汽车行业：国家发改委：预计全年将实现200万辆低排乘用车退出

Investment Rating - The industry investment rating is "Positive" [3] Core Viewpoints - The National Development and Reform Commission (NDRC) expects 2 million low-emission passenger vehicles to be phased out by the end of the year as part of a large-scale equipment update and consumer goods replacement policy [2] - The NDRC has fully allocated 300 billion yuan in support for the "Two New" initiatives, with various local governments implementing detailed measures to promote vehicle replacement and scrapping policies [2] - The sales of new energy vehicles (NEVs) have shown significant growth, with retail sales reaching 1.027 million units in August, a month-on-month increase of 17% and a year-on-year increase of 43.2% [2] Summary by Sections Market Performance - As of September 24, 2024, the retail volume of passenger cars in August was 1.905 million units, reflecting a month-on-month growth of 10.8% [2] - The penetration rate of new energy vehicles reached 53.9%, surpassing 50% for two consecutive months [2] Investment Suggestions - The recent implementation of vehicle replacement and scrapping subsidy policies is expected to further stimulate demand in the NEV market in the fourth quarter [2] - The current period is traditionally strong for vehicle sales, suggesting an increase in domestic vehicle replacement demand [2]