Core Viewpoint - The report on the depreciation rate of Chinese automobiles aims to reflect the comprehensive strength of brands, including product power, recognition, and reputation, providing important data for future business operations such as repurchase, replacement, leasing, and new car pricing [1][3]. Policy Direction - The recent policy aims to optimize the regulation of motor vehicle environments, addressing issues of fraud in the automotive sector and promoting fair competition, which is crucial in a highly competitive market [4][5]. Hot Events - The central bank's liquidity release is expected to stimulate automobile consumption by providing low-cost funding to automotive finance companies, enhancing their competitive edge over banks while also raising their risk management requirements [8]. Online Vehicle Supply Changes - The supply of used cars is showing signs of fatigue, leading the industry to readjust growth expectations. The ongoing price war for new cars may suppress the activity in the used car market, as older models are not quickly entering the market [11]. Depreciation Rate Overview - The overall depreciation rate is recovering, which helps combat industry internal competition. The price elasticity is significant in both low-end and high-end markets, while the mid-range market faces challenges due to intense competition [14]. New Energy Vehicle Market Changes - Successful case studies, such as those from Hunan Province, highlight the importance of local power systems in supporting charging infrastructure for new energy vehicles, potentially boosting economic activity in central and southern regions [18]. Different Types of New Energy Vehicle Depreciation Rates - The depreciation rate for new energy vehicles remains stable, but the trading volume is low, with 4S stores being the primary channel for used vehicle disposal. The market for used new energy vehicles is still developing, with many vehicles nearing obsolescence [20].

点 击 蓝 字 关 注 我 们 本文全文共 1090 字，阅读全文约需 3 分钟 2025年5月7日，中国汽车流通协会和精真估联合发布了《2025年4月中国汽车保值率研究报告》。通过保 值率研究旨在反映品牌的产品力、认知度、美誉度等综合实力，对未来开展回购、置换、租赁、金融、新 车定价参考等相关业务提供重要数据参考，从而降低业务风险，提升经营效率 。 通过保值率数据来关注过去市场环境、行业动向、企业发展和保值率之间的关系，同时在微观层面也 能反映该品牌的产品力、认知度、美誉度等综合实力。本榜单保值率价格数据采用良好车况下的二手车销 售价（B2C）进行计算 。 政策方向 地方政策支持置换更新 外牌车在上海非常普遍，这类消费者有真实的用车需求，也具备一定的消费潜力。本次补贴政策是对 国家"两新"政策的贯彻落实。《实施细则》首先有利于本地经销商的新车销售，其次有利于二手车的外迁 交易。文件的发布与上海车展时间相近，对2025年车市形成了确定的增量预期 。 热点事件 电动车安全标准提高 从用户角度来看，电池安全是头等大事。"不起火、不爆炸，烟气不对乘员造成伤害"是广大消费者的 真实需求，也是安全底线。从行业角度来看， ...

Core Viewpoint - The report on the depreciation rate of Chinese automobiles in February 2025 aims to reflect the comprehensive strength of brands, including product power, recognition, and reputation, providing important data for future business operations such as repurchase, replacement, leasing, financing, and new car pricing [1][2]. Policy Direction - The ongoing "trade war" between China and the U.S. has led to increased tariffs on imported large-displacement vehicles and pickups, resulting in higher prices that will be shared by dealers and consumers. The affected models include those with engine displacements over 2.5L, prompting multinational car manufacturers, especially luxury brands, to consider local production as a wise strategy. Consumers are increasingly leaning towards purchasing smaller displacement vehicles and electric cars [3]. Hot Events - The implementation of the National VI emission standards has faced controversies, including instances of "software cheating" by some companies and deficiencies in testing methods. The delay in emission testing for hybrid vehicles necessitates urgent improvements. While the national standard serves as a minimum requirement, some companies are accelerating the development of fuel vehicle technologies, with brands like Volkswagen making breakthroughs that could revitalize the fuel vehicle market. The Ministry of Ecology and Environment has announced plans to research and formulate National VII standards for light and heavy-duty vehicles [4]. Online Vehicle Supply Changes - The online and offline channels for vehicle sourcing are still in the process of integration, leading to a slow recovery in vehicle supply. As of February 2025, the used car market remains stagnant, with merchants lacking clear operational direction and insufficient financial support compared to the new car market. The absence of stimulating factors for consumer sentiment and product updates contributes to the lackluster market conditions [5]. New Car Price Trends - The decline in new car prices has encroached on the survival space of the used car market. The significantly low down payments have further lowered barriers for consumers, resulting in a notable decrease in demand for used cars. However, there remains a steady demand for high-quality mid-range and large SUVs, with the depreciation rates for these segments showing an increase [6]. Changes in the New Energy Vehicle Market - The rapid development of the new energy vehicle industry in China has positioned it ahead of overseas competitors, benefiting from a larger domestic market scale. The "New Energy Vehicles Going to the Countryside" initiative has transitioned from policy-driven to market-driven since 2020. The low operating costs of electric vehicles are a key factor for consumers. However, the current infrastructure for charging and battery swapping is inadequate, which hampers user experience. The recent notification outlines plans to support 75 pilot counties in improving charging infrastructure by 2025, which is essential for boosting sales and the second-hand market [7]. Different Types of New Energy Vehicle Depreciation Rates - The second-hand market for new energy vehicles is currently in a wait-and-see mode, with prices remaining stable during February, which coincided with the Spring Festival holiday. Benchmark companies like Tesla have begun promotional offers for older models, while new models are just being delivered. The market is still assessing price trends and the timing of new model launches, with overall depreciation rates remaining stable despite some manufacturers pushing for zero down payments and interest-free loans [8][9].