HTSC's Research Reports indicate significant year-on-year growth in wholesale and retail in November, with the penetration rate of New energy Funds and market share of independent brands remaining high. From December 1 to 15, retail/wholesale numbers were 1.083/1.138 million units, up 34%/39% year-on-year and up 14%/4% month-on-month. In December, the discount strength across the All Market slightly increased, with the effects of local vehicle replacement subsidy policies and scrapping policies becoming increasingly evident, maintaining the high prosperity of the automotive market. The Passenger Vehicle Association expects that December retail sales of passenger vehicles will grow by 15% year-on-year to 2.7 million units. It is believed that the subsidy policy is likely to continue in 2025, but fluctuations in sector sales may occur at the beginning of the year due to policy nodes. However, automakers with strong new vehicle cycles will still significantly outperform the Industry and will be recommended as symbols capable of withstanding sector fluctuations.