智通财经网·2025-12-31 04:27Core Viewpoint - Morgan Stanley reports that the National Development and Reform Commission announced the continuation of new car subsidy policies for next year, with subsidies of 20,000 RMB for new energy vehicles and 15,000 RMB for internal combustion engine vehicles, aligning with the bank's expectations [1] Group 1: Subsidy Policy Details - The new policy considers vehicle prices, indicating that subsidies for cars priced below 150,000 RMB will decrease year-on-year, while vehicles priced between 150,000 and 200,000 RMB will benefit the most from the incentives [1] - High-end vehicles will not be affected by the adjustments in the subsidy policy [1] Group 2: Company Preferences - The bank prefers companies that provide high-end vehicles, such as Li Auto (02015), NIO (09866), and companies collaborating with Huawei, which will also benefit high-end brand agents like Zhongsheng Holdings (00881) [1] Group 3: Market Outlook - Mass-market brands are expected to face greater headwinds due to reduced subsidies and a 5% increase in the purchase tax for new energy vehicles [1] - Suppliers such as Xingyu Automotive (601799.SH), Desay SV (002920.SZ), and Huayang Group (002906.SZ) are believed to benefit from exposure in the local market [1]