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[Brokerage Focus] CMB International: Subsidies for National III trucks and agricultural machinery increase, expected replacement cycle to accelerate in the second half of the year.
Jingu News | Zhongyin International stated that the National Development and Reform Commission and the Ministry of Finance issued a notice yesterday (July 25th) on increasing support measures for consumer goods and equipment updates and old-for-new replacements ("Several Measures to Support Large-Scale Equipment Updates and Old-for-New Replacements"). The notice proposes to coordinate about 300 billion yuan of ultra-long-term special national bond funds to support equipment updates and old-for-new replacements. The scope of equipment updates includes industry, environmental infrastructure, transportation equipment, logistics, education, culture and tourism, and medical care, and extends to energy and electrical utilities, and old elevators. It specifically mentions increasing subsidies for national third-class trucks and agricultural machinery.
BOCOM Intl: Strengthening equipment update and trade-in policies will benefit sales of electric vehicles and Henry Hub natural gas heavy-duty trucks.
On July 25th, the National Development and Reform Commission and the Ministry of Finance jointly released several measures to support large-scale equipment renewal and consumer goods exchange programs.
Commercial vehicle sector is on the rise. Weichai Power (02338) rose by 8.58%. Two departments announced the policy of replacing old cars with new ones.
Goldman Sachs News | The commercial vehicle sector is generally rising. Weichai Power (02338) rose by 8.58%, Sinotruk (03808) rose by 6.91%, China International Marine Containers (02039) rose by 4.89%, Dongfeng Group (00489) and EV Dynamics Holdings Limited (00476) followed suit. On the news front, the National Development and Reform Commission and the Ministry of Finance issued several measures to support large-scale equipment updates and the replacement of consumer goods with old ones, raising the subsidy standards for automobile scrap replacement updates. CITIC Securities pointed out that the new version of the automobile replacement policy exceeds market expectations, and the stimulus to the automobile industry will be far greater than the end of April.
Hong Kong Stock Concept Tracking | In June, domestic sales of new energy heavy trucks increased by 149% year-on-year, while head enterprises in the natural gas heavy truck sector are profitable. (Attached concept stock) henry hub natural gas
Henry Hub natural gas heavy trucks are expected to drive the update of the heavy truck industry and boost the profitability of leading companies.
Calculating The Intrinsic Value Of Weichai Power Co., Ltd. (HKG:2338)
Soochow Securities: Terminal demand for heavy truck industry is flat, new energy funds perform well.
Over the next 24 years, as the economy weakly recovers, the growth of road freight volume is providing support for maintain quantity. The high oil and gas price differential is driving the continuous growth of natural gas heavy trucks due to economic reasons. Policy-driven new energy heavy trucks are being accelerated. High export growth in non-Russian regions offsets the decline in Russia, and the entire year's exports have resilience. The elimination of old trucks may lead to substantive subsidy policies to scrap National III/IV vehicles.
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