Environmental protection standards are upgraded, and traffic restrictions are implemented to encourage high-emission vehicles to be updated and eliminated

Motor vehicle exhaust emissions have become an important source of air pollution in my country. In order to cope with the pressure of environmental protection, on the one hand, higher standards of motor vehicle fuel consumption emission standards are being issued in full swing. On the other hand, the elimination of yellow-label vehicles and old vehicles is also speeding up. . Environmental restriction is one of the main measures to reduce vehicle emissions and control haze in recent years. Number restriction (odd and even numbers, tail numbers, etc.) and traffic restriction (restricted areas) are measures currently adopted in most areas. We pay attention Until recently, some areas have gradually imposed restrictions on National I, National II gasoline vehicles and National III diesel vehicles (yellow-label vehicles are gasoline vehicles with emission standards lower than National 1 standards and diesel vehicles with National 3 standards, and they do not include National 1. And China 2 emission gasoline vehicles and China 3 diesel vehicles). Beijing stipulates that starting from February 2017, light vehicles with national Ⅰ and national Ⅱ emission standards are prohibited from driving in the area within the Fifth Ring Road; Shanghai has restricted the use of national Ⅰ and national Ⅱ (registered before 2005) standard gasoline vehicles in the outer ring from 2016; Shijiazhuang 17 In November of 2008, measures to restrict the passage of vehicles with National I and National II emission standards were adopted. At the same time, Shandong Province issued a comprehensive plan for atmospheric control in September 2017, actively promoting the installation of DPF on national III heavy-duty diesel trucks, and heavy trucks with substandard emissions will cancel their road transport permits next year.

National II and below car ownership only accounted for 12.8%, but emissions accounted for nearly 60%

At present, the problem of motor vehicle pollution in my country has become increasingly prominent, and automobiles are the main contributor to the total emissions of motor vehicles. According to statistics from the Ministry of Environmental Protection, carbon monoxide and hydrocarbons emitted by automobiles account for more than 80%, and nitrogen oxides and particulate matter account for more than 90%. According to the classification of emission standards according to the statistics of the Ministry of Environmental Protection, in 2016, the major pollutants emitted by the national first-standard vehicles, which accounted for 1.0% of the vehicle population, accounted for 34.2% of the total vehicle emissions; the national II and below accounted for 12.8% of the vehicle population The main pollutants emitted by standard cars account for 58.7% of the total car emissions. The emission pressure brought about by car ownership mainly comes from 23 million cars below the national 3 emission standard. The number is small, but the impact is greater.

The policy thinking of the automobile industry in 18 years may gradually shift from direct preferential treatment to environmental protection guidance

The market is generally worried that after the withdrawal of the preferential purchase tax policy for small-displacement passenger cars in 18 years, the demand in the automotive industry will be under pressure. We believe that, from the perspective of management, the policy for the automotive industry needs to strike a delicate balance between economic growth and energy and emission pressures. This round of small-displacement passenger vehicle purchase tax concessions has gone through 23 months, and the marginal utility is Significant decline, and investing tens of billions to encourage small-displacement passenger cars will greatly reduce the effect of stabilizing growth. Therefore, it is not meaningful to continue the purchase tax concessions for small-displacement passenger cars in 18 years. The successive introduction of automobile environmental protection policies may relay purchase tax concessions, which will not only have a significant impact on the demand for passenger cars but also on commercial vehicles. According to statistics from the Ministry of Environmental Protection, as of the end of 2016, the number of vehicles with emissions from China II and below exceeded 23 million, which is close to the annual sales level of automobiles, and has been used for nearly or more than 10 years, which is not the main force of current renewal demand.

Generally speaking, we believe that in the future, similar auto policies aimed at restricting low-emission vehicles or speeding up the introduction will make a significant positive contribution to the overall stability of the auto industry in 2018.