Although the base increased in the same period last year, the decline in the growth rate of passenger car sales of the automobile association and the passenger Federation in mid November still narrowed, which has lasted for two months, pointing to the continued improvement of terminal demand. On the supply side, with the gradual weakening of the impact of chip shortage, since November, the operating rate of semi steel tire has continued to rise, close to the level of the same period over the years. The moving average year-on-year growth rate of operating rate of semi tire has also continued to rise, and the turnover is positive. China Automobile Association said that auto dealers began to increase stock replenishment to prepare for the peak consumption season before the Spring Festival. The national development and Reform Commission recently revealed that it will implement a new round of automobile going to the countryside. Ning Jizhen, director of the Bureau of statistics, said that China's demand potential must be fully tapped in 2022, including the implementation of relevant measures to boost large consumption such as automobiles and household appliances. We expect that the demand for terminal car purchase will be further released by the end of the year and next year, driving the recovery of consumption growth.
