中国汽车流通协会：2025年9月汽车经销商库存系数为1.35

Core Viewpoint - The inventory level of automobile dealers in China has increased in September 2025, indicating a cautious market outlook despite seasonal demand boosts [1][2][8]. Group 1: Inventory Levels - The comprehensive inventory coefficient for automobile dealers in September was 1.35, reflecting a month-on-month increase of 3.1% and a year-on-year increase of 4.7% [1][2]. - The total inventory of automobile dealers is estimated to be around 3.04 million units, based on a terminal sales figure of 2.25 million passenger vehicles in September [4][8]. Group 2: Brand Performance - The inventory coefficient for high-end luxury and imported brands was 1.42, showing a month-on-month decrease of 4.1% [6]. - The inventory coefficient for joint venture brands increased to 1.38, up by 7.8% month-on-month, while the inventory coefficient for domestic brands rose to 1.32, with a 1.5% increase [6]. Group 3: Market Outlook - The automobile market in October is expected to maintain a peak season trend, supported by traditional seasonal patterns and local subsidy policies, along with the National Day holiday and auto shows [8]. - The China Automobile Dealers Association suggests that dealers should rationally estimate actual market demand and enhance promotion of vehicle replacement policies to boost consumer confidence [8].