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| HSI1 | 23,525.97 | +132.65 | 236.40B |
| HSCEI1 | 7,943.10 | +36.99 | 71.34B |
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2026-11-03 12:46:38 Major Chinese automakers' sales mounted 5% MoM and 4% YoY in October, with the seasonal domestic demand recovery during the “Silver October” period offsetting softer exports, CLSA wrote in a research report. The broker believed the export slowdown represents consolidation at elevated levels rather than a reversal, while EU tariffs remain a key catalyst in 4Q. Domestic demand momentum is shifting toward automakers with fresh model cycles, with the sector top picks being BYD COMPANY (01211.HK), GEELY AUTO (00175.HK) and LEAPMOTOR (09863.HK). The broker noted that domestic sales of the four major exporters - BYD COMPANY, GEELY AUTO, CHERY AUTO (09973.HK) and GWMOTOR (02333.HK) - rose 12% MoM, while combined exports fell 2% MoM, jeopardized by BYD COMPANY's exports subsiding for a second consecutive month. On a YoY basis, domestic sales of the above automakers fell 22% due to a high base effect, while exports increased 77%. For domestic sales, BYD COMPANY's passenger vehicle sales reached 483,100 units in October, up 11% YoY and 6% MoM, while domestic sales rose 13% MoM to 312,900 units. GEELY AUTO's sales hit an annual high of 310,200 units, up 1% YoY and 6% MoM, with electric vehicles accounting for 69% of sales. Performance among NEV startups diverged. XIAOMI-W (01810.HK) delivered more than 50,000 vehicles. Sales of LI AUTO-W (02015.HK), NIO-SW (09866.HK) and AITO subsided respectively. CLSA maintained its High Conviction Outperform rating on BYD COMPANY H shares with an H-share TP of HKD109. It also maintained a High Conviction Outperform rating on GEELY AUTO with a TP of HKD18, and an Outperform rating on LEAPMOTOR with a TP of HKD61. ~ AASTOCKS Financial News Website: www.aastocks.com | |