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[Brokerage Focus] Minsheng Securities pointed out that the release of the updated regulations for the renewal of old operating trucks will drive the recovery of domestic demand for medium and heavy trucks.
Jingu Finance | Minsheng Securities stated that on July 31st, the Ministry of Transport and Ministry of Finance issued a notice on the implementation of the scrappage and renewal of old commercial vehicles, clarifying the subsidy scope, implementation period, subsidy standards, funding channels, and disbursement methods for the old-for-new policy for medium and heavy trucks. This detailed rule explicitly subsidizes scrapped diesel trucks with National III and below emission standards, scrapped and new-purchased trucks with National VI emission standards or new energy vehicles, and only newly purchased new energy vehicles that meet the criteria. At the same time, the detailed rule specifies that the subsidy funds for scrappage and renewal of old commercial vehicles will be shared by the central and local governments according to a general 9:1 principle.
Hong Kong stocks surge | Sinotruk (03808) is up more than 5% now, with better growth in production and sales than the industry average. The sales volume of heavy trucks will be significantly benefited by the policy of replacing old with new.
Sinotruk (03808) has surged over 5%, as of press time, up 4.21% to HKD 19.78 with a turnover of HKD 27.2898 million.
Sinotruk has established a long-term partnership with China National Heavy Duty Truck for China Certification Inspection & Testing Group (301508.SZ).
On July 29th, Gelunhui reported that CRRRC Corporation (stock code: 301508.SZ) stated on the investor platform that the company has established a long-term cooperative relationship with Sinotruk. Currently, the company's well-known customers include BAIC Group, Great Wall Motor, Dongfeng Group, Sinotruk, Jianghuai Group, Chery Automobile, BYD Company Limited, CRRC Corporation, Geely Group, Xugong Group, Sany Group, Zoomlion, AUTOLIV and other domestic and foreign well-known manufacturers. There are thousands of customer resources.
Dahua Rating|Daiwa: It is expected that Chang'an, Geely, Sinotruk, and Times Electric will benefit from the old-for-new policy and are rated as "buy".
Daiwa released a research report stating that the National Development and Reform Commission recently issued a notice on a number of measures to encourage equipment upgrades and replacing old consumer goods. A total of 300 billion yuan will be used to strengthen support for large-scale equipment upgrades and replacing old consumer goods. Among them, subsidies for replacing old automobiles have been increased. It is expected that Great Wall Motor, Geely Auto, Sinotruk, and Times Electric will all benefit from this policy and have a "buy" rating. The new policy is expected to drive the replacement demand for passenger vehicles, heavy-duty trucks, and new energy city buses to increase.
Soochow Securities: Heavy trucks will transition from incremental market to stock renewal market.
Within 24 years, domestic demand is recovering weakly with support provided by the growth of highway freight volume. The oil and gas price differential remains high, driving the continuous high growth of natural gas heavy trucks from an economic perspective; policy-driven new energy heavy truck is accelerating its sales volume.
Hong Kong Viable Stocks – Sinotruk (Hong Kong), AviChina Industry & Technology
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