Core Viewpoint - The article discusses the impact of the government's subsidy program for vehicle trade-ins on the automotive market in China, highlighting adjustments in subsidy policies and their effects on consumer behavior and market dynamics [4][5]. Group 1: Subsidy Program Overview - The central government issued a total of 300 billion yuan in special bonds to support consumer goods trade-ins, including vehicle trade-ins and scrappage [4]. - The subsidy funds were distributed quarterly, with 81 billion yuan allocated in January, 81 billion yuan in April, 69 billion yuan in July, and 69 billion yuan in October [4]. Group 2: Market Impact - Over the first 11 months of the year, the trade-in program generated over 2.5 trillion yuan in sales, benefiting more than 360 million people, with over 11.2 million vehicles traded in [5]. - The trade-in vehicles accounted for over one-third of total vehicle sales, which were estimated to be nearly 30 million units during the same period [5]. - Adjustments in subsidy policies have led to a decrease in market momentum compared to the previous year, with many provinces experiencing varying degrees of policy tightening [5][6]. Group 3: Future Outlook - The continuation of the trade-in policy into 2026 remains uncertain, with some provinces raising the thresholds for scrappage and trade-in subsidies [6]. - Despite the tightening of policies, the overall outlook for the new energy vehicle sector remains positive due to expected adjustments in purchase tax and year-end promotions from automakers [6].

该行认为，2026年新能源购置税减免政策调整有望刺激消费者今年年底前集中购车，叠加车企年末冲量 及春节前建库需求，有望对冲部分提高置换补贴门槛的影响。但在第四季集中放量后，明年首季或回到 季节性淡季，建议投资者把握结构行情且保持审慎，关注短期波动。 交银国际发布研报称，中国11月新能源车销量整体延续增长，其中零跑汽车(09863)与鸿蒙智行创月度 新高。虽11月部分省份置换更新及以旧换新补贴提高门槛，但受惠于2026年购置税调整，以及各车企年 底促销活动，新能源汽车行业整体维持高景气。 建议关注小鹏汽车-W(09868)增程车型陆续上市，及海外本地化生产落地带动销量和毛利率提升;吉利汽 车(00175)私有化极氪后推动内部资源整合;赛力斯（601127）(09927)问界系列进一步拓展高端市场并提 升盈利。 ...

Group 1 - The core viewpoint emphasizes the growth potential in the lithium battery industry, particularly highlighting companies with cost and technological advantages, such as CATL, and the expected improvement in profitability due to supply-demand dynamics [1] - In October, the installed capacity of power batteries in China reached 84.1 GWh, showing a year-on-year increase of 42.1% and a month-on-month increase of 10.7%, with lithium iron phosphate batteries maintaining a significant market share [2] - The production of batteries is expected to continue increasing in November, with upstream material prices experiencing short-term rises, indicating a positive trend for the lithium battery supply chain [3] Group 2 - The retail sales of new energy vehicles in October reached 1.28 million units, reflecting a year-on-year growth of 7.3%, which supports the demand for power batteries [2] - The export of batteries remained robust, with a total export of 28.2 GWh in October, marking a year-on-year increase of 33.5% [2] - The anticipated adjustment of the new energy vehicle purchase tax exemption policy in 2026 is expected to stimulate consumer purchases, maintaining high demand for power batteries by the end of 2025 [3]

Core Viewpoint - The report from CMB International indicates a leading rating for the domestic automotive industry, anticipating a surge in consumer purchases before the adjustment of the new energy vehicle purchase tax exemption policy in 2026 [1] Group 1: Market Outlook - The adjustment of the new energy vehicle purchase tax exemption policy in 2026 is expected to stimulate consumers to concentrate their vehicle purchases by the end of 2025 [1] - The firm predicts that the year-end passenger car sales will remain at a high level due to automakers' efforts to boost sales and build inventory before the Spring Festival [1] Group 2: Seasonal Trends - After the concentrated release of vehicles in the fourth quarter, the first quarter of 2026 may return to a seasonal low [1] - Investors are advised to seize structural opportunities while remaining cautious and attentive to short-term fluctuations [1]

交银国际证券认为，2026年新能源购置税减免政策将从"全免"调整为"减半"，预计将驱动消费者在年底 前集中购车，叠加车企年末冲量因素，预计2025年末新能源车销量仍将维持高景气。但四季度集中放量 后，2026年一季度车市或回到季节性淡季，建议把握结构行情同时保持审慎，关注板块短期波动。 华鑫证券认为，供给端，电池及主机厂新品不断推出，需求端反馈积极，政策也不断发力。价格层面， 产业链历经价格大幅下行，资本开支不断收缩，供需格局不断优化，行业协会、产业链公司均在积极优 化产能与供给，力争价格保障企业盈利。整体而言，新能源汽车产业链价格处于底部，价格易涨难跌， 需求端韧性强劲，调整带来布局良机，产业链核心公司估值处于历史较低水平，看好产业链优质公司。 乘联分会根据月度初步乘联数据综合预估：10月全国新能源乘用车厂商批发销量161万辆，同比增长 16%，环比增长7%。 ...

Core Viewpoint - The report from CMB International indicates a positive investment rating for the mainland automotive industry, driven by a significant increase in the penetration rate of new energy vehicles, which reached 57.8% in September. The firm anticipates a strong sales performance in the fourth quarter due to various market factors [1] Group 1: Market Performance - In September, the retail sales of passenger vehicles in China reached 2.241 million units, representing a year-on-year increase of 6.3% and a month-on-month increase of 11% [1] - Cumulative retail sales of passenger vehicles from January to September 2025 totaled 17.005 million units, reflecting a year-on-year growth of 9.2% [1] Group 2: Future Outlook - The adjustment of the new energy vehicle purchase tax exemption policy in 2026 is expected to stimulate consumer purchases towards the end of the year, alongside the traditional peak sales seasons of "Golden September and Silver October" [1] - The automotive market is anticipated to enter a consumption lull after the fourth quarter sales surge, necessitating cautious monitoring of stock price fluctuations in the sector [1] Group 3: Company Highlights - Xpeng Motors (09868) is expected to boost sales and gross margins with the launch of its new P7 and extended-range models [1] - Geely Automobile (00175) is focusing on internal resource integration following the privatization of its Zeekr brand [1] - Seres is expanding its high-end market presence and improving profitability with its Aito series [1]