汽车行业周报：以旧换新政策发力，10月批发销量环比+9%华创证券研究所

Investment Rating - The report maintains a "Buy" rating for the automotive industry [3]. Core Views - The automotive industry is experiencing positive sales growth driven by the vehicle replacement policy, with a 9% month-on-month increase in wholesale sales in October. However, there are concerns about potential data overreach in Q1 of the following year, leading to a cautious outlook for annual sales. A longer-term perspective suggests a more optimistic view on macroeconomic and autonomous sales outlooks [3][5]. - The report recommends focusing on companies with solid logic and significant short-term marginal changes, specifically highlighting Geely and BYD, while suggesting attention to XPeng. It also emphasizes the importance of technology attributes and high-end consumer goods, recommending JAC and Seres [3][5]. Data Tracking - In October, the wholesale sales of passenger vehicles reached 2.75 million units, a year-on-year increase of 10.9% and a month-on-month increase of 9.1%. The new energy vehicle sector showed remarkable performance, with BYD and other new forces leading the growth [3][5]. - The report notes that the average discount rate in the industry remained stable, with significant changes observed in major brands such as BMW and Chevrolet [3][5]. Industry News - On November 14, Geely Holdings announced an optimization of the equity structure for Zeekr and Lynk & Co, with Zeekr acquiring a 51% stake in Lynk & Co [7]. - On November 15, Changan Automobile announced plans to invest over 50 billion in the next five years to develop a comprehensive transportation solution and humanoid robots [7]. - On November 15, autonomous driving company Pony.ai submitted a red herring prospectus for its IPO, planning to list on NASDAQ [7]. Market Performance - The automotive sector experienced a decline of 2.45% this week, ranking 6th out of 29 sectors. The overall market indices also saw declines, with the Shanghai Composite Index down 3.52% and the Hang Seng Index down 6.28% [8].