Core Insights - The average daily transaction volume in China's used car market decreased to 65,900 units from October 20 to 26, reflecting a week-on-week decline of 4.3%, indicating a phase of adjustment after a surge in demand during the National Day holiday [1] - Cumulatively, from October 1 to 26, the used car transaction volume reached 1.45 million units, a 3% increase compared to the same period in September, with an estimated total of around 1.85 million units for the month, showing strong market demand and consumer enthusiasm [4] - The used car market is expected to maintain a warming trend in November, but with a stabilizing growth rate due to seasonal factors affecting offline customer traffic [4] Weekly Transaction Trends - The overall used car market experienced a slight decline in transaction volume, with only the Northwest region maintaining stable daily transactions, while other regions showed varying degrees of decline [7] - In the East China region, the average daily transaction volume was 22,900 units, down 4.18% week-on-week, with significant declines in cities like Wenzhou, Hefei, and Hangzhou, where declines exceeded 15% [8] - The North China region saw a daily transaction volume of 2,800 units, with a 4.76% decrease, particularly in Tianjin, where the decline approached 20% [8] Regional Analysis - The Northeast region's average daily transaction volume was 2,300 units, down 5.82%, with cities like Changchun and Dalian experiencing declines over 20% [9] - In the Southwest region, the average daily transaction volume was 11,800 units, down 3.68%, with notable declines in Lhasa and Chengdu [9] - The Central South region reported an average daily transaction volume of 25,100 units, down 4.52%, with Wuhan and Changsha seeing declines of 20% [9] - The Northwest region's daily transaction volume remained stable at 1,000 units, with some cities like Wuzhong experiencing declines over 15% [9]

Core Insights - Sichuan's foreign trade has shown resilience with a total import and export value of 776.79 billion yuan in the first three quarters, ranking 8th nationally and achieving a year-on-year growth of 3.6% [3][8] - The province has experienced six consecutive quarters of positive export growth, with exports reaching 461.01 billion yuan, a year-on-year increase of 5.8% [3][8] - The growth in exports is driven by the advantages of industries such as electronic information, equipment manufacturing, and pharmaceutical health [3][10] Foreign Trade Overview - In September, Sichuan's import and export value was 93.79 billion yuan, marking a year-on-year increase of 13.4%, outpacing the national growth rate by 5.4 percentage points [3][8] - The number of enterprises engaged in import and export activities has increased by 9.5% year-on-year, indicating a growing international market presence [3][8] Trade Opportunities and Events - The 138th China Import and Export Fair (Canton Fair) saw Sichuan's participation with 511 enterprises and 1,017 booths, setting a record for the province [5][6] - Sichuan's enterprises have reported significant international interest, with numerous new clients and contracts signed during the fair [5][6] Government Support and Initiatives - The Sichuan government is providing substantial subsidies to support enterprises at the Canton Fair, facilitating their international market expansion [6][7] - A "Sichuan Pharmaceutical Going Global" delegation is set to attend a major pharmaceutical exhibition in Germany, showcasing the province's commitment to international trade [6][7] Innovative Trade Models - Sichuan is adopting new models such as "cross-border e-commerce + industrial belts" to enhance production efficiency and meet precise market demands [9][10] - The province is focusing on integrating trade and industry to boost export capabilities and adapt to market needs [10] Import Growth and Strategic Centers - Sichuan is establishing import centers for products like salmon and durian, which are expected to drive import growth and support overall foreign trade [12] - The province's imports have increased by 0.6% year-on-year, surpassing the national average by 0.8 percentage points [12] Sector-Specific Developments - The second-hand car export base in Chengdu has seen significant growth, with an export value exceeding 2 billion yuan [13] - Innovations in the import of recycled aluminum are improving efficiency and reducing costs for businesses in the region [13]

Core Insights - The average daily transaction volume in the used car market decreased to 68,900 units from October 13 to 19, 2025, reflecting an 8.3% week-over-week decline, although this level remains higher than the same period in September [1] - Cumulatively, from October 1 to 19, the used car transaction volume reached 1.29 million units, representing a 6.6% increase compared to September, with an estimated total of around 1.87 million units for the entire month [1] Market Performance - 32% of used car businesses reported a decline in store traffic, while 46% indicated that current transaction volumes are stable compared to early September [2] - 60% of businesses noted that used car prices remained consistent with the previous week, while 25% reported prices continuing to decline, particularly in the mid-range segment priced between 100,000 to 200,000 yuan [2] Economic Context - Key macroeconomic indicators remained stable in the first three quarters, with a 5.1% year-over-year increase in per capita disposable income and a 4.5% increase in total retail sales of consumer goods [2] - The automotive consumption amount reached 35,923 billion yuan, showing a 1% year-over-year growth [2] Future Outlook - The fourth quarter is traditionally a peak season for the used car market, supported by increased replacement rates, ample vehicle supply, and improved customer traffic [2] Regional Analysis - The North China region saw a 9.52% increase in average daily transaction volume, with Beijing experiencing a notable 20% growth [6] - The Northeast region reported a 7.52% decline, with Shenyang showing a significant drop of nearly 30% [7] - The Southwest region experienced a 10.46% decrease, with Kunming's transaction volume dropping over 25% [8] - The Central South region's average daily transaction volume fell by 8.57%, with Wuhan and Pingdingshan showing declines exceeding 25% [8]

Core Insights - The second-hand car market in China is experiencing increased activity, with an average daily transaction volume of 75,100 vehicles from October 1 to 12, reflecting a 4.98% increase compared to the end of September [1] Market Activity - The National Automobile Circulation Association reported that promotional activities by second-hand car dealers during the National Day holiday significantly boosted offline customer traffic, which increased by approximately 15% compared to the end of September [1] - The extended purchasing cycle among consumers is evident, with potential customers who inquired during the holiday now entering the conversion phase, contributing to the growth in transaction volume [1] Challenges in the Market - Despite the increased activity, second-hand car dealers are facing weak overall profitability, with gross margins remaining in the range of 3% to 4%, indicating low profit potential [1] - Vehicle turnover efficiency is under pressure, with warning signs regarding turnover cycles; the turnover days for second-hand electric vehicles have reached 30 days (warning threshold), while for fuel vehicles, it is approximately 45 days, indicating a need for improved inventory liquidity [1]

Core Insights - The second-hand car market in China is experiencing increased activity, with an average daily transaction volume of 75,100 vehicles during the first 12 days of October 2025, representing a 4.98% increase compared to the end of September [1] - The market is supported by promotional activities from dealers during the National Day holiday, which led to a 15% increase in offline customer traffic compared to the end of September [1] - However, challenges persist, including weak profitability for dealers, with gross margins remaining between 3% and 4%, and significant vehicle turnover issues, particularly for new energy vehicles, which have a turnover period of 30 days [1][3] Market Trends - The fourth quarter is traditionally a peak season for the second-hand car market, driven by increased replacement rates, ample vehicle supply, and improved customer traffic [3] - Dealers are advised to adopt a cautious approach in their fourth-quarter strategies, focusing on optimizing inventory structure and controlling capital usage to mitigate risks associated with residual value fluctuations and inventory turnover [3] Regional Performance - The overall second-hand car market shows steady growth, with notable increases in transaction volumes in Northeast, East China, Southwest, and Central South regions, while North and Northwest regions experienced slight declines [6] - In East China, the average daily transaction volume reached 26,200 vehicles, with cities like Hangzhou, Wenzhou, and Jinhua seeing transaction volume increases exceeding 20% [7] - North China reported an average daily transaction volume of 2,700 vehicles, with significant declines in Beijing and Tianjin, where transaction volumes dropped by over 10% [7] - The Northeast region saw an average daily transaction volume of 2,700 vehicles, with Longcheng showing a remarkable increase of over 20% [8] - The Southwest region's average daily transaction volume was 13,700 vehicles, with Chengdu and Chongqing both experiencing transaction volume increases of 15% [8] - In Central South, the average daily transaction volume was 28,700 vehicles, with Wuhan and Haikou showing strong growth, both exceeding 25% [9] - The Northwest region had an average daily transaction volume of 1,100 vehicles, with significant declines in Xining and Wuzhong, while markets in Xi'an and Bazhou showed notable increases [9]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - After the high - level oscillation in September, the stock index is expected to enter a direction - selection phase again, and it is likely to maintain a bullish trend. Domestically, the liquidity environment is expected to remain loose, and residents may increase their allocation of equity assets. Externally, with the Fed's interest rate cuts and RMB appreciation, foreign funds are also expected to flow into the domestic market. In terms of market style, although technology growth has been the core theme in the current upward market trend, considering the possible intensification of Q4's growth - stabilization policies and the potential resonance of global monetary and fiscal policies, the market style in Q4 may shift towards value and become more balanced compared to Q3 [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4601.60, 4586.60, 4576.40, and 4555.00 respectively, with increases of 70.60, 73.20, 77.20, and 77.80. The trading volumes were 40430.00, 16606.00, 86223.00, and 12308.00, and the open interests were 35819.00, 24260.00, 160428.00, and 56592.00, with changes of - 9895.00, 5467.00, - 2013.00, and - 848.00 respectively. The increases of the CSI 300 corresponding to these contracts were 1.56%, 1.62%, 1.72%, and 1.74% [1] - **IH Contracts**: The previous day's closing prices of IH contracts were 2999.40, 2998.20, 2997.40, and 2998.40, with increases of 41.00, 46.00, 44.40, and 44.60. The trading volumes were 17842.00, 6567.00, 41717.00, and 5176.00, and the open interests were 13703.00, 6914.00, 63594.00, and 13300.00, with changes of - 5392.00, 1526.00, - 1687.00, and - 796.00 respectively. The increases of the SSE 50 corresponding to these contracts were 1.39%, 1.56%, 1.50%, and 1.51% [1] - **IC Contracts**: The previous day's closing prices of IC contracts were 7278.20, 7196.20, 7140.20, and 6977.00, with increases of 118.40, 124.20, 121.60, and 120.00. The trading volumes were 38456.00, 19428.00, 105607.00, and 19123.00, and the open interests were 34255.00, 32793.00, 141518.00, and 52944.00, with changes of - 9786.00, 5875.00, - 10422.00, and - 2023.00 respectively. The increases of the CSI 500 corresponding to these contracts were 1.65%, 1.76%, 1.73%, and 1.75% [1] - **IM Contracts**: The previous day's closing prices of IM contracts were 7455.80, 7362.60, 7275.20, and 7060.20, with increases of 117.60, 128.20, 126.60, and 134.20. The trading volumes were 55423.00, 28745.00, 178569.00, and 30417.00, and the open interests were 47911.00, 46218.00, 191595.00, and 84507.00, with changes of - 11189.00, 7939.00, - 2448.00, and - 280.00 respectively. The increases of the CSI 1000 corresponding to these contracts were 1.60%, 1.77%, 1.77%, and 1.94% [1] - **Inter - month Spreads**: The current inter - month spreads of IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were - 15.00, - 1.20, - 82.00, and - 93.20 respectively, compared to the previous values of - 25.20, - 3.60, - 87.40, and - 110.00 [1] 3.2 Stock Index Spot Market - **Major Indexes**: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 were 4606.29, 3001.35, 7294.00, and 7483.45 respectively, with increases of 1.48%, 1.36%, 1.38%, and 1.50%. The trading volumes (in billions of lots) were 284.77, 63.38, 217.56, and 244.85, and the total trading amounts (in billions of yuan) were 6073.26, 1571.06, 3974.59, and 4037.98 respectively [1] - **Industry Indexes**: Among different industries, the increases of energy, raw materials, industry, optional consumption, major consumption, medical and health, real - estate finance, information technology, telecommunications, and public utilities were 0.32%, 1.18%, 1.98%, 1.49%, 0.45%, 1.77%, 1.06%, 2.75%, 1.11%, and - 0.20% respectively [1] 3.3 Futures - Spot Basis - **IF Contracts**: The previous day's basis values of IF (current month - CSI 300), IF (next month - CSI 300), IF (next quarter - CSI 300), and IF (far - quarter - CSI 300) were - 4.69, - 19.69, - 29.89, and - 51.29 respectively, compared to the previous two - day values of 1.34, - 23.86, - 31.86, and - 52.86 [1] - **IH Contracts**: The previous day's basis values of IH (current month - SSE 50), IH (next month - SSE 50), IH (next quarter - SSE 50), and IH (far - quarter - SSE 50) were - 1.95, - 3.15, - 3.95, and - 2.95 respectively, compared to the previous two - day values of 3.90, 0.30, - 2.70, and - 0.10 [1] - **IC Contracts**: The previous day's basis values of IC (current month - CSI 500), IC (next month - CSI 500), IC (next quarter - CSI 500), and IC (far - quarter - CSI 500) were - 15.80, - 97.80, - 153.80, and - 317.00 respectively, compared to the previous two - day values of - 41.45, - 128.85, - 184.85, and - 350.65 [1] - **IM Contracts**: The previous day's basis values of IM (current month - CSI 1000), IM (next month - CSI 1000), IM (next quarter - CSI 1000), and IM (far - quarter - CSI 1000) were - 27.65, - 120.85, - 208.25, and - 423.25 respectively, compared to the previous two - day values of - 33.15, - 143.15, - 227.35, and - 451.15 [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3912.21, 13118.75, 8106.60, and 3025.87 respectively, with increases of 1.22%, 1.73%, 1.77%, and 2.36% [1] - **Overseas Indexes**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P, and DAX Index were 25910.60, 46847.32, 6671.06, and 24181.37 respectively, with increases of 1.84%, - 2.58%, 0.40%, and - 0.23% [1] 3.5 Macroeconomic Information - The US side said that whether to impose a 100% tariff on China depends on China's actions. The Chinese Ministry of Foreign Affairs responded, urging the US to correct its wrong practices and resolve issues through dialogue and negotiation. China also opposes the EU's protectionist and discriminatory practices in the name of enhancing competitiveness [2] - In September, M2 increased by 8.4% year - on - year, M1 increased by 7.2% year - on - year, and the "scissors gap" between M1 and M2 reached a new low for the year. In the first three quarters, RMB loans increased by 14.75 trillion yuan, and the cumulative increase in social financing scale was 30.09 trillion yuan, 4.42 trillion yuan more than the same period last year [2] - In September, China's CPI increased by 0.1% month - on - month and decreased by 0.3% year - on - year. Core CPI increased by 1% year - on - year, with the increase expanding for the fifth consecutive month and returning to 1% for the first time in nearly 19 months. PPI remained flat month - on - month and decreased by 2.3% year - on - year, with the decline narrowing by 0.6 percentage points compared to the previous month [2] - In September, the average interest rate of newly issued corporate loans was about 3.1%, about 40 basis points lower than the same period last year, and the average interest rate of newly issued personal housing loans was about 3.1%, about 25 basis points lower than the same period last year [2] 3.6 Industry Information - Six departments including the National Development and Reform Commission issued an action plan to double the service capacity of electric vehicle charging facilities in three years, aiming to build 28 million charging facilities nationwide by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the charging needs of over 80 million electric vehicles [2] - In September, the trading volume of the national second - hand car market was 1.7944 million, a month - on - month increase of 5.1% and a year - on - year increase of 8.2%, with a trading amount of 110.466 billion yuan [2] - Chengdu expanded the scope of beneficiaries of the "commercial - to - provident" loan policy,取消了本市缴存限制，符合条件的异地缴存人也可申请办理，and all commercial banks that have signed cooperation agreements with the Chengdu Housing Provident Fund Center can participate [2]

Core Insights - The China Automobile Dealers Association reported that the total transaction volume of used cars in the first three quarters of this year reached 14.73 million units, representing a year-on-year growth of 3.63% [1] - The cumulative transaction value for used cars during the same period amounted to 946.23 billion yuan [1] Industry Summary - The used car market in China shows a positive growth trend with a slight increase in transaction volume compared to the previous year [1] - The significant transaction value indicates a robust market demand and consumer confidence in the used car sector [1]

Core Insights - The China Automobile Circulation Association reported that the total transaction volume of used cars in the first three quarters of this year reached 14.73 million units, representing a year-on-year growth of 3.63% [1] - The cumulative transaction value for used cars during the same period amounted to 946.23 billion yuan [1] Industry Summary - The used car market in China shows a positive growth trend with a slight increase in transaction volume compared to the previous year [1] - The significant transaction value indicates a robust market demand and consumer confidence in the used car sector [1]

Core Insights - The second-hand car market in China showed a robust growth in September 2025, with a transaction volume of 1.7944 million units, reflecting a month-on-month increase of 5.10% and a year-on-year increase of 8.20% [1] - The cumulative transaction volume from January to September 2025 reached 14.7328 million units, marking a year-on-year growth of 3.63% [1] Market Dynamics - The demand for second-hand cars improved significantly in September due to multiple positive factors, including the continuation of local replacement subsidy policies and a surge in new car launches, which enhanced consumer choices and invigorated the second-hand market [5] - The upcoming "Golden Week" holiday spurred strong travel demand, particularly for long-distance and self-driving trips, which became a core driver for the increase in second-hand car transactions [5] - Dealers responded to market opportunities by launching diverse promotional activities, such as price reductions and financing incentives, effectively matching consumer purchasing intentions and amplifying market demand [5] Pricing and Supply - Despite the increase in transaction volume, there is a notable "volume-price divergence," as the retail prices of key models did not rise in tandem with transaction volumes due to ample supply and pressure from new car launches [6] - The average inventory turnover period remains high at 46 days, indicating ongoing operational pressures for dealers despite efforts to accelerate cash flow through a "thin profit, quick turnover" strategy [6] Vehicle Type Performance - In September, the transaction volume for basic passenger cars reached 986,800 units, with a month-on-month increase of 3.55% and a year-on-year increase of 4.17% [9] - The MPV segment showed particularly strong demand, with a year-on-year growth of 16.40%, making it the standout category in the passenger car market [9] - Commercial vehicles also performed well, with a total of 104,700 buses sold, reflecting a year-on-year increase of 17.41% [9] Age Structure of Vehicles - The majority of transactions in September involved vehicles aged 3-6 years, accounting for 41.12% of total sales, although this represents a decline compared to previous periods [13] - The proportion of vehicles older than 10 years increased to 12.55%, indicating a shift in market structure towards older vehicles [13] Regional Performance - The East China region led the market with a transaction volume of 506,900 units, showing a month-on-month increase of 6.21% [16] - The North China region also performed well, with a transaction volume of 276,800 units, reflecting a month-on-month growth of 6.74% [17] - The Southwest region saw a modest increase of 2.33%, with notable growth in Guizhou and Yunnan [18] Cross-Regional Flow - The cross-regional transfer rate for second-hand cars reached 32.12%, indicating a growing trend in inter-regional sales and improved market circulation efficiency [20]

Core Insights - The overall automotive market in China is transitioning from a low season to a peak season, but faces challenges due to weather and the concentration of new car launches [2] - The used car market shows a steady upward trend, with an increase in transaction volume both month-on-month and year-on-year, particularly in the last week of August [2][3] - The demand for family vehicles is expected to rise with the approaching school season, providing strong support for market growth [2] - The second-hand car replacement rate is anticipated to improve as the market enters the traditional sales peak in September [2] - The price stability in the new car market is creating a favorable environment for the continued development of the used car market [2] Used Car Market Performance - In August 2025, the total used car transaction volume reached 1.7074 million units, with a month-on-month increase of 2.80% [3] - The transaction volume for basic passenger cars was 953,000 units, up 3.13% month-on-month and 6.88% year-on-year [3] - The MPV and crossover passenger car segments performed better than others, with significant year-on-year growth [3] Vehicle Age and Pricing Trends - In August, the most traded used cars were aged 3-6 years, accounting for 42.36% of transactions, although this was a decrease from the previous month and year [4] - The average transaction price for used cars in August was 62,400 yuan, down 140 yuan from July and 320 yuan from the previous year [5] - The proportion of used cars aged over 7 years has increased, indicating a shift towards older models in the market [4] New Energy Vehicle (NEV) Market - In August 2025, 148,400 used NEVs were traded, representing a month-on-month increase of 3.9% and a year-on-year increase of 59.6% [8] - The total NEV transactions from January to August reached 978,000 units, a 41.8% increase compared to the same period last year [8] - The market share of SUV models in the used NEV segment is growing, while A0 and A-class models are seeing a decline [10] Inventory and Turnover Rates - The average inventory turnover cycle in September was 46 days, unchanged from August, indicating a need for cautious inventory management among dealers [11] - The turnover rate for used cars reached 30.85% in August, with a total of 526,700 units transferred, marking a 4.28% increase month-on-month [10]