汽车行业：24年数据点评系列十七-重卡行业10月国内环比改善，出口保持良好同比增速

Investment Rating - The report rates the automotive industry as "Buy" [2]. Core Viewpoints - The heavy truck industry showed a month-on-month improvement in October, with exports maintaining a good year-on-year growth rate [2]. - In October, wholesale heavy truck sales decreased by 18.2% year-on-year, while terminal sales fell by 19.4%. However, exports increased by 17.1% year-on-year [2][19]. - The total inventory in the heavy truck industry is at a healthy level, with a decrease in total inventory both year-on-year and month-on-month [2][11]. - Logistics demand has shown recovery since the beginning of the year, with a cumulative year-on-year growth rate of 3.2% in road freight turnover from January to October [2][11]. - Market share for major heavy truck manufacturers has increased, with significant gains for companies like Sinotruk and Shaanxi Heavy Truck [2][11]. Summary by Sections Sales - In October, heavy truck wholesale sales were 66,000 units, down 18.2% year-on-year but up 15.0% month-on-month. Cumulative wholesale sales from January to October reached 749,000 units, down 4.9% year-on-year [19][21]. - Terminal sales in October were 45,000 units, down 19.4% year-on-year but up 2.8% month-on-month, with cumulative terminal sales of 476,000 units, down 9.8% year-on-year [21][22]. Inventory - As of the end of October, total inventory in the heavy truck industry was 128,000 units, with a year-on-year decrease of 27,000 units and a month-on-month decrease of 600 units. The dynamic inventory-to-sales ratio was 2.4, indicating a reasonable level [2][11]. Demand - The logistics demand has been recovering, with a cumulative year-on-year growth rate of 3.2% in road freight turnover from January to October, and a monthly growth rate of 3.9% in October [2][11]. Market Share - From January to October, the market share of Sinotruk and Shaanxi Heavy Truck increased by 0.8 percentage points and 0.3 percentage points, reaching 27.4% and 16.6%, respectively [2][11].