汽车行业点评：10月重卡销售环比回暖，新能源重卡销量再创新高

Investment Rating - The industry investment rating is "Synchronize with the market" [2][15]. Core Viewpoints - The automotive industry has shown a mixed performance, with a notable recovery in passenger vehicle sales in September, which increased by 1.5% year-on-year [4]. - The heavy truck market has experienced a decline in demand, with total sales for October 2024 estimated at approximately 63,000 units, reflecting a year-on-year decrease of 22% [5][6]. - New energy heavy trucks have demonstrated significant growth, with October sales reaching 8,247 units, marking a year-on-year increase of 139.95% [6][7]. Summary by Sections Industry Performance - The automotive sector's performance has been volatile, with a 14.33% increase over the past month, compared to a 5.11% increase in the CSI 300 index [4]. - The heavy truck market's sales for the first ten months of 2024 totaled approximately 746,000 units, with a cumulative decline of 5% [5]. New Energy Heavy Trucks - The market for new energy heavy trucks is characterized by lower concentration compared to traditional fuel trucks, indicating intense competition [7][10]. - The penetration rate of new energy heavy trucks reached 18.45% in October, with a continuous growth trend observed over the past 21 months [6][11]. Policy Impact - The "old-for-new" vehicle replacement policy is expected to stimulate demand, particularly for new energy heavy trucks, with subsidies of up to 140,000 yuan for purchasing new energy models [11]. - The implementation of this policy is anticipated to have a more pronounced effect in the fourth quarter of 2024, leading to a potential increase in heavy truck sales [10][11].