汽车行业周报：2024年12月狭义乘用车零售市场预计约270万辆

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5][73]. Core Insights - The report suggests focusing on the following investment themes: 1) In the vehicle segment, prioritize companies leading in intelligence and benefiting from the resonance of technology and model cycles, such as XPeng Motors, BYD, Xiaomi Group, and Leap Motor. 2) In the parts segment, favor electric and intelligent growth areas, with a focus on export and new force supply chains, recommending companies like Huguang Co., Wuxi Zhenhua, Bojun Technology, Kebo Da, and Baolong Technology [5][73]. Industry Data Tracking - According to data from the China Association of Automobile Manufacturers (CAAM), in November 2024, total vehicle sales were approximately 3.316 million units, with a month-on-month increase of 8.6% and a year-on-year increase of 11.7% [18][83]. - In November 2024, the sales of new energy vehicles (NEVs) reached about 1.512 million units, representing a month-on-month increase of 5.8% and a year-on-year increase of 47.4%. The market share of NEVs was approximately 45.6% [22][75]. - For the first half of December 2024, retail sales in the passenger car market were about 1.083 million units, showing a year-on-year growth of 34% and a month-on-month growth of 14% [23][67]. Market Review - In the week from December 16 to December 20, 2024, the automotive sector experienced a decline of 1.05%, ranking 8th among all first-level industries in terms of performance [76][73]. - The valuation levels for various automotive segments as of December 20, 2024, were as follows: passenger cars at 26.1, commercial vehicles at 30.79, auto parts at 21.27, automotive services at 42.39, and motorcycles and others at 28.8 [55][78]. Industry Dynamics - Significant developments include the establishment of the Zun Jie Super Factory by Jiangqi Group and Huawei, expected to generate an annual output value exceeding 100 billion yuan [38]. - Avita successfully completed a C round financing exceeding 11 billion yuan and is preparing for an IPO in 2026 [38]. - New models launched include the GL8 ES from SAIC-GM and the Chery Automobile's Zhi Jie R7 [70].