汽车行业跟踪报告：10月乘用车批发价格趋稳，价格竞争持续降温

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [2][4]. Core Insights - In October, the price competition in the passenger car market continued to ease, indicating a structural differentiation within the industry. The average discount rate for new cars was 18.5%, a decrease of 0.3% month-on-month, with the average wholesale price slightly declining by 500 yuan, remaining stable year-on-year [2][5]. - The stability of prices for new energy vehicles (NEVs) is significantly better than that of traditional fuel vehicles. The average discount rate for traditional energy vehicles was 26.3%, with a month-on-month price drop of 900 yuan and a year-on-year increase of nearly 1600 yuan. In contrast, NEVs maintained a discount rate of 12.8%, with prices remaining relatively unchanged month-on-month and a year-on-year increase of 1300 yuan [5]. - There is an increasing divergence in pricing strategies among brands, with domestic new energy brands having lower discount rates compared to joint venture brands. For instance, brands like AITO, Xiaomi Auto, and Xpeng had discount rates below 10%, while joint venture brands like FAW-Volkswagen and Buick had discount rates above 20% [5]. - The competition in the SUV market remains intense, with major models like the Volkswagen Tayron and Mercedes-Benz GLC seeing significant price drops, with average prices declining by 4200-8300 yuan and discount rates increasing by 1.1%-1.9% [5].