汽车汽配行业更新报告：10月乘用车批发销量创历史新高，新能源车渗透率稳定在50%以上

Industry Investment Rating - Overweight rating for the automotive and auto parts industry [2] Core Views - October passenger vehicle wholesale sales hit a record high, with new energy vehicle (NEV) penetration rate stabilizing above 50% [2] - Retail and wholesale sales of passenger vehicles in October achieved double-digit year-on-year growth, with NEV sales increasing by 55.9% YoY and 6.5% MoM [2] - The cumulative penetration rate of NEVs in the first 10 months reached 46.5% [2] - Power battery sales and installations in October increased by 6.2% and 8.6% MoM, respectively, with lithium iron phosphate (LFP) batteries accounting for nearly 80% [2] - Both high-end and low-end market segments showed strong growth, and production and wholesale volumes are expected to continue growing in November during the restocking period [2] Market Performance - In October, retail sales of passenger vehicles reached 2.28 million units, up 12.1% YoY and 7.3% MoM, while wholesale sales reached 2.668 million units, up 12.6% YoY and 9.3% MoM [3] - NEV retail sales in October were 1.196 million units, up 55.9% YoY and 6.5% MoM, with a penetration rate of 52.5% [3] - Cumulative NEV retail and wholesale sales from January to October were 8.331 million and 9.208 million units, respectively, up 32.5% and 39.8% YoY [3] - Passenger vehicle exports in October were 441,000 units, up 13.0% YoY and 2.0% MoM, with cumulative exports in the first 10 months reaching 3.991 million units, up 30.0% YoY [3] - NEV exports in October were 120,000 units, up 10.4% YoY and 13.7% MoM, with cumulative exports in the first 10 months reaching 1.088 million units, up 27.7% YoY [3] Battery Market - In October, power and energy storage battery sales totaled 110.3 GWh, up 47.4% YoY and 6.2% MoM, with power battery sales accounting for 79.1 GWh, up 30.6% YoY and 3.3% MoM [4] - Cumulative power and energy storage battery sales from January to October were 796.0 GWh, up 43.2% YoY [4] - Power battery installations in October were 59.2 GWh, up 51.0% YoY and 8.6% MoM, with LFP batteries accounting for 79.4% of total installations [4] - Ternary battery installations in October were 12.2 GWh, down 1.1% YoY and 7.2% MoM, accounting for 20.6% of total installations [4] Market Segments - High-end and low-end market segments showed strong growth in October, driven by national scrappage and local replacement subsidy policies [5] - As of November 6, over 1.7 million applications for vehicle scrappage subsidies were submitted nationwide, indicating rapid growth in replacement demand [5] - November is traditionally a period of strong restocking, with manufacturers expected to increase production to meet year-end demand [5] Top NEV Models - The top 5 NEV models by sales in October were: BYD Seagull (51,288 units), BYD Qin L DM-i (39,316 units), BYD Seal 06 (38,069 units), Tesla Model Y (36,204 units), and Wuling Hongguang MINI EV (34,185 units) [7] Battery Installations by Companies - In October, CATL led with 25.32 GWh of battery installations, accounting for 42.78% of the market, followed by BYD with 15.82 GWh (24.73%) [11] - Cumulative installations from January to October were 183.02 GWh for CATL and 100.67 GWh for BYD [11] Policy Updates - Key policies in October included Shanghai's financial support for hydrogen storage and fuel cell vehicle projects, and the Ministry of Industry and Information Technology's announcement of new pilot cities for full electrification of public vehicles [16] - Other policies focused on promoting renewable energy and improving charging infrastructure [16] Company News - XPeng held its AI DAY on November 6, showcasing new technologies and launching the P7+ model with a starting price of 186,800 RMB [17] - Leapmotor announced that it expects to achieve profitability earlier than previously anticipated [17] - Huawei's HarmonyOS Smart Selection launched the new S7 model with a pre-sale price starting at 248,000 RMB [17] - BYD collaborated with Huawei to launch the Bao 8 smart off-road vehicle, priced between 379,800 RMB and 407,800 RMB [17] - Tesla CEO Elon Musk was announced as a co-leader of a proposed government efficiency department under the Trump administration [17] - Seres announced a cash dividend of 0.331 RMB per share, totaling 500 million RMB [17]