Citigroup's report points out that the expected product cycle for future car models will be extended, and the consolidation of the automobile market may continue until 2031. This may lead to a recovery in the stock return rate of major car manufacturers from the second half of 2025 to early 2029. Unlike the forecast that domestic brand market share will reach a peak of 63.9% by 2025 and stabilize at a level of 62% in 2031 by IHS, Citigroup expects domestic brand market share to reach 66% by 2025 and expand further to 78% by 2031. Due to more aggressive export drivers, Citigroup expects the speed of market consolidation and concentration to be faster than that expected by IHS. By 2025, the hybrid product life of the new energy car new force is about 23 months, far lower than the average level of 37 months for traditional car companies. The bank expects the market share of BYD, Ideal, Chongqing Sokon and Extreme Krai to be higher than in 2024. The bank has raised XPeng's rating from "Sell" to "Neutral", and H-share target price has been raised from HKD 29.9 to HKD 32.2.