汽车行业周报：四季度依然以科技智能周期为主，商用车作为安全边际较强赛道有望跑赢板块整体

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly highlighting commercial vehicles as a strong investment opportunity due to their safety margins [2]. Core Insights - The report emphasizes that after the US elections, the Tesla supply chain has shown resilience, reflecting both anticipated sales growth and emotional trading dynamics. However, it suggests that the market may face pressure in the latter part of Q4 regarding domestic demand and vehicle sales sustainability [2]. - The report identifies "robotics + intelligence" and the commercial vehicle sector as potential alpha-generating segments for investors in the upcoming quarter [2]. - The report also notes a significant decline in retail sales of passenger vehicles, with a total of 501,100 units sold in the week of November 4-10, 2024, representing a 10.99% decrease from the previous week [2]. Industry Update - The report indicates that the total transaction volume in the automotive sector for the week was 593.9 billion yuan, down 8% week-on-week, with the automotive index closing at 6433.02 points, a decline of 2.46% [4]. - The report highlights that traditional and new energy vehicle raw material price indices have decreased recently, with traditional vehicle materials down 3.0% week-on-week and 1.7% month-on-month [3]. - The report mentions that the Guangzhou International Auto Show, which opened on November 15, 2024, showcased a strong presence of new energy vehicles, indicating a potential boost in year-end sales [7]. Investment Recommendations - The report recommends focusing on leading domestic manufacturers such as BYD and Great Wall Motors, as well as companies involved in smart technology like Huawei and Xiaopeng Motors [5]. - It suggests monitoring component manufacturers with strong growth potential, including Fuyao Glass and New Spring [5]. - The report also notes the strategic restructuring of Geely, which aims to enhance resource focus and operational efficiency through the integration of Lynk & Co and Zeekr [12].