汽车行业周报：汽车报废回收增速明显提升，“金九”表现值得期待

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of September 1, 2024 [1]. Core Insights - The automotive industry is experiencing a significant increase in the growth rate of vehicle scrapping and recycling, with expectations for strong performance in September, traditionally known as the "Golden September" [2]. - The implementation of policies supporting the replacement of old commercial vehicles is expected to stimulate demand, with a notable increase in subsidy applications for vehicle scrapping [2]. - The report highlights investment opportunities arising from the acceleration of the new car cycle and the enhancement of old-for-new vehicle policies, particularly in the smart vehicle sector led by companies like Huawei [2][3]. Summary by Sections 1. Market Overview - The automotive sector index rose by 2.7% last week, with passenger vehicles retailing at 1.305 million units, a year-on-year increase of 5% [7][21]. - The wholesale of passenger vehicles reached 1.267 million units, showing a year-on-year decrease of 2% but an 11% increase month-on-month [21]. 2. Policy Developments - The Ministry of Transport and other departments issued a notice to enhance the scrapping and updating of old commercial vehicles, with central and local governments sharing the financial burden [2][22]. - Various provinces, including Beijing and Hunan, have introduced specific plans to support the replacement of old vehicles, with increased subsidy amounts for consumers [22]. 3. Sales Performance - For the period from August 1 to 25, 2024, retail sales of new energy passenger vehicles reached 718,000 units, a year-on-year increase of 48% [2][21]. - Cumulative retail sales for the year reached 5.707 million units, reflecting a 35% year-on-year growth [21]. 4. Key Companies and Investment Targets - Recommended companies include GAC Group, BYD, and others involved in the new energy vehicle sector, as well as those benefiting from the old-for-new vehicle policies [2][3]. - The report emphasizes the potential of companies involved in the smart vehicle technology space, particularly those collaborating with Huawei [2][3]. 5. New Vehicle Launches - Several new models were launched, including the Mercedes-Benz V-Class and various electric and hybrid vehicles from different manufacturers [27][28].