Core Insights - In October 2023, the wholesale sales of new energy passenger vehicles in China reached 1.621 million units, marking a year-on-year increase of 18.5% and a month-on-month increase of 8.5% [1] Summary by Category - **Sales Performance** - The wholesale volume of new energy passenger vehicles in October 2023 was 1.621 million units [1] - This represents a year-on-year growth of 18.5% [1] - There was also a month-on-month increase of 8.5% [1]

Group 1 - In September, pure electric vehicle sales reached approximately 838,000 units, representing a year-on-year increase of 32.3% and a month-on-month increase of 19.1% [1] - Plug-in hybrid vehicle sales totaled about 449,000 units, showing a year-on-year decline of 4.9% but a month-on-month increase of 14.3% [1] - Cumulatively, by 2025, the total sales of new energy vehicles are projected to reach 8.634 million units, reflecting a year-on-year increase of 22.8% [1]

Group 1 - In September, the sales of pure electric vehicles reached approximately 838,000 units, representing a year-on-year increase of 32.3% and a month-on-month increase of 19.1% [1] - Plug-in hybrid vehicle sales were about 449,000 units, showing a year-on-year decline of 4.9% but a month-on-month increase of 14.3% [1] - Cumulatively, the total sales of new energy vehicles in 2025 reached 8.634 million units, with a year-on-year increase of 22.8% [1] Group 2 - The total passenger car market sales in September were 2.25 million units, reflecting a year-on-year increase of 4.0% and a month-on-month increase of 13.4% [3] - The new energy vehicle market sales were approximately 1.287 million units, with a year-on-year increase of 16.4% and a month-on-month increase of 17.4% [3] - In September, new energy vehicles accounted for 57.2% of total passenger car sales, an increase of 2.0% from the previous month and up 6.1% from the same period last year [3] Group 3 - The top 10 cities accounted for 25.4% of total sales, a decrease of 0.6% from the previous month [5] - The top three cities for sales were Chengdu, Guangzhou, and Beijing, with Ningbo replacing Tianjin in the top ten [5] - In the top 10 cities, the penetration rate of new energy vehicles exceeded 50%, with Shenzhen leading at 67.7% [5] Group 4 - In the pure electric vehicle market, the top three segments by sales were B-SUV (16.5%), A0 class (16.2%), and A00 class (14.2%) [7] - The market share of C-SUVs increased from 3.4% to 8.2% year-on-year, while the A-SUV market share decreased from 15.4% to 11.8% [7] Group 5 - In September, personal users accounted for 87.3% of pure electric vehicle sales, a year-on-year increase of 36.3% [9] - Unit users made up 6.2% of sales, with a year-on-year increase of 23.1% [9] - Cumulatively, personal users represented 85.9% of the pure electric vehicle market, while unit users accounted for 6.3% [9]

Core Insights - The wholesale sales of new energy passenger vehicles in China for October are projected to reach 1.61 million units, representing a year-on-year increase of 16% and a month-on-month increase of 7% [1] - Cumulatively, from January to October, the total wholesale sales of new energy passenger vehicles are estimated to be 12.054 million units, reflecting a year-on-year growth of 30% [1] Monthly Sales Data - In September, manufacturers with wholesale sales exceeding 10,000 units accounted for 93.8% of the total new energy passenger vehicle sales [1] - The preliminary data for October indicates that the sales for these manufacturers are expected to be 1.51 million units [1] Market Trends - The overall structure and sales data suggest that the majority of manufacturers have already locked in their sales figures for the month [1]

Core Insights - The article highlights a decline in monthly sales for BYD's electric vehicles in October, while maintaining a double-digit growth in cumulative sales for the year [1] Key Data Performance - Monthly Sales: In October, the sales of new energy vehicles reached 441,700 units, representing a year-on-year decrease of 12.13% [1] - Cumulative Sales: For the first ten months, cumulative sales totaled 3.7019 million units, showing a year-on-year increase of 13.88% [1] Market Segment Performance - Battery Electric Vehicles (BEVs): Cumulative sales for the first ten months reached 1.8285 million units, reflecting a significant year-on-year growth of 34.53% [1] - Plug-in Hybrid Electric Vehicles (PHEVs): Cumulative sales amounted to 1.8273 million units, indicating a year-on-year decline of 2.69% [1] - Commercial Vehicles: Cumulative sales reached 46,100 units, demonstrating a remarkable year-on-year increase of 239.10% [1] Other Key Indicators - Export Business: In October, exports totaled 83,900 units [1] - Battery Installation: In October, battery installations reached 27.362 GWh, with a cumulative total of 230.613 GWh for the first ten months [1] Key Observations - Despite a year-on-year decline in monthly sales for October, the overall cumulative sales for the year continue to show double-digit growth [1] - The BEV segment is experiencing strong growth, while the PHEV segment is under pressure [1] - The commercial vehicle segment has achieved explosive growth [1]

Group 1 - The core point of the article is that Seres Group Co., Ltd. reported a significant increase in its electric vehicle sales for October 2023, with a total of 51,456 units sold, representing a year-on-year growth of 42.89% [1] - For the period from January to October 2023, the cumulative sales reached 356,085 units, indicating strong performance in the electric vehicle market [1] Group 2 - Jefferies has downgraded the A-share rating of Seres Group Co., Ltd. to "Hold," with a target price set at 144.30 RMB, reflecting a decrease of 7% [2]

Group 1 - The core viewpoint of the news is that Seres Group Co., Ltd. reported a significant increase in its electric vehicle sales for October 2023, with a year-on-year growth of 42.89% [1] - In October 2023, Seres sold 51,456 electric vehicles, contributing to a total cumulative sales of 356,085 vehicles from January to October 2023 [1] Group 2 - Jefferies has downgraded the A-share rating of Seres Group Co., Ltd. to "Hold" with a target price of 144.30 RMB, indicating a decrease of 7% [2]

Performance Disclosure - BYD reported a cumulative year-on-year growth of 13.88% in new energy vehicle sales for the first ten months, with total sales reaching 3.70 million units, and October sales at 441,700 units, down from 502,700 units in the same month last year [1] - SAIC Motor announced a 13% year-on-year increase in vehicle sales for October, totaling 454,000 units, with a cumulative growth of 19.5% for the year-to-date, reaching 3.65 million units [2] - Seres achieved a record high in October with a 42.89% year-on-year increase in new energy vehicle sales, totaling 51,500 units, and a production of 52,600 units, reflecting a 46.58% increase [3] - Changan Automobile reported a 36.14% year-on-year increase in new energy vehicle sales for October, with total sales of 119,200 units, and a cumulative growth of 60.58% for the year-to-date, reaching 868,700 units [4] Shareholding Changes - Huafeng Measurement Control announced that its controlling shareholder plans to reduce its stake by up to 2%, equating to a maximum of 2.71 million shares [5] - Yongzhen Co., Ltd. disclosed that two shareholders intend to collectively reduce their holdings by up to 3%, or 711,770 shares [6] - Jinmo Technology reported that its shareholder plans to reduce its stake by up to 3%, amounting to 906,200 shares [7] - Zhongzi Technology announced that a board member intends to reduce his holdings by up to 0.03%, or 40,000 shares [8] Risk Matters - ST Zhongdi highlighted a significant divergence between its stock price and fundamental performance, with a cumulative increase of over 71.39% from October 16 to October 31, indicating abnormal trading fluctuations [9] - Hemei Group's independent director received a notice of administrative penalty due to alleged information disclosure violations while serving as an independent director at another company [10] - Hainan Development clarified that during the period of abnormal stock trading, its controlling shareholder did not engage in buying or selling company shares, with plans to increase holdings between 100 million to 200 million yuan [11]

Core Viewpoint - The automotive industry is experiencing a strong performance in October, with many companies reporting higher sales than in September, particularly in the electric vehicle (EV) segment. The year-end sales surge is anticipated to be significant due to various incentives and tax policies [1][4]. Group 1: BYD - In October, BYD's passenger car sales reached 436,856 units, maintaining a leading position in the EV market with over 3.7 million cumulative sales in the first ten months of the year [2][4]. - The sales breakdown includes 395,015 units from the Dynasty and Ocean series, 31,052 from the Fangcheng Leopard, 10,135 from Tengshi, and 654 from Yangwang [2]. Group 2: Geely - Geely's total sales in October were 307,133 units, with 177,882 units being electric vehicles. The Galaxy brand contributed 245,497 units, while Lynk & Co and Zeekr added 40,213 and 21,423 units, respectively [5][6]. - Geely's sales have shown rapid growth, particularly with the Galaxy brand doubling its sales compared to the previous month [8]. Group 3: Chery - Chery achieved a significant milestone with its monthly EV sales surpassing 110,000 units for the first time, driven by the newly launched Fengyun T11, which received nearly 40,000 orders within 24 hours [12]. Group 4: SAIC-GM-Wuling - SAIC-GM-Wuling reported total sales of 174,956 units in October, with 123,147 units being electric vehicles. The Hongguang MINI EV was a key contributor to this success [13][17]. Group 5: Great Wall Motors - Great Wall Motors sold 143,078 units in October, with 46,155 units being electric vehicles. The company is accelerating its transition to electric vehicles and achieving success in high-end and overseas markets [19]. Group 6: Leap Motor - Leap Motor delivered 70,289 units in October, showing strong momentum in the 100,000 to 200,000 yuan price range. The company is expanding its product line with new models [6][21]. Group 7: Huawei's Hongmeng Zhixing - Hongmeng Zhixing delivered 68,216 units in October, with significant contributions from the Zhijie and Xiangjie models. The company is focusing on increasing production capacity and solidifying its position in the high-end market [21][23]. Group 8: NIO - NIO delivered 40,397 units in October, with the brand's performance driven by the successful launch of new models and organizational efficiency improvements [26][30]. Group 9: Xiaomi - Xiaomi's electric vehicle sales exceeded 40,000 units in October, supported by a tax subsidy policy that has garnered positive feedback from consumers [31][33]. Group 10: Deep Blue and Avita - Deep Blue reported global deliveries of 36,792 units in October, with the Deep Blue S05 being a major contributor. The brand's cumulative sales increased by 57.1% year-on-year [11][35]. Group 11: Li Auto - Li Auto delivered 31,767 units in October, facing intense competition but maintaining a dual strategy of range-extended and pure electric vehicles [12][38]. Group 12: Dongfeng Yipai Technology - Dongfeng Yipai Technology achieved sales of 31,107 units in October, benefiting from the integration of multiple sub-brands [39]. Group 13: BAIC New Energy - BAIC New Energy sold 30,542 units in October, with significant contributions from the Arcfox and Xiangjie brands [40][42]. Group 14: FAW Bestune - FAW Bestune's sales reached 20,400 units in October, with 18,468 units being electric vehicles, indicating a successful transition towards electrification [15][44]. Group 15: Lantu - Lantu delivered 17,218 units in October, focusing on flagship models and technological upgrades in collaboration with Huawei [16][46]. Group 16: IM Motors - IM Motors delivered 13,159 units in October, with the launch of the LS6 model contributing to a new monthly delivery record [17][48]. Group 17: Jishi Motors - Jishi Motors delivered 1,426 units in October, showing steady growth in sales, particularly in international markets [18][51].

Core Viewpoint - The domestic narrow passenger car market in China shows strong growth in September 2025, with retail sales reaching 2.244 million units, a year-on-year increase of 6.4% and a month-on-month increase of 11.2% [2][3]. Sales Data Summary - In September 2025, the cumulative sales for the first nine months reached 17.008 million units, reflecting a year-on-year growth of 9.2% [2][3]. - The breakdown of September sales by vehicle type includes: - SUVs: 474,000 units, year-on-year increase of 4.9%, month-on-month increase of 13.1% [3]. - MPVs: 92,000 units, year-on-year decrease of 4.9%, month-on-month increase of 3.5% [3]. - Sedans: 1.13 million units, year-on-year increase of 8.9%, month-on-month increase of 10.1% [3]. - New Energy Vehicles (NEVs): 1.299 million units, year-on-year increase of 15.7%, month-on-month increase of 16.5% [3]. Manufacturer Performance - The top manufacturers by retail sales in September 2025 are: - BYD: 393,060 units, month-on-month increase of 5.8%, year-on-year decrease of 5.9%, market share of 14.1% [6]. - Geely: 273,125 units, month-on-month increase of 9.2%, year-on-year increase of 35.2%, market share of 9.8% [6]. - Chery: 269,070 units, month-on-month increase of 16.3%, year-on-year increase of 13.5%, market share of 9.6% [6]. - Cumulative sales from January to September 2025 show: - BYD: 3.218 million units, year-on-year increase of 17.6%, market share of 15.4% [7]. - Geely: 2.170 million units, year-on-year increase of 45.7%, market share of 10.4% [7]. New Energy Vehicle (NEV) Insights - In September 2025, the NEV wholesale sales rankings are led by: - BYD: 393,060 units, month-on-month increase of 5.8%, year-on-year decrease of 5.9%, market share of 26.3% [10]. - Geely: 165,201 units, month-on-month increase of 12.1%, year-on-year increase of 81.3%, market share of 11.1% [10]. - Cumulative NEV sales from January to September 2025 show: - BYD: 3.218 million units, year-on-year increase of 17.6%, market share of 30.8% [11].