11月乘用车零售销量同比降8%，中央定调2026年优化“两新”政策实施

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - In November, retail sales of passenger vehicles decreased by 8.1% year-on-year, with total retail sales reaching 2.225 million units. Cumulatively, retail sales for the year are 21.483 million units, reflecting a 6.1% increase year-on-year [22] - The central government has indicated that the "Two New" policy will be optimized in 2026, with expectations for continued subsidies for vehicle replacements next year [22] - The automotive sector in the A-share market outperformed the broader market, with the automotive sector index rising by 0.16% compared to a decline of 0.08% in the CSI 300 index [3][9] Market Performance - The A-share automotive sector ranked 9th among the Shenwan first-level industries in terms of weekly performance [9] - The passenger vehicle segment saw a weekly increase of 0.23%, led by Great Wall Motors and SAIC Motor [3][6] - The commercial vehicle segment increased by 0.25%, with CIMC Vehicles and Zhongtong Bus leading the gains [3][20] - The automotive parts sector rose by 0.11%, with Huamao Technology and Yueling Co. leading the performance [3][21] Key Industry News - The China Passenger Car Association reported a decline in retail sales for November, which was anticipated due to high sales figures from the previous year and changes in subsidy policies [22] - Li Auto plans to launch its first L4 autonomous vehicle within three years, aiming to transform cars into "living or working spaces" [22] - Yutong Bus signed a strategic cooperation agreement with Jiushi Intelligent to develop unmanned logistics vehicles [22] - A new law in Mexico will impose tariffs on over 1,400 products from Asian countries, significantly affecting Chinese automotive imports [22] Recommendations - For passenger vehicles, recommended companies include BYD, Geely, Great Wall, and Li Auto [3] - For commercial vehicles, recommended companies include China National Heavy Duty Truck, FAW Jiefang, and Weichai Power [3] - For automotive parts, recommended companies include Huamao Technology, Yueling Co., and Ningbo Gaofa [3]