汽车行业周报：广汽华为将打造新高端电车品牌，上汽发布半固态镁合金电驱壳体

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [2][12]. Core Views - The report highlights that the retail sales of passenger vehicles in November 2024 reached 2.446 million units, representing a year-on-year increase of 18% and a month-on-month increase of 8%. The domestic automotive consumption demand is expected to grow steadily under supportive policies [12][41]. - The report notes a decrease in dealer inventory levels, with the comprehensive inventory coefficient for automotive dealers at approximately 1.10 as of October 2024 [12]. - The market share of new energy vehicles in October 2024 was approximately 46.8%, indicating ongoing competition in the new energy vehicle segment [13][38]. Summary by Sections 1. Core Views - Retail sales of passenger vehicles in November 2024 were 2.446 million units, up 18% year-on-year and 8% month-on-month. The overall automotive consumption demand is expected to grow steadily [12]. - The dealer inventory level has decreased, with a comprehensive inventory coefficient of about 1.10 in October 2024 [12]. - The market share of new energy vehicles reached approximately 46.8% in October 2024, with ongoing competitive pricing strategies among major brands [13][38]. 2. Market Review - The automotive sector rose by 3.56% from December 2 to December 6, 2024, outperforming the overall A-share market, ranking 8th among all primary sectors [14]. - The automotive services sector saw the highest increase at 6.46%, while commercial vehicles had the smallest increase at 2.51% during the same period [14][18]. 3. Industry Data Tracking - In October 2024, total automotive sales were approximately 3.053 million units, with a month-on-month increase of 8.7% and a year-on-year increase of 7% [28]. - Passenger vehicle sales were about 2.755 million units in October 2024, with a month-on-month increase of 9.1% and a year-on-year increase of 10.7% [30]. - The report forecasts that the narrow passenger vehicle retail market in November 2024 will be around 2.4 million units, with a year-on-year increase of 15.4% [42]. 4. Industry Dynamics - GAC Group and Huawei are collaborating to create a new high-end smart electric vehicle brand [54]. - SAIC Group has launched a magnesium alloy electric drive shell, marking a significant innovation in lightweight materials for electric vehicles [54]. 5. New Vehicle Launches - New models launched include the Avita 11 and Avita 11 range extender, as well as the Lynk & Co Z10 from Geely, all released in early December 2024 [55]. 6. Company Dynamics - The report details significant announcements from various companies, including GAC's partnership with Huawei and SAIC's advancements in electric drive technology [54][58].