智通财经网·2026-01-09 02:33Group 1 - The core observation from Goldman Sachs indicates a cautious outlook on the overall Chinese automotive market, with management expecting retail sales of passenger vehicles in 2026 to decline by 5% to grow by 1% year-on-year, despite the continuation of the "old-for-new" subsidy policy [1] - The report highlights that all six OEMs anticipate their sales growth in 2026 to range from 11% to 68%, while overseas sales are expected to increase between 19% and 108%, indicating a significant expansion despite a stable domestic market [2] - The management teams emphasize an accelerated overseas expansion strategy for 2026, with plans to launch more overseas versions of new models and establish local sales and service channels [3] Group 2 - The introduction of new models is expected to be aggressive, with a total of 119 new models projected for 2026, categorized by price range: 46 in the mass market (below 200,000 RMB), 37 in the mid-to-high-end market (200,000 to 300,000 RMB), and 36 in the high-end/luxury market (above 300,000 RMB) [3] - The competitive landscape in the high-end market is anticipated to become more crowded, particularly in the 250,000 to 300,000 RMB price range, which is expected to be the most competitive segment [3] - Goldman Sachs predicts a contraction in the domestic profit pool for the Chinese automotive industry in 2026, while the overseas market is expected to see accelerated adoption of new energy vehicles [3]