汽车行业点评：2025年重卡以旧换新政策更新，燃气车被纳入补贴范围

Investment Rating - The report maintains a "Recommended" rating for the heavy truck industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [3]. Core Insights - The new policy for replacing old heavy-duty trucks in 2025 includes subsidies for natural gas vehicles, expanding the range of eligible vehicles for subsidies [2]. - The subsidy amounts remain unchanged, with a maximum of 45,000 yuan for scrapping without replacement, 110,000 yuan for scrapping and purchasing a National VI heavy truck, and 140,000 yuan for scrapping and purchasing a new energy heavy truck [2]. - The report anticipates that the implementation of these policies will further stimulate domestic sales in the heavy truck industry, with total industry sales expected to reach 1,000,000 to 1,050,000 units in 2025 [2]. Summary by Sections Policy Changes - The new policy includes the inclusion of National IV vehicles in the subsidy standards and removes the restriction on diesel vehicles, allowing for the scrapping and replacement of natural gas heavy trucks this year [2]. - The policy period for these subsidies is from January 1, 2025, to December 31, 2025 [6]. Market Outlook - The report predicts a smoother quarterly sales cycle and greater elasticity in domestic demand, supported by an upward trend in industry prosperity [2]. - Key companies recommended for investment include Weichai Power, China National Heavy Duty Truck Group, and Foton Motor, among others, indicating a focus on both manufacturers and component suppliers [2]. Performance Metrics - The report provides performance metrics showing absolute performance of 9.6% over 1 month, 64.7% over 6 months, and 39.5% over 12 months, indicating strong market performance [5].