SMM

[SMM Analysis] On February 19, the "Three-Year Action Plan for Optimizing the Consumption Environment (2025-2027)" (hereinafter referred to as the "Plan"), jointly issued by five departments including the State Administration for Market Regulation, was officially implemented. As a programmatic document coordinating the expansion of domestic demand and the improvement of people's livelihood, the Plan explicitly proposes systematically optimizing the consumption environment through five major actions and 19 tasks. Several of its provisions directly address the long-term development challenges of the NEV industry chain and may have a profound impact on the industry's structure.