汽车行业周报：10月乘用车销量回暖，广州车展即将开幕，继续关注T链及华为链相关公司

Investment Rating - The investment rating for the automotive and parts industry is Neutral (maintained) [2] Core Insights - In October, the overall sales of passenger cars showed strong performance both year-on-year and month-on-month, with the wholesale penetration rate of new energy passenger vehicles surpassing 50% for the first time. According to the China Passenger Car Association, the national wholesale/retail sales of narrow passenger cars in October were 2.732 million/2.261 million units, representing a year-on-year increase of 11.5%/11.3% and a month-on-month increase of 9.1%/7.2%. The wholesale sales of passenger cars reached a historical monthly high. As of November 6, over 1.7 million applications for vehicle scrapping and replacement subsidies had been submitted nationwide, with local government replacement subsidy policies showing rapid growth. The demand for passenger cars in October significantly rebounded due to the enhancement of vehicle scrapping and replacement policies [9][10][22]. - The export market continued to perform well, with passenger car exports (including complete vehicles and CKD) reaching 441,000 units in October, a year-on-year increase of 13% and a month-on-month increase of 2%. The new energy and export markets continue to provide strong support for industry sales [9][10]. - The upcoming Guangzhou Auto Show, scheduled for November 15-24, will feature 1,171 vehicles, including 512 new energy vehicles and 78 global debuts. Notable models such as the first vehicle from Huawei and JAC's brand, as well as several key new models from BYD, are expected to boost the new energy vehicle market [11][12]. Summary by Sections Market Performance - The automotive sector's performance outpaced the CSI 300 index, with a weekly increase of 7.9%. The automotive sales and service sector (+9.87%) and the automotive parts sector (+8.97%) performed the best among sub-industries [14]. - The top five performing companies in the automotive sector this week included JunChuang Technology (+76.9%), WangCheng Technology (+75.0%), and LanDai Technology (+61.1%) [14][15]. Sales Tracking - In October, the national wholesale sales of narrow passenger cars reached 2.732 million units, a year-on-year increase of 11.5% and a month-on-month increase of 9.1%. Cumulatively, from January to October, wholesale sales reached 21.176 million units, a year-on-year increase of 4.4% [20]. - The national retail sales of narrow passenger cars in October were 2.261 million units, a year-on-year increase of 11.3% and a month-on-month increase of 7.2%. Cumulatively, from January to October, retail sales reached 17.835 million units, a year-on-year increase of 3.2% [22]. Investment Recommendations - The report suggests focusing on companies with strong performance in the recent quarter and those likely to benefit from the continued effects of vehicle replacement policies. Recommended companies include BYD, Jianghuai Automobile, Changan Automobile, and others in the automotive and parts sectors [3][12].