汽车行业周报：以旧换新政策发力，10月批发销量环比+9%

Investment Rating - The report maintains a "Buy" rating for the automotive industry [3]. Core Insights - 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 next year, leading to cautious annual sales expectations. A longer-term perspective reveals a more optimistic outlook for macroeconomic and independent sales forecasts [3][5]. - The report suggests focusing on companies with solid logic and significant short-term marginal changes, recommending Geely and BYD, while also advising to pay attention to XPeng. It highlights the importance of technology attributes and breakthroughs in mid-to-high-end consumer products, recommending Jianghuai and Seres [3][5]. Data Tracking - In October, the wholesale sales of passenger cars reached 2.75 million units, a year-on-year increase of 10.9% and a month-on-month increase of 9.0%. The new energy vehicle sector showed remarkable performance, with BYD delivering 50,300 units, a year-on-year increase of 228% [3][5]. - The report notes that the average discount rate in the industry remained stable, with significant changes observed in major brands such as SAIC and Ora [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 integrated transportation solutions 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 saw a decline of 2.45% this week, ranking 6th out of 29 sectors. The overall market indices also experienced declines, with the Shanghai Composite Index down 3.52% and the Hang Seng Index down 6.28% [8].