汽车行业研究周报：“以旧换新”加力扩围，为市场注入强心剂

Investment Rating - The report suggests a positive outlook for the automotive industry, indicating a recovery trend supported by government policies and market conditions [4][12]. Core Insights - The recent policy announcement by the National Development and Reform Commission and the Ministry of Finance aims to enhance the "old-for-new" vehicle replacement program, particularly for electric buses and battery updates, increasing subsidies from 60,000 yuan to 80,000 yuan per vehicle [1][9]. - The scope of vehicle scrappage subsidies has been expanded to include certain fuel vehicles meeting the National IV emission standards, with specific subsidies for consumers trading in older vehicles for new energy or low-displacement fuel vehicles [2][10]. - The report emphasizes the importance of focusing on undervalued leading companies in the automotive sector, particularly those involved in electric and intelligent vehicle technologies, as well as domestic replacement opportunities arising from the "domestic circulation" strategy [12][14]. Summary by Sections 1. Policy Updates - The government has increased subsidies for electric buses and battery replacements, with an average subsidy of 80,000 yuan per vehicle for those over 8 years old [1][9]. - The eligibility for scrappage subsidies has been broadened to include older fuel vehicles, with specific subsidy amounts for new energy vehicles and low-displacement fuel vehicles [2][10]. 2. Investment Strategy - The report recommends focusing on undervalued leading companies in the automotive sector, including BYD, Changan Automobile, and Geely, as well as stable component manufacturers like Huayu Automotive and Fuyao Glass [4][12]. - Key investment targets include companies with a first-mover advantage in the new energy sector and those benefiting from domestic replacement trends [12][14]. 3. Market Performance - The automotive sector outperformed the broader market, with a weekly increase of 1.31%, while major indices like the Shanghai Composite Index and CSI 300 saw declines [15][18]. - The report highlights the top-performing stocks in the automotive sector, indicating a positive market sentiment [15][20].