【政策综述】关于乘用车企业平均燃料消耗量与新能源汽车积分并行管理办法的分析

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The "Dual Credit Policy" has undergone multiple revisions since its inception in 2017 to promote energy conservation and the development of new energy vehicles in the automotive industry [3][4][7] - The latest revision aims to address issues such as inflexibility in the existing mechanism and significant fluctuations in credit prices, while also supporting the "dual carbon" goals [7][8] - The policy has significantly influenced the automotive sector, leading to a 25-fold increase in new energy vehicle production from 2016 to 2024 [20] Summary by Sections Policy Analysis - The "Dual Credit Policy" was first introduced in 2017 to create a market mechanism for promoting energy conservation and the development of new energy vehicles [4] - The policy has been revised multiple times to adapt to industry changes and improve its effectiveness [6][8] Historical Development of the Dual Credit Policy - The first version of the policy was implemented in 2018, with subsequent revisions in 2020 and 2023 to enhance its flexibility and effectiveness [5][6][7] - The 2023 revision introduced a credit pool system to alleviate supply-demand imbalances and improve policy stability [8][10] Implementation Effectiveness - The policy has led to a significant reduction in average fuel consumption, with the industry average dropping from 6.43 liters per 100 kilometers in 2016 to 3.78 liters in 2023 [20] - The total transaction amount of credits reached 25.2 billion yuan, indicating active participation from industry players [20] Future Requirements - The proposed requirements for 2026 and 2027 include setting new energy vehicle credit ratios at 48% and 58%, respectively [9][10] - Adjustments to the calculation methods for new energy vehicle credits are also planned to align with evolving industry standards [12][19]