汽车行业重大事项点评：10月销量延续亮眼表现，新能源续创新高

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [30]. Core Insights - October sales continued to show strong performance, with wholesale sales of passenger cars reaching 2.73 million units, a year-on-year increase of 11% and a month-on-month increase of 9% [1]. - The penetration rate of new energy vehicles (NEVs) reached a historical high of 50.1% in October, with wholesale sales of NEVs at 1.37 million units, up 55% year-on-year and 11% month-on-month [1]. - The report forecasts that the retail sales of narrow passenger cars for the year will be approximately 22.26 million units, an increase of 6.4% year-on-year, while wholesale sales are expected to reach 26.74 million units, up 3.9% year-on-year [1]. Summary by Sections 1. Industry: Sales, Inventory, Prices - Sales: In October, the production of narrow passenger cars was 2.65 million units, up 8% year-on-year and 9% month-on-month. The estimated retail sales for October are around 2.13 million units, a year-on-year increase of 13% [1]. - Inventory: The total inventory is approximately 2.75 million units, with fuel vehicle inventory at around 1 million units, which is lower than the same period last year [1]. - Prices: The average discount rate in early October was 5.5%, slightly down by 0.1 percentage points from September but up by 1.7 percentage points compared to the same period last year [1]. 2. Market Competition - The report highlights the competitive landscape, noting that major companies such as BYD, Geely, and Tesla are leading in NEV sales, with BYD selling 501,000 units in October alone [1][18]. 3. Sector Valuation - The report indicates a recent recovery in the price-to-earnings (PE) ratios for both passenger vehicles and auto parts, with the current PE for passenger vehicles at 28.3 and for auto parts at 22.8 [20][21].