中国汽车流通协会：1月汽车经销商综合库存系数为1.48 同比上升5.7%

Core Viewpoint - In January 2026, the comprehensive inventory coefficient for automotive dealers in China increased, indicating a rise in inventory levels due to various market factors and policy changes [1][3]. Group 1: Inventory Coefficient Trends - The inventory coefficient for January was reported at 1.48, reflecting a month-on-month increase of 13.0% and a year-on-year increase of 5.7% [1]. - The inventory coefficient for high-end luxury and imported brands decreased to 1.04, down 23.0% month-on-month, entering a reasonable range [6]. - Conversely, the inventory coefficient for joint venture brands rose to 1.48, up 5.7% month-on-month, while the coefficient for domestic brands increased to 1.56, up 23.8% month-on-month, exceeding the warning line [6]. Group 2: Market Conditions and Consumer Behavior - The adjustment of the new energy vehicle purchase tax from "exemption" to "half exemption," along with the optimization of the "two new" policies, contributed to a heightened consumer wait-and-see sentiment, leading to underperformance in the automotive market in January [3]. - The China Automobile Dealers Association decided not to disclose brands with high inventory levels this month due to the complex market environment and significant short-term factors affecting inventory coefficients [7]. - The association will issue letters to manufacturers for brands with inventory coefficients exceeding two months, urging them to monitor dealer inventory closely and optimize production and sales rhythms [7]. Group 3: Future Market Expectations - The automotive market is expected to enter a traditional off-season in February due to the Spring Festival holiday, with ongoing consumer hesitation stemming from policy changes [8]. - The China Automobile Dealers Association recommends that dealers rationally estimate market demand based on actual conditions and manage inventory levels accordingly [8]. - There is an emphasis on promoting "trade-in and scrapping renewal policies" and ensuring consumer service during the holiday period [8].