CITIC Securities: The main focus of the automobile industry will shift to export realization and profit recovery.

CITIC Securities research report stated that, reviewing the first half of 2026, the domestic passenger car market is under pressure due to the reduction of the purchase tax, pre-demand, and price wait-and-see attitude. Export has become the core increment, with major independent domestic car companies such as Chery, BYD, and Geely achieving over 70% year-on-year growth in overseas sales. Looking ahead to the second half of 2026 and 2027, CITIC Securities believes that the industry's main focus will shift towards exporting to realize profit recovery. Leading car companies are expected to achieve volume and profit growth through various powertrain types, overseas factories, and external cooperation. Although domestic competition remains fierce, the trend towards high-end marketization is still worth paying attention to.