汽车行业周报：2025年以旧换新政策正式落地，补贴力度再加码

Investment Rating - The industry investment rating is "Standard Allocation" [1] Core Insights - The 2025 vehicle replacement policy has officially launched with increased subsidy levels, expanding the scope of eligible vehicles for subsidies, which is expected to support continued strong sales in the automotive market [5][12][56] - The retail sales of passenger vehicles in December 2024 reached 2.635 million units, a year-on-year increase of 12%, indicating a sustained high demand in the market [5][13] - The wholesale volume of new energy vehicles exceeded 1.5 million units in December 2024, with a year-on-year growth of 36%, highlighting the rapid growth of plug-in hybrid models [5][14] Summary by Sections Investment Highlights - The 2025 vehicle replacement policy includes increased subsidies for various vehicle types, with the maximum subsidy for new energy passenger vehicles set at 15,000 yuan and for fuel vehicles at 13,000 yuan [5][12] - In 2024, over 2.9 million vehicles were scrapped and over 3.7 million were replaced, indicating a robust market for vehicle upgrades [5][12] Market Performance - The automotive sector saw a 1.31% increase this week, ranking 6th among 31 industries, while the broader market (CSI 300) fell by 1.13% [5][16] - The performance of sub-sectors varied, with passenger vehicles down by 2.45%, while commercial passenger vehicles increased by 5.27% [5][16] Industry Data Tracking - December 2024 saw passenger vehicle retail sales of 2.635 million units, with a year-on-year increase of 12%, and wholesale sales of 3.075 million units, also up 12% [5][30] - New energy vehicle retail sales reached 1.302 million units in December, a 38% increase year-on-year, with a penetration rate of 49.4% [5][32] Company Announcements - Companies like Jifeng Group and Top Group are expanding their market presence through new projects and acquisitions, indicating a strategic focus on growth in the automotive supply chain [5][54] Industry Dynamics - The National Development and Reform Commission has issued new policies to support the automotive industry, including expanded subsidies for vehicle replacements [5][56] - Collaborative efforts between companies like XPeng and Volkswagen aim to create a comprehensive fast-charging network, enhancing infrastructure for electric vehicles [5][56]