Automotive industry: Adjustment of monetary policy favors commercial vehicle industry

Constitutes substantial benefits for the commercial vehicle industry

Some fixed asset investment projects temporarily discontinued due to tightening monetary policy in the first half of the year are expected to restart, which will directly stimulate the demand for heavy truck products. For the heavy truck and passenger car industries, the downstream customers are mostly small and medium-sized enterprises, and small and medium-sized financial institutions deposits The downward adjustment of the reserve ratio will help downstream customers of heavy truck companies and bus companies to obtain more loans, thereby transforming some potential needs into effective demand and increasing the sales of heavy-duty truck products and passenger car products; the decline in loan interest rates will help reduce The financial expenses of heavy truck companies and bus companies will ease business pressure and increase corporate profits.

Limited impact on the passenger vehicle industry in the short term

The decline in loan interest rates and deposit reserve ratios of small and medium-sized financial institutions has limited impact on the passenger vehicle industry: The reduction in lending rates will help reduce the financial costs of passenger vehicle companies; the proportion of consumers who currently use consumer loans to buy cars is not high. The downward adjustment of the deposit reserve ratio of small and medium-sized financial institutions does not increase the number of consumers who have loaned cars, and thus has a limited impact on the sales volume of passenger car products.

The decline in lending rates and the deposit reserve ratio of small and medium-sized financial institutions will benefit the heavy-duty truck industry and the passenger car industry, with relatively limited impact on the passenger vehicle industry. We continue to be optimistic about the heavy truck industry and passenger car industry, and are cautious about the passenger car industry and maintain a neutral investment rating.