CITIC SEC Research Reports indicate that reviewing the four major automobile consumption stimulus policies in history reveals that the intensity of the policy in 2024 has significantly increased, with a vehicle discount rising to 9% (up from 5% and 2.5%). At the same time, the research found that the policy leverage multiplier has marginally decreased, currently stabilizing around 3.0, and market feedback is becoming increasingly front-loaded. Therefore, it is believed that the 2024 policy "ending period" Index is relatively safe. The trade-in policies introduced in the second half of 2024 will play a good role in supporting sales, and the possibility of extending this policy is high, along with the potential for other diverse stimulus policies. Under a neutral expectation, passenger vehicle sales are projected to be 29.24 million units in 2025 (up 6.4% year-on-year), signaling a hopeful escape from internal competition in the Industry.