汽车行业跟踪：汽车以旧换新政策明年或接续，11月车市维持高景气

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [3]. Core Insights - The automotive industry is expected to continue the vehicle trade-in policy into next year, which is anticipated to stabilize market expectations and maintain high market activity [3][18]. - In November, the automotive market showed a year-on-year increase of 30%, with a month-on-month increase of 3% [3][24]. - The report highlights that the average daily subsidy application for vehicle trade-ins remains high, with over 400 million applications cumulatively [3][18]. - The report suggests that the automotive sales growth rate is likely to increase further, driven by the year-end vehicle trade-in policy and the peak automotive consumption season [3][18]. Summary by Sections Market Review - The automotive sector recorded a decline of 1.92% in the week of November 18-22, outperforming the CSI 300 index which fell by 2.60% [12]. - The passenger vehicle segment decreased by 3.47%, while commercial vehicles and automotive parts saw declines of 2.64% and 0.43%, respectively [12]. Industry News - The report notes that Stellantis announced a temporary halt in production at some Italian factories due to a downturn in the electric vehicle market [18]. - The Chinese government has established the world's largest and most complete new energy industry chain, with a projected annual production of over 10 million new energy vehicles in 2024 [19]. Key Company Announcements - Multiple companies, including Doli Technology and Lichun Technology, have received project contracts from major automotive manufacturers, indicating ongoing investment and development in the sector [20]. Sales Data - BYD's sales in October reached 502,657 units, a year-on-year increase of 66.53% [21]. - The report provides detailed sales figures for various automotive companies, highlighting significant growth in new energy vehicle sales [22]. New Vehicle Launches - The report lists new vehicle models launched in November, including the Chery Fengyun T9 and SAIC-GM-Wuling's new electric microvan, indicating ongoing innovation in the automotive market [38]. Recent Reports - A report on the evolution of intelligent driving technology emphasizes the importance of data and computing power in enhancing competitive advantages among automotive manufacturers [40][42].