商务部：汽车以旧换新接续政策正在制定中

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights that the government is planning to continue the "old-for-new" policy for automobiles, with signals from the National Development and Reform Commission and the Ministry of Finance indicating increased support and expanded scope for such policies in the coming year [1] - The report notes significant achievements in the "old-for-new" program this year, with over 4 million applications for vehicle scrapping and replacement as of November 18, 2024, driven by various subsidy policies [1] - The report anticipates that the implementation of a debt replacement scheme for local governments, amounting to 10 trillion yuan, will further promote the "old-for-new" initiative and expand the variety and scale of consumer goods eligible for such programs [1] - Despite the traditional peak sales season having passed, the report expects continued enthusiasm for vehicle replacement towards the end of the year, benefiting the new energy vehicle industry chain [1] Summary by Sections Policy Developments - The report discusses the government's commitment to enhancing the "old-for-new" policy, with specific measures being evaluated for next year to stabilize market expectations and improve the automotive policy framework [1] Market Performance - Data from the China Passenger Car Association indicates that in October, retail sales of passenger cars reached 2.261 million units, a year-on-year increase of 11.3% and a month-on-month increase of 7.3%. The new energy vehicle market continues to show strong growth, with a penetration rate of 52.8% [1] Investment Opportunities - The anticipated "old-for-new" policy signals for next year are expected to enhance the profitability of automotive companies, suggesting a focus on investment opportunities within the new energy vehicle supply chain and advancements in autonomous driving technology [1]