汽车行业研究周报：11月乘用车零售高增，全年有望保持较高增速

Investment Rating - The report maintains an "Overweight" rating for the automotive sector [2]. Core Insights - In November, retail sales of passenger vehicles reached 2.446 million units, representing an 18% year-on-year increase and an 8% increase compared to the previous month. Cumulatively, retail sales for the year have reached 20.281 million units, a 5% year-on-year growth. Notably, sales of new energy vehicles in November were 1.277 million units, up 52% year-on-year and 7% month-on-month, with a cumulative total of 9.605 million units for the year, reflecting a 41% year-on-year increase [1][15][21]. - The report anticipates that automakers will continue to push for sales towards the end of the year, maintaining a high growth rate for annual passenger vehicle sales. Five significant new models are expected to launch in December, including the Galaxy Starship 7 EM-i, which features advanced hybrid technology and competitive pricing [1][16][21]. Summary by Sections Weekly Discussion - The automotive market is experiencing strong growth due to government incentives for vehicle scrappage and trade-in programs. The report highlights the robust performance of the passenger vehicle market in November, with significant growth in both overall and new energy vehicle sales [1][15]. Investment Strategy and Key Focus - The report suggests focusing on undervalued leading companies in the automotive sector, particularly those benefiting from performance improvements. Key areas of interest include: - Domestic automakers with a first-mover advantage in the new energy sector, such as BYD, Changan Automobile, Geely, and Li Auto. - Stable, undervalued leading component manufacturers like Huayu Automotive and Fuyao Glass. - Core players in the electrification and intelligence sectors, including Huayang Group, Desay SV, Ruikeda, and others. - Companies benefiting from domestic substitution trends, such as Lingdian Electric Control and Sanhua Intelligent Control. - Strong vehicle manufacturers that drive demand for core components, like Top Group and Wencan Co [2][21][22]. Market Review - The automotive sector experienced a weekly increase of 3.56%, ranking 8th among 31 sectors. It outperformed the CSI 300 index, which saw a rise of 1.44%. The report also details the performance of various sub-sectors, with automotive services and components showing notable gains [4][24].