汽车行业周报：乘用车市场景气延续，小鹏P7+订单再超预期

Investment Rating - The report maintains a "Market Weight" rating for the automotive industry, indicating a neutral outlook for the next six months [43]. Core Insights - The automotive sector is experiencing a positive trend, with the retail sales of narrow-sense passenger vehicles reaching 2.261 million units in October, a year-on-year increase of 11% and a month-on-month increase of 7% [4][14]. - The wholesale volume for the same category was 2.732 million units, reflecting a year-on-year growth of 12% and a month-on-month growth of 9% [4][14]. - The penetration rate of new energy vehicles (NEVs) has surpassed 50%, with retail sales of NEVs at 1.196 million units in October, up 57% year-on-year [5][15]. - The report highlights the strong performance of domestic brands, with BYD, Geely, and Chery showing significant retail sales growth [4][14][26]. Summary by Sections 1. Investment Highlights - The automotive sector's performance is bolstered by the "old-for-new" policy and the traditional peak season, with retail sales showing a positive trend [4][14]. - Domestic brands are gaining market share, with a retail share of 65.7% in October, up 10.1 percentage points year-on-year [4][14]. 2. Market Performance - The automotive sector index rose by 7.29% this week, ranking 8th among 31 industries, while the broader CSI 300 index increased by 5.50% [3][17]. - Sub-sectors such as passenger vehicles and automotive services showed notable increases, with passenger vehicles up 5.00% and automotive services up 9.18% [3][17]. 3. Industry Data Tracking - October's narrow-sense passenger vehicle retail and wholesale volumes were reported at 2.261 million and 2.732 million units, respectively, with significant year-on-year growth [26]. - NEV wholesale volumes reached 1.369 million units, marking a 55% increase year-on-year, with a penetration rate of 50.1% [5][15][26]. 4. Company Announcements - BYD announced an employee stock ownership plan, while other companies like JinGu and Zhongding have secured significant contracts for new projects [40]. 5. Industry Dynamics - Recent policies in Beijing and Guangzhou aim to promote the development of smart connected vehicles, indicating a supportive regulatory environment for the automotive sector [40][41].