高盛：中国汽车_专家电话会议总结_黄金周假期主要新能源汽车品牌订单增长53%

Investment Rating - The report indicates a positive outlook for the NEV sector, with major brands experiencing significant order increases during the National Holiday Golden Week [6][13][14]. Core Insights - Major NEV brands saw a 53% increase in orders during the National Holiday Golden Week compared to the daily average in September [6][16]. - Consumer price sensitivity remains high across all pricing ranges, impacting order intakes for brands like Nio, which experienced a decline in orders due to reduced discounts [5][16]. - The penetration of Battery Electric Vehicles (BEVs) is expected to increase significantly for vehicles priced under RMB 200,000, driven by strong demand in lower-tier cities [5][6]. Industry Trends - Strong store traffic and orders were observed during the National Holiday Golden Week, with both NEVs and Internal Combustion Engine (ICE) vehicles showing positive year-over-year and month-over-month growth [2][6]. - Replacement demand for vehicles is a significant driver, accounting for over 50% of total orders for popular new models, supported by government trade-in subsidy programs [6][13]. - Traditional premium foreign brands and mass-market joint venture brands also reported strong order intakes, with notable exceptions like Porsche [6][13]. Brand Performance - BYD reported a 52% increase in orders during the Golden Week, with estimated orders reaching 200,000 units [13]. - HIMA experienced a remarkable 111% increase in orders, with new orders estimated at 25,000 to 26,000 units [13][14]. - Li Auto's orders increased by 58%, with significant contributions from its L6 and L7 models [14]. - Nio faced a decline of 33% in orders, attributed to reduced discount offerings during the holiday period [16].