港股汽车股走低

Core Viewpoint - The Hong Kong automotive stocks have experienced a significant decline, with major players like NIO, Great Wall Motors, and Xpeng Motors seeing drops of over 5% to 6% as of January 5, 2026. This downturn is attributed to a decrease in consumer traffic during the New Year holiday compared to the previous year, influenced by changes in tax policies and consumer sentiment [3][4]. Group 1: Market Performance - As of January 5, 2026, major Hong Kong automotive stocks such as NIO, Great Wall Motors, and Xpeng Motors have seen declines exceeding 5% to 6%, marking new lows since their listings in September 2025 [3]. - Other automotive stocks, including Li Auto, Geely, and BYD, also experienced varying degrees of decline during the same period [3]. Group 2: Policy Changes - In 2026, two significant policy changes in the new energy vehicle sector were noted: the reduction of the vehicle purchase tax from full exemption to a 5% rate, and a shift in subsidy policies from fixed amounts to percentage-based subsidies, which effectively reduces support for lower-priced models [4]. - The adjustments in the purchase tax and subsidy policies have led to increased costs for consumers, contributing to a more cautious purchasing attitude [4][5]. Group 3: Consumer Sentiment - A report indicated that consumer traffic for passenger vehicles during the 2026 New Year holiday was lower than in 2025, primarily due to the increased costs associated with the new tax policies, leading to a wait-and-see approach among potential buyers [3][4]. - Despite some automakers offering "safety net" measures to mitigate the impact of the tax increase, these measures have not fully offset the heightened costs for consumers [5].