中长期维度的投资框架补充（1）：消费正在多样化，品牌和产品是走出内卷的重要砝码

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly emphasizing the importance of brand value in navigating economic cycles and competition [4]. Core Insights - The aging population and smaller family units in China are reshaping the underlying logic of automotive consumption, leading to increased demand for larger, multifunctional vehicles and a rise in "one-person economy" and "self-pleasing" purchasing behavior [4][5]. - The Chinese automotive market is transitioning through various consumption eras, with a notable shift towards emotional and value-driven purchases, particularly among middle-class consumers [4][16]. - Price wars, while temporarily boosting sales, are eroding brand trust, as evidenced by a historical low in the Net Promoter Score (NPS) at 54.9, indicating a significant decline in consumer loyalty [4][44]. - Brands that successfully manage to shift consumer perceptions and maintain high NPS scores are likely to gain market share in the future [4][56]. Summary by Sections 1. Changes in Consumption Habits - The report outlines the demographic shifts in China, including the rise of single-person households and the decline of traditional multi-generational families, which are driving new consumption patterns [5][6]. - The increasing proportion of the elderly population is contributing to the demand for products catering to the "silver economy" [6][15]. 2. Consumption Trends - The report identifies a coexistence of multiple consumption eras in China, with consumers increasingly valuing brand stories, smart experiences, and emotional connections over mere functionality [4][16]. - The transition from material satisfaction to emotional and experiential value is reshaping consumer preferences, particularly in the automotive sector [41][56]. 3. Middle-Class Automotive Market - The middle-class segment is expanding, with a significant increase in households earning between 100,000 to 500,000 yuan, which supports a robust demand for larger and multifunctional vehicles [27][32]. - Self-driving tourism is becoming a primary reason for vehicle purchases among middle-class consumers, indicating a shift towards leisure-oriented automotive use [32][33]. 4. Brand as a Competitive Weapon - The report emphasizes that brand reputation and service quality are critical in the current competitive landscape, where price wars are damaging consumer trust [44][54]. - Successful brands are those that can effectively communicate their value propositions and maintain high levels of customer satisfaction, as demonstrated by companies like Li Auto and AITO [4][53].