Chenglian Branch Cui Dongshu: In 2025, the commercial vehicle market will exhibit structural growth characteristics driven by equipment renewal subsidies. High subsidies will accelerate the electrification of logistics transport, leading to high prosperity in the commercial vehicle industry.

Cui Dongshu: By 2025, the macroeconomy will maintain strong growth, with the automotive market showing strong growth under the promotion of national promotion fee policies. The overall trend of the national automotive market in 2025 is strong, with the truck market and passenger car market showing significant rebounds. Due to the strong policy measures last year, policy tightening is evident this year. Retail sales in December 2024 were significantly stronger than wholesale, leading to negative growth in passenger car retail sales in December this year. However, due to exports and inventory increases, the sales growth rate of manufacturers in December was relatively good. The trend of new energy vehicles in December was strong, and the export market for cars continued to be strong, with significant changes in manufacturer inventory. Industry pressure remains high. In 2025, the commercial vehicle market will see structural growth driven by equipment renewal subsidies, with high subsidies accelerating the electrification of logistics transportation and a high level of prosperity in the commercial vehicle market.