10月汽车行业销售点评：旺季去库存，电车取代油车的速度明显加快

Investment Rating - The report recommends the automotive industry, particularly highlighting companies such as BYD and Li Auto as key investment opportunities [7]. Core Insights - The automotive industry experienced a significant increase in sales, with October 2024 sales reaching 3.053 million units, a year-on-year increase of 7.0% and a month-on-month increase of 8.7% [1]. - The penetration rate of new energy vehicles (NEVs) in the domestic passenger car market has stabilized above 50% for five consecutive months, indicating a strong market trend towards electric vehicles [2]. - The report notes that local replacement subsidy policies have effectively boosted passenger car sales, contributing to a historical high in October sales figures [1][2]. Summary by Sections Passenger Vehicle Sales - In October, passenger vehicle sales reached 2.755 million units, a year-on-year increase of 10.7% and a month-on-month increase of 9.1%, marking a historical high for the same period [1]. - Domestic sales of passenger vehicles were 2.289 million units, with a year-on-year increase of 10.7% [1]. Commercial Vehicle Sales - Domestic sales of commercial vehicles in October were 222,000 units, a year-on-year decrease of 25.5% but a month-on-month increase of 9.7% [2]. - The report highlights that the sales of trucks, which accounted for 255,000 units, were significantly impacted by domestic demand [2]. New Energy Vehicle Sales - New energy vehicle sales reached 1.430 million units in October, a year-on-year increase of 49.6%, with domestic sales accounting for 1.302 million units [1]. - The penetration rate of new energy vehicles in the passenger car market was 54.5%, reflecting a year-on-year increase of 16.3 percentage points [2]. Export Performance - In October, passenger vehicle exports were 465,000 units, a year-on-year increase of 10.7% and a month-on-month increase of 1.8% [3]. - New energy vehicle exports reached 128,000 units, with a month-on-month increase of 16.0% and a year-on-year increase of 3.6% [3].