汽车行业周报：欧盟与中国即将就电动汽车进口关税达成协议

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of November 24, 2024 [1]. Core Insights - The report highlights that the cumulative applications for the vehicle replacement subsidy have exceeded 2 million, indicating a rapid growth trend in subsidy applications. The domestic automotive market is expected to see a surge in consumption due to new car launches and the implementation of replacement policies [1]. - The report predicts that the retail market for narrow passenger cars in November will be around 2.4 million units, representing a year-on-year growth of 15.4% and a month-on-month increase of 6.1%. The retail sales of new energy vehicles are expected to reach 1.28 million units, with a penetration rate of approximately 53.3% [1]. - The report notes that the EU is set to reach an agreement with China regarding electric vehicle import tariffs, which is favorable for the export of new energy passenger vehicles [1]. - The report suggests focusing on the increased intensity of replacement subsidies and the opportunities presented by the new car cycle, as well as the launch of popular models in the new energy vehicle sector [1]. Summary by Sections Market Overview - The automotive sector index closed at 6293.12 points, down 2.2% for the week, while the Shanghai and Shenzhen 300 index closed at 3865.7 points, down 2.6%. The passenger vehicle sector fell by 3.6%, and the commercial vehicle sector saw a decline of 3% [30][38]. Industry News - Dongfeng Nissan has partnered with Momenta to develop advanced intelligent driving solutions, which will enhance the application of high-level autonomous driving technology [53]. - SAIC-GM-Wuling has joined the battery swap initiative with CATL, launching several new energy commercial vehicles [53]. - The report mentions that the U.S. government is expected to establish a federal framework for fully autonomous vehicles, which could benefit companies like Tesla [55]. - The Chongqing government has increased the vehicle replacement subsidy standards, which will further stimulate the automotive market [55]. Company Performance - BYD's retail sales of passenger vehicles in November are projected to grow by 66% year-on-year, while the overall retail sales of new energy vehicles are expected to maintain strong growth [1][60]. - Xiaopeng Motors reported a total revenue of 10.1 billion yuan for Q3 2024, exceeding market expectations, with a year-on-year growth of 18.4% [55]. - NIO's Q3 2024 delivery volume reached a record high of 61,900 vehicles, although total revenue decreased by 2.1% year-on-year [55]. Key Companies to Watch - Major companies highlighted include GAC Group, Aikodi, BYD, and others, with specific attention to their performance in the new energy vehicle market [1][60].