汽车：汽车市场回暖，新能源销量同比增长42.3%

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The automotive market in China is experiencing a recovery, with September sales reaching 2.809 million units, a month-on-month increase of 14.5% and a year-on-year decrease of 1.7% [4][11] - New energy vehicle (NEV) sales in China for September reached 1.287 million units, representing a year-on-year growth of 42.3% [4][32] - The cumulative sales of NEVs in China from January to September amounted to 8.32 million units, with a year-on-year increase of 32.5% [4][33] - The penetration rate of NEVs in China reached 45.8% in September, with a cumulative penetration rate of 38.6% from January to September [4][32] Summary by Sections 1. Automotive Market - In September, the automotive market entered a traditional peak season, with a continuation of the national vehicle scrappage subsidy and competitive new product launches by automakers [4][11] - Cumulative automotive sales from January to September reached 21.571 million units, a year-on-year increase of 2.4% [4][11] - Exports of automobiles in September were 539,000 units, a year-on-year increase of 21.4% [4][15] 2. New Energy Vehicle Market - Global electric vehicle registrations reached 146.49 million units in August 2024, with a month-on-month increase of 9% and a year-on-year increase of 19% [4][24] - In Europe, NEV sales in August were 184,800 units, while in the U.S., NEV sales were 148,000 units, accounting for 10.1% of global NEV sales [4][26][28] - The sales structure of NEVs in China for September included 775,000 pure electric vehicles and 511,000 plug-in hybrid vehicles, with respective year-on-year growth rates of 23.8% and 84.2% [4][31] 3. Lithium Battery Market - In September, the production of power and other batteries in China reached 111.3 GWh, with a month-on-month increase of 9.9% and a year-on-year increase of 43.3% [4][43] - Cumulative production from January to September was 734.4 GWh, with a year-on-year increase of 37.3% [4][43] - Exports of power and other batteries in September totaled 20.2 GWh, with a year-on-year increase of 37.8% [4][49] 4. Industry Developments - The EU has approved a final anti-subsidy tax on electric vehicles originating from China, which is expected to impose tariffs of up to 45% [4][56] - The U.S. is proposing regulations to prohibit the sale or import of connected vehicles that integrate specific hardware and software from China or Russia [4][56]