汽车行业周报：10月乘用车零售同比+11%，创历史同期新高

Investment Rating - The report maintains a positive investment rating for the automotive industry, specifically recommending companies like BYD and Li Auto, while suggesting beneficiaries such as Geely and Longxin General [2][3]. Core Insights - In October, retail sales of narrow-sense passenger cars reached 2.261 million units, a year-on-year increase of 11.3%, marking a historical high for the same period [6][7]. - The wholesale volume of passenger cars was 2.732 million units, up 11.5% year-on-year, benefiting from local replacement subsidy policies that were implemented in September [6][7]. - The penetration rate of new energy vehicles (NEVs) in retail sales reached 52.9%, maintaining above 50% for four consecutive months, while the wholesale penetration rate exceeded 50% for the first time, reaching 50.1% [7][8]. - The market concentration for NEVs continues to rise, with 21 manufacturers achieving monthly wholesale sales exceeding 10,000 units, accounting for 94% of total NEV sales [7][8]. - Exports of passenger cars, including complete vehicles and CKD, reached 441,000 units in October, a year-on-year increase of 13% [8]. Summary by Sections Sales Performance - October saw a significant release of pent-up demand, with retail and wholesale sales both achieving historical highs, second only to December of the previous year [6][7]. - The inventory situation improved, with a slight replenishment by dealers due to the hot market conditions in October [6][7]. New Energy Vehicles - Retail sales of NEVs reached 1.196 million units in October, a year-on-year increase of 56.7% [7]. - The market share of domestic brands in NEVs rose to 65.7%, reflecting a year-on-year increase of 10.1 percentage points [7]. Export Trends - NEV exports totaled 120,000 units in October, with a penetration rate of 27.1% [8]. - The recovery of the South American market has positively impacted NEV exports, which have been affected by various international challenges [8]. Market Valuation - The automotive sector's valuation metrics indicate varying price-to-earnings ratios across sub-sectors, with sales and services at 68.08x and commercial vehicles at 16.53x [2][13].