摩根大通：2026年6月中国汽车行业产销格局观察报告（英文版）

CAAM's June sales release was broadly in line with expectations, with the sectorstill showing a clear split between strong export momentum and weak domesticdemand. We believe the continued softness in domestic PV demand was likely oneof the key reasons behind China auto sector's weakness in June, with MSCI ChinaAutos -19% vs. MXCN's -8% during the month. June domestic PV sales fell 26%YoY to 1.5mn units, while PV exports rose 80% YoY to 0.9mn units, reinforcingour view that the se