金吾财讯 | 华泰证券表示，2月新能源乘用车销量达84.3万辆，同环比分别+86.79%/-6.32%，渗透率达46.44%，环比提升4.25pct；并且出口销量中新能源车占比提升，达33.9%。春节后报废更新补贴申请速度加快，2月1日至19日日均申请约6000份；而2月19日至3月5日期间日均新增申请量突破1万份。该行认为，2025年报废更新和置换更新补贴政策将对车市继续起到强力支撑，全年补贴申请量或有望超过24年。2025年3月燃油车与新能源车市场折扣率分别为18.97%/5.48%，环比+0.10pct/+0.00pct。另外，3月新势力权益政策力度有所加大，25年以来已有14家合资和自主品牌推出一口价方案，部分车型进一步让利，成为汽车促销新方式。该行指，3月份供给端较多新车型密集上市，产品迭代加速市场热度提升，市场折扣基本稳定；需求端释放动能增强，超长期国债与“两新”政策形成组合拳，刺激终端消费需求释放。
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