Core Viewpoint - From January 1st next year, China's new energy vehicle purchase tax will be adjusted from full exemption to a 50% reduction, which is expected to stimulate market demand during the traditional sales peak at the end of the year [1] Group 1: Market Impact - The adjustment of the purchase tax, combined with the year-end sales peak, has led to a new wave of consumer demand in the new energy vehicle market [1] - A car showroom in Haikou, Hainan, has reported a significant increase in customer traffic and order volume due to the policy change and the seasonal demand [1]

Core Insights - The traditional "Silver October" sales peak in the automotive market has begun with the National Day and Mid-Autumn Festival, but promotional activities from car manufacturers have decreased compared to previous years [1][3] - Several brands, including Li Auto and Xpeng, have announced promotional policies, but the actual discounts for consumers are only around 2,000 to 3,000 yuan, indicating a cautious approach to pricing [3][6] - The reduction in promotional intensity is attributed to factors such as increased regulatory scrutiny on "involution" competition and rising raw material prices [1][3] Promotional Activities - Seven automotive brands have launched National Day-specific promotional policies, including cash subsidies and financing options, with most promotions ending between October 8 and October 12 [1] - Despite some brands offering comprehensive discounts, the actual savings for consumers are minimal compared to previous years [3][6] Market Dynamics - The automotive market is expected to experience a "tail effect" in the fourth quarter, driven by strong demand and the upcoming reintroduction of the new energy vehicle purchase tax [3][16] - The cessation of certain local "trade-in" subsidies has led to a noticeable decline in customer foot traffic and sales in some regions, particularly in Nanchang [7][11] Regional Policy Changes - Some regions, including Jiangxi, have suspended their automotive trade-in subsidy programs, impacting consumer behavior and sales volume [8][17] - Despite some areas halting these subsidies, most regions are expected to maintain their "trade-in" policies throughout the year, supported by a national fund of 69 billion yuan for consumer subsidies [20]

Group 1 - The automotive replacement subsidy policy has been adjusted in various regions, with notable suspensions in Jiangsu, Ningbo, and Guangxi, indicating a trend towards limiting subsidies and implementing a "qualifications first, then apply for subsidies" approach [1][2] - The suspension of the automotive replacement subsidy policy has led to a significant increase in consumer participation and market activity, demonstrating the policy's effectiveness in stimulating the automotive market [2] - Adjustments to the new energy vehicle purchase tax policy have been announced, including exemptions for purchases made between January 1, 2024, and December 31, 2025, with a maximum exemption of 30,000 yuan per vehicle [3] Group 2 - The Ministry of Industry and Information Technology has emphasized the need to expand market consumption and implement new measures to stabilize growth in the automotive industry, including optimizing tax incentives for new energy vehicles [3] - Suggestions have been made for a gradual implementation of the new 5% purchase tax on new energy vehicles starting next year, allowing for better control of industry capacity and costs [3]