Core Viewpoint - The report from CMB International indicates a positive investment rating for the mainland automotive industry, driven by a significant increase in the penetration rate of new energy vehicles, which reached 57.8% in September. The firm anticipates a strong sales performance in the fourth quarter due to various market factors [1] Group 1: Market Performance - In September, the retail sales of passenger vehicles in China reached 2.241 million units, representing a year-on-year increase of 6.3% and a month-on-month increase of 11% [1] - Cumulative retail sales of passenger vehicles from January to September 2025 totaled 17.005 million units, reflecting a year-on-year growth of 9.2% [1] Group 2: Future Outlook - The adjustment of the new energy vehicle purchase tax exemption policy in 2026 is expected to stimulate consumer purchases towards the end of the year, alongside the traditional peak sales seasons of "Golden September and Silver October" [1] - The automotive market is anticipated to enter a consumption lull after the fourth quarter sales surge, necessitating cautious monitoring of stock price fluctuations in the sector [1] Group 3: Company Highlights - Xpeng Motors (09868) is expected to boost sales and gross margins with the launch of its new P7 and extended-range models [1] - Geely Automobile (00175) is focusing on internal resource integration following the privatization of its Zeekr brand [1] - Seres is expanding its high-end market presence and improving profitability with its Aito series [1]
交银国际：9月新能源车渗透率升至57.8% 看好第四季销量冲刺提振车市表现