汽车行业周报：地方置换补贴逐步出台，支撑乘用车销量向上

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1]. Core Insights - Local vehicle replacement subsidies are gradually being introduced, supporting an upward trend in passenger car sales. As of the end of 2023, approximately 14.54 million vehicles meeting the national III emission standard are eligible for the central replacement subsidy, representing only 5.2% of the total passenger car ownership [1][7]. - The introduction of local replacement subsidies is expected to stimulate potential demand for passenger car replacements and further boost automotive consumption [1][7]. Summary by Sections Weekly Insights - Local vehicle replacement subsidy policies are being implemented, which lower the threshold for obtaining subsidies and are expected to further boost passenger car consumption. Thirteen provinces and municipalities have introduced such policies [7]. - The Shandong province has released its 2024 vehicle replacement subsidy policy, offering subsidies based on the price of new vehicles, with amounts ranging from 3,000 to 15,000 yuan depending on the vehicle type and price bracket [7][13]. Key Industry Dynamics - In electric vehicle developments, Shandong's new subsidy policy was highlighted, and partnerships such as Uber's collaboration with WeRide for autonomous taxi services in the UAE were noted [1][13]. - Geely plans to invest approximately 168 million USD to establish an automotive assembly plant in Vietnam [1][14]. Market Performance - The automotive sector under the Shenwan index underperformed compared to the CSI 300 index, with a decline of 4.6 percentage points. The Shenwan automotive sector's PE ratio (TTM) is reported at 22.5 times, reflecting an increase from the previous week [1][20][22]. Data Tracking - In August 2024, retail sales of passenger cars reached 1.907 million units, showing a year-on-year decrease of 0.8% but a month-on-month increase of 10.9%. New energy vehicle retail sales reached 1.027 million units, marking a year-on-year increase of 43.4% [1][25][29]. - The penetration rate of new energy vehicles in retail sales was 53.9% in August 2024, indicating a continuous upward trend [1][29]. Investment Recommendations - The report suggests focusing on companies involved in high-level intelligent vehicles, such as Changan Automobile and BYD, as well as those expanding overseas like Geely and Great Wall Motors. It also highlights key suppliers in the intelligent vehicle sector [1][19].