证券研究报告 汽车 NEV 减税技术标准趋严，促高质发展 华泰研究 2025 年 10 月 13 日│中国内地 动态点评 车辆购置税减免要求调整，倒逼车型更长续航及更低能耗 10 月 9 日，工业和信息化部、财政部、税务总局等三部门联合公告 2026-2027 年减免车辆购置税新能源汽车产品技术要求。新政策与此前免征要求的主要 变化为 1）提升新能源车能耗标准；2）新增混动车续航要求。我们认为， 本次调整对 26 年起减半征收购置税的车型要求趋严，符合标准的车型将具 备价格优势，倒逼车企淘汰落后产能并加大技术投入。车市方面，"金九" 行情表现较好，零售（224 万辆，同环比+6%/11%）、批发（280 万辆，同 环比+12%/+13%）、出口（53 万辆，同环比+21%/6%）均创历史新高，9 月开始的年末车市走强特征开始显现，我们看好 Q4 销量稳定增长。推荐具 备强自主研发能力的龙头企业比亚迪、吉利汽车，关注小鹏汽车、理想汽车。 汽车 增持 (维持) 纯电车电耗限制提升 10%以上，大型纯电车当前达标率最低 纯电动乘用车技术要求调整如下（采用 GB 36980.1-2025 新国标）： 1） 整车装备质 ...

Core Insights - The new policy for electric vehicle (EV) purchase tax exemptions will continue into 2026-2027, but with stricter technical requirements for eligibility [3][5][21] Group 1: Policy Changes - The vehicle purchase tax exemption for new energy vehicles (NEVs) will be reduced by half, with a maximum tax reduction of 15,000 yuan per vehicle during 2026-2027 [5][14] - The previous full exemption of up to 30,000 yuan for NEVs purchased in 2024-2025 will no longer apply [5][14] Group 2: Technical Requirements - New regulations emphasize higher technical standards for NEVs to qualify for tax exemptions, including specific limits on energy consumption for electric vehicles [8][10] - Plug-in hybrid vehicles must have a pure electric driving range of at least 100 kilometers, which is a stricter requirement compared to previous standards [11][12] - Additional limits on fuel consumption and energy consumption for hybrid models have been established, promoting efficiency [12] Group 3: Market Implications - The upcoming changes are expected to increase the cost of purchasing NEVs in the near term, prompting manufacturers to ramp up promotions in the last quarter of the year [14][15] - The market is anticipated to see advancements in technology, such as driver assistance features and battery technology, which may influence consumer decisions [15][19] - Consumers are advised to consider their personal circumstances when deciding whether to purchase now or wait for potential technological breakthroughs next year [17][19]

Core Viewpoint - The article discusses the updated policies regarding the exemption of vehicle purchase tax for new energy vehicles (NEVs) in China, highlighting the eligibility criteria and the timeline for tax exemptions and reductions [3][4]. Group 1: Tax Exemption Eligibility - Not all new energy vehicles are eligible for tax exemption; they must be listed in the "Catalog of New Energy Vehicles Eligible for Purchase Tax Exemption" published by the Ministry of Industry and Information Technology and the State Taxation Administration [3]. - Eligible vehicle types include pure electric vehicles, plug-in hybrid vehicles (including range-extended), and fuel cell vehicles, which must meet specific technical requirements [3]. Group 2: Tax Exemption Timeline - From January 1, 2024, to December 31, 2025, the purchase of new energy vehicles will be exempt from vehicle purchase tax, with a maximum exemption of 30,000 yuan per vehicle [4]. - From January 1, 2026, to December 31, 2027, the purchase tax will be halved, with a maximum reduction of 15,000 yuan per vehicle [4]. Group 3: Sales and Tax Calculation - When selling "battery swap mode" new energy vehicles, the sales of vehicles without batteries and the batteries themselves must be accounted for separately, and invoices must be issued accordingly [5]. - The purchase date for tax exemption is determined by the date on the unified invoice or customs tax payment document, not by the vehicle pickup date or registration date [6]. - For example, if a vehicle is sold for 500,000 yuan (excluding VAT) and the applicable tax exemption limit is 30,000 yuan, the taxable amount would be 20,000 yuan, resulting in a payable vehicle purchase tax of 20,000 - 30,000 = 20,000 yuan [6].