汽车行业月度点评：以旧换新政策效果持续释放，11月乘用车月度产销首次突破300万辆

Investment Rating - The report maintains an investment rating of "In line with the market" for the automotive industry [3][63]. Core Insights - The effects of the vehicle replacement policy continue to manifest, with November seeing record high retail and wholesale sales of passenger cars [5][29]. - The automotive industry experienced a month-on-month increase in production and sales, with new energy vehicles achieving historical highs in both production and sales [7][24]. - The report highlights three main investment themes: "Electrification," "Intelligentization," and "Globalization," suggesting that companies like BYD and Changan Automobile will benefit from the electrification trend [33][100][102]. Market Review - From November 20 to December 19, 2024, the automotive industry index showed a decline of -0.04%, ranking 16th among the Shenwan industry sectors, while the CSI 300 index declined by -1.01% [41][43]. - The static price-to-earnings ratio for the automotive sector was 25.79 times, compared to 13.18 times for the CSI 300 index, indicating a relative premium valuation for the automotive sector [43][22]. Automotive Production and Sales Data - In November, total automotive production and sales reached 3.437 million and 3.316 million units, respectively, with month-on-month increases of 14.7% and 8.6% [7][24]. - New energy vehicles accounted for 1.566 million units in production and 1.512 million units in sales, marking year-on-year growth of 45.8% and 47.4%, with a market share of 45.6% [24][29]. Dealer Inventory Changes - The comprehensive inventory coefficient for automotive dealers was 1.11 in November, showing a slight month-on-month increase of 0.9% but a year-on-year decrease of 22.4%, indicating inventory levels below the warning line [109].