汽车行业周报：以旧换新政策加码，有望开启板块行情

Investment Rating - The report rates the automotive industry as "Positive" [2] Core Viewpoints - The new policy to support the replacement of old vehicles is expected to stimulate a new round of market activity. The government has allocated approximately 300 billion yuan in special bonds to support large-scale equipment updates and the replacement of consumer goods [5][8] - The subsidy for scrapping and replacing passenger vehicles has been increased significantly, with new energy vehicles receiving a subsidy of 20,000 yuan and fuel vehicles with an engine size of 2.0 liters or less receiving 15,000 yuan [5][8] - For commercial vehicles, the policy includes substantial subsidies for scrapping old trucks and promoting the electrification of public transport, with average subsidies of 80,000 yuan for scrapped trucks and 60,000 yuan for electric buses over eight years [5][8] - The report suggests that the increased central government funding share and the broader scope of the subsidy program will accelerate the implementation of the vehicle replacement policy, potentially leading to significant growth in the automotive consumption market [5][8] Summary by Sections 1. Policy Enhancement - The government has introduced measures to enhance the vehicle replacement policy, including doubling the subsidy amounts for passenger vehicles and introducing new subsidies for commercial vehicles [5][8] 2. Market Review - The automotive sector experienced a decline of 1.8% last week, outperforming the Shanghai and Shenzhen 300 index, which fell by 3.7%. Specific segments such as commercial passenger vehicles saw a 3.4% increase [9] 3. Industry Data - In June 2024, total automotive sales were 2.552 million units, a year-on-year decrease of 2.7%. Cumulative sales for the first half of 2024 reached 14.047 million units, up 6.1% year-on-year. New energy vehicle sales in June were 1.049 million units, reflecting a 30.1% increase year-on-year [14] 4. Industry Announcements and News - Recent announcements include significant contracts and financial results from various automotive companies, indicating ongoing activity and growth within the sector [24][25] 5. Valuation of Major Companies - The report includes valuation metrics for key automotive companies, providing insights into their market performance and potential investment opportunities [29]