“以旧换新”补贴力度加大，购车需求将进一步释放

Investment Rating - The automotive industry maintains an "Outperform" rating [1] Core Insights - The Chinese government has increased support for vehicle replacement and consumption through a new policy, allocating approximately 300 billion yuan in special bonds to stimulate demand [2][19] - The implementation of the "old-for-new" subsidy policy is expected to significantly boost consumer demand for vehicles, particularly in the new energy vehicle (NEV) sector, with penetration rates projected to stabilize above 50% [2][20] - The automotive market is showing signs of recovery, with a reported 36.4 million applications for vehicle scrapping subsidies received by July 25, indicating strong consumer interest [19][20] Summary by Sections Market Overview - The automotive sector index closed at 5263.34 points, down 1.8% for the week, while the broader market index fell 3.7% [8] - Retail sales of passenger vehicles from July 1-21 reached 934,000 units, a year-on-year increase of 1% [20] Industry News - The Ministry of Commerce reported a 72.9% year-on-year increase in the number of scrapped vehicles in June, reflecting the effectiveness of the new subsidy policies [19][20] - Multiple regions have introduced vehicle replacement subsidy policies, with 24 localities implementing such measures [19] Company Performance - Major automotive companies such as BYD and Changan have shown significant sales growth, with BYD's passenger vehicle sales reaching 34,000 units in June, a 35.2% increase year-on-year [22] - The sales of new energy vehicles have also surged, with companies like Seres and Changan reporting substantial increases in their sales figures [22][24] Investment Opportunities - The report suggests focusing on companies that will benefit from the "old-for-new" policy, as well as those involved in smart driving technologies and natural gas heavy-duty trucks [2][3] - Key stocks to watch include GAC Group, BYD, and Top Group, among others, which are expected to benefit from the policy changes and market recovery [2][20]