中汽协5月销量点评：政策持续发力，五月销量同环比稳步向上

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [4]. Core Insights - The automotive industry is experiencing steady growth in sales, driven by government policies and increasing consumer demand for vehicle trade-in subsidies [1]. - New energy vehicle (NEV) sales are showing significant growth, with a penetration rate of 44.0% in May, indicating a strong upward trend in the market [2]. - Domestic brands are gaining market share, with a 63.7% market share in May, reflecting a robust performance in both domestic and export markets [3]. Summary by Sections Sales Performance - In May, passenger car sales reached 2.075 million units, a year-on-year increase of 1.2% and a month-on-month increase of 3.7% [1]. - Cumulative sales from January to May 2024 reached 9.765 million units, representing an 8.5% year-on-year growth [1]. New Energy Vehicles - NEV sales in May were approximately 913,000 units, showing a year-on-year increase of 32.5% and a month-on-month increase of 13.3% [2]. - The NEV penetration rate increased by 10.4 percentage points year-on-year, reaching 37.9% for the first five months of 2024 [2]. Domestic Brands - Sales of domestic brands in May were 1.323 million units, with a year-on-year growth of 20.4% and a market share increase of 10.2 percentage points [3]. - Cumulative sales for domestic brands from January to May 2024 reached 5.987 million units, a 25.2% year-on-year increase [3]. Export Performance - In May, domestic passenger car exports reached 397,000 units, a year-on-year increase of 22.1% [4]. - Cumulative exports from January to May 2024 were 1.937 million units, reflecting a 32.0% year-on-year growth [4].