On July 25th, Xpeng rose more than 2.8%, NIO Inc. rose more than 2.4%, and Li Auto Inc. rose 2%. In terms of news, Minsheng Securities released research reports stating that on July 25th, the National Development and Reform Commission and the Ministry of Finance issued several measures to vigorously support large-scale equipment renewal and consumer goods replacement with specific targets, increasing the subsidy standards for scrapping old cars and purchasing new ones. Compared with the previous policy, this policy clarifies the funding channels and specific amounts, with a higher proportion of central government participation and greater support, which is expected to strongly promote the replacement of old cars with new ones and stimulate demand.