According to a Research Report from China Galaxy Securities, looking ahead to 2025, Consumer encouragement policies are expected to continue, with 'intelligent driving equality' accelerating product iteration: In terms of overall volume, the old-for-new Consumer encouragement policy is expected to continue in 2025, supporting domestic demand. The domestic market sales volume is expected to slightly increase by 0.04% year-on-year to 25.362 million units, including Passenger Vehicle sales of 22.647 million units, +1.0% year-on-year. Higher subsidies for New energy compared to RBOB Gasoline, continued improvement in the strength and cost-performance of independent brand products, and the clearing of RBOB Gasoline channels are expected to collectively accelerate the substitution by New energy. It is estimated that domestic sales of New energy Passenger Vehicles will be 14.805 million units in 2025, with a penetration rate of 65.4%. In terms of intelligent driving, high-level intelligent driving will enter a phase of accelerated popularization. 'Intelligent driving equality' will lead to accelerated product iteration on the supply side, continuously enriching market supply. The large models for intelligent driving will place higher demands on R&D investment, likely leading to continued improvement in industry concentration. The leading players are starting to create generational differences in high-level intelligent driving capabilities, and market competitive advantages will become more apparent.