Auto stocks experienced notable gains, led by Geely (00175, Financial), which rose 6.11% to HKD 12.5. Leapmotor (09863) saw a 5.06% increase, closing at HKD 33.2, while XPeng (09868) increased by 5.02% to HKD 49.2. BYD Co. (01211) also performed well, advancing by 4.47% to reach HKD 299.
The positive market movement is attributed to a surge in domestic car sales during the recent holiday period. Official data from Hongmeng Smart Mobility indicated that sales for the models Zhijie R7, Aito M9, and Aito M7 surpassed 9,600, 7,800, and 9,000 units respectively. Leapmotor's CEO Zhu Jiangming reported a holiday sales high of over 17,000 new orders in just seven days. Additionally, new orders during the holiday exceeded 10,000 for Zeekr and 20,000 for Li Auto, with XPeng gaining over 16,000 orders.
The "Golden September, Silver October" peak sales season, coupled with policies encouraging consumers to trade in old vehicles for new models, has accelerated growth in the new energy vehicle market. Many brands have achieved record sales. Debang Securities notes a rapid advancement in electric and smart vehicle technology among mainstream car manufacturers, supported by favorable policies likely to sustain robust sales growth.
CCTV News reported that the Chinese government continues its discussions with the U.S. and the EU on trade matters concerning electric vehicles. Following the EU's approval of its electric vehicle anti-subsidy case, negotiations between China and the EU are expected to continue.
