大中华区汽车行业：汽车政策电话会议纪要：2026年车辆以旧换新刺激政策将持续

Concall takeaways on auto policy:vehicletrade-instimulus to continue in2026 ndustryOvervlew 21 November 2025 Vehicle trade-in stimulus policy to continue in 2026 We hosted a conference call with Ms. Liu Yan, who has been an Automotive IntemationalPolicy Research Engineer at the China Automotive Technolcgy and Research Center Co.,Ltd. (CATARC) since December 2016. The call focused on China auto policy outlook.including trade-in subsidy, vehicle purchase tax, consumption tax, vehicle tariff. Wesummarize our key takeaways. According to Ms. Yan, total vehicle trace-in subsidyamount reached RMB130bn, as of end-September 2025, and is seen at RMB150bn incontinue in 2026, while the total subsidy amount is likely to be lowered by 30-40% in2026, and the technical requirements for vehicles to be eligible for the suibsidy are likelyto be stricter. In addition, due to the lower ASP (-cRMB100k in 9M25 vs. RMB113k in2024) for scrappage trade-in vehicles, the subsidy per vehicle is likely to be based on thenew model's price in 2026. The vehicle trade-in subsidy policy for screppage is likely to EquityGreater ChinaAutos Ming Hsun Lee, CFA :Researdh AnelestminghsunJeec(scofa.ccm852 3508 500 Joey Yang, CFA >>esRarchAnshes[2uo) 2L0 Fions Liang >:Merill Lsnch (Hong Kongtflona.larg3ssbofa.com-852 3508 4300 Stricter technical requirements to stimulate high-qualityNEvsdevelopment Me-ill Linch (Sngspors)SesearchAnsles!+65 5678 1134lessle.le(stofa.ccm Regarding stricter technical requirements for NEVs eligible for purchasetax exemptionin 7026-27, Ms, Liu Said that nearly 83%/53% of BEVs/PHEVs Sold in 9M75 rret the newNEVs with low quality will not enjoy the purchase-tax exemption, In addition, consideringstandards. Tne policy's airn is to stimulate development of high-quality NEVs, and somethe higher-than-experted NEV peretration rate, the goverrnent will no loniger set goalsfor NEV penetration, and may focus more on intelligent vehicles development in the nextfew years Ms, Liu also hinted that the government is likely to impose consurmption taxfor NEVs based on curb veight in 2027-78 to bxoost ferleral revenue, The expert said thevehicle purchase tax-cut policy for ICEVs is less likely to be implemented in 2025. NEV: new energy vehicle BEV: battery electric vehicle PHEV: plug-In hybrld electric vehicle BEv export regulations to control parallel exports Ms. Liu stated that the China BEV exports regulation released in September 2025 is apart of the anti-involtion policy in the overseas market, which is discouraging parallelexports (export zero-mileage used cars via traders): under the new policy, all BEV PVs forexport must apply for an export license; only auto OEMs and their authorized operatingprices as they have no sales channels in the overseas markets and don't provide after-market services, which will hurt China auto's brand awareness. The policy should seesome effect from December, anc NIO and Li Auto are expected to be negativelyimpacted the most. Capacity regulation in both China and overseas markets Due to the low utilization rate across the industry. auto OEMs are less likely to getpermission to expand production capacity in China. Cn the other hand, Ms. Yan saidcapacity expansion in the overseas market will also be regulated, and auto OEMs mayneed to share capacity in the overseas plant to improve utilization rate in the future. DisclosuresImportant Disclosures BGRahuaa hreremncneumonhfasbitot Bcm1elwo et(, Stoue, /a.no Suoue edn pasec tesed.uco 3(ae) ose /e Jda Su cu a qsuxdse(s,sieue al ux.e .ansavu: wou, oe-a Si;c:d Suorpu ug,=-cdg) Other Important Disclosures Frcm tim: tr tim: mscarch nslysti rnvcirt sitr isits af cornc iwacrs. Bnfa (ilch:1knveerch palic es prchisir resarh aays fmm aocpting atymant cr mrimhurs:mcnt for tral Princsa: Ind:t and fr rformtianp.rpoxrscnl, Fxat arcthev.is: sthtrd inthercpat,for ary mcommendrtin in mlarion tr anpgity so.ry.thr: p:: mfrrd ithe pihirlyprr: ai nf the d:tcandtim: of th: rpcrand in mrarion tca d:t scurry(rdiing ity asferaf and(/iS) pr csar: Incirar ascftre dstcandtre nf the rcportand sre frm anaxstncird pri:e: af rh: s:ririty ar nf dnv? afhusincss on thr d:s pricr to thr d:tc of thc r:jat a-, if the mxcr Is puh ish:vi diuring intraca/ rarfing, th μrirr refemrord it indiratt: af th: tradcd5ouncrs inrlk.ting hor4 Scn,rtics :ncing desks. The d:t: anc tim: nf comglcticn cf tre μm:d.x:ion of ary mcammcndntian in this rmp:ait shall ic th: dtc anc time af cissaminaricn cf this r:part as mcordcd in thc mpart rimcstamp R-rirns vcanrctirsttitia estcrs armket praissinnis shs.l: ek tratr: af thsir inceendent finan:al attaiscr h:forecorsidkring infamstien in this rpor: In canectian Officcrs nf aofAS aren: nrmoe ofits sflutes (ctrer tan rsearch snsl)sts) may hsr: a finsnralirresr in serims af th: m.eris; arin slstedimesmerrvrh ary inxestmcnt d:rision, ar fx a nporssary cepiararion af its rnntert-frertn bcfa total esrarrh cnl:is mlarigta rnnflcts cf rrcrest “BofA Secu