10月国内新能源汽车销量月报：以旧换新政策刺激效果显著，9月销量高增

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights significant growth in the sales of new energy vehicles (NEVs), driven by effective government policies such as scrappage subsidies [2][8]. - In September 2024, the wholesale sales of new energy passenger vehicles reached 1.231 million units, representing a year-on-year increase of 32.6% and a month-on-month increase of 17.0% [2][4]. - The penetration rate of electric vehicles (EVs) in the wholesale market reached 48.9%, with retail penetration at 52.8%, indicating a strong market trend [2][12]. - The report emphasizes the importance of leading companies in the lithium battery supply chain, suggesting that as raw material costs decrease and demand increases, NEV sales are expected to continue growing [2][18]. Summary by Sections 1. Vehicle Sales - In September 2024, the wholesale sales of new energy passenger vehicles were 1.231 million units, with a year-on-year growth of 32.6% and a month-on-month growth of 17.0% [2][4]. - The cumulative wholesale sales for the first nine months of 2024 reached 7.831 million units, up 32.6% year-on-year [2][4]. - The retail sales for September 2024 were 1.123 million units, reflecting a year-on-year increase of 50.5% [6][12]. 2. Key Automotive Companies - The top three brands in new energy vehicle sales for September 2024 were BYD, Tesla, and SAIC-GM-Wuling, with most leading companies experiencing high growth in the first nine months of the year [18]. - In contrast, traditional fuel vehicle brands saw a decline in sales, with FAW-Volkswagen leading the drop [18]. 3. Key Models - The report does not provide specific details on key models but emphasizes the overall growth in the new energy vehicle segment [2][18]. 4. Investment Recommendations - The report recommends focusing on leading companies in the lithium battery supply chain, such as CATL and Yiwei Lithium Energy, as well as companies involved in new technologies like sodium batteries and fast-charging technologies [2][18].