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汽车行业周报：十月前两周乘用车销量同环比增长，高阶智能驾驶有望创新突破
Capital Securities·2024-10-22 08:00

Investment Rating - The report rates the automotive industry as "Positive" [2] Core Insights - The World Intelligent Connected Vehicle Conference opened on October 17, 2024, highlighting breakthroughs in advanced intelligent driving technology and the integration of vehicles with smart infrastructure [3][8] - Passenger car sales from October 1 to 13 showed a year-on-year increase of 20%, with retail sales reaching 823,000 units, and cumulative retail sales for the year at 16.397 million units, up 3% year-on-year [4][9] - The report suggests investment focus on companies such as BYD, Great Wall Motors, and Tesla's supply chain [4] Summary by Sections 1. World Intelligent Connected Vehicle Conference - The conference released ten major technological trends in intelligent connected vehicles and emphasized the integration of vehicles with smart grids and cities [3][8] - The Ministry of Industry and Information Technology aims to promote the development of advanced driving technologies through innovation in electronic architecture and data integration [3][8] 2. Passenger Car Sales Growth - Retail sales of passenger cars from October 1 to 13 reached 823,000 units, a 20% increase year-on-year and a 17% increase month-on-month [4][9] - Cumulative retail sales for the year reached 16.397 million units, reflecting a 3% year-on-year growth [4][9] - New energy vehicle retail sales during the same period reached 408,000 units, a 64% year-on-year increase [4][9] 3. Market Performance Review - The automotive sector's performance last week showed a 1.2% increase, outperforming the CSI 300 index [10] - The overall price-to-book (PB) ratio for the automotive sector is 2.27, with passenger vehicles at 2.63 [10] 4. Industry Data Overview - In September 2024, total automotive sales were 2.809 million units, a 1.7% decrease year-on-year, while cumulative sales for the first nine months were 21.571 million units, up 2.4% [17] - New energy vehicle sales in September reached 1.287 million units, a 42.3% increase year-on-year [17] 5. Company Valuation Overview - The report includes valuation data for key companies, indicating their market performance and price-to-earnings ratios [30][31]