中国汽车流通协会：11月份我国汽车经销商综合库存系数为1.57 环比上升34.2%

Core Viewpoint - The automotive dealer inventory coefficient in China increased significantly in November 2025, indicating a rising inventory level above the warning line and higher than the reasonable range [1]. Group 1: Inventory Trends - The comprehensive inventory coefficient for automotive dealers in November was 1.57, up 34.2% month-on-month and 41.4% year-on-year [1][2]. - The total inventory of automotive dealers is estimated to be around 3.5 million vehicles by the end of November, based on a terminal sales figure of 2.225 million vehicles [5]. Group 2: Market Dynamics - The passenger car market showed a low-to-high trend in November, but the expected year-end "tail effect" did not significantly materialize due to various factors, including preemptive consumption in previous months and tightening subsidy policies [4]. - Over 80% of dealers held a pessimistic outlook for November, although the market began to recover in the latter half of the month due to promotions and new car launches [4]. Group 3: Brand-Specific Inventory - The inventory coefficients for high-end luxury and imported brands rose to 1.58, up 37.4% month-on-month; for joint venture brands, it reached 1.70, up 41.7%; and for domestic brands, it was 1.51, up 30.2% [6][8]. Group 4: Future Market Expectations - December is expected to see a mild recovery in terminal consumption, driven by increased promotions from manufacturers and dealers, as well as the gradual release of pre-holiday purchasing demand [11]. - The China Automobile Dealers Association suggests that dealers should rationally estimate actual market demand and enhance the promotion of "trade-in and scrapping policies" to boost consumer confidence [11].