Group 1 - The automotive stocks continue to decline, with Xpeng Motors down 3.73% at HKD 71, Li Auto down 1.91% at HKD 64.35, and Great Wall Motors down 1.62% at HKD 14.6 [1] - According to the China Association of Automobile Manufacturers (CAAM), November saw automotive production and sales reach 3.532 million and 3.429 million units respectively, with month-on-month increases of 5.1% and 3.2%, and year-on-year increases of 2.8% and 3.4% [1] - However, the China Passenger Car Association (CPCA) reported a continued decline in retail sales, with a year-on-year drop of 8.1% and a month-on-month decrease of 1.1%, indicating a significant reduction in consumer purchasing intent [1] Group 2 - A report from JPMorgan indicates that November's domestic passenger car sales only saw a month-on-month increase of 3%, which is below seasonal levels [1] - Weak demand is primarily attributed to government subsidies being exhausted earlier than expected, leading consumers to adopt a wait-and-see approach [1] - Major electric vehicle manufacturers have provided moderate guidance for fourth-quarter sales, and early December data suggests that December may continue to show weak trends [1] - JPMorgan also forecasts that demand for new energy passenger vehicles may decline by approximately 30% quarter-on-quarter in the first quarter of next year, falling below seasonal levels [1]