受缺芯影响，9 月乘用车终端零售同比下降13.68%，但新能源车同/环 比增长189.7%/42.1%。传统汽车板块三季报承压，预计四季度芯片供给 将逐月改善。坚定看好新能源，同时重视汽车板块预期改善行情。

1. 9 月新能源车销量超预期 .......................................................................................................... 4

2. 特斯拉国内销量环比大增 ....................................................................................................... 11

3. 自主品牌崛起势不可挡 .......................................................................................................... 14

4. 新势力月销量纷纷破万 .......................................................................................................... 17

5. 投资策略 ................................................................................................................................ 20

6. 风险提示 ................................................................................................................................ 20