汽车和汽车零部件行业周报：预计11月零售新能源渗透率持续提升，2025E以旧换新政策有望延续

Investment Rating - The investment rating for the automotive and automotive parts industry is "Buy" for key companies such as BYD and Fuyao Glass [5][6]. Core Insights - The automotive sector outperformed the market, with the CITIC automotive sector declining by 1.9%, compared to a 2.6% drop in the CSI 300 index [2][23]. - The penetration rate of new energy vehicles (NEVs) is expected to continue rising, with retail sales of NEVs increasing by 66% year-on-year in early November [2][20]. - The "old-for-new" policy is anticipated to continue into 2025, with over 400 million applications for vehicle scrapping and replacement subsidies submitted as of mid-November [3][4]. Sales Tracking - From November 1 to November 17, 2023, domestic retail sales of passenger cars reached 1.106 million units, a year-on-year increase of 30% and a month-on-month increase of 3% [20]. - During the same period, retail sales of new energy passenger cars reached 581,000 units, marking a 66% year-on-year increase [20]. Industry Dynamics - The CITIC automotive sector is ranked 18th among 30 CITIC primary industries, indicating a relatively strong performance [2][23]. - The average daily application for scrapping subsidies was approximately 16,000, while the replacement subsidy applications averaged about 29,000 during the reporting period [3][4]. Key Company Recommendations - Recommended companies include BYD, with a target price of 278.49, and Fuyao Glass, with a target price of 56.01, both rated as "Buy" [5][6]. - Other companies to watch include Tesla, Xpeng Motors, NIO, and Geely for potential investment opportunities [4].