汽车行业周报：11月狭义乘用车零售预计240.0万辆，商务部将提前谋划明年汽车以旧换新接续政策

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [1] Core Insights - November retail sales for narrow passenger vehicles are expected to reach 2.4 million units, with a year-on-year growth of 15.4% and a month-on-month increase of 6.1% [3][14] - The penetration rate for new energy vehicles is projected to be approximately 53.3% in November, indicating a seasonal strengthening of the new energy market [3][14] - The Ministry of Commerce is planning to advance next year's vehicle replacement policy to stabilize market expectations and promote the trade of used cars [3][14] - Major automakers are accelerating the electrification and intelligence of their vehicles, supported by favorable policies that are expected to sustain steady growth in industry sales [4] Summary by Sections 1. Industry Key News - The China Passenger Car Association forecasts November retail sales of narrow passenger vehicles at 2.4 million units, with new energy vehicle sales expected to reach 1.28 million units [3][14] - The Ministry of Commerce reports that the number of vehicle scrapping and replacement applications has exceeded 2 million, with a 50% year-on-year increase in scrapped vehicle recovery from January to October [3][14] - Xiaopeng Motors is launching its first model, the G6, in the UK market [3][14] - Geely's new brand "firefly" is set to launch its first model in mid-2025 [3][14] 2. Market Performance - The A-share automotive sector outperformed the broader market, with the CSI 300 index declining by 2.60% while the automotive sector fell by only 1.92% [4][18] - The report highlights that the automotive sector's performance ranks 18th among the major sectors in the A-share market this week [4][18] 3. Valuation Trends - The price-to-earnings (PE) ratios for passenger vehicles, commercial vehicles, and automotive parts have seen a decline this week [4][24][25] - The report indicates a slight decrease in the PE ratio for the automotive parts sector [4][25] 4. New Vehicle Releases - Upcoming vehicle launches include the MG7, Zhijie S7, and BinYue, with expected release dates in late November 2024 [4][27]