智通财经网·2026-01-27 07:59Group 1 - The core viewpoint is that the passenger car industry will continue to exhibit a "stable volume and slow price" logic in 2025, with ASP (Average Selling Price) showing a slight decline in the coming years [1][2] - In December 2025, the domestic passenger car compulsory insurance sales were 2.278 million units, a year-on-year decrease of 16.4%, indicating weaker demand compared to seasonal trends due to consumer hesitation influenced by the suspension of trade-in subsidies [1][2] - The dynamic inventory-to-sales ratio for the passenger car industry as of December 2025 was 2.48, with short-term inventory risks considered low due to expected demand release from continued trade-in policies [3] Group 2 - The passenger car ASP showed a year-on-year increase of 13.7% in December, indicating a positive trend after October, while the overall automotive retail sales decreased by 5.0% [2] - The elasticity of terminal sales for passenger cars in 2026 is expected to be influenced by the extension of scrapping and replacement subsidies, with estimated elasticities of 2.1% and 4.3% respectively [2] - The total inventory of passenger cars was 4.708 million units as of December 2025, with a decrease of 37,000 units in December, reflecting a cautious market environment [3]