汽车行业周报：以旧换新政策增量持续释放，乘用车零售延续高增长

Investment Rating - The report indicates a positive outlook for the automotive industry, particularly in the new energy vehicle (NEV) segment, with a focus on growth opportunities driven by policy support and market demand [5][6]. Core Insights - The automotive sector is experiencing a high growth trajectory, with significant increases in retail and wholesale sales, particularly for passenger vehicles and NEVs. The report highlights that November saw retail sales of 2.423 million units, a year-on-year increase of 17%, and wholesale sales of 2.940 million units, up 15% year-on-year [6][51]. - The penetration rate of NEVs remains high, with retail sales reaching 1.268 million units in November, reflecting a 51% year-on-year increase. The report notes that the retail penetration rate for NEVs reached 52.3%, up 12 percentage points year-on-year [7][33]. - The report emphasizes the impact of the "old-for-new" vehicle replacement policy, which has contributed to sustained high growth in passenger vehicle retail sales. As of December 13, applications for vehicle scrapping and replacement subsidies exceeded 520,000 units [6][32]. Market Performance - The automotive sector outperformed the broader market, with the automotive index rising by 0.66% while the CSI 300 index fell by 1.01%. Among sub-sectors, passenger vehicles, commercial vehicles, and automotive services showed positive performance [5][36]. - In the NEV segment, major domestic brands such as BYD, Geely, and Chery reported substantial year-on-year growth in retail sales, with BYD achieving 417,000 units sold, a 59% increase [6][58]. Industry Data Tracking - The report provides detailed sales data, indicating that the total automotive production in November was 3.437 million units, a 11% year-on-year increase, while sales reached 3.316 million units, up 12% year-on-year [60]. - The report also highlights inventory levels, with the comprehensive inventory coefficient for automotive dealers at 1.11, indicating a slight increase from the previous month [69]. New Model Tracking - The report mentions the upcoming launch of the Xiaomi YU7 SUV, expected to debut in mid-2024, which aims to strengthen Xiaomi's position in the mid-to-high-end market segment [8][34].