汽车行业9月销量点评：9月批发同比两位数增长，新能源渗透率再创新高

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [72][74]. Core Insights - In September, the wholesale volume of narrow passenger cars reached 2.84 million units, a year-on-year increase of 17% and a month-on-month increase of 16%. The wholesale volume was 2.8 million units, with a year-on-year increase of 12% and a month-on-month increase of 13% [2][8]. - The penetration rate of new energy vehicles (NEVs) reached a record high of 54% in September, with wholesale sales of 1.5 million units, a year-on-year increase of 22% and a month-on-month increase of 17% [8][10]. - The report anticipates that the automotive market will continue to experience strong sales in the fourth quarter, driven by the early continuation of the vehicle trade-in policy and the expected seasonal inventory reduction [8][10]. Summary by Sections Sales - The report indicates that the wholesale sales of passenger cars in September were 2.8 million units, reflecting a year-on-year increase of 12% and a month-on-month increase of 13%. The retail sales for the same month are estimated at approximately 2.13 million units, showing a year-on-year increase of 1% [8][10]. - The report highlights that the penetration rate of NEVs has surpassed 54%, marking a significant increase in the market share of electric vehicles [8][10]. Inventory - The report notes that the total inventory in the automotive market is currently around 3.1 million units, with fuel vehicle inventory at approximately 900,000 units. This indicates that overall inventory levels are higher than the same period last year, although fuel vehicle inventory is lower [8][10]. Pricing - The report mentions that the discount rate in the automotive industry has increased to 10.1% in late September, reflecting a month-on-month increase of 0.5 percentage points [8][10]. - The average discount rate has been gradually relaxing, indicating a trend towards more competitive pricing in the market [8][10]. Market Competition - The report identifies key players in the automotive sector, recommending companies such as Jianghuai Automobile, Geely Automobile, and BYD, which are expected to perform well in the upcoming quarters [8][10].