汽车：以旧换新政策效果持续显现，11月乘用车零售及批发销量均创新高

Investment Rating - The industry investment rating is "Synchronize with the market" [3][11]. Core Viewpoints - The "Trade-in" policy continues to show effects, with November retail and wholesale sales of passenger cars reaching new highs, indicating a recovery in demand [2][10]. - In November, the retail sales of passenger cars reached 2.423 million units, a year-on-year increase of 16.5% and a month-on-month increase of 7.1% [6][10]. - The penetration rate of new energy vehicles (NEVs) in the domestic retail market reached 52.3% in November, an increase of 11.9 percentage points compared to the same period last year [6][7]. Summary by Relevant Sections Investment Recommendations - The report suggests that with the support of the "Trade-in" policy and local replacement subsidies, along with other supportive measures, the automotive sales are expected to maintain stable growth in the fourth quarter [11]. - Key stocks to watch include BYD, Changan Automobile, Yinlun Holdings, Top Group, Xinquan Holdings, Junsheng Electronics, Desay SV, and Baolong Technology [11]. Market Performance - In November, the wholesale sales of passenger cars reached 2.94 million units, a year-on-year increase of 15.3% and a month-on-month increase of 7.6% [7]. - The cumulative wholesale of passenger cars from January to November was 24.115 million units, a year-on-year increase of 5.6% [7]. New Energy Vehicle Insights - In November, the wholesale sales of new energy passenger cars reached 1.438 million units, a year-on-year increase of 49.6% [7]. - The cumulative retail sales of new energy vehicles from January to November reached 9.594 million units, a year-on-year increase of 41.2% [6].