金吾财讯 | 招银国际表示，中国交通运输部、发改委和财政部于 3 月 18 日联合发布了关于实施老旧营运货车报废更新的通知。2025 年的补贴水平将与 2024 年大致相同。主要变化包括：(1)新补贴范围涵盖国三和国四货车的提前报废(去年仅限国三及以下)；(2)购买所有货车均可享受补贴(之前仅限柴油货车)。该行指，新的补贴计划增强了该行对今年重卡销售的积极看法，主要由于: (1)根据该行的估计，国四重卡保有量规模占总重卡的 30%；(2)最重要的是，今年新购车的补贴范围将包括天然气货车，而去年仅包括柴油货车。该行认为潍柴动力(02338 / 000338 CH, 买入)将成为主要受益者，因为公司在天然气重卡发动机市场占有主导地位(>60%)。该行给予持有评级的中国重汽(03808)也将受益。
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