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【Brokerage Focus】BOCOM INTL indicated that the scope of support for the Autos industry's trade-in program is further expanding. Attention is on subsequent policy intensification.
Jinwu Financial News | BOCOM INTL released a Research Report indicating that on January 8, 2025, the National Development and Reform Commission and the Ministry of Finance issued a notice on the "Implementation of Large-Scale Equipment Renewal and Consumer Replacement Policy for Old Products in 2025." The report points out that the scope of support for the scrapping and renewal of Autos has been further expanded. RBOB Gasoline Passenger Vehicles sold in the first year after the implementation of the National IV emission standard will be included in the eligible old vehicles for scrapping and renewal subsidies. The bank estimates that this extension of the scrapping and renewal support scope is approximately 11 million vehicles. Additionally, the policy to expedite the replacement of old electric bicycles is in progress. The new 3C certification standards for electric two-wheelers will be officially implemented in November 2024.
AI takes center stage! The CES Autos exhibition booths have transformed as many automakers strengthen their application of Asia Vets in smart cabins.
① BMW globally debuted its next-generation super sensory intelligent cockpit at the 2025 CES exhibition - featuring the innovative panoramic iDrive and BMW's new generation operating system X. ② ZEEKR also regards the 'intelligent cockpit' as one of the key highlights of its exhibition, announcing a partnership with Qualcomm to jointly develop future-oriented intelligent cockpits.
The strong become stronger! The fierce competition among car manufacturers has entered the elimination stage; who will come out on top in the end?
HSBC expects that the narrative of price wars and Industry consolidation will continue, as BYD and Tesla will further expand their competitive advantages through price wars, while companies with annual sales of less than 30,000 vehicles have a low chance of long-term survival.
UBS Group: Upgraded Weichai Power rating to "Buy" and raised the Target Price to HKD 15.1.
UBS Group released a research report stating that the rating of Weichai Power (02338) has been upgraded from "Neutral" to "Buy," and the Target Price for the listed in Hong Kong stocks has been raised from 12.3 Hong Kong dollars to 15.1 Hong Kong dollars. The report noted that Weichai Power's stock performance in the second half of last year lagged behind the Hang Seng Index due to electric trucks quickly gaining market share amid higher subsidies and lower operating costs. However, on a quarterly basis, with the cost of Henry Hub Natural Gas (LNG) declining since the fourth quarter of last year, the bank expects market demand for LNG trucks to rebound in the first quarter of this year. Additionally, the bank believes that Weichai Power is advancing through its joint venture with BYD Company (01211).
The "cold winter" is not over yet! Industry worries: lithium prices are still difficult to achieve a significant rebound this year.
① After experiencing two years of cyclical adjustments, many industry insiders predict that Lithium prices may still face challenges in 2025; ② With the ongoing surplus in Lithium supply, and the possibility that some mines might restart if prices rise, it means that this Battery Metal may still be unlikely to see a significant rebound this year.
BYD Brought Hundreds of Chinese Workers to Brazil on Irregular Visas, Reuters Reports
