汽车行业跟踪报告：9月乘用车零售价格回升，行业价格竞争相对温和

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [2][5]. Core Insights - In September, the domestic passenger car market showed improvement in pricing and discounts, with a reduction in discounts and a slight increase in the number of discounted models. The average price of passenger cars rose to 176,000 yuan, reflecting a year-on-year increase of 6.8% and a month-on-month increase of 3.6% [5]. - The report highlights that the average retail price of fuel vehicles was 178,000 yuan (up 4.2% year-on-year), while pure electric vehicles averaged 161,000 yuan (up 10.0% year-on-year), and plug-in hybrid vehicles averaged 199,000 yuan (up 16.9% year-on-year) [5]. - The report attributes the price rebound to the introduction of high-end new energy models and an improved competitive environment due to a reduction in aggressive pricing strategies [5]. Summary by Sections - Market Trends: The report notes that the traditional consumption peak season ("Golden September and Silver October") has led to a stable pricing policy in the passenger car industry, with a continuous rise in average retail prices [5]. - Supply and Demand: The improvement in supply-demand dynamics is indicated by the price rebound, suggesting a more favorable environment for dealers, which may lead to an increase in gross margins for major dealers like Zhongsheng Holdings [5]. - Long-term Outlook: The report suggests that the trend of reducing aggressive competition will benefit the overall profit margins in the industry, enhancing the profitability across the entire supply chain [5].