行业信息点评：重卡报废更新补贴推动景气度上行

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The recent policy to provide subsidies for the scrapping and updating of old heavy-duty trucks is expected to significantly boost the demand for heavy-duty truck replacements in 2025. The policy aims to accelerate the elimination of high-energy consumption and high-emission old trucks, with subsidies available for vehicles meeting the National III and IV emission standards [6][10] - The expected sales volume of domestic heavy-duty trucks in 2025 is projected to be 1.026 million units, representing a year-on-year growth of 13%. The penetration rate of new energy heavy-duty trucks is anticipated to reach 15% in 2025, driven by technological advancements and cost reductions [10] Summary by Sections Policy Implementation - The policy will be effective from January 1, 2025, to December 31, 2025, providing financial support for the scrapping and updating of old operational trucks [6] - Subsidy standards include scrapping and new purchase categories, with specific amounts allocated for medium and heavy trucks based on their emission standards and purchase types [7] Financial Support Structure - Funding will be allocated through long-term special national bonds, with a cost-sharing model between central and local governments. The central government will bear 85%, 90%, and 95% of the costs for eastern, central, and western regions, respectively [7] Recommended Companies - Recommended companies include Weichai Power, China National Heavy Duty Truck Group, CIMC Vehicles, and Foton Motor. Additionally, FAW Jiefang is suggested for further attention [8]