【库存系数】2025年9月汽车经销商库存系数为1.35

Core Viewpoint - The article discusses the inventory levels of automobile dealers in China for September 2025, highlighting a slight increase in inventory coefficients, while also addressing market demand expectations for October 2025 and the impact of various promotional activities and policies on sales [2][9]. Group 1: Inventory Levels - In September 2025, the comprehensive inventory coefficient for automobile dealers was 1.35, reflecting a month-on-month increase of 3.1% and a year-on-year increase of 4.7%, indicating that inventory levels are below the warning line but above the reasonable range [2][3]. - The estimated total inventory of automobiles at the end of September was approximately 3.04 million units, driven by a rise in terminal sales and proactive inventory replenishment strategies by dealers [5]. Group 2: Brand Performance - High-end luxury and imported brands saw a decrease in inventory coefficients, with a coefficient of 1.42, down 4.1% month-on-month. In contrast, joint venture brands had an inventory coefficient of 1.38, up 7.8%, and domestic brands had a coefficient of 1.32, up 1.5% [6][8]. Group 3: Market Demand Expectations - The automobile market in October 2025 is expected to maintain a peak season trend, supported by traditional seasonal patterns and local subsidy policies, along with promotional activities from dealers [9]. - The introduction of the fourth batch of vehicle replacement subsidies in October, combined with the expiration of vehicle purchase tax exemptions at year-end, is anticipated to significantly stimulate consumer purchasing intentions [9]. - The China Automobile Dealers Association advises dealers to rationally estimate actual market demand and enhance promotion of vehicle replacement and scrapping policies to boost consumer confidence [9].