汽车行业周报：广州车展开幕，华为智驾赋能加速

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of November 17, 2024 [1]. Core Insights - The Guangzhou Auto Show, which opened on November 15, showcased a total of 1,171 vehicles, including 78 global debuts and 512 new energy vehicles, marking a new high in scale for new energy vehicles [1]. - The "old-for-new" vehicle replacement policy has seen over 1.7 million applications for scrapping subsidies, indicating a rapid growth trend in subsidy applications [1]. - The collaboration between Huawei and domestic car manufacturers is accelerating, with companies like BYD, Great Wall, and Dongfeng engaging in various levels of cooperation, leading to an increase in high-level intelligent driving penetration [1]. Summary by Sections Market Overview - From November 1 to 10, 2024, retail sales of passenger vehicles reached 567,000 units, a year-on-year increase of 29%, while wholesale sales totaled 667,000 units, up 41% year-on-year [1]. - The cumulative retail sales for the year reached 18.4 million units, a 4% increase year-on-year, while cumulative wholesale sales reached 21.84 million units, a 5% increase year-on-year [1]. New Energy Vehicles - Retail sales of new energy passenger vehicles from November 1 to 10, 2024, reached 310,000 units, a 70% increase year-on-year, while cumulative sales for the year reached 8.638 million units, a 41% increase year-on-year [1]. - Wholesale sales of new energy passenger vehicles during the same period reached 350,000 units, a 78% increase year-on-year [1]. Intelligent Vehicles - The report highlights the ongoing collaboration between Huawei and various car manufacturers, which is expected to drive the growth of intelligent connected vehicles in China [1]. - The demand for advanced sensors, smart lighting, and other components is also on the rise, indicating a growing market for intelligent vehicle technologies [1]. Heavy Trucks - In October 2024, the heavy truck market in China sold approximately 66,000 units, a month-on-month increase of 15% [3]. - The report suggests that upcoming policies related to infrastructure and vehicle scrapping will further stimulate demand in the heavy truck sector [3]. Key Investment Opportunities - The report recommends focusing on the increased intensity of vehicle replacement subsidies and the launch of new models as potential investment opportunities [1]. - Key stocks to watch include GAC Group (601238), BYD (002594), and others involved in the new energy vehicle supply chain [1].