汽车汽配行业更新报告：“报废+置换”补贴刺激政策效果显著，新能源车销量维持高速增长

Investment Rating - The report assigns an "Overweight" rating to the automotive and auto parts industry, indicating a positive outlook for investment opportunities in this sector [3]. Core Insights - The "scrap + replacement" subsidy policy has shown significant effects, stimulating a rapid increase in new energy vehicle (NEV) sales, which are expected to maintain high growth rates into December [3][8]. - In November, retail and wholesale sales of passenger cars grew by 16.5% and 15.3% year-on-year, respectively, with NEV sales experiencing a remarkable 50.5% increase in retail volume [6]. - The total number of applications for the "scrap + replacement" subsidy has exceeded 5 million, suggesting strong consumer demand for vehicle upgrades [8]. Summary by Sections Sales Performance - In November, the retail sales of narrow-sense passenger cars reached 2.423 million units, a year-on-year increase of 16.5%, while wholesale sales reached 2.940 million units, up 15.3% [6]. - NEV retail sales in November hit 1.268 million units, marking a 50.5% year-on-year increase, with a penetration rate of 52.3% [6]. Battery Production and Sales - In November, the sales and installed capacity of power batteries increased by 10.9% and 13.5% month-on-month, respectively, with an average single vehicle battery capacity of 45.3 kWh [4][7]. - Cumulative sales of power and energy storage batteries reached 914.3 GWh from January to November, reflecting a year-on-year growth of 42.8% [7]. Policy Impact - The "scrap + replacement" subsidy applications have surpassed 5 million, with expectations for continued high sales growth in December due to the impending deadline for subsidy applications [8]. - The report highlights that the automotive market remains buoyant, driven by the ongoing effects of the subsidy policies [8]. Market Trends - The report notes a significant release of production capacity among NEV manufacturers, with November production reaching 1.481 million units, exceeding retail sales by 213,000 units, indicating optimism for future sales [6]. - The overall inventory of passenger cars has decreased, with manufacturers reducing stock by 210,000 units from January to November [6].