汽车行业定期报告：地方以旧换新补贴政策延续，车企促销期待开门红

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The continuation of local vehicle trade-in subsidy policies in 2025 is expected to boost consumer confidence and stabilize the automotive market, aiding in maintaining growth in annual sales [4][15] - Over 30 automotive companies have introduced promotional offers to attract consumers during the policy transition period, which may lead to increased sales [4][15] - The automotive sector has underperformed compared to the broader market, with a decline of 7.4% in the automotive sector from December 30, 2024, to January 3, 2025, compared to a 5.2% decline in the CSI 300 index [16][21] Summary by Sections 1. Weekly Topic: Continuation of Local Trade-in Subsidy Policies - The State Council confirmed the continuation of trade-in activities in 2025, with specific policies to be announced soon [3][14] - Local governments, including Beijing, have announced the continuation of trade-in subsidies, with details pending [3][14] 2. Market Performance 2.1 Sector Performance - The automotive sector declined by 7.4% from December 30, 2024, to January 3, 2025, underperforming the CSI 300 index by 2.2 percentage points [16] - Year-to-date, the automotive sector has decreased by 5.5%, ranking 23rd among 31 sectors [16] 2.2 Stock Performance - Top five gainers include Shanzi Co., Construction Industry, Chuanhuan Technology, Hunan Tianyan, and Chengfei Integration [30] - Bottom five losers include Wanfeng Aowei, Kabeiyi, Jinlong Automobile, Tianqimo, and Zhongma Transmission [30] 3. Key Industry Data 3.1 Weekly Data from the Passenger Car Association - From December 1 to 22, 2024, retail sales of passenger cars reached 1.692 million units, a year-on-year increase of 25% [33] - New energy passenger car retail sales during the same period were 817,000 units, up 60% year-on-year [33] 3.2 Automotive Sales Data - In November, total automotive sales reached 3.316 million units, with a year-on-year increase of 11.7% [35] - From January to November, total automotive sales were 27.94 million units, a 3.7% increase year-on-year [35] 4. Industry News - The China Electric Vehicle Hundred People’s Association predicts that new energy vehicle sales will reach approximately 16.5 million units in 2025, with a growth rate close to 30% [56] - The Beijing Autonomous Driving Vehicle Regulations were passed and will take effect on April 1, 2025 [56]