汽车行业周报：P7+预热智能平权，终端需求持续高歌猛进

Investment Rating - The report maintains a "Positive" outlook on the automotive industry for the upcoming quarter, highlighting strong demand and growth potential in specific segments [2][5]. Core Insights - The automotive industry is experiencing a mixed performance, with passenger vehicle sales benefiting from government incentives while commercial vehicle sales are declining due to demand pressures [2][5]. - The report emphasizes the importance of monitoring the impact of the upcoming U.S. elections on the supply chain, particularly for parts sourced from Mexico and Tesla's ecosystem [2]. - The introduction of new models, such as the Xiaopeng P7+, is expected to drive sales growth and enhance market competitiveness [10][11]. Industry Situation Update - In the week of October 28 to November 3, 2024, retail sales of passenger vehicles reached 561,800 units, a month-on-month increase of 5.61%, with traditional energy vehicles accounting for 268,200 units and new energy vehicles for 293,700 units, achieving a penetration rate of 52.27% [2][3]. - The automotive industry recorded a total transaction value of 619.1 billion yuan, reflecting a 29% increase week-on-week, with the automotive index rising by 7.29% [3][21]. - The report notes a significant increase in raw material prices for both traditional and new energy vehicles, with traditional vehicle raw material prices up by 1.6% and new energy vehicle prices up by 2.8% [3]. Sales Performance - In Q3 2024, total vehicle sales were 7.524 million units, with a quarter-on-quarter decrease of 3.9% but an annual increase of 2.7%. Passenger vehicle sales rose by 6.5% to 6.7 million units, while commercial vehicle sales saw a significant decline [5][6]. - The new energy vehicle segment showed robust growth, with Q3 sales reaching 3.378 million units, a year-on-year increase of 33.5% [8]. Key Events - The report highlights the launch of the Xiaopeng P7+, which features advanced AI capabilities and is expected to significantly boost sales [10][11]. - The Ministry of Industry and Information Technology's latest vehicle approval batch includes several noteworthy models, indicating ongoing innovation and competition in the market [14][15]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers like BYD and Great Wall Motors, as well as companies involved in smart technology and components, such as Fuyao Glass and New Spring [4][6]. - It suggests that the automotive sector's performance in the fourth quarter will be influenced by the continuation of government incentives and the evolution of smart vehicle technologies [2][4].