汽车行业月度点评：财政部下达2024年汽车以旧换新补贴，汽车以旧换新行动加速铺开

Investment Rating - The report maintains a "Market Perform" rating for the automotive industry [2][41]. Core Insights - The 2024 automotive trade-in subsidy has been announced, which is expected to accelerate the trade-in actions and boost overall automotive sales [10][11]. - The automotive industry experienced a slight decline in sales and production in May, but the new energy vehicle (NEV) sector continues to show rapid growth [8][18]. - The report highlights three main investment themes: "Electrification," "Intelligentization," and "Globalization" [11][41]. Summary by Sections Market Review - From May 15 to June 14, 2024, the automotive industry index declined by 3.85%, underperforming the Shanghai and Shenzhen 300 index, which fell by 2.33% [7][14]. - The static price-to-earnings (P/E) ratio for the automotive sector is 22.83, significantly higher than the 11.84 for the Shanghai and Shenzhen 300 index [16]. Automotive Industry Data Tracking - In May, China's automotive production and sales reached 2.372 million and 2.417 million units, respectively, with a year-on-year increase of 1.7% and 1.5% [8][18]. - NEV production and sales reached 940,000 and 955,000 units, showing a year-on-year growth of 31.9% and 33.3%, with a market share of 39.5% [8][18]. - The report indicates that dealer inventory levels are below the warning line, suggesting a healthy demand environment [29]. Policy and Industry Dynamics - The Ministry of Finance has allocated a total of 11.198 billion yuan for the 2024 automotive trade-in subsidy, with a target of recycling 3.78 million old vehicles [10][37]. - Various government departments are promoting NEV adoption in rural areas and enhancing safety management for NEVs [32][33]. Investment Recommendations - The report suggests focusing on companies benefiting from the electrification trend, such as BYD and Changan Automobile, as well as those involved in intelligent driving technologies [11][41]. - Companies with stable market shares and potential for growth in NEV and overseas markets are also highlighted as investment opportunities [11][41].