中国汽车流通协会：10月份汽车经销商综合库存系数为1.17 同比上升6.4%

Group 1 - The core viewpoint of the article indicates that the comprehensive inventory coefficient of automotive dealers in October 2025 is 1.17, which represents a month-on-month decrease of 13.3% and a year-on-year increase of 6.4%, placing inventory levels below the warning line and within a reasonable range [1] Group 2 - In October, the inventory coefficient increased year-on-year but decreased month-on-month, reflecting a seasonal trend in the automotive market [2] - The automotive market maintained a strong performance during the "Golden September and Silver October" period, driven by local subsidies, promotional events during the National Day auto show, and the launch of new models, leading to a significant increase in orders in the first half of the month [4] - Despite a cyclical decline in consumer demand post-holiday, the effects of policy measures, such as the impending expiration of the new energy vehicle purchase tax exemption, have prompted manufacturers to enhance promotional efforts [4] Group 3 - The inventory coefficients for high-end luxury and imported brands decreased month-on-month, with high-end luxury & imported brands at 1.15 (down 19.0%), joint venture brands at 1.20 (down 13.0%), and domestic brands at 1.16 (down 12.1%) [5][7] Group 4 - The brands with the highest inventory depth in October were predominantly low, with only two brands exceeding two months of inventory; the top three brands with the highest inventory depth were FAW Hongqi, GAC Trumpchi, and Dongfeng Nissan [8] Group 5 - Looking ahead to November 2025, the market demand is expected to improve compared to October, supported by the Double Eleven shopping event, the Guangzhou Auto Show, and the launch of new models [10] - The adjustment of the new energy vehicle purchase tax exemption policy from "full exemption" to "half exemption" is anticipated to drive demand, with companies like NIO, Xiaomi, and Li Auto implementing bottom-line policies to secure orders [11] - The China Automobile Dealers Association advises that due to increasing market uncertainties, dealers should rationally estimate actual market demand and enhance promotion of "old-for-new and scrapping policies" to boost consumer confidence while prioritizing cost reduction and efficiency [11]