汽车行业周报：汽车报废、置换更新超400万份，以旧换新政策2025年或接续

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1]. Core Insights - The automotive scrapping and replacement program has exceeded 4 million applications, with the "old-for-new" policy expected to continue into 2025. The Ministry of Commerce will evaluate the effectiveness of the 2024 policies and plan for the 2025 continuation to stabilize market expectations [1][15]. - The implementation of the "old-for-new" and replacement subsidy policies has led to a significant increase in the national scrapping of vehicles, with a year-on-year growth of over 50% from January to October 2024 [1][15]. Summary by Sections Weekly Insights - As of November 21, 2024, the total applications for vehicle scrapping and replacement have surpassed 2 million each, totaling over 4 million. Daily averages for scrapping and replacement subsidies from October 24 to November 21 were 15,400 and 26,400 respectively [1][15]. Key Industry Dynamics - The Ministry of Commerce is planning next year's continuation of the "old-for-new" policy. Collaborations in electric vehicle technology are being established, such as the partnership between the Shenzhen Institute of Advanced Technology and BYD for solid-state batteries [17][18]. - BYD is set to establish a new automotive industrial park in the Shenshan Special Cooperation Zone, with an expected annual output value exceeding 200 billion yuan [18]. Market Performance - From November 18 to November 22, 2024, the automotive sector under Shenwan fell by 2.17%, with the passenger vehicle segment declining by 3.61% [27][28]. Data Tracking - In October 2024, retail sales of passenger vehicles reached 2.261 million units, a year-on-year increase of 11.3%. The penetration rate of new energy vehicles in retail sales was 52.9%, up 14.9 percentage points year-on-year [42][50]. - The top three manufacturers in terms of retail sales for October 2024 were BYD (431,000 units, +67.2%), Geely (194,000 units, +29.8%), and Chery (144,000 units, +59.5%) [48][60].