金吾财讯 | 交银国际发研报指，2025年1月8日，国家发展改革委、财政部发布《关于2025年加力扩围实施大规模设备更新和消费品以旧换新政策的通知》。该行指，汽车报废更新支持范围进一步扩大。将国四排放标准实施后首年销售的燃油乘用车纳入可申请报废更新补贴的旧车范围，该行预计此次报废更新支持范围扩大了约1100万辆。另外，加快推进电动自行车以旧换新。2024年11月电动两轮车新版3C认证标准正式实施，叠加以旧换新政策刺激，该行预计2025年电动两轮车消费情绪有望回暖。该行指，此次汽车行业相关的更新置换补贴政策基本延续了2024年7月的补贴政策，但补贴支持范围进一步扩大。该行认为今年的乘用车补贴范围和力度有望持续加码，以进一步刺激消费，后续的刺激政策有可能扩大至首购需求（60%的购车占比）。
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