贴方式出现了变化，新政策在全国范围内执行统一的标准，将定额补贴调整为按车价比例进行补贴，汽 车补贴上限则保持不变。 2026年汽车"两新"补贴政策正式落地。 2025年12月30日，国家发展改革委、财政部发布《关于2026年实施大规模设备更新和消费品以旧换新政 策的通知》（下称"通知"），将继续支持汽车报废更新与汽车置换更新。 与此前政策相比，补贴方式出现了变化，新政策在全国范围内执行统一的标准，将定额补贴调整为按车 价比例进行补贴，汽车补贴上限则保持不变。 具体来看，通知显示，汽车报废更新方面，报废本人名下乘用车后购买新能源乘用车的个人消费者，可 获得新购车车价12%的补贴，最高不超过2万元；购买2.0L及以下排量燃油车的消费者，可获得新购车 车价10%的补贴，最高不超过1.5万元。 汽车置换更新方面，个人消费者转让登记在本人名下的乘用车，购买新能源乘用车补贴车价的8%，最 高不超过1.5万元；购买2.0升及以下排量燃油乘用车补贴车价的6%，最高不超过1.3万元。 汽车"两新"政策拉动消费者购车需求增长。商务部数据显示，今年前11月，消费品以旧换新带动相关商 品销售额超2.5万亿元，其中汽车"以旧换新"成交 ...

Core Insights - As of October 22, 2023, over 3.4 million vehicles have been scrapped and over 6.6 million vehicles have been replaced in 2025 [1] - In the first three quarters of this year, the number of scrapped vehicles reached 7.345 million, representing a year-on-year increase of 47.9% [1] - It is estimated that approximately 7.1 million tons of steel, 920,000 tons of aluminum, and 930,000 tons of plastic can be recycled, contributing to a carbon reduction of over 21 million tons [1]

Group 1: Market Overview - From April 1-6, the national retail sales of passenger cars reached 210,000 units, a year-on-year increase of 2%, but a month-on-month decrease of 14%. Cumulative retail sales for the year reached 5.336 million units, up 6% year-on-year [1][3] - During the same period, wholesale sales of passenger cars were 212,000 units, a year-on-year increase of 11%, but a month-on-month decrease of 21%. Cumulative wholesale sales for the year reached 6.49 million units, up 11% year-on-year [1][3] Group 2: New Energy Vehicles - Retail sales of new energy vehicles from April 1-6 reached 113,000 units, a year-on-year increase of 17%, but a month-on-month decrease of 17%. Cumulative retail sales for the year reached 2.533 million units, up 35% year-on-year [1][3] - Wholesale sales of new energy vehicles during the same period were 120,000 units, a year-on-year increase of 25%, but a month-on-month decrease of 16%. Cumulative wholesale sales for the year reached 2.968 million units, up 42% year-on-year [1][3] Group 3: Market Dynamics - The automotive market is expected to maintain stable growth in April 2025, supported by favorable working days and the implementation of the vehicle scrappage policy [4][5] - The impact of external factors, such as increased tariffs, has influenced consumer sentiment, but domestic demand policies are expected to support market stability [3][5] Group 4: Pricing Trends - In March 2025, the average price reduction for pure electric vehicles was 176,000 yuan, with a reduction rate of 9.1%. For plug-in hybrid vehicles, the average price reduction was 179,000 yuan, with a reduction rate of 4.8% [6][7] - Traditional fuel vehicles are experiencing an aging trend, leading to a reliance on promotions for sales, with promotional rates for fuel vehicles reaching 22.1% in March 2025 [7] Group 5: Used Car Market - In the first two months of 2025, the used car market saw a transaction volume of 2.85 million units, a year-on-year decrease of 1%, with a transaction value of 186.2 billion yuan, down 5% [8] - The penetration rate of new energy vehicles in the used car market reached 9.1% in February 2025, indicating a growing trend [8] Group 6: Industry Performance - In 2024, the production of passenger vehicles is expected to reach 31.56 million units, a year-on-year increase of 5%, with new energy vehicle production projected at 13.17 million units, up 39% [9] - The average gross margin for car manufacturers is around 15%, with some companies like Seres and Xiaomi exceeding 20% [9]