BOCOM INTL released a research report stating that the updated replacement subsidy policy related to the Autos Industry basically continues the subsidy policy from July 2024, but the scope of subsidy support has been further expanded. The bank believes that this year's subsidies for Passenger Vehicles are likely to increase in scope and intensity to further stimulate Consumer demand, and subsequent stimulus policies may expand to first-time purchase demand (which accounts for 60% of vehicle purchases).