汽车行业周动态：广州车展开幕，10月乘用车产销同环比高增长

Investment Rating - The report maintains an "Overweight" rating for the automotive sector, suggesting an increase in allocation to automotive stocks [5]. Core Insights - The automotive sector is expected to see upward momentum supported by policy measures, with significant growth in vehicle production and sales in October 2024. The report highlights a notable increase in retail sales driven by new vehicle launches and government incentives [17][16]. - The report indicates that the automotive sector's price-to-earnings ratio (PE-TTM) stands at 29.5, with historical valuation percentiles suggesting a relatively high valuation compared to historical averages [27][20]. Summary by Sections Current Dynamics - The Guangzhou International Auto Show opened on November 15, 2024, featuring 1,171 vehicles, including 512 new energy vehicles. Major brands like BYD, GAC, and others showcased new models [15][16]. - In October 2024, the automotive industry saw production and sales reach 2.996 million and 3.053 million units, respectively, with month-on-month growth of 7.2% and 8.7% [16]. Sector Performance - For the week of November 9-15, 2024, the automotive sector outperformed the Shanghai Composite Index, with a decline of 2.5% compared to a 3.5% drop in the index. The passenger vehicle segment saw a slight increase of 0.7% [20][27]. - The automotive sector's PE-TTM is reported at 29.5, with sub-sectors showing varied valuations: passenger vehicles at 30.6, commercial vehicles at 40.0, and auto parts at 26.5 [27][20]. Recommendations - The report recommends increasing exposure to the automotive sector, particularly in companies like BYD, Great Wall Motors, and Changan Automobile for complete vehicles, and Fuyao Glass and Top Group for auto parts [17][20].