The CITIC Securities Research Report pointed out that recently, the passenger car market has received a lot of attention due to large discounts from some brands. We estimate that since March (as of March 13), various brands have indeed released certain discounts, but the discount releases have been relatively moderate. Among them, the release of joint venture brand discounts is relatively obvious, with Mercedes-Benz, Audi, Honda and Toyota being particularly prominent; own-brand new energy vehicles continue to slowly release discounts, and the fuel vehicle discount situation is relatively stable. Judging from the sales situation, passenger car retail sales on March 1-19 still fell 8% year on year and were relatively sluggish. We think consumers may still be on the sidelines.