汽车行业周报：以旧换新接续政策有望延续，Figure实训效率快速提升

Investment Rating - The report maintains a "Buy" rating for the automotive industry, highlighting the potential for growth driven by policies and market dynamics [9][52]. Core Insights - The automotive industry continues to exhibit high levels of prosperity, with expectations for November retail sales of passenger vehicles reaching 2.4 million units, reflecting a year-on-year increase of 15.4% and a month-on-month increase of 6.1% [3][4]. - The "old-for-new" vehicle replacement policy has seen over 4 million applications, indicating strong market demand and a proactive approach to stabilizing market expectations for the upcoming year [4]. - The Guangzhou Auto Show showcased a significant acceleration in the high-end and intelligent features of domestic brands, with new models being introduced that cater to the growing demand for smart driving technologies [5]. Summary by Sections Market Performance and Valuation - The automotive sector's index rose by 2.4%, outperforming the broader market by 0.8 percentage points, while the Shanghai Composite Index fell by 2.6% [18]. - The automotive industry's price-to-earnings (P/E) ratio stands at 29.7, placing it in the 18.7% percentile over the past four years, indicating a relatively high valuation compared to historical levels [25]. Industry Data Tracking and Commentary - In the first week of November, daily retail sales of passenger vehicles averaged 56,700 units, marking a 29% increase year-on-year, while wholesale figures showed a 41% increase [40][41]. - The report notes a significant reduction in inventory levels among manufacturers, with a decrease of 940,000 units year-on-year, indicating strong demand and effective inventory management [41]. Investment Strategy and Recommendations - The report suggests focusing on companies with deep collaborations with Huawei, such as Seres and JAC Motors, as well as highlighting the growth potential in the automotive parts sector due to technological advancements and market restructuring [52]. - Specific companies recommended for investment include New Spring Co., Daimei Co., and Mould Technology, among others, across various segments such as lightweight materials and intelligent vehicles [52]. Company Announcements and Industry News - Xiaomi reported a net loss of 1.5 billion yuan in its automotive segment for Q3 2024, despite a significant increase in revenue from its electric vehicle offerings [56]. - Ford announced plans to cut 4,000 jobs in Europe due to declining demand for electric vehicles and increased competition, particularly from Chinese manufacturers [57]. New Vehicle Launches - Recent vehicle launches include the Changan Deep Blue SL03 EV and the Geely Extreme 07, both of which are positioned to meet the growing demand for electric vehicles in the market [62].