汽车行业周报：以旧换新超520万，预计今年拉动超25%内需

Investment Rating - The report maintains a "Buy" rating for the automotive industry [5] Core Insights - The automotive industry is experiencing a significant boost from the vehicle trade-in policy, with over 5.2 million vehicles sold through this program, contributing to more than 25% of domestic demand [2][12] - The report anticipates a decrease in wholesale vehicle sales in December compared to November due to the pre-purchase demand ahead of policy deadlines, estimating December sales between 2.45 million and 2.55 million units [3][13] - The penetration rate of new energy vehicles (NEVs) in the domestic market has seen a slight decline, but the long-term trend remains positive, with expectations for continued growth in NEV supply by 2025 [3][12] Weekly Market Review - The automotive sector's performance was ranked 12th among 30 industries, with a weekly increase of 0.54% [4][14] - The sub-sectors showed varied performance, with motorcycles and others leading at +2.77%, while passenger vehicles remained flat [4][14] - Notable stock performances included significant gains for companies like Construction Industry (+53.90%) and Jinlong Automobile (+32.62%) [14][19] Investment Recommendations - Recommended stocks include BYD and Li Auto for complete vehicles, with Geely and Longxin General as beneficiaries [4][19] - For components and smart technology, recommended stocks are Huayu Automotive, Bertley, Desay SV, and others [4][19]