汽车行业月报：广州车展自主表现亮眼，智驾进展加速

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [3]. Core Insights - The automotive market showed strong performance in November, with retail sales of passenger vehicles reaching 1.106 million units, a year-on-year increase of 30% and a month-on-month increase of 3%. Cumulatively, retail sales for the year reached 18.942 million units, up 5% year-on-year [3][44]. - Domestic brands are performing strongly, with a market share increase to 64.6% in the first ten months of 2024, up 9.3 percentage points year-on-year. Cumulative sales for domestic brands reached 13.849 million units, a year-on-year increase of 21.2% [3][55]. - The penetration rate of new energy vehicles (NEVs) continues to rise, with NEV sales in October reaching 1.43 million units, a year-on-year increase of 49.6%. The cumulative sales for the first ten months of 2024 reached 9.75 million units, up 33.9% year-on-year [3][36]. Market Review - As of November 20, the automotive sector (CITIC) index increased by 4.79% in November, outperforming the Shanghai and Shenzhen 300 index, which rose by 2.43%. Year-to-date, the automotive sector has increased by 19.57% [14][15]. - In November, the automotive sector ranked second among 30 primary industries in terms of growth [14]. Industry Overview - In October 2024, automotive production and sales reached 2.996 million and 3.053 million units, respectively, with month-on-month increases of 7.2% and 8.7%, and year-on-year increases of 3.6% and 7% [26]. - The inventory level of automotive dealers was below the warning line, with a coefficient of 1.1, down 14.7% month-on-month and 35.3% year-on-year [26]. Passenger Vehicles - In November, retail sales of passenger vehicles reached 1.106 million units, with a year-on-year increase of 30% and a month-on-month increase of 3%. Cumulative sales for the year reached 18.942 million units, up 5% year-on-year [44]. - In October, domestic brands achieved a market share of 70.1%, with sales of 1.931 million units, a year-on-year increase of 30% [55]. Commercial Vehicles - In October 2024, commercial vehicle production and sales reached 290,000 and 298,000 units, respectively, with a month-on-month sales increase of 5% [64]. New Energy Vehicles - In October, NEV sales reached 1.43 million units, a year-on-year increase of 49.6%, with a cumulative total of 9.75 million units sold in the first ten months of 2024, up 33.9% year-on-year [36][44].