Xin Lang Cai Jing·2025-12-04 02:17Group 1 - The Hong Kong automotive stocks collectively declined, with GAC Group and Li Auto dropping over 3%, while NIO, Xpeng Motors, and Beijing Automotive fell over 2% [6][12]. - The China Passenger Car Association reported that retail sales in November reached 2.263 million units, a year-on-year decrease of 7% but a month-on-month increase of 1% [8]. - Cumulatively, retail sales for the year reached 21.519 million units, reflecting a year-on-year growth of 6% [8]. Group 2 - Despite the overall decline in the passenger car market, the new energy vehicle sector continues to show stable growth, remaining a key driver for market expansion [8]. - UBS reported that many domestic automakers showed flat or declining sales in November, raising concerns about the demand outlook for the domestic car market in 2026 [8]. - November is typically a peak season for the industry, and there were expectations of a pre-purchase effect due to potential policy rollbacks in 2026, yet the market is showing signs of weakness [8].