汽车行业周报：11月新能源渗透率达52.3%，以旧换新带动乘用车销售量超520万辆

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of December 15, 2024 [1]. Core Insights - In November, the penetration rate of new energy vehicles reached 52.3%, with over 5.2 million passenger cars sold due to the trade-in policy [1]. - The retail sales of passenger cars in November were 2.423 million units, representing a year-on-year increase of 16.5% and a month-on-month increase of 7.1% [1]. - The report highlights the expected increase in industry sales and new energy penetration in December, driven by the nearing end of the trade-in policy and year-end sales pushes from manufacturers [1]. Summary by Sections Market Review - The SW automotive sector rose by 0.7% last week, while the CSI 300 index fell by 1% [1]. - As of December 13, the automotive industry's PE (TTM) was 24 times, up 0.6% from the previous week [1]. Market Highlights - In November, the retail sales of new energy passenger vehicles reached 1.268 million units, a year-on-year increase of 50.5% and a month-on-month increase of 5.9% [1]. - The report notes that the trade-in policy has effectively boosted sales, with over 529 million units sold under this initiative [1]. - Major companies to watch include GAC Group and BYD, which are expected to benefit from the sales growth [1]. New Energy Vehicles - The wholesale of new energy passenger vehicles in November was 1.438 million units, a year-on-year increase of 49.6% [1]. - The report emphasizes the importance of the trade-in policy and year-end sales for the growth of the new energy vehicle market [1]. Intelligent Vehicles - A strategic cooperation agreement was signed between Avita and Huawei to develop a series of intelligent vehicles [1]. - The report suggests that the collaboration will enhance the development and marketing of smart automotive products [1]. Heavy Trucks - In November, heavy truck sales were 68,000 units, showing a year-on-year decrease of 3.7% but a month-on-month increase of 3.2% [1]. - The report indicates that the heavy truck market is expected to benefit from policy effects and year-end sales pushes [1].