汽车与零配件行业周报：汽车以旧换新进展顺利，理想端到端+VLM双系统开启全量推送

Investment Rating - The investment rating for the automotive industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The automotive industry has shown positive performance with the automotive index rising by 4% in the past week and 17% over the past month. The new energy vehicle index increased by 2% weekly and 14% monthly, while the automotive parts index rose by 3% weekly and 17% monthly [5][6] - The retail sales of passenger vehicles from October 1 to 20 reached 1.264 million units, a year-on-year increase of 16% and a month-on-month increase of 12%. Cumulatively, retail sales for the year reached 16.838 million units, up 3% year-on-year [3][16] - The progress of the vehicle replacement policy is smooth, with over 1.57 million applications for vehicle scrapping subsidies and over 1.26 million applications for vehicle replacement subsidies, indicating significant potential for new vehicle sales growth [17] - The launch of the Li Auto's end-to-end + VLM dual system for intelligent driving is expected to positively impact the sales of high-end models [18][20] - BYD's 2025 Tang DM-i was officially launched, featuring enhanced power and efficiency, with a price range of 179,800 to 207,800 CNY [20] Summary by Sections Automotive Industry Market Performance - In the past week (October 18-25, 2024), the automotive index rose by 4%, the new energy vehicle index by 2%, the automotive parts index by 3%, and the commercial vehicle index by 1%. Over the past month, the automotive index increased by 17%, the new energy vehicle index by 14%, the automotive parts index by 17%, and the commercial vehicle index by 20% [5][6][7] Passenger Vehicle Sales - From October 1 to 20, 2024, retail sales of passenger vehicles reached 1.264 million units, a 16% increase year-on-year and a 12% increase month-on-month. Cumulatively, retail sales for the year reached 16.838 million units, up 3% year-on-year [3][16] New Energy Vehicle Market - In the same period, retail sales of new energy passenger vehicles reached 609,000 units, a 45% year-on-year increase and a 1% month-on-month increase. Cumulatively, retail sales for the year reached 774,100 units, up 38% year-on-year [3][16] Vehicle Replacement Policy - The vehicle replacement policy has seen over 1.57 million applications for scrapping subsidies and over 1.26 million for replacement subsidies, indicating a strong potential for new vehicle sales growth [17] Technological Advancements - Li Auto's end-to-end + VLM dual system for intelligent driving was fully pushed out with the OTA 6.4 version, enhancing driving capabilities in complex scenarios [18][20] New Product Launches - BYD's 2025 Tang DM-i was launched with a price range of 179,800 to 207,800 CNY, featuring improved power and efficiency [20]