节能降碳行动方案出台，利好新能源中重卡发展

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [1] Core Insights - The automotive sector saw a 1.7% increase in the SW automotive index last week, while the CSI 300 index decreased by 0.6%. As of May 31, the automotive industry's PE (TTM) was 21 times, up 2% from the previous week [2][10] - Retail sales of passenger vehicles from May 1 to 26 reached 1.208 million units, down 2% month-on-month and down 6% year-on-year. New energy vehicle retail sales were approximately 574,000 units, up 2% month-on-month and up 27% year-on-year [2][3] - The State Council issued the "2024-2025 Energy Conservation and Carbon Reduction Action Plan," which supports the development of new energy heavy trucks and encourages the replacement of old vehicles [2][15] Summary by Sections Market Review - The SW automotive sector closed at 5,490.73 points, with a weekly increase of 1.7%. The passenger vehicle segment rose by 5.1%, while commercial vehicles and buses fell by 2% and 1.9%, respectively [8] - As of May 31, the automotive industry PE (TTM) was 21 times, reflecting a 2% increase from the previous week [10] Investment Recommendations - The report suggests focusing on the opportunities arising from the "old-for-new" vehicle replacement policy and the promotion of new energy vehicles in rural areas. It also highlights the economic advantages of natural gas heavy trucks due to low gas prices [2][3] - Key stocks to watch include GAC Group, BYD, and Weichai Power, among others [2][3] New Energy Vehicles - From May 1 to 26, new energy vehicle retail sales were approximately 574,000 units, reflecting a 2% month-on-month increase and a 27% year-on-year increase. The penetration rate of new energy vehicles is expected to continue rising [2][3] - The State Council's action plan aims to phase out old vehicles and promote the electrification of public transport [15][16] Commercial Vehicles - In April, domestic tractor sales reached 34,900 units, a 17% decrease month-on-month but a 37% increase year-on-year. The report emphasizes the continued economic advantages of natural gas heavy trucks [3][15] - Recommended stocks in the commercial vehicle sector include Weichai Power and China National Heavy Duty Truck Group [3] Tire Industry - The report notes that domestic tire brands are expected to gain market share due to competitive pricing and the exit of overseas competitors. The demand for tires is projected to improve as domestic economic policies take effect [4][15]