汽车行业研究周报：10月新能源汽车表现亮眼

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [3]. Core Insights - October saw strong performance in the new energy vehicle (NEV) sector, with sales growth remaining high and overall automotive sales expected to reach a historical high by year-end [11][24]. - In October, total automotive sales reached 3.053 million units, a year-on-year increase of 7.0%. Cumulatively, from January to October, sales amounted to 24.624 million units, reflecting a 2.7% year-on-year growth [11]. - NEV sales in October were 1.43 million units, marking a 49.6% year-on-year increase, with a penetration rate of 46.8%. For the first ten months of 2024, NEV sales totaled 9.75 million units, up 33.9% year-on-year, with a penetration rate of 39.6% [11][24]. Summary by Sections 1. Weekly Discussion - The automotive market continues to show positive momentum, driven by new model releases and sustained consumer demand [11]. - The inventory situation improved, with the comprehensive inventory coefficient for dealers at 1.1, down 35.3% year-on-year and 14.7% month-on-month [11]. 2. Investment Strategy and Key Focus - The report suggests focusing on undervalued leading companies in both vehicle manufacturing and parts due to expected performance improvements [24]. - Long-term prospects are favorable for domestic automakers with first-mover advantages in the NEV sector, such as BYD, Changan Automobile, Geely, and Li Auto [24]. - Key companies to watch include: - BYD (20%) - Li Auto (20%) - Top Group (20%) - Desay SV (20%) - Aosheng Electronics (20%) [25]. 3. Market Review - The automotive sector experienced a weekly decline of 2.46%, ranking 8th among 31 sectors in the Shenwan classification [27]. - The automotive industry outperformed the CSI 300 index during the week, with the Shanghai Composite Index down 3.52% and the CSI 300 down 3.29% [27].