On June 26, Gelunhui reported that Citigroup expects the future product cycle of automobile models to be extended, and the consolidation of the automobile market may continue until 2031, which may result in the return on equity of major auto manufacturers recovering from the second half of 2025 to the beginning of 2029. Different from IHS's forecast that the market share of local brands will reach 63.9% by 2025 and stabilize at the level of 62% in 2031, Citigroup expects that the market share of local brands will reach 66% by 2025 and further expand to 78% in 2031. Due to more positive export drive, Citigroup expects the speed of market consolidation and concentration to be faster than IHS's expectations. By 2025, the mixed product life of new energy vehicles and emerging forces is about 23 months, which is far lower than the average level of 37 months of traditional car manufacturers. The bank expects BYD, Lixiang, Chongqing Sokon, and NIO's market share to be higher than that of 2024. The bank raised the rating of Xiaopeng from "sell" to "neutral", and the target price of H shares rose from HKD 29.9 to HKD 32.2.