汽车行业深度报告：汽车市场持续好转，新能源同比大增

Investment Rating - The investment rating for the automotive industry is "Outperform" [2] Core Insights - The automotive market in China has shown continuous improvement, driven by national subsidy policies, exports, and the growth of the new energy vehicle (NEV) market, achieving both year-on-year and month-on-month growth [4][14] - In October 2024, China's total vehicle sales reached 3.053 million units, a year-on-year increase of 7% and a month-on-month increase of 8.7% [4][14] - Cumulative vehicle sales from January to October 2024 reached 24.624 million units, representing a year-on-year growth of 2.7% [4][14] - The NEV sales in China for October 2024 were 1.43 million units, marking a year-on-year increase of 49.6% [33][38] - The penetration rate of NEVs in China reached 46.84% in October 2024, with a cumulative penetration rate of 39.6% from January to October [33][38] Summary by Sections 1. Automotive Market - In October 2024, the production and sales of vehicles in China were 2.996 million and 3.053 million units respectively, with year-on-year increases of 3.6% and 7% [14][21] - Cumulative production and sales from January to October 2024 were 24.466 million and 24.624 million units, with year-on-year increases of 1.9% and 2.7% [14][21] - Passenger vehicle sales in October 2024 were 2.755 million units, up 10.7% year-on-year and 9.1% month-on-month [16][21] - Commercial vehicle sales in October 2024 were 298,000 units, down 18.3% year-on-year but up 5% month-on-month [16][21] 2. New Energy Vehicle Market - Global electric vehicle registrations reached 1.7063 million units in September 2024, with a month-on-month increase of 16.18% and a year-on-year increase of 32.16% [28][33] - In the first ten months of 2024, cumulative NEV sales in China reached 9.75 million units, a year-on-year increase of 33.9% [33][38] - NEV exports from China in October 2024 were 128,000 units, a year-on-year increase of 3.6% [38][40] 3. Lithium Battery Market - In October 2024, the total production of power and other batteries in China was 113.1 GWh, with a month-on-month increase of 1.6% and a year-on-year increase of 45.5% [51][54] - Cumulative battery production from January to October 2024 reached 847.5 GWh, with a year-on-year increase of 38.3% [51][54] - The sales volume of power batteries in October 2024 was 79.1 GWh, representing a year-on-year increase of 30.6% [54][60] 4. Industry Developments - The price of lithium carbonate has shown signs of recovery due to improved supply and demand, although overcapacity remains a concern [4] - Several intelligent driving companies are actively seeking financing to support research and development, indicating a potential acceleration in the development of the intelligent driving industry [4]