Core Viewpoint - The upcoming reduction in the new energy vehicle purchase tax is expected to stimulate a surge in vehicle purchases before the end of the year, with various automakers offering "tax guarantee" policies to attract consumers [1][5][7]. Group 1: Tax Policy and Consumer Behavior - The new energy vehicle purchase tax is anticipated to be halved, prompting consumers to rush to make purchases before the policy change takes effect [1][5]. - Consumers who place orders by the end of November can benefit from tax guarantee services offered by automakers, which will cover any tax differences if delivery is delayed until 2026 due to production or transportation issues [1][4]. - The tax guarantee service includes cash subsidies, with amounts varying based on the timing of the order, providing incentives for early purchases [2][3]. Group 2: Automaker Strategies - Several automakers, including Li Auto, Xiaomi, and Chery, have introduced tax guarantee policies to mitigate consumer concerns about potential tax increases in the following year [4][5]. - The sales teams of various manufacturers are encouraging consumers to place orders quickly to avoid missing out on tax benefits, especially for vehicles priced over 200,000 yuan, where the tax savings can be significant [5][7]. - The competitive landscape is intensifying as automakers aim to boost sales during the year-end rush, leveraging the tax policy changes to attract more buyers [5][7]. Group 3: Market Performance - The new energy vehicle market has shown strong performance, with retail sales reaching 901,000 units from October 1 to 26, marking a 22% year-on-year increase [7]. - Despite the positive sales figures, many automakers are struggling to meet their annual targets, making the next two months critical for their performance [7].

证 券 研 究 报 告 行业研究 汽车 2025 年 07 月 18 日 推荐（维持） 汽车行业新能源销量跟踪报告 25H1 销量维持高增，中期需踏准节奏布局 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 232 | 0.03 | | 总市值(亿元) | 52,122.63 | 4.89 | | 流通市值(亿元) | 33,537.11 | 4.00 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 4.0% | 12.2% | 34.2% | | 相对表现 | -0.2% | 6.4% | 19.0% | -11% 6% 23% 40% 24/07 24/09 24/12 25/02 25/05 25/07 2024-07-18~2025-07-17 汽车 沪深300 相关研究报告 《【华创汽车】车企车系跟踪：4-5 月自主 ...