乘用车销量点评景气跟踪：“银九金十”效果显著，10月乘用车销量同比+11.3%，环比+7.2%

Investment Rating - The investment rating for the automotive industry is "Positive" [5][6]. Core Insights - The report highlights significant growth in passenger car sales during October, with wholesale sales reaching 2.732 million units, a year-on-year increase of 11.5% and a month-on-month increase of 9.1% [13][18]. - The report attributes this growth to the "Golden September and Silver October" peak season, supported by government policies promoting vehicle trade-ins and local subsidies [13][18]. - The penetration rates for new energy vehicles (NEVs) in October were 50.1% for wholesale and 52.9% for retail, with wholesale NEV sales reaching 1.369 million units, a year-on-year increase of 55.2% [24][25]. Summary by Sections 1. October Passenger Car Sales - In October, the wholesale sales of narrow-sense passenger cars were 2.732 million units, with a year-on-year increase of 11.5% and a month-on-month increase of 9.1% [18]. - Retail sales for the same period were 2.261 million units, showing a year-on-year increase of 11.3% and a month-on-month increase of 7.2% [18]. 2. November Market Outlook - The automotive consumption index for October was 90.3, reflecting a year-on-year increase of 9.3% and a month-on-month increase of 5.7% [30]. - The dealer inventory warning index stood at 50.5%, indicating a year-on-year decrease of 8.1 percentage points [30]. 3. Investment Recommendations - The report suggests that before the exit of the current trade-in policy, coupled with the year-end automotive consumption peak, the automotive sector is expected to maintain high growth, leading to excess returns in the automotive sector [32][33]. - It emphasizes focusing on companies with high performance and growth certainty, particularly in the electric vehicle segment, and highlights key players such as BYD, Changan Automobile, and various Hong Kong-listed companies [33].