汽车行业周动态：明年汽车以旧换新政策有望延续，10月新能源重卡整体销量再创新高

Investment Rating - The report maintains an "Overweight" rating for the automotive sector, suggesting an increase in allocation to automotive stocks [5]. Core Views - The automotive sector is expected to benefit from the continuation of the vehicle replacement policy next year, with significant growth in the sales of new energy heavy trucks in October [4][15]. - The report indicates that the automotive sector's fundamentals are improving, with a recommendation to increase exposure to automotive stocks due to positive market dynamics and government policies [17]. Summary by Sections 1. Current Dynamics - The vehicle replacement policy is likely to continue next year, with over 400,000 applications for vehicle scrapping and replacement already submitted, leading to a more than 50% year-on-year increase in scrapped vehicle recovery from January to October [15]. - In October, sales of new energy heavy trucks reached a record high of 8,247 units, marking a 141% year-on-year increase [16]. 2. Sector Performance and Valuation - For the week of November 16-22, 2024, the automotive sector underperformed the broader market, with the automotive index declining by 2.2% compared to a 1.9% drop in the Shanghai Composite Index [19]. - The automotive sector's PE-TTM (unadjusted) stands at 28.7, with a historical valuation percentile of 59.5%. The sub-sectors' PE-TTM values are 29.4 for passenger cars, 38.7 for commercial vehicles, 26.2 for auto parts, and 329.3 for automotive services, with historical percentiles of 93.8%, 82.6%, 45.9%, and 72.3% respectively [25]. 3. Stock Performance - The top-performing stocks for the week include Dongfang Precision (+123.7%) and Lihua Co. (+100.4%), while Yutong Bus (-16.4%) and Weichai Power (-14.9%) were among the worst performers [28]. 4. Important News and Announcements - The report highlights significant industry news, including the launch of new models and sales forecasts, indicating a positive outlook for the automotive market in November [39][42].