汽车行业零售数据点评：11月车市保持增长，渠道信心改善

Investment Rating - The automotive industry maintains an "Overweight" rating [7][9]. Core Insights - The automotive market showed strong retail performance in November, with a year-on-year increase of 30% in retail sales for passenger vehicles from November 1-17, totaling 1.106 million units [4][19]. - The new energy vehicle (NEV) segment experienced significant growth, with retail sales increasing by 66% year-on-year during the same period, reaching 581,000 units [4][19]. - The overall market sentiment is improving, driven by favorable policies such as trade-in subsidies, which are expected to continue until the end of the year [5][21]. Summary by Sections 1. Market Tracking - The automotive sector index decreased by 2.45% in the week, while the passenger vehicle index increased by 0.55% [17]. - Year-to-date, the automotive index has risen by 17.77%, outperforming the broader market indices [17][18]. 2. High-Frequency Data Tracking - From November 1-17, the wholesale of passenger vehicles reached 1.271 million units, a 37% increase year-on-year [4][19]. - Cumulatively, retail sales for the year reached 18.942 million units, reflecting a 5% year-on-year growth [4][19]. 3. Industry Dynamics - The number of applications for vehicle trade-in subsidies exceeded 4 million, indicating strong consumer interest [28]. - The introduction of new policies and incentives is expected to stimulate demand, particularly for NEVs [21][31]. 4. Investment Recommendations - The report suggests focusing on leading companies in the smart and technology-driven vehicle sector, such as XPeng Motors, BYD, Xiaomi Group, and Leap Motor [7][33]. - For the parts sector, it recommends companies involved in electric and intelligent components, highlighting firms like Huguang Co., Wuxi Zhenhua, and Baolong Technology [7][33].