Core Viewpoint - The report from CMB International indicates a leading rating for the domestic automotive industry, anticipating a surge in consumer purchases before the adjustment of the new energy vehicle purchase tax exemption policy in 2026 [1] Group 1: Market Outlook - The adjustment of the new energy vehicle purchase tax exemption policy in 2026 is expected to stimulate consumers to concentrate their vehicle purchases by the end of 2025 [1] - The firm predicts that the year-end passenger car sales will remain at a high level due to automakers' efforts to boost sales and build inventory before the Spring Festival [1] Group 2: Seasonal Trends - After the concentrated release of vehicles in the fourth quarter, the first quarter of 2026 may return to a seasonal low [1] - Investors are advised to seize structural opportunities while remaining cautious and attentive to short-term fluctuations [1]
交银国际：建议投资者把握内地车企结构行情同时保持审慎 关注短期波动