汽车行业周报：以旧换新申请突破125万份，尊界首车将亮相广州车展

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1]. Core Insights - The automotive industry's vehicle replacement program has seen applications surpassing 1.25 million, significantly boosting passenger vehicle sales. As of October 4, 2024, the total applications for subsidies reached 1.258 million, with an average of 14,200 new applications daily from September 25 to October 4, reflecting a steady increase from 13,800 applications in the previous period. Notably, 62% of these applications were for new energy vehicles, driving up the penetration rate of new energy vehicles [1][8]. - The report highlights key industry dynamics, including ongoing electrification initiatives, with the Ministry of Industry and Information Technology planning to continue promoting new energy vehicles in rural areas by the end of the year. Additionally, Huawei anticipates commercial deployment of L3 autonomous driving by 2025 [9][10]. - The report notes that the automotive sector outperformed the Shanghai and Shenzhen 300 Index by 0.2 percentage points during the week of October 14 to 18, 2024, with the automotive sector's PE ratio (TTM) rising to 23.6 times [1][15]. Summary by Sections Weekly Insights - The automotive replacement program has surpassed 1.25 million applications, with a daily average increase in applications, contributing to rising passenger vehicle sales. The proportion of new energy vehicle purchases among these applications is 62% [1][8]. Key Industry Dynamics - The report discusses the ongoing electrification efforts, including the Ministry of Industry and Information Technology's plans for rural promotion of new energy vehicles and Huawei's expectations for L3 autonomous driving commercialization by 2025 [9][10]. Market Performance - The automotive sector's performance during the week of October 14 to 18, 2024, showed a 1.15% increase, with the sector's PE ratio at 23.6 times, indicating a positive market sentiment [15][17]. Data Tracking - In September 2024, retail sales of passenger vehicles reached 2.109 million units, a year-on-year increase of 4.5%. The new energy vehicle retail sales reached 1.123 million units, marking a 50.5% increase year-on-year, with a penetration rate of 53.3% [21][24].