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 update 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 policy and plan for the 2025 continuation to stabilize market expectations [15][1]. - 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 [15][1]. Summary by Sections Weekly Insights - As of November 21, 2024, the national scrapping update application volume and replacement update application volume have both surpassed 2 million, totaling over 4 million. Daily averages for scrapping and replacement subsidies from October 24 to November 21 were 15,400 and 26,400 applications, respectively [15][1]. Key Industry Dynamics - Electrification: The Ministry of Commerce plans to advance the "old-for-new" policy for next year. Collaborations in solid-state battery technology are being established between the Shenzhen Institute of Advanced Technology and BYD [17][18]. - Intelligent Driving: Zhejiang province is developing benchmark scenarios in autonomous driving, while Huawei has deployed 50,000 ultra-fast charging stations across China [17][18]. - International Expansion: Neta Auto plans to open 20 stores in Indonesia by the end of the year, and BYD's factory in Hungary is expected to commence production in the second half of 2025 [19][20]. Market Performance - The automotive sector under the Shenwan index saw a decline of 2.17% from November 18 to November 22, 2024, with the passenger vehicle segment dropping by 3.61% [27][1]. Data Tracking - In October 2024, retail sales of passenger vehicles reached 2.261 million units, a year-on-year increase of 11.3%. New energy vehicle retail sales were 1.196 million units, up 55% year-on-year, with a penetration rate of 52.9% [42][50]. - The penetration rate of new energy vehicles has remained above 50% for four consecutive months, indicating strong market demand [50][51].