2025.10. 10 自2025年10月13日（含当日，下同）至2025年12月31日（以《机动车销售统一发票》载明的开票日期为准），按 照"个人消费者报名、公证摇号、中签获取资格"方式，开展汽车报废更新和置换更新补贴活动。 经公证摇号取得资格 的个人消费者，可按规定提交报废更新或置换更新补贴申请。未经公证摇号取得资格的个人消费者，其补贴申请不予 受理。 位置信息定位在上海，且所购新车已取得上海市汽车销售机构开具的《机动车销售统一发票》的个人消费者，可在规 定时间内通过"上海商务""上海发展改革"微信公众号等指定平台参加报名摇号，获取汽车报废更新或置换更新补贴资 格。获取补贴资格的消费者，应当于2026年1月10日前通过全国汽车流通信息管理系统网站或"汽车以旧换新"小程序 提交汽车报废更新补贴申请，或通过"上海商务""上海发展改革"微信公众号等指定平台提交汽车置换更新补贴申请。 如需更改补正相关信息的，应当于2026年1月20日前通过原渠道补充提供相关信息。逾期未提交补贴申请或补正相关 申请信息的，不予受理。参加报名摇号和申请补贴的消费者应为同一人（同一身份证件类型和证件号码）。 原则上每两周开展一轮报名。 ...

新华财经北京10月10日电据上海商务公众号，自10月13日至12月31日，按照"个人消费者报名、公证摇 号、中签获取资格"方式开展汽车报废更新和置换更新补贴活动。经公证摇号取得资格的个人消费者， 可按规定提交报废更新或置换更新补贴申请。未经公证摇号取得资格的个人消费者，其补贴申请不予受 理。 自2025年10月13日起（以《机动车销售统一发票》载明的开票日期为准），个人消费者购买新车并申请 汽车报废更新补贴的，所购新车应当在上海市进行注册登记。 （文章来源：新华财经） ...

Core Insights - The traditional "Silver October" sales peak in the automotive market has begun with the National Day and Mid-Autumn Festival, but promotional activities from car manufacturers have decreased compared to previous years [1][3] - Several brands, including Li Auto and Xpeng, have announced promotional policies, but the actual discounts for consumers are only around 2,000 to 3,000 yuan, indicating a cautious approach to pricing [3][6] - The reduction in promotional intensity is attributed to factors such as increased regulatory scrutiny on "involution" competition and rising raw material prices [1][3] Promotional Activities - Seven automotive brands have launched National Day-specific promotional policies, including cash subsidies and financing options, with most promotions ending between October 8 and October 12 [1] - Despite some brands offering comprehensive discounts, the actual savings for consumers are minimal compared to previous years [3][6] Market Dynamics - The automotive market is expected to experience a "tail effect" in the fourth quarter, driven by strong demand and the upcoming reintroduction of the new energy vehicle purchase tax [3][16] - The cessation of certain local "trade-in" subsidies has led to a noticeable decline in customer foot traffic and sales in some regions, particularly in Nanchang [7][11] Regional Policy Changes - Some regions, including Jiangxi, have suspended their automotive trade-in subsidy programs, impacting consumer behavior and sales volume [8][17] - Despite some areas halting these subsidies, most regions are expected to maintain their "trade-in" policies throughout the year, supported by a national fund of 69 billion yuan for consumer subsidies [20]

Core Viewpoint - The recent suspension of the "old-for-new" vehicle subsidy across multiple regions in China is a strategic adjustment by local governments to manage the annual subsidy budget effectively, rather than a reduction in support for the automotive industry [1][2][7]. Group 1: Policy Changes - Various regions, including Jiangsu and Zhejiang, have announced the suspension of their vehicle "replacement and update" subsidies, with specific deadlines set for different areas [2][3]. - The Guangzhou government has also adjusted its vehicle "replacement and update" policy, with a deadline for subsidy applications set for September 30, 2025 [3]. Group 2: Financial Support - The National Development and Reform Commission (NDRC) has allocated a total of 300 billion yuan in special bonds to support the "old-for-new" vehicle program, with the latest batch of 69 billion yuan recently distributed to local governments [4][7]. - The total number of applications for the "old-for-new" vehicle program reached 8.3 million as of September 10, 2025, indicating strong consumer interest [7]. Group 3: Market Impact - Automotive dealers express concerns that the suspension of subsidies may negatively impact sales, particularly for certain models that consumers are currently considering [8]. - The suspension of the subsidy may lead to a decline in sales, as some sales may have been anticipated based on the availability of these subsidies [8].

Core Viewpoint - The recent suspension of the "old-for-new" vehicle subsidy across multiple regions in China is a strategic adjustment by local governments to ensure the smooth and orderly use of annual subsidy funds, rather than a reduction in support for the automotive industry [1][2][8]. Group 1: Policy Changes - Various regions, including Jiangsu and Zhejiang, have announced the suspension of their vehicle "replacement and update" subsidies, with specific deadlines set for October 2025 [2][3]. - The Guangzhou Municipal Bureau of Commerce has also adjusted its vehicle "replacement and update" policy, with applications for subsidies ending on September 30, 2025 [3][5]. - The Guangdong Provincial Automobile Circulation Association indicated that the end dates for subsidies vary by city, depending on the actual usage of subsidy funds [5]. Group 2: Financial Support - The National Development and Reform Commission (NDRC) announced the allocation of 69 billion yuan in special bonds to support the "old-for-new" vehicle program, completing the annual allocation of 300 billion yuan [6][8]. - As of September 10, 2025, the number of applications for the "old-for-new" vehicle program reached 8.3 million, indicating strong consumer interest [8]. Group 3: Market Impact - The suspension of subsidies may impact vehicle sales, as some dealers express concerns about the potential decline in demand for certain models due to the lack of available subsidies [8]. - The automotive industry analyst noted that the adjustment in subsidy policies is a form of refined regulatory control rather than a decrease in national support [8]. Group 4: Consumer Guidance - Consumers are advised to distinguish between "scrapping" and "replacement" subsidies, as many regions continue to implement scrapping subsidies while suspending replacement subsidies [9]. - It is important for consumers to stay updated on local subsidy policies, as adjustments may occur based on funding availability, and to be aware of application deadlines to avoid missing out on potential benefits [9].

Core Viewpoint - The Jinan Municipal Bureau of Commerce has announced updates to the "old-for-new" automobile subsidy program, implementing a new appointment qualification system starting September 16, 2025, which will affect how consumers apply for subsidies [1][5]. Group 1: Appointment Qualification Conditions - The number of qualification vouchers will be dynamically adjusted based on fund usage, with appointments available on a first-come, first-served basis. The first appointment period starts on September 16, 2025, at 10 AM, with subsequent appointments every Tuesday at the same time [2]. - Applicants must select the type of subsidy when making an appointment, which includes categories for both new energy and fuel vehicles, with specific subsidy limits based on the price of the new vehicle [2]. Group 2: Qualification Voucher Validity and Usage Requirements - Qualification vouchers are valid for 10 calendar days, including the day of appointment. If a voucher expires, it can be reissued, but applicants cannot receive multiple vouchers within 10 days [3]. - During the validity period, applicants must upload the qualification voucher as supplementary material to the relevant platforms, ensuring that the type of subsidy applied matches the voucher type [3]. Group 3: Transition from Old to New Policies - Applications submitted before September 9, 2025, do not require a new appointment. However, any new applications submitted after September 10, 2025, must first secure a qualification voucher [5]. - The application materials, subsidy standards, and application processes will follow the guidelines set forth in the official notices from the Jinan Municipal Bureau of Commerce and other departments [5].

Core Viewpoint - The recent adjustments in the automobile replacement subsidy policies in Wuhan and other regions indicate a trend towards tightening these incentives, which may impact consumer purchasing behavior and overall market activity in the automotive sector [1][2][3]. Group 1: Policy Changes - Wuhan's automobile replacement policy was initially set to be suspended on August 19, 2025, but the announcement was seemingly retracted, leading to confusion among consumers and dealers [1]. - Other regions, including Qinghai, Guizhou, and Inner Mongolia, have already suspended their automobile replacement subsidies, while cities like Zhengzhou and Luoyang have also halted the processing of these applications [2]. - In Shaanxi, although the replacement policy remains active, the application process has been modified to require qualification before subsidy claims, indicating a tightening of access to these benefits [2]. Group 2: Market Impact - The automobile replacement subsidy has significantly stimulated market activity, with 4.12 million applications submitted by May 31, 2023, and a notable increase in applications in May compared to April [3]. - The suspension of subsidies is expected to lead to a decline in consumer purchasing, particularly among budget-conscious buyers, which could exacerbate market stagnation and affect sales performance in the automotive sector [3]. - In July, the overall activity in the automotive market decreased, with production and sales figures showing a decline compared to previous months [3]. Group 3: Alternative Stimulus Measures - The government is implementing alternative consumer stimulus measures, such as fiscal subsidies for personal consumption loans, which aim to support consumer spending in the automotive sector [4][5]. - Additional funding for automobile replacement subsidies has been announced in places like Chongqing, indicating a continued effort to stimulate the market despite the tightening of existing policies [5]. - The automotive industry is expected to benefit from these new measures, which are designed to enhance consumer demand and improve overall market conditions [5].

Core Insights - The automotive trade-in subsidy policy in Wuhan was initially set to be suspended on August 19, 2025, but the announcement was seemingly retracted shortly after, leading to confusion among consumers and dealerships [1][2] - Many consumers are rushing to take advantage of the subsidy before any potential end to the program, as seen in increased foot traffic at dealerships [2] - Various regions, including Inner Mongolia and Zhengzhou, have already suspended their trade-in subsidy programs, while others like Shaanxi have modified the application process [2][3] Group 1: Policy Changes - Wuhan's automotive trade-in subsidy policy was announced to be suspended but later appeared to be extended until the end of August [1] - Other regions have halted their trade-in subsidies, with Inner Mongolia suspending both trade-in and scrapping policies [2] - Shaanxi has changed its subsidy application process to a more restrictive model, requiring qualification before subsidy claims [2] Group 2: Market Impact - The trade-in subsidy has significantly boosted car sales, with 412 million applications by May 31, and a 13% increase in applications from April to May [3] - The suspension of subsidies may lead to a decline in consumer purchasing, particularly affecting budget-conscious buyers [3] - Overall car market activity has decreased, with July showing a 7.3% drop in production and a 10.7% drop in sales compared to the previous month [3] Group 3: Alternative Measures - The government is introducing personal consumption loan subsidies to replace the trade-in policy, potentially lowering effective interest rates for car loans [3] - Chongqing has increased its trade-in subsidy budget by 300 million yuan for the third quarter of 2025, indicating ongoing support for the automotive sector [4] - The push for consumption policies aims to stimulate demand and improve the automotive industry's performance compared to other consumer goods [4]

Core Insights - The automotive replacement subsidy policy in Wuhan was initially set to be suspended on August 19, 2025, but the announcement was seemingly retracted the following day, leading to confusion among consumers and dealers [1][2] - Many consumers are rushing to take advantage of the subsidy before any potential changes, indicating a heightened demand for vehicles in the short term [1][2] - Other regions, including Inner Mongolia and Zhengzhou, have already suspended their automotive replacement subsidy programs, while some areas have adjusted the application process for these subsidies [3][4] Group 1: Policy Changes - Wuhan's automotive replacement subsidy policy was announced to be suspended but was later retracted, causing uncertainty about its future [1] - Other provinces have either suspended or adjusted their automotive replacement subsidy policies, indicating a trend of tightening subsidy availability [3][4] - The adjustment in subsidy application processes in places like Shaanxi has made it more challenging for consumers to access these benefits [3] Group 2: Market Impact - The automotive replacement subsidy has significantly boosted vehicle sales, with 412 million applications recorded by May 31, and a notable increase in applications in May compared to April [4] - The overall automotive market has seen a decline in activity since July, with production and sales figures dropping significantly [5] - The suspension of subsidies may lead to a delay in purchasing decisions among budget-conscious consumers, potentially impacting overall vehicle sales [4] Group 3: Alternative Measures - New policies, such as personal consumption loan subsidies, are being introduced to stimulate consumer spending in the automotive sector [7] - Some regions, like Chongqing, are increasing their automotive replacement subsidy budgets, indicating a continued effort to support the automotive market despite broader policy changes [7]

Core Viewpoint - Recent adjustments to the automobile trade-in policies across various regions in China indicate a shift in government support for the automotive industry, with some areas pausing subsidies while others are reintroducing them to stimulate consumption [1][2][3]. Group 1: Policy Adjustments - Multiple regions, including Wuhan and Xiangyang in Hubei Province, have announced the suspension of automobile trade-in policies effective from August 19, 2025, while the vehicle scrapping policy will continue [1]. - Several provinces, such as Qinghai, Guizhou, and Inner Mongolia, have also paused their trade-in subsidies, with some local governments halting scrapping policies as well [1]. - The suspension of trade-in policies is not permanent; for instance, Guizhou Province cited technical upgrades as the reason for the temporary halt [1]. Group 2: Financial Support and Subsidies - The Ministry of Finance has allocated 300 billion yuan in special long-term bonds to support the trade-in program, with 162 billion yuan already disbursed in two batches earlier this year [2]. - The third batch of 69 billion yuan in special long-term bonds has been distributed to various regions to facilitate the trade-in program [2]. - Some regions, like Chongqing, have restarted their trade-in subsidies, with a budget of 300 million yuan allocated for the third quarter of 2025, implementing a "first come, first served" approach [2]. Group 3: Market Impact - The China Passenger Car Association reported that retail sales of passenger cars reached 12.728 million units from January to July, a year-on-year increase of 10.1%, indicating a positive impact from the trade-in and scrapping subsidies [4]. - However, the release of the third batch of subsidy funds has created a gap, leading to increased consumer costs and a new wave of hesitation in purchasing decisions [4]. - The reintroduction of trade-in policies in some areas is expected to improve market growth in August, with more diverse subsidy methods being implemented [4].