Core Viewpoint - The automotive market is experiencing a surge in consumption during the traditional "Golden September and Silver October" period, driven by over 70 new car models entering the market and various local subsidies and incentives for car purchases [3][4]. Group 1: Market Dynamics - During the National Day holiday, over 23 cities in China hosted local auto shows, significantly boosting car sales through trade-in subsidies and local consumption vouchers [3]. - In Dongguan, despite the suspension of local trade-in subsidies, dealers are facilitating customers to claim subsidies from other cities, indicating a competitive market environment [4]. - The Chongqing Automotive Commercial Association has suggested a unified national standard for car trade-in subsidies to avoid confusion and risks associated with cross-city claims [4]. Group 2: Subsidy Programs - Various local governments are implementing car purchase subsidies, with Dongguan offering consumption vouchers for new energy vehicles and "National VI" gasoline cars, ranging from 1,000 to 3,000 yuan based on the vehicle price [4][5]. - Guangzhou's auto show introduced a "Golden September and Silver October" policy, allowing consumers to save up to 50,000 yuan through combined dealer and government incentives [5]. - The central government has allocated 3 trillion yuan in bonds to support the implementation of trade-in subsidies, with 1,620 billion yuan already distributed in two batches this year [6][8]. Group 3: Consumer Behavior and Trends - As of September 10, 2025, there have been 8.3 million applications for the car trade-in program, indicating strong consumer interest [8]. - The Ministry of Commerce aims to reform restrictive measures on car consumption, shifting focus from purchase management to usage management to stimulate new growth points in automotive consumption [8].

Core Insights - The automotive market is experiencing a surge in consumption during the traditional "golden September and silver October" period, with over 70 new car models entering the market and various local car exhibitions being held across more than 23 cities during the National Day holiday [1][6]. Group 1: Government Support and Subsidies - A total of 300 billion yuan has been allocated for the "old-for-new" vehicle replacement subsidy program, with the fourth batch of 69 billion yuan being distributed as planned in October [6]. - Various local governments are implementing their own automotive consumption subsidies to fill the gap left by the suspension of national subsidies in several provinces [6][7]. - For example, the government of Dongguan is offering consumption vouchers for new energy vehicles and "National VI" standard gasoline vehicles, with varying amounts based on the purchase price [4][5]. Group 2: Market Dynamics and Consumer Behavior - Despite the suspension of national subsidies in cities like Dongguan, dealers are finding ways to help consumers access subsidies from other cities, indicating a competitive market environment [3]. - The automotive industry is seeing significant promotional activities, with many car manufacturers offering substantial trade-in subsidies and promotional pricing strategies to attract customers [5][6]. - The application volume for the "old-for-new" program has reached 8.3 million as of September 10, indicating strong consumer interest in vehicle replacement [7]. Group 3: Future Outlook - The Ministry of Commerce aims to reform restrictive measures on automotive consumption and promote a shift from purchase management to usage management, which could foster new growth points in automotive consumption [7]. - The target for automotive sales in 2025 is set at approximately 32.3 million units, reflecting a year-on-year growth of about 3% [7].

Group 1 - The fourth batch of 69 billion yuan in funding has been allocated as planned in October, contributing to the automotive market's consumption boost during the traditional peak season of "Golden September and Silver October" [1] - Over 23 cities in China held local auto shows during the National Day holiday, utilizing trade-in subsidies and local consumption vouchers to stimulate automotive consumption [1] - Various car manufacturers are offering significant trade-in subsidies and promotional deals at auto shows, with some brands providing cash discounts of up to 50,000 yuan [4][5] Group 2 - In Dongguan, trade-in subsidies have been suspended, but dealers are helping consumers obtain subsidies from other cities, indicating a competitive market for subsidies [2] - Local governments, such as the Dongguan government, are issuing consumer vouchers for new energy vehicles and "National VI" standard gasoline vehicles, with varying amounts based on the vehicle price [3][4] - The automotive industry is seeing a shift in subsidy distribution, with over five provinces having suspended their trade-in subsidy policies since August, yet the overall subsidy program continues with planned allocations [5][6] Group 3 - The Ministry of Commerce aims to reform restrictive measures on automotive consumption, transitioning from purchase management to usage management to foster new growth points in automotive consumption [6] - As of September 10, 2023, there have been 8.3 million applications for the trade-in program, indicating strong consumer interest [6] - The target for automotive sales in 2025 is approximately 32.3 million units, reflecting a year-on-year growth of about 3% [6]