值得注意的是，中央经济工作会议强调扩内需、以科技创新引领新质生产力发展。民生证券指出，近期国家发改委发言人李超，提出将研究提出未来继续加大“两新”政策支持力度、扩大支持范围，本次会议再次明确要大力提振消费，我们预计2025年以旧换新政策将延续，延续时间及力度有待观察。Auto stocks rose across the board. As of the time of writing, NIO Inc. (09866) was up 3.9%, priced at 3.64 Hong Kong dollars; Li Auto Inc. (02015) was up 2.7%, priced at 87.55 Hong Kong dollars; LEAPMOTOR (09863) was up 2.78%, priced at 29.6 Hong Kong dollars; Xiaopeng Motors (09868) was up 3.01%, priced at 49.6 Hong Kong dollars.
According to Zhito Finance APP, auto stocks rose across the board. As of the time of writing, NIO Inc. (09866) was up 3.9%, priced at 3.64 Hong Kong dollars; Li Auto Inc. (02015) was up 2.7%, priced at 87.55 Hong Kong dollars; LEAPMOTOR (09863) was up 2.78%, priced at 29.6 Hong Kong dollars; Xiaopeng Motors (09868) was up 3.01%, priced at 49.6 Hong Kong dollars.
On the news side, according to the China Association of Automobile Manufacturers data, in November 2024, the production and sales of Passenger Vehicles reached 3.109 million and 3.001 million units respectively, with month-on-month increases of 14.9% and 9%, and year-on-year increases of 14.9% and 15.2%. From January to November 2024, the production and sales of Passenger Vehicles reached 24.459 million and 24.435 million units respectively, with year-on-year increases of 4.3% and 5%. According to the analysis of the China Association of Automobile Manufacturers, in November, the effects of the auto replacement policy continued to show, with promotional activities from various regions and enterprises persistently gaining momentum. Coupled with the year-end rush, it helped sustain the strength of the Passenger Vehicle market and further released the demand for car purchases.
It is noteworthy that the Central Economic Work Conference emphasized the expansion of domestic demand and leading the development of new quality productivity through Technology innovation. Minsheng Securities pointed out that recently, Li Chao, spokesperson of the National Development and Reform Commission, proposed to study and propose to continue to increase support for the 'two new' policy in the future and expand the scope of support. This meeting once again clearly stated the need to vigorously boost Consumer demand. We expect that the auto replacement policy will continue into 2025, with the duration and strength yet to be observed.
