7月我国汽车流通行业景气度有所下降

Core Viewpoint - The Chinese automotive market is experiencing a decline in dealer inventory warning index, indicating a decrease in industry prosperity, influenced by various factors such as subsidy policy adjustments and reduced consumer purchasing activity [1][2] Group 1: Inventory and Market Conditions - In July, the dealer inventory warning index was reported at 57.2%, a year-on-year decrease of 2.2 percentage points and a month-on-month increase of 0.6 percentage points, indicating a slight recovery in inventory levels compared to the end of June [1] - The automotive market entered a traditional off-season in July, with 47.7% of dealers expecting a decline in overall market performance, with a drop exceeding 5% [1] - Despite a slight recovery in inventory levels, the overall market heat remains relatively high due to effective order digestion and summer tourism [1] Group 2: Challenges Faced by Dealers - Dealers are facing challenges such as declining customer foot traffic, extended car purchase decision cycles, and lower-than-expected transaction rates due to market conditions and policy changes [1] - The slowing inventory turnover rate is causing financial pressure on dealers, squeezing the profit margins on new car sales and increasing operational stress [1] Group 3: Future Market Outlook - The China Automobile Dealers Association predicts that the automotive market will operate steadily in August, with performance expected to improve compared to July [2] - Upcoming promotional activities, such as the 818 car purchase festival and local auto shows, are anticipated to stimulate terminal sales [2] - The government has allocated an additional 69 billion yuan in subsidies to support the implementation of trade-in policies, which is expected to further boost market demand [2]