汽车与零部件行业周报：11月初步统计乘用车零售244.6万辆，小米官宣SUV新车YU7

Investment Rating - The industry investment rating is "Overweight" (maintained) [5][44]. Core Insights - The automotive sector has shown a strong performance with a weekly increase of 3.56%, ranking 8th among 31 first-level industries in the Shenwan classification. The best-performing sub-sector was automotive services, which rose by 6.46% [1][14]. - In November, retail sales of passenger vehicles reached 2.446 million units, a year-on-year increase of 18% and a month-on-month increase of 8%. Cumulative retail sales for the year reached 20.281 million units, up 5% year-on-year [2][21]. - The "trade-in" policy has significantly stimulated sales, with expectations for continued growth in December as manufacturers strive to meet annual targets [2][3]. Summary by Sections Market Review - The automotive sector's weekly performance was +3.56%, with the best-performing sub-sector being automotive services at +6.46%. The top five companies in terms of stock performance included JianShe Industrial (+61.11%) and YunNei Power (+54.72%) [1][14][18]. Industry Data Tracking - November passenger vehicle retail sales were 2.446 million units, up 18% year-on-year and 8% month-on-month. Cumulative wholesale for the year was 2.4119 million units, a 6% increase year-on-year [2][21]. - In the new energy segment, retail sales reached 1.277 million units in November, marking a 52% year-on-year increase [2][21]. Recent Industry/Key Company Dynamics - The China Automotive Association urged domestic companies to be cautious in sourcing American chips due to instability in supply [32]. - General Motors announced a restructuring of its China operations, incurring over $5 billion in costs and asset write-downs [33]. - Xiaomi's new SUV model YU7 is expected to launch in mid-2025, with anticipated sales of 360,000 units in early 2025 [3][39]. Investment Recommendations - Recommended stocks for passenger vehicles include BYD, Great Wall Motors, and Changan Automobile. For commercial vehicles, suggested stocks are China National Heavy Duty Truck Group, Yutong Bus, and Weichai Power [5][39].