汽车与零部件行业周报：11月汽车延续高景气，智驾领域“端到端”竞赛加速

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The automotive market is expected to maintain a high level of prosperity in November, with retail sales of passenger vehicles reaching approximately 1.106 million units, a year-on-year increase of 30% and a month-on-month increase of 3% [3][4] - The penetration rate of new energy vehicles in the retail market is projected to reach about 53.3% in November, with retail sales expected to reach 1.28 million units, a year-on-year increase of 66% [4][3] - The report highlights the acceleration of competition in the intelligent driving sector, with several companies launching advanced features and technologies [4][3] Summary by Sections Market Review - The automotive sector experienced a decline of 2.17% in the past week, while the broader market (CSI 300) fell by 2.60%. Among sub-sectors, automotive services performed the best with a decline of only 0.73%, while passenger vehicles saw the largest drop at 3.61% [2][16] - The top five companies in terms of stock price increase were: Da Dongfang (+50.00%), Nanfang Jinggong (+32.85%), S Jiatuo (+25.20%), Lihu Co. (+21.29%), and Xuelong Group (+21.28%). Conversely, the top five companies with the largest declines were: Dadi Electric (-30.01%), Jun Chuang Technology (-11.92%), Redik (-11.08%), Weichai Heavy Industry (-10.84%), and Far East Transmission (-9.51%) [2][19] Industry Data Tracking - From November 1 to 17, the retail volume of passenger vehicles was 1.106 million units, with a year-on-year increase of 30% and a month-on-month increase of 3%. The wholesale volume was 1.271 million units, with a year-on-year increase of 37% and a month-on-month increase of 22% [22] - The prices of raw materials as of November 22, 2024, were reported as follows: hot-rolled steel at 3430 RMB/ton, aluminum ingots at 20520 RMB/ton, magnesium ingots at 18180 RMB/ton, butadiene rubber at 13400 RMB/ton, and natural gas at 4553 RMB/ton [24] Recent Industry/Key Company Dynamics - The report notes that the number of applications for vehicle scrapping and replacement subsidies has exceeded 400,000, indicating strong market demand [31] - Companies like BYD and Great Wall Motors are actively expanding their product lines and market presence, with significant new model launches and production capacity expansions [32][34] - The report also highlights the ongoing trend of localization in supply chains, particularly for companies like Chery, which is working with local suppliers in Europe to avoid tariffs [4][35] Recent New Vehicle Launches - Chery's new model, the Fengyun T9, was launched on November 18, 2024, featuring a plug-in hybrid powertrain and a price range of 183,900 to 193,900 RMB [37] Investment Recommendations - Recommendations include focusing on companies that are advancing in hybrid and overseas markets, such as Changan Automobile, Great Wall Motors, BYD, and Jianghuai Automobile. Additionally, attention is drawn to component manufacturers involved in automotive intelligence and lightweighting [8][37]