汽车行业：三部委发布2025重卡以旧换新补贴标准，关注重卡产业链投资机会

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The report highlights the implementation of a subsidy policy for the replacement of old heavy-duty trucks, which is expected to accelerate the update of high-emission vehicles and create investment opportunities in the heavy truck industry chain [1][4] - The subsidy policy will be effective from January 1, 2025, to December 31, 2025, and will support the replacement of trucks that meet the National III and IV emission standards [4] - The report notes significant growth in the sales of new energy heavy-duty trucks, with a 304% year-on-year increase in February 2025, indicating a strong market trend [4] Summary by Sections Policy Changes - The 2025 subsidy policy expands the scope of eligible vehicles to include natural gas heavy-duty trucks, which is expected to drive further growth in this market segment [4] - The policy introduces differentiated subsidy standards based on the type of scrapped vehicle and the timing of its scrapping, which aims to incentivize the early replacement of older trucks [4] Market Performance - In February 2025, the commercial vehicle market in China sold 313,300 units, a year-on-year increase of 25%, indicating a robust recovery in the sector [4] - The report anticipates that the total sales of heavy-duty trucks in 2025 could reach 1 million units, driven by the new subsidy policy and the growth of new energy vehicles [4] Investment Recommendations - The report suggests focusing on companies such as China National Heavy Duty Truck Group, CIMC Vehicles, and Weichai Power as potential investment opportunities within the heavy truck sector [4]