汽车行业周报：置换补贴范围扩大，新能源汽车市场强劲增长

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of November 3, 2024 [1]. Core Insights - The expansion of vehicle replacement subsidies is driving strong growth in the new energy vehicle market, with significant increases in subsidy applications and retail sales [1][21]. - The report highlights the importance of safety improvements in smart vehicles, which are expected to further promote the development of intelligent automotive technologies [1][22]. - The report suggests focusing on investment opportunities arising from increased replacement subsidies and the launch of new vehicle cycles, as well as the enhancement of safety measures in smart vehicles [1]. Summary by Sections 1. Market Overview - The automotive sector index closed at 6147.45 points, down 0.4% for the week, while the Shanghai Composite Index fell 1.7% [7]. - The passenger vehicle market saw retail sales of 1.812 million units from October 1-27, a year-on-year increase of 9% [1]. 2. Policy Developments - Shanghai has expanded its vehicle replacement subsidy policy, effective from November 1, 2024, to support the purchase of new energy and fuel-efficient vehicles [21]. - The Ministry of Industry and Information Technology is promoting the application of new energy heavy-duty trucks, indicating a push towards sustainable transportation [22]. 3. Sales Performance - In October, the new energy passenger vehicle retail sales reached 946,000 units, a year-on-year increase of 49% [1]. - The heavy-duty truck market sold approximately 62,000 units in October, with expectations for increased demand due to upcoming policy incentives [2]. 4. Key Companies and Recommendations - Major companies to watch include GAC Group, BYD, and Top Group, which are expected to benefit from the growth in new energy vehicle sales [1]. - The report recommends focusing on companies involved in the intelligent vehicle sector, such as Seres and Changan Automobile, as they are poised for growth with the advancement of smart driving technologies [1][22]. 5. New Vehicle Launches - Several new models were launched in late October, including the BYD Tang DM-i and Mazda EZ-6, indicating ongoing innovation in the automotive market [28]. 6. Industry Trends - The report notes a significant increase in the demand for smart vehicle components, such as laser radar and intelligent lighting systems, driven by the growing adoption of intelligent driving technologies [1][22].