汽车行业周报：11月乘用车行业销量维持同环比增长，特斯拉FSD V13更新

Investment Rating - The report maintains a neutral rating for the automotive and parts industry [5] Core Insights - In November, the overall sales of passenger vehicles continued to grow both year-on-year and month-on-month, with significant growth in new energy vehicles. The wholesale/retail sales of narrow passenger vehicles reached 2.94 million/2.423 million units, representing a year-on-year increase of 15.3%/16.5% and a month-on-month increase of 7.6%/4.7%. The wholesale sales set a new monthly historical high [1][15][36] - The Central Economic Work Conference emphasized expanding domestic demand and boosting consumption, indicating that the vehicle trade-in policy is likely to continue. As of December 13, over 5.2 million passenger vehicles were sold due to the trade-in policy, with over 2.51 million being scrapped and over 2.72 million being replaced. The government is expected to continue implementing trade-in subsidies to support stable growth in vehicle sales next year [1][16] - Tesla plans to launch several new models, including the Model Q and a redesigned Model Y, in 2025. The FSD V13 has been pushed to users, featuring significant improvements. These developments are expected to help Tesla's sales recover and benefit the supply chain [2][17] Summary by Sections Market Performance - The automotive sector's performance outperformed the broader market, with a 0.5% increase compared to a 1.0% decrease in the CSI 300 index. The motorcycle and other segments performed well, while the passenger vehicle segment remained stable [22] Sales Tracking - In early December, the wholesale sales of passenger vehicles reached 565,000 units, a year-on-year increase of 55%. Cumulatively, the wholesale sales for the year reached 24.681 million units, up 6% year-on-year [34] Investment Recommendations - The report suggests focusing on companies with strong performance in the recent quarter and those benefiting from the trade-in policy. Recommended companies include SAIC Motor, BYD, Changan Automobile, and several others in the supply chain [3][19][18]