汽车行业周报：11月车市热度延续，库存下降助终端价格趋稳

Investment Rating - The report maintains a positive investment rating for the automotive industry, recommending specific companies such as BYD and Li Auto, while also highlighting beneficiaries like Geely and Longxin General [4]. Core Insights - The retail sales of passenger vehicles from November 1 to 17 reached 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 have reached 18.942 million units, up 5% year-on-year [2][12]. - The wholesale of passenger vehicles during the same period was 1.271 million units, marking a 37% year-on-year increase and a 22% month-on-month increase, with a total of 22.447 million units sold this year, also up 6% year-on-year [2][12]. - In the new energy vehicle sector, retail sales reached 581,000 units, a 66% year-on-year increase, while wholesale reached 654,000 units, a 71% year-on-year increase [2][12]. - The report indicates that the market is benefiting from the continued effects of government subsidies, with over 2 million applications for vehicle scrapping and replacement subsidies submitted by November 18 [2][12]. - The report forecasts that the narrow passenger vehicle retail market for November will be around 2.4 million units, a year-on-year increase of 15.4% and a month-on-month increase of 6.1% [2][12]. Summary by Sections Weekly Update - The automotive market's sales momentum continues, supported by government subsidy policies, with a significant increase in both retail and wholesale figures for November [2][12]. - The inventory levels of dealers have decreased, with the comprehensive inventory coefficient for October at 1.10, down 35.3% year-on-year and 14.7% month-on-month, indicating a new low for 2023 [13]. Market Review - The automotive sector's performance was ranked 18th among 30 industries, with a weekly decline of 1.92%. The sub-sectors of sales and services, parts, motorcycles, commercial vehicles, and passenger vehicles experienced varying declines [14][20]. - The report provides detailed valuation metrics, with price-to-earnings ratios for different segments, indicating the relative valuation of the automotive sector compared to the broader market [20][24]. Industry News - Notable developments include the signing of an agreement by BYD to expand its automotive industrial park in Shenzhen, which is expected to significantly increase production capacity [37]. - Xiaomi reported a revenue of 9.5 billion yuan from its smart electric vehicles in the third quarter, reflecting the growing market for electric vehicles [36].