On November 12, BOCOM International issued a research report, bestowing a "leading" rating upon the mainland automotive sector. The report highlights that potential adjustments to the new energy vehicle (NEV) purchase tax exemption policy scheduled for 2026 could spur consumers to accelerate their vehicle purchases before the close of 2025. This anticipated rush, combined with automakers' end-of-year sales drives and pre-Spring Festival inventory build-up demands, is expected to keep passenger vehicle sales buoyant through year-end. Nevertheless, following a concentrated sales spike in the fourth quarter, the automotive market may experience a seasonal slowdown in the first quarter of 2026. In light of these dynamics, the report counsels investors to capitalize on structural opportunities while maintaining a cautious stance and closely monitoring short-term market volatilities.