2026年汽车以旧换新政策发布

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - China's new energy vehicle market penetration has rapidly increased in the past few years, exceeding 50% in 2025. In 2025, the domestic market shifted to "anti - involution", and exports gradually became a new growth point [3][122]. - Considering the overseas market trade environment, trade protectionism in Europe and the United States is severe, while countries along the Belt and Road and the Middle East have good development prospects. Regarding the development of the overseas new energy vehicle market itself, the development space of new energy vehicles in non - US regions is generally optimistic [3][122]. - In terms of the competition pattern, the market share of self - owned brands continues to expand. Enterprises with strong product capabilities, smooth overseas expansion, and high supply stability will be the core beneficiaries [3][122]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The report shows the one - week price changes of related sectors and listed companies, including the closing prices and one - week price change percentages of many vehicle manufacturers and power battery and material companies [12][15]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - Sales and Exports: Information on China's new energy vehicle sales, penetration rate, domestic sales, and exports is presented through relevant charts [16][18][20]. - Inventory Changes: Charts show the monthly new additions of new energy passenger vehicle channel inventory and manufacturer inventory [25][26]. - Delivery Volume of Chinese New Energy Vehicle Enterprises: The monthly delivery volumes of many new energy vehicle companies such as Leapmotor, Li Auto, XPeng, and NIO are presented [29][30][35]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - Global Market: Charts show global new energy vehicle sales, penetration rate, and sales of EV and PHV [40][41][43]. - European Market: Information on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France is presented [45][46][51]. - North American Market: Charts show North American new energy vehicle sales, penetration rate, and sales of EV and PHV [59][60][62]. - Other Regions: Information on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions like Japan, South Korea, and Thailand is presented [63][64][67]. 3.2.3 Power Battery Industry Chain - Information on power battery loading volume (by material), export volume (by material), weekly average price of battery cells, and costs of cell materials is presented. It also includes data on the operating rates and prices of various battery materials such as ternary materials, phosphoric acid iron lithium, and negative electrode materials [79][81][84]. 3.2.4 Other Upstream Raw Materials - The daily prices of rubber, glass, steel, and aluminum are presented [100][101][102]. 3.3 Hot News Summaries 3.3.1 Industry Dynamics: China - In 2026, the implementation details of the car trade - in subsidy were introduced. The subsidy method changed from fixed - amount subsidy to subsidy based on the proportion of the new car's selling price, with the subsidy cap remaining unchanged [107]. - Four departments including the Ministry of Industry and Information Technology jointly issued the "Implementation Plan for the Digital Transformation of the Automobile Industry", proposing two - stage development goals and six key tasks [109]. - According to the Passenger Car Association, from December 1 - 28, the new energy retail sales increased by 5% year - on - year, and the cumulative retail sales since this year increased by 18% year - on - year [110]. 3.3.2 Enterprise Dynamics - BYD's sales in December 2025 were 420,398 vehicles. In 2025, its annual sales of pure - electric vehicles exceeded Tesla's for the first time, ranking first globally [112]. - Geely Auto's sales in December 2025 were 236,817 vehicles. It announced a sales target of 3.45 million vehicles in 2026 [113][115]. - Chery Group's sales in December 2025 were 244,928 vehicles. In 2026, it aims to have a sales growth rate 10 - 20 percentage points higher than the industry average [116][118]. - Xiaomi Auto's delivery volume in December 2025 exceeded 50,000 vehicles, and its delivery target in 2026 is 550,000 vehicles. It also plans to launch four new models in 2026 [119]. 3.4 Industry Views - From December 1 - 28, 2025, the retail growth rate of the domestic passenger car market was - 17%, and the new energy growth rate was + 5%. As of December 28, 2025, the cumulative annual growth rates were 4% and 18% respectively. Self - owned brands such as BYD and Geely remained strong, and exports became a new growth point [120]. - The US new energy vehicle market declined in November 2025, while the European and other regions showed growth. Overall, the development space of new energy vehicles in non - US regions is optimistic [121]. 3.5 Investment Suggestions - China's new energy vehicle market penetration rate has rapidly increased, and exports have become a new growth point. Non - US regions have good development prospects, and self - owned brands with certain advantages will be the core beneficiaries [122].