汽车行业零售数据点评：10月乘用车零售增长，居民消费信心增强

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][6]. Core Viewpoints - The automotive market shows signs of recovery with increased retail sales and consumer confidence, driven by government policies and economic conditions [3][14]. - The new energy vehicle (NEV) segment is experiencing significant growth, with retail sales up 49% year-on-year in October [2][11]. - The market is expected to benefit from vehicle replacement policies, particularly favoring new energy vehicles and fuel-efficient cars [3][14]. Summary by Sections 1. Market Performance Tracking - From October 1-27, 2023, retail sales of passenger vehicles reached 1.812 million units, a 9% increase year-on-year, while wholesale sales were 1.978 million units, up 4% year-on-year [2][11]. - Cumulative retail sales for the year stand at 17.386 million units, reflecting a 3% year-on-year growth [2][11]. 2. High-frequency Data Tracking - The NEV market saw retail sales of 946,000 units from October 1-27, marking a 49% increase year-on-year, with cumulative sales for the year at 8.078 million units, up 39% [2][11]. - Wholesale NEV sales during the same period reached 1.047 million units, a 45% increase year-on-year [2][11]. 3. Industry Dynamics - The report highlights the government's push for electric vehicle adoption and the integration of renewable energy in transportation [15]. - The automotive sector is expected to see a seasonal increase in inventory as demand typically rises before winter and the Spring Festival [3][14]. 4. Investment Recommendations - The report suggests focusing on vehicle manufacturers that lead in smart technology and benefit from the vehicle replacement policy, such as XPeng Motors, BYD, Xiaomi Group, and Leap Motor [4][18]. - For the parts sector, it recommends companies involved in electric and intelligent components, such as Hu Guang Co., Wuxi Zhenhua, Bojun Technology, Kebo Da, and Baolong Technology [4][18].