从分品牌指数看，12月豪华及进口、合资品牌指数环比下降，自主品牌指数环比上升。 成交率方面，12月成交率呈现下降。41.7%的经销商认为"下降"；认为成交率"基本持平"的比例为32.6%；认为"增长"的比例为25.7%。 中国汽车流通协会数据显示，2025年12月中国汽车经销商库存预警指数为57.7%，同比上升7.5个百分点，环比上升2.1个百分点。库存预警指数位于荣 枯线之上，汽车流通行业景气度有所下降。 中国汽车流通协会产业协调部工作委员会副秘书长樊宇表示，2025年年底车市没有像往年一样出现翘尾行情，整体走势偏淡。尽管车企加码年底促销、 叠加"双十二"购车节及新能源购置税由免征调整为减半等因素，对当月销量形成一定支撑，但随着两新政策明确2026年延续的信号释放，以及车企推出新能 源车购置税兜底政策，部分消费者选择推迟购车决策，终端需求持续承压。综合预测，12月乘用车终端零售量约220万辆，2025全年预计达2355万辆，与 2024年基本持平。 从分指数看，12月库存分指数显著上升，市场需求、从业人员分指数环比微升，平均日销量、经营状况分指数环比下降。 从区域指数看，12月全国总指数为57.7%，北区指 ...

Core Viewpoint - The article emphasizes the importance of the automotive industry in China and highlights the role of the China Automobile Dealers Association in facilitating communication and research within the sector [4]. Group 1 - The China Automobile Dealers Association serves as a key platform for information exchange and industry research, aiming to support automotive enterprises and contribute to the development of the Chinese automotive industry [6]. - The association values professionalism, sharing, efficiency, and innovation, which are essential for fostering growth and collaboration in the automotive sector [6].

人民财讯12月31日电，中国汽车流通协会解读《2026年汽车以旧换新补贴实施细则》称，2026年的汽车 以旧换新政策强化工作统筹，推动补贴资金高效直达。让有限的资金惠及更多消费者，尤其要满足刚需 群体的需求。受益车主范围有望进一步拓宽，支持重点也将更清晰地聚焦于鼓励淘汰老旧车辆、购买节 能及新能源汽车。在实施中注重发挥市场机制作用，使补贴更加贴近实际需求。办理手续清晰便捷，监 督与管理机制更为完善。整体上，该政策有望持续激发消费活力，为汽车产业转型升级和高质量发展增 添新动力。 ...

Group 1 - The launch of the zero-tariff policy in Hainan marks a significant milestone for the Hainan Free Trade Port, expanding the range of zero-tariff goods from 1,900 to approximately 6,600 tax items, and implementing a "double 15%" tax incentive for eligible enterprises and core talents [1] - The Hainan International Circuit project, a core layout of Lisheng Sports in Hainan, is progressing well and aims to become a world-class platform for international motorsport events, leveraging its advantageous geographical location and strong customer base [1][2] - The integration of Hainan's developed cultural tourism industry with the Hainan International Circuit project is expected to create a "sports + tourism" ecosystem, attracting international motorsport enthusiasts and professional teams, thereby enhancing the local automotive industry [2] Group 2 - The recent approval of Lisheng Sports' stock issuance application will provide solid financial support for the construction and operation of the Hainan International Circuit, aligning with the strategic goals of the Hainan Free Trade Port [3] - Lisheng Sports is focusing on market trends and policy opportunities, aiming to expand its business boundaries while solidifying its existing operations, with a strategic emphasis on "IP-led, digital-driven" development [3]

Group 1 - The recruitment event held by Hangzhou Automotive Senior Technician School is the largest in its history, attracting nearly 80 companies across five sectors, including new energy vehicles, traditional fuel vehicles, smart manufacturing, drones, and shipping, offering around 700 job positions for over 400 students [1] - The school has established a "five common" order-based training model and has signed cooperation agreements with companies like Xianglong Aviation and Coolfly Aircraft, focusing on training talents for roles such as sales, drone pilots, and maintenance technicians [1] - 30 new energy vehicle companies participated in the recruitment, accounting for 40% of the total, with students from the CATL (300750) order class receiving hands-on training in battery disassembly and maintenance, as well as free certification through the CATL CIEP project [1] Group 2 - The recruitment event featured well-known automotive groups and companies in shipping and power sectors, including Zhejiang Yuantong, Deao, and Hangzhou New Century Power Equipment, covering multiple professional directions [2] - The school has long-term partnerships with companies like Hangzhou Water Public Sightseeing Bus Co., providing students with practical positions in engine maintenance and ship electronic log recording, with companies covering certification costs for various maritime qualifications [2] - Several graduates have obtained professional qualifications and secured positions in state-owned enterprises, showcasing the effectiveness of the school's training programs [2]

Core Viewpoint - The "Integrity and Business Promotion Month" in Guangdong aims to enhance the social credit system to stimulate consumption and support high-quality economic development [1] Group 1: Economic Impact - From January to October 2025, Guangdong's total retail sales of consumer goods increased by 2.7% year-on-year, with online retail sales growing by 15.7%, indicating that the credit system is a crucial support for consumption potential [2] - The "Credit Guangdong" platform has issued 130,000 credit reports, saving time for businesses, while the "Credit Easy Loan" platform facilitated loans exceeding 1.9 trillion yuan [2] Group 2: Focus Areas of the Initiative - The initiative will focus on three key areas: using credit to invigorate trade circulation, enhancing consumer confidence through credit, and promoting a culture of integrity in business [4] Group 3: Industry Collaboration - Fourteen provincial business associations, along with over 80 leading enterprises, launched a joint initiative to establish industry integrity agreements, focusing on food safety, transparency in vehicle conditions, and strict checks on false violations [5] Group 4: Credit Repair Mechanism - Guangdong's innovative "one-stop acceptance" mechanism for credit repair has successfully restored credit for 5.604 million business entities, aiding in financing of 1.67 billion yuan [6] - The province plans to conduct extensive promotional activities to integrate credit reports into government procurement and investment attraction, positioning integrity as a core competitive advantage in building a unified national market [6]

Core Viewpoint - The latest Vehicle Inventory Alert Index (VIA) from the China Automobile Dealers Association indicates a rising inventory alert index of 55.6% in November 2025, reflecting a year-on-year increase of 3.8 percentage points and a month-on-month increase of 3.0 percentage points, suggesting a decline in the automotive circulation industry's prosperity [1]. Group 1: Market Performance - The overall automotive market in November showed a "front low and back high" trend, with a relatively flat performance in the first half of the month due to the consumption pull-forward effect from previous months [3]. - 80% of dealers expressed pessimism about the November market, believing the overall performance did not meet expectations [3]. - The second half of November saw significant market improvement driven by promotional activities like "Double 11," the Guangzhou International Auto Show, and the release of new electric vehicle models [3]. Group 2: Inventory and Demand - The survey revealed a decline in sub-indices for inventory, market demand, average daily sales, employment, and operational conditions in November [4]. - The national index stood at 55.6%, with regional indices showing variations: North at 57.1%, East at 56.8%, West at 55.2%, and South at 52.0% [6]. Group 3: Brand Performance - The index for luxury and imported brands, as well as joint venture brands, increased month-on-month, while the index for domestic brands decreased [8]. Group 4: Future Outlook - December is expected to be a peak sales month, with dealers and manufacturers intensifying efforts to meet sales targets through increased promotions and accelerated sales [10]. - Looking ahead to 2026, dealers anticipate a slight growth trend in passenger car sales, with 25.4% expecting a year-on-year increase of up to 5%, while 20.8% foresee a decrease within the same range [10]. - The China Automobile Dealers Association advises dealers to realistically assess market demand and enhance promotion of "trade-in and scrapping policies" to boost consumer confidence [10].

Core Viewpoint - The latest "China Automobile Dealer Inventory Warning Index Survey" indicates a decline in the optimism of automobile dealers regarding their business conditions for December, with only 8.2% expecting a good performance, down 1.7 percentage points from the previous month [3][4]. Group 1: Dealer Expectations - The proportion of dealers expecting poor market conditions in December has increased from 17.7% to 20.3%, a rise of 2.6 percentage points [3][4]. - Only 8.2% of dealers anticipate a good business situation for December, marking the second-lowest level of the year, slightly better than the 8.1% recorded in July [4]. - 32.3% of dealers believe that market demand will decrease in December, which is an increase of 7.5 percentage points from the previous month [4]. Group 2: Inventory and Market Conditions - The inventory warning index for November was reported at 55.6%, which is an increase of 3.8 percentage points year-on-year and 3.0 percentage points month-on-month, indicating a decline in the automotive circulation industry's prosperity [4][6]. - A significant 80% of dealers held a pessimistic view of the November market, believing that overall performance did not meet expectations [6]. - Dealers are facing challenges such as reduced customer traffic, increased market hesitation, and narrowing profit margins on new car sales [7]. Group 3: Future Outlook and Recommendations - The tightening of trade-in policies and the expiration of tax exemptions for new energy vehicles are contributing factors to the current market situation [6]. - There is a market perspective suggesting that the upcoming reduction in vehicle purchase tax starting in 2026 may spur consumer purchasing enthusiasm in December [7]. - The China Automobile Circulation Association recommends that dealers rationally estimate actual market demand and enhance the promotion of trade-in and scrapping policies to boost consumer confidence [7].

Core Insights - The latest "Vehicle Inventory Alert Index" (VIA) released by the China Automobile Dealers Association indicates that the inventory warning index for Chinese automobile dealers is at 55.6% as of November 30, 2025, reflecting a year-on-year increase of 3.8 percentage points and a month-on-month increase of 3.0 percentage points [1] Industry Summary - The inventory warning index is above the threshold line, suggesting a decline in the overall prosperity of the automobile circulation industry [1]

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand for consumer goods, contributing to consumption expansion, improving people's livelihoods, and stabilizing economic growth [1] Group 1: Promotion of AI in Consumer Goods - The plan emphasizes accelerating the application of artificial intelligence (AI) technology in the consumer goods sector, positioning AI as a catalyst for consumption [2] - The Ministry of Industry and Information Technology (MIIT) will drive product innovation and scenario expansion to integrate AI and consumer goods, creating a digital ecosystem that connects user demand, intelligent design, flexible production, and precise services [2] - As of mid-2023, the user base for generative AI products in China reached 515 million, indicating strong market demand for AI consumer products [3] Group 2: Automotive Consumption Reform - The plan includes promoting reforms in automotive circulation, expanding the second-hand car market, and enhancing the automotive aftermarket, focusing on green and intelligent directions [4] - The Ministry of Culture and Tourism will develop cultural and tourism products that resonate with consumers, including promoting cultural creative products and non-material cultural heritage [4][5] Group 3: Quality and Safety Governance - The plan calls for establishing a comprehensive governance framework for consumer goods quality and safety, enhancing regulatory measures for online sales [6] - The State Administration for Market Regulation will implement actions to combat counterfeit and substandard products, ensuring consumer safety and confidence [7] - A new standard system for consumer goods will be developed, focusing on high-quality product supply and addressing safety concerns for specific categories like children's toys and gas appliances [7]