Core Viewpoint - The automotive sector is experiencing a decline in stock prices, particularly for companies like Xpeng Motors, Great Wall Motors, GAC Group, and Brilliance China, amid regulatory developments in the electric vehicle market [1] Regulatory Developments - The National Market Supervision Administration announced the establishment of an innovative recall regulatory system for new energy vehicles, including a fire incident reporting system and remote upgrade reporting system [1] - A pilot program for automotive safety sandbox regulation is being initiated, alongside efforts to strengthen supervision over product recalls and consistency in production for smart connected and new energy vehicles [1] - The administration is also working on a notification to regulate false advertising, exaggerated claims, and irrational competition in the automotive sector [1] Company-Specific News - In response to the lawsuit filed by the Government of Singapore Investment Corporation (GIC) against NIO, a representative from NIO stated that the case is not new and is unrelated to the company's recent operational status, stemming from a short-selling report by Grizzly Research in June 2022 [1] - The report by Grizzly Research was characterized as baseless, containing numerous errors and misleading conclusions [1]

Group 1 - The automotive stocks experienced a significant decline, with Xpeng Motors down 4.83% to HKD 78.8, Great Wall Motors down 4.02% to HKD 14.81, GAC Group down 3.5% to HKD 3.31, and Brilliance China down 2.8% to HKD 3.82 [1] - The National Market Regulation Administration announced the establishment of an innovative recall regulatory system for new energy vehicles, which includes a fire accident reporting system and a remote upgrade reporting system [1] - A notification is being drafted to strengthen the supervision of product recalls and production consistency for intelligent connected and new energy vehicles, aiming to regulate false advertising and irrational competition [1] Group 2 - NIO responded to the lawsuit from the Government of Singapore Investment Corporation (GIC), clarifying that the case is not new and is based on unfounded allegations from a short-selling report by Grizzly Research LLC from June 2022 [1] - The report by Grizzly Research contained numerous errors and misleading conclusions, which NIO claims are baseless [1]

Group 1 - The Hong Kong automotive stocks experienced significant gains, with GAC Group leading with an increase of over 13%, followed by Geely Auto with over 4% [1] - The China Automobile Industry Association reported that the automotive production and sales in the first nine months of the year both exceeded a year-on-year growth rate of 10% [1] - The market outlook for the automotive sector is optimistic, with expectations for upward revisions in growth forecasts for 2025 due to ongoing supportive policies and high export growth [1] Group 2 - JD.com announced a collaboration with GAC Group and CATL to launch a new automotive product, which is expected to enhance market interest [1] - The new vehicle will undergo internal testing and public test drives starting at the end of October, with an official launch scheduled for November 9 [2]

Group 1 - The Hong Kong automotive stocks experienced significant gains, with GAC Group leading with an increase of over 13%, followed by Geely Auto with over 4% and several other companies also showing positive growth [1][1][1] - JD.com announced a collaboration with GAC Group and CATL to launch a new car product, with test drives scheduled for late October and an official release on November 9 [1][1][1] - The China Association of Automobile Manufacturers reported that the automotive market continued its positive trend in Q3, with production and sales growth exceeding 10% year-on-year for the first nine months [1][1][1] Group 2 - Cui Dongshu indicated that the Passenger Car Association raised its annual market forecast in August and will further adjust predictions after discussions in late October, expecting upward revisions for 2025 growth forecasts [1][1][1] - The government's policy measures, including trade-in programs and subsidies for rural areas, along with high export growth, are expected to further boost the annual forecast [1][1][1]

Group 1 - The Hong Kong automotive stocks saw significant gains, with GAC Group leading with an increase of over 13%, followed by Geely Auto with over 4% [1] - JD.com announced a collaboration with GAC Group and CATL to launch a new car product, with test drives starting at the end of October and an official release on November 9 [1] - The China Association of Automobile Manufacturers reported that the automotive market maintained a positive trend in Q3, with production and sales growth exceeding 10% year-on-year in the first nine months [1] Group 2 - Analyst Cui Dongshu indicated that the China Passenger Car Association raised its annual market forecast in August and will further adjust predictions after discussions in late October, expecting upward revisions for 2025 growth forecasts [1] - The ongoing policy measures, including trade-in programs and subsidies for rural areas, along with high export growth, are expected to further boost the annual forecast [1]

Group 1 - Hong Kong automotive stocks experienced a significant rise in the morning but collectively turned down in the afternoon [1] - Brilliance China (01114.HK) fell by 4.3%, trading at 3.78 HKD [1] - Great Wall Motors (02333.HK) decreased by 2.75%, with a price of 15.54 HKD [1] - GAC Group (02238.HK) dropped by 1.86%, now at 3.17 HKD [1] - Li Auto-W (02015.HK) saw a decline of 1.18%, priced at 87.9 HKD [1]

Core Viewpoint - Automotive stocks experienced a significant rise in the morning but collectively turned negative in the afternoon, indicating volatility in market sentiment towards the sector [1] Group 1: Stock Performance - Brilliance China (01114) fell by 4.3%, trading at HKD 3.78 [1] - Great Wall Motors (601633) (02333) decreased by 2.75%, trading at HKD 15.54 [1] - GAC Group (601238) (02238) dropped by 1.86%, trading at HKD 3.17 [1] - Li Auto-W (02015) declined by 1.18%, trading at HKD 87.9 [1] Group 2: Policy and Market Sentiment - The Ministry of Industry and Information Technology and two other departments issued a notice regarding the exemption of vehicle purchase tax for new energy vehicles, with technical requirements set for 2026-2027 [1] - UBS reported that while most automakers should meet the new standards, the updated policies may appear stricter, negatively impacting market sentiment [1] - Despite potential policy headwinds in 2026, investors remain generally optimistic about new vehicle launches from individual companies [1] Group 3: Market Forecasts - The Secretary-General of the Passenger Car Association, Cui Dongshu, indicated that the association raised its annual market expectations in August and will further adjust forecasts after discussions in late October, with an upward revision expected for 2025 growth predictions [1] - Shenwan Hongyuan recently noted that as automotive subsidies are nearing their end and the exemption of purchase tax for new energy vehicles will conclude next year, vehicle purchase costs will significantly increase, potentially leading to a market rush in the fourth quarter [1]

Core Viewpoint - The automotive stocks experienced a significant rise in the morning but collectively turned bearish in the afternoon, indicating volatility in market sentiment towards the sector [1] Group 1: Market Performance - As of the report, major automotive stocks such as Brilliance China (01114) fell by 4.3% to HKD 3.78, Great Wall Motors (02333) decreased by 2.75% to HKD 15.54, GAC Group (02238) dropped by 1.86% to HKD 3.17, and Li Auto-W (02015) declined by 1.18% to HKD 87.9 [1] Group 2: Policy Impact - The Ministry of Industry and Information Technology and two other departments issued a notice clarifying the technical requirements for the exemption of vehicle purchase tax for new energy vehicles from 2026 to 2027, which may create stricter conditions for manufacturers [1] - UBS released a report suggesting that while most automakers should meet the new standards, the updated policies could negatively affect market sentiment [1] Group 3: Market Expectations - The Secretary-General of the Passenger Car Market Information Association, Cui Dongshu, indicated that the association raised its annual market expectations in August and will further adjust forecasts after discussions in late October, with an upward revision anticipated for the 2025 growth forecast [1] - Shenwan Hongyuan recently published a report stating that as subsidies for automobiles are nearing their end and the exemption policy for new energy vehicle purchase taxes will conclude next year, the cost of purchasing vehicles will significantly increase, potentially leading to a market rush in the fourth quarter [1]

Core Viewpoint - The automotive stocks have collectively declined, with significant drops observed in companies like Xpeng Motors, Li Auto, and Great Wall Motors, amidst new government policies regarding tax exemptions for new energy vehicles [1] Group 1: Stock Performance - Xpeng Motors-W (09868) fell by 4.51%, trading at HKD 86.75 [1] - Li Auto-W (02015) decreased by 2.91%, trading at HKD 91.85 [1] - Brilliance China (01114) dropped by 3.12%, trading at HKD 4.04 [1] - Great Wall Motors (02333) saw a slight decline of 0.42%, trading at HKD 16.65 [1] Group 2: Government Policy Impact - On October 9, the Ministry of Industry and Information Technology, Ministry of Finance, and State Taxation Administration jointly announced new technical standards for the exemption of vehicle purchase tax for new energy vehicles for 2026-2027 [1] - The new policy specifies updated technical requirements for pure electric passenger vehicles and plug-in hybrid passenger vehicles, particularly highlighting that plug-in hybrid vehicles must have an electric range of no less than 100 kilometers [1] Group 3: Market Outlook - According to a recent report by Shenwan Hongyuan, the fourth batch of "trade-in" funds has been allocated, indicating that automotive subsidies are nearing their end [1] - Starting next year, the exemption policy for new energy vehicles will be replaced by a 50% tax reduction, resulting in an additional tax cost of up to 15,000 yuan per vehicle for consumers purchasing models priced over 300,000 yuan, which may lead to a surge in market demand in the fourth quarter as consumers rush to purchase before the policy change [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Brilliance China Automotive Holdings Limited (於百慕達註冊成立之有限公司) 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01114 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | USD | | 0.01 USD | | 80,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 8,000,000,000 | USD | | 0.0 ...