价值竞争取代“价格战”，2026年中国汽车消费向高端化转型

Core Insights - The adjustment of the new energy vehicle purchase tax policy in 2026 marks a shift in competition within the Chinese automotive market from price competition to value competition [1][4] - The new policy encourages consumers to opt for higher-end models to receive full subsidies, indicating a trend towards market premiumization [1][2] Group 1: Policy Changes - The 2026 policy modifies the subsidy structure for scrapping and replacing vehicles, changing from fixed amounts to a percentage of the vehicle price, with new energy vehicle scrapping subsidies adjusted from 30,000 yuan to 12% of the vehicle price (capped at 20,000 yuan) [2] - The replacement subsidy is also changed to a percentage basis, with new energy vehicles receiving 5% of the vehicle price (capped at 15,000 yuan), requiring higher-priced vehicles to qualify for full subsidies [2] Group 2: Market Trends - The average retail price of domestic passenger cars has increased from 151,000 yuan in 2019 to 184,000 yuan in 2024, indicating a resilient consumer structure [1] - Over 30% of consumers are setting their next vehicle budget at over 300,000 yuan, reflecting a growing sensitivity to "value" rather than "low price" [1][3] Group 3: Consumer Behavior - Data shows that the market share of vehicles priced between 200,000 and 300,000 yuan increased from 18% in 2024 to 19% in December 2025, with the 300,000 to 400,000 yuan segment also showing stable growth [3] - More than 63% of consumers are budgeting for their next vehicle at over 300,000 yuan, indicating a shift in focus from brand prestige to genuine value [3] Group 4: Industry Response - Traditional luxury brands like Mercedes-Benz and Audi are now including features such as heated seats and OTA upgrades as standard to enhance practical value [4] - The industry is experiencing a shift where product strength is becoming the core of competition, moving away from price wars, with a focus on providing solid technology and superior configurations in mainstream price ranges [4]