以旧换新政策效果显现，赛力斯与华为合作再升级

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of August 25, 2024 [1]. Core Insights - The effects of the vehicle trade-in policy are becoming evident, with over 680,000 applications for vehicle scrapping subsidies received by the Ministry of Commerce as of August 22, 2024. The number of new applications in the past month is approximately 340,000. The policy has led to a significant increase in scrapped vehicle recovery, with 3.509 million vehicles recovered from January to July, representing a year-on-year increase of 37.4% [2][34]. - The collaboration between Seres and Huawei is set to enhance the smart vehicle sector, potentially leading to rapid and high-quality development in the domestic automotive industry [2][34]. - Investment opportunities are highlighted in the context of the trade-in policy and the new vehicle cycle, with a focus on the smart driving sector and the natural gas heavy truck segment [2][34]. Summary by Sections Market Overview - From August 1 to 18, 2024, retail sales of passenger vehicles reached 907,000 units, a year-on-year increase of 8% and a month-on-month increase of 16%. Cumulatively, retail sales for the year stand at 12.474 million units, up 3% year-on-year. Wholesale sales for the same period were 757,000 units, down 9% year-on-year but up 12% month-on-month, with cumulative wholesale sales of 14.477 million units, a 4% increase year-on-year [2][34]. Key Companies and Investment Recommendations - Major companies to focus on include GAC Group (601238), Aikedi (600933), Jinguan Technology (300258), Fuyao Glass (600660), Kebo Da (603786), Xingyu Co., Ltd. (601799), Tianrong Tianyu (300988), Bertley (603596), and others [2][34]. New Energy Vehicles - For the period of August 1 to 18, 2024, retail sales of new energy passenger vehicles reached 490,000 units, a year-on-year increase of 58% and a month-on-month increase of 27%. Cumulative retail sales for the year are 5.478 million units, up 36% year-on-year [2][34]. Heavy Trucks - The report emphasizes the ongoing demand for natural gas heavy trucks, supported by the implementation of policies for scrapping old operational trucks, which is expected to stimulate replacement demand [2][34].