汽車行業(yè)月報(bào)行業(yè)整體銷量持續(xù)低迷，新能源汽車增長勢頭良好

1、本報(bào)告版權(quán)屬于中原證券股份有限公司www.請閱讀最后一頁各項(xiàng)聲明內(nèi)容目錄1.月度行情回顧.................................................................................................41.1.汽車板塊跟隨市場大跌，跑輸指數(shù)4.5個百分點(diǎn)....................................41.2.汽車行業(yè)整體估值繼續(xù)下

2、降......................................................51.3.個股表現(xiàn)......................................................................62.行業(yè)銷量情況及細(xì)分行業(yè)說明......................................................................

3、...62.1.乘用車........................................................................72.2.商用車同比大幅下跌，客車同環(huán)比降幅明顯.......................................113.新能源汽車發(fā)展勢頭相對較好，插電式混動車產(chǎn)銷量同比上漲......................124.私人機(jī)動汽車保有量下降，經(jīng)銷商庫存

4、增加..................................................135.投資建議......................................................................................................146.風(fēng)險(xiǎn)提示..................................................

5、....................................................14圖表目錄圖1：A股行業(yè)月度漲跌幅（%）...................................................4圖2：汽車子行業(yè)月度漲跌幅（%）.................................................4圖3：相關(guān)概念板塊月度漲跌幅（%）............

6、...................................4圖4：汽車行業(yè)和各指數(shù)PE(TTM)...........................................................................................5圖5：汽車行業(yè)相對各指數(shù)PE折溢價率.............................................5圖6：汽車行業(yè)和各指

7、數(shù)PB(LF)..............................................................................................5圖7：汽車行業(yè)對各指數(shù)PB折溢價率...............................................5圖8：汽車行業(yè)整體市盈率(TTM，整體法)................................

8、...............................................6圖9：汽車行業(yè)整體市凈率(LY).........................................................................................................6圖10：汽車市場銷售數(shù)據(jù)(萬輛)..................................

9、.............................................................7圖11：汽車當(dāng)月與累計(jì)同比數(shù)據(jù)(%)........................................................................................7圖12：乘用車市場銷售數(shù)據(jù)(萬輛，%)................................

10、....................................................7圖13：乘用車當(dāng)月與累計(jì)同比數(shù)據(jù)(萬輛，%)..........................................................................7圖14：乘用車細(xì)分市場銷售數(shù)據(jù)(萬輛，%).................................................

11、............................8圖15：乘用車細(xì)分市場當(dāng)月與累計(jì)同比數(shù)據(jù)(萬輛，%)...........................................................8圖16：汽車市場銷售數(shù)據(jù)..........................................................8圖17：汽車當(dāng)月與累計(jì)同比數(shù)據(jù)...................

12、.................................8圖18：10月各系轎車銷量(萬輛，%).......................................................................................9圖19：轎車系別累計(jì)銷量數(shù)據(jù)(萬輛，%)...........................................................

13、......................9圖20：10月各系轎車銷量(萬輛，%).....................................................................................10圖21：轎車系別累計(jì)銷量數(shù)據(jù)(萬輛，%).......................................................................

14、........10圖22：10月商用車銷量(萬輛，%)........................................................................................11圖23：商用車?yán)塾?jì)銷量數(shù)據(jù)(萬輛，%)...................................................................................

15、11圖24：客車月度銷量(萬輛，%).............................................................................................12圖25：客車?yán)塾?jì)銷量數(shù)據(jù)(萬輛，%)......................................................................................12圖

16、26：貨車月度銷量(萬輛，%).............................................................................................12圖27：貨車細(xì)分車型銷量(萬輛，%)....................................................................................12圖28：新能

17、源汽車月度產(chǎn)銷量(萬輛，%)...............................................................................13圖29：新能源細(xì)分車型產(chǎn)銷量(萬輛)....................................................................................13本報(bào)告版權(quán)屬于中原證券股份有限公司www.

18、請閱讀最后一頁各項(xiàng)聲明(((((((())))))))(((((((((((((((((((())))))))))))))))))))1.月度行情回顧1.1.汽車板塊跟隨市場大跌，跑輸指數(shù)4.5個百分點(diǎn)2018年10月，受宏觀經(jīng)濟(jì)影響，市場情緒較為低迷，滬深兩市表現(xiàn)不佳，滬深300下跌8.29，中信一級29個行業(yè)僅石油化工上漲，其余行業(yè)不同程度下跌，其中汽車行業(yè)下跌12.577，在中信一級行業(yè)中排名第25位。由于整體行業(yè)的下行，汽車行業(yè)

19、的子板(中信三級)都出現(xiàn)明顯下跌，其中，卡車板塊漲跌幅為7.22?，專用汽車漲跌幅為8.23?，汽車零部件板塊漲跌幅為10.5，乘用車漲跌幅為13.78，客車板塊跌幅最大，月末漲跌幅為24.56。10月，汽車相關(guān)的概念板塊(Wind概念類)也均呈下跌態(tài)勢，其中，特斯拉、鋰電池、新能源汽車跌幅明顯，跌幅分別為11.98、12.47、12.78?。圖1：A股行業(yè)月度漲跌幅（%）食餐品飲計(jì)電輕子基石國紡工元礎(chǔ)油防織商交有電電貿(mào)通色力力非農(nóng)銀林

20、房行0.05.0飲旅算醫(yī)汽制器化石軍通服綜建機(jī)零傳家運(yùn)金及設(shè)建牧鋼地金煤銀料游機(jī)藥車造件工化工信裝合材械售媒電輸屬公備筑漁鐵產(chǎn)融炭行用中中中中中中中中中中中中中中中中中中中中事中中中中中中中中信信信信信信信信信信信信信信信信信信信信業(yè)信信信信信信信信…10.015.020.025.0資料來源：Wind資訊，中原證券圖2：汽車子行業(yè)月度漲跌幅（%）圖3：相關(guān)概念板塊月度漲跌幅（%）汽車專零用部卡汽件車車Ⅲ051015202530汽車銷售乘