Zhi Tong Cai Jing·2025-09-03 02:18Group 1 - The core viewpoint of the article indicates that Zhongsheng Holdings (00881) has seen a stock price increase of over 7%, currently trading at HKD 17.96 with a transaction volume of HKD 214 million [1] - According to a report from China Merchants Securities International, Zhongsheng Holdings' net profit attributable to shareholders for the first half of the year was RMB 1.011 billion, which is approximately 50% lower than market expectations, primarily due to pressure on profitability from new and used car sales [1] - The management of Zhongsheng Holdings believes that the new car market is about to see improvement, potentially reaching a bottom or even reversing, driven by ongoing consolidation in distribution channels and a concentration of market share towards leading companies [1] Group 2 - The report highlights that strong anti-involution policies are beneficial for stabilizing car sales prices, which is a positive factor for the company [1] - The company's core support from after-sales services is showing steady growth, and progress in the new energy vehicle sector is also on track, leading to a maintained "overweight" rating [1] - The China Automobile Dealers Association's second-quarter report indicates that the redemption period for brand rebates has shortened, with 25 brands having a main redemption period of no more than 30 days, and 15 brands within 60 days for fixed rebates [1]