智通财经网·2025-12-29 01:37Group 1 - The automotive stocks are experiencing a significant rise, with Xpeng Motors up 6.18% at HKD 80.75, Li Auto up 5.33% at HKD 52.6, BYD up 4.75% at HKD 98.05, and Geely up 4.79% at HKD 17.71 [1] - According to a report from Founder Securities, the Central Economic Work Conference and the Ministry of Finance have clarified the optimization of the "two new" policies, with multiple regions selecting enterprises for vehicle replacement programs [1] - Media reports indicate that the national subsidy will continue until 2026, with a maximum subsidy of CNY 30,000 per vehicle, focusing on phasing out old high-emission vehicles while enhancing subsidies for new energy vehicles and increasing the pure electric range threshold for hybrid models [1] Group 2 - The report highlights that after the exit of replacement and upgrade subsidies in various regions, the industry did not experience a tail effect, and the pressure on the car market is expected to increase in Q1 2026 due to the gradual reduction of new energy vehicle purchase tax exemptions starting in 2026 [1] - Positive signals are continuously released from the policy side, with the National Market Supervision Administration issuing compliance guidelines for automotive industry pricing behavior, leading to a response from companies like BYD and Xpeng, resulting in a slowdown in price competition and an ongoing optimization of the competitive environment [1] - Some cities have begun deploying new national subsidy-related work, indicating that the industry is likely to see the implementation of policy details and supplementary support, highlighting the bottom configuration value of leading automotive companies and the potential for future policy-driven market improvements [1]