大摩_中国豪华车经销商经营整合阵痛现状观察-2026-09-市场解读(英)
聚焦大摩_中国豪华车经销商经营整合阵痛现状观察-2026-09-市场解读(英)。Investment Thesis New car data weaker than expected in 1H26 Steeper decreases in volume: In China, declines in luxury ICE car sales, for brands such as BMW, Mercedes-Benz and Audi (BBA), were steeper in 1H26 than in the previous year.