a year-on-year growth of 50.5% and a month-on-month growth of 9.3%, resulting in a penetration rate of 52.8% [2]. - Cumulative retail and wholesale sales of NEVs from January to September were 7.135 million and 7.839 million units, respectively, representing year-on-year growth of 37.4% and 32.7% [2]. Battery Sales and Installed Capacity - In September, the total sales of power and energy storage batteries reached 103.9 GWh, with a year-on-year growth of 44.8% and a month-on-month growth of 11.9% [3]. - Power battery sales accounted for 76.6 GWh, representing 73.7% of total sales, while energy storage battery sales reached 27.3 GWh, showing a year-on-year growth of 114.1% [3]. - The cumulative sales of power and energy storage batteries from January to September were 685.7 GWh, with a year-on-year growth of 42.5% [3]. Market Trends and Policies - The report highlights the impact of the "old-for-new" vehicle replacement policy, which has significantly boosted NEV sales, particularly during the festive periods [2]. - As of October 4, 2024, a total of 1.258 million applications for subsidies under the vehicle replacement program had been received, with 62% of these applications for green energy NEVs [3]. - The report notes that the overall automotive market is expected to see stable month-on-month growth in October, driven by seasonal factors and rural demand [3].