Group 1 - The core viewpoint of the report emphasizes the importance of vehicle exhaust emission control as motor vehicle emissions have become a major source of air pollution, with NOx emissions from vehicles accounting for over 34% of the national total, and heavy-duty trucks contributing 80% of vehicle NOx emissions [1] - The report highlights that in major cities like Beijing, Shenzhen, and Chengdu, vehicle emissions contribute to over 40% of PM2.5 pollution, indicating a severe situation for vehicle exhaust management [1] - The report suggests that the implementation of the National VII standard will significantly expand the automotive after-treatment market, recommending attention to high-quality companies with strong technical capabilities and broad product layouts in the after-treatment sector [1] Group 2 - The European Union's Euro VII standard, which will replace Euro VI, is set to take effect in May 2024, providing a forward-looking reference for the formulation of the National VII standard [2] - Key changes from Euro VI to Euro VII include stricter limits on heavy-duty vehicle emissions, new requirements for non-exhaust pollutants, and upgraded monitoring systems for vehicle durability and battery performance [2] Group 3 - The National VII standard is progressing, with significant market opportunities expected in the automotive after-treatment sector, potentially exceeding 200 billion yuan from 2027 to 2030 [3] - The report anticipates that new components under the National VII standard will focus on cold start emissions reduction, nitrogen oxide reduction, and monitoring system upgrades, with specific new parts expected for both gasoline and diesel engines [3] - Based on predictions for component prices and vehicle production, the incremental market space for automotive after-treatment is projected to be 244.2 billion yuan in 2027, increasing to 733.1 billion yuan by 2030, totaling over 2 trillion yuan [3]
华源证券：国七标准渐进 尾气后处理环节或将迎来新一轮迭代周期
智通财经网·2025-08-14 07:36