汽车行业月度点评：9月车市回暖，乘用车销量同比增长1.5%

Investment Rating - The industry investment rating is "Maintain Market Performance" [22] Core Viewpoints - The automotive market is expected to maintain growth momentum in the fourth quarter due to the rapid increase in applications for vehicle scrapping and replacement subsidies, with over 1.42 million applications submitted as of October 16 [2][21] - The report emphasizes three main investment themes: "Electrification," "Intelligentization," and "Globalization" [22] Summary by Relevant Sections Market Review - The automotive industry index from September 18 to October 17, 2024, showed a growth of +13.97%, which is lower than the Shanghai Composite Index's growth of +19.46% [5] - The automotive sector's static price-to-earnings (P/E) ratio is 22.84 times, compared to 12.61 times for the Shanghai Composite Index [6] Automotive Industry Data Tracking - In September, the total automotive production and sales reached 2.796 million and 2.809 million units, respectively, with month-on-month increases of 12.2% and 14.5% [7] - New energy vehicle (NEV) production and sales reached 1.307 million and 1.287 million units, showing year-on-year growth of 48.8% and 42.3% [7] - The market share of NEVs reached 45.8% [7] Policy and Industry Dynamics - The Ministry of Industry and Information Technology is focusing on transitioning dual credit management for NEVs to carbon emission management [19] - The government is promoting the use of electric and hydrogen vehicles for short-distance coal transportation [19] - The report highlights the implementation of vehicle scrapping and replacement subsidy policies, which have significantly boosted vehicle sales [21]