[Cui Dongshu of the Passenger Car Association Branch: The current downturn in the passenger car market is a periodic structural fluctuation] On September 12, Cui Dongshu, secretary-general of the Passenger Car Association Branch, issued a document saying that the auto market retail sales rebounded by 5.5% month-on-month in August 2026, which was the result of the interweaving and resonance of multiple factors such as high oil prices, weak macroeconomic conditions, rising policy expectations, and the Chengdu Auto Show. Geographical conflicts continue to plague navigation in the Strait of Hormuz, driving international oil prices to remain high and volatile. In 2026, domestic gasoline prices have been raised by more than 1,720 yuan/ton, especially by 180 yuan since the end of July, which has significantly increased the cost of fuel vehicles. Domestic consumer demand for fuel passenger vehicles continues to shrink sharply. In August, the manufacturing PMI rebounded by 0.6% month-on-month to 49.8%, still below the boom-bust line. Although terminal domestic demand has picked up, the intensity is limited. The high temperature holiday in the first and middle of August suppressed terminal in-store passenger flow. The Chengdu Auto Show in the second half of August drove a rebound in market enthusiasm. The impulse at the end of the month drove the recovery of daily retail sales. Terminal orders and passenger flow showed a trend of first falling and then rising. In addition, after the implementation of the new national safety standards for new energy, compliant products have been launched iteratively, and the rising technical threshold has pushed the industry from "price involution" to "value competition." In addition, the Politburo meeting in July clarified that the policy of increasing fiscal power and increasing domestic demand to promote consumption will continue to be implemented, providing bottom support for the auto market. Therefore, this round of market downturn is a phased structural fluctuation, and it is too early to judge the deterioration of industry trends.