Core Points - Shenzhen Municipal Bureau of Commerce announced the cessation of the 2025 automobile replacement subsidy policy due to the budget cap being reached [1] - The total subsidy fund is controlled on a first-come, first-served basis until exhausted [1] Summary by Category Policy Announcement - The automobile replacement subsidy policy for 2025 will stop after the qualification issuance on October 28, 2025, as the allocated budget has been fully utilized [1] Financial Implications - The announcement indicates a significant impact on the automotive industry in Shenzhen, as the subsidy program was designed to encourage consumers to replace old vehicles with new ones [1]

Core Insights - The promotional efforts by car manufacturers during the National Day and Mid-Autumn Festival have significantly decreased compared to previous years, indicating a shift in market dynamics and a reduction in "involution" competition [1][2][3] - There is a notable increase in demand for new energy vehicles (NEVs) in Cangzhou, a third-tier city, with sales of specific models like the Haobo HL showing strong performance despite the lack of cash discounts [1][3] Promotional Strategies - Car brands such as Huawei Hongmeng and Fangcheng Leopard are not offering cash discounts but instead providing limited-time benefits like vehicle upgrades and delivery gifts [2][3] - Several brands, including Li Auto and Xpeng, have announced National Day exclusive promotional policies, but actual consumer savings are minimal, often only 2000-3000 yuan compared to regular prices [2][3] Market Trends - The demand for NEVs is rising significantly, with more vehicles displaying green license plates observed in various locations [2][3] - Sales personnel are emphasizing the urgency of purchasing vehicles this year due to impending changes in tax policies and government subsidies, which could result in higher costs in the future [4][5] Policy Changes - The exemption of vehicle purchase tax for NEVs is set to continue until the end of 2027, with specific conditions for tax reductions outlined for purchases made in the coming years [5] - The process for applying for vehicle replacement subsidies has shifted to a "first come, first served" model through the Dongche Emperor app, with limited availability of qualification vouchers [6][7] Regional Developments - Various provinces, including Hebei, have adopted a "voucher" system for vehicle replacement subsidies, requiring consumers to act quickly to secure funding [6][7] - Some regions have paused their vehicle replacement subsidy policies earlier this year, but many have resumed with new funding and application processes [7]

Core Viewpoint - The Shanghai Municipal Commission of Commerce and four other departments have issued the implementation details for the 2025 subsidy policy to support the replacement and upgrading of automobiles, specifically targeting the purchase of new energy vehicles [1] Group 1: Policy Details - The subsidy policy will be effective from January 1, 2025, to December 31, 2025 [1] - A one-time fixed subsidy of 15,000 yuan will be granted to individual consumers who purchase new energy passenger cars priced at 100,000 yuan or above [1] - The subsidy applies to consumers who transfer their registered passenger cars from other provinces within the specified timeframe [1]

Core Points - The Shanghai Municipal Commission of Commerce and four other departments have issued the implementation details for the 2025 subsidy policy to support automobile replacement and upgrades [1] - Consumers purchasing new energy vehicles priced over 100,000 yuan or fuel passenger cars meeting the National VI B emission standards will receive subsidies of 15,000 yuan and 13,000 yuan respectively [1] - Each consumer can only receive the subsidy once per calendar year, with the funding shared between national and municipal finances at a ratio of 85% and 15% [1] - The application deadline for the subsidies is set for January 10, 2026 [1]