“金九”圆满收官：零批量创历年9月新高，“银十”增长可期

Core Insights - The Chinese passenger car market achieved record high retail and wholesale volumes in September, marking a strong start to the "golden September and silver October" period, which is crucial for the overall automotive market performance in the fourth quarter [1][3] Retail and Wholesale Performance - In the first nine months of the year, cumulative retail volume reached 17.05 million units, a year-on-year increase of 9.2% [3] - September retail volume reached 2.241 million units, up 6.3% year-on-year and 11% month-on-month; wholesale volume was 2.803 million units, with a year-on-year increase of 12.4% and a month-on-month increase of 13% [3][4] Brand Structure - Domestic brands remain the main driving force in the market, with retail sales of 1.5 million units in September, a year-on-year increase of 13% and a month-on-month increase of 12.9% [4] - The market share of domestic brands reached 66.9%, up 3.6 percentage points year-on-year, while joint venture and luxury brands experienced declines in year-on-year performance [4] New Energy Vehicles (NEVs) - NEVs continue to lead the market, with production in September reaching 1.501 million units, a year-on-year increase of 22.9% [6] - Retail sales of NEVs reached 1.296 million units in September, up 15.5% year-on-year, with a market penetration rate of 57.8% [6][7] - Exports of NEVs hit a record high, with 211,000 units exported in September, a year-on-year increase of 96.5% [6] Market Dynamics - The automotive market is experiencing a reduction in "price wars," with only 23 models seeing price cuts in September, down from 34 in the previous year [8] - The inventory warning index for automotive dealers was 54.5% in September, a decrease of 2.5 percentage points, indicating improved order conversion efficiency [9] Upcoming Trends - The market is entering the "silver October" phase, with over 70 new models launched in September, contributing to increased consumer interest [10] - The automotive consumption index for September was 88.9, indicating expectations for higher sales in October compared to September [11]