2024年Q3汽车行业公募基金持仓点评：持仓占比提升，乘用车&零部件龙头获增持

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, specifically highlighting companies such as BYD and Li Auto as key investment opportunities [6][3]. Core Insights - The automotive industry experienced a 16.03% increase in Q3 2024, ranking 13th among 30 primary sectors. However, the automotive index (ZX) showed a slight decline of -0.03% relative to the CSI 300 index, primarily due to weak performance in the commercial vehicle sector [1][10]. - The Q3 2024 fund holdings in automotive stocks accounted for 1.85% of total investments, reflecting a year-on-year decrease but a quarter-on-quarter increase for two consecutive quarters. The central government's vehicle replacement policy provided support to the market, while local subsidies are expected to boost sentiment [1][19]. - Among sub-sectors, the automotive sales and services sector outperformed others with an 8.14% increase relative to the CSI 300 index, while the commercial vehicle sector lagged with a -8.43% decline [1][12]. Summary by Sections Fund Holdings and Changes - In Q3 2024, 129 companies in the automotive sector were heavily held by funds, an increase of 10 companies from Q2. The top five companies by fund holdings were BYD (776), Yutong Bus (205), Fuyao Glass (185), Top Group (160), and Desay SV (116) [2][24]. - The report noted significant increases in holdings for companies like Huayang Racing and Jingwei Hengrun, while reductions were observed in companies such as Xusheng Group and Weichai Power [2][24]. Investment Recommendations - Recommended companies include BYD and Li Auto in the complete vehicle segment, with beneficiaries like Geely and Longxin General. In the intelligent components sector, recommended companies are Huayu Automotive, Bertel, Desay SV, and others. For new energy components, recommended companies include Farah Electronics and Top Group [3][6].