汽车行业点评报告：新势力跟踪之11月销量点评：13车企新能源车企合计交付同比+63%，行业交付符合预期

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [1] Core Viewpoints - In November, 13 new energy vehicle companies delivered a total of 965,800 units, representing a year-on-year increase of 63% and a month-on-month increase of 4% [1] - The focus for automotive companies includes international expansion, charging infrastructure development, and intelligent iteration [2] - The report suggests a shift in investment strategy, prioritizing whole vehicles over components, with a recommended stock selection order based on various criteria [2][37] Summary by Sections 1. Li Auto - In November, Li Auto delivered 48,740 vehicles, with year-on-year growth of 19% and a month-on-month decline of 5% [16] - By the end of November, Li Auto had 475 retail centers across 141 cities and 1,501 charging stations with 5,168 charging piles [16] 2. AITO (Wenjie) - AITO delivered 32,352 vehicles in November, showing a year-on-year increase of 72% and a month-on-month decline of 5% [18] 3. XPeng Motors - XPeng delivered 30,895 vehicles in November, marking a year-on-year increase of 54% and a month-on-month increase of 2% [22] 4. NIO - NIO delivered 20,575 vehicles in November, with a year-on-year increase of 29% and a month-on-month decline of 2% [24] - NIO has established 2,217 battery swap stations and 3,485 charging stations nationwide [24] 5. Other New Forces - Leap Motor achieved a record delivery of 40,169 vehicles in November, with a year-on-year increase of 117% and a month-on-month increase of 5% [28] - GAC Aion delivered 42,301 vehicles in November, with a year-on-year increase of 1.77% and a month-on-month increase of 5.62% [30] - Geely Zeekr delivered 27,011 vehicles in November, with a year-on-year increase of 106.13% and a month-on-month increase of 7.83% [32] 6. Investment Recommendations - The report anticipates a turning point in the industry, with significant growth in intelligent vehicle penetration expected by 2025 [37] - Recommended stock selection includes leading companies in intelligent technology and those with strong partnerships [37]