Group 1 - The Hong Kong stock market opened lower on June 12, with technology stocks declining and gold stocks rising, while new consumption and innovative drug concepts showed signs of recovery [1] - The Hong Kong Stock Connect Automotive ETF (159323) fell over 2%, with major holdings like Xpeng Motors, BYD, and others leading the decline [1] - A commitment from major automakers including BYD, Geely, SAIC, and Great Wall to standardize supplier payment terms to within 60 days is expected to alleviate market concerns regarding repayment capabilities and promote healthy industry development [1] Group 2 - The Hong Kong Stock Connect Automotive ETF (159323) attracted a total of 60.13 million yuan in net inflows over the past 10 days, with a net flow rate of 35.86%, indicating strong investor interest in the automotive sector [2] - The ETF focuses on the Hong Kong automotive sector, featuring a high concentration of leading companies in intelligent driving and new energy vehicles, with BYD being the largest weighted stock at 20.34% [2]

Group 1 - The Hong Kong stock market opened lower on June 12, with technology stocks declining and gold stocks rising, while new consumption and innovative drug concepts showed signs of recovery [1] - The Hong Kong Stock Connect automotive ETF (159323) experienced a pullback, dropping over 2%, with major holdings like XPeng Motors, BYD, and Beijing Automotive leading the decline [1] - Several automotive manufacturers announced a commitment to a payment term of no more than 60 days to suppliers, including both established companies like FAW and SAIC, as well as emerging players like BYD and NIO [1] Group 2 - CITIC Securities noted that the previous procurement payment terms exceeding 60 days increased risks related to capacity expansion and price wars, and the new payment term is expected to promote high-quality development in the automotive industry [2] - The change in payment terms is seen as a timely response to macroeconomic conditions and is expected to address ongoing price war issues in the industry [2] - The Hong Kong Stock Connect automotive ETF (159323) attracted a total of 60.13 million HKD in net inflows over the past 10 days, with a net flow rate of 35.86%, indicating strong investor interest in the automotive sector [2]

Group 1 - The A-share market experienced a rise and fall on June 11, with over 3,400 stocks gaining, and a total transaction volume exceeding 1.28 trillion yuan. The Shanghai Composite Index rose by 0.52%, the Shenzhen Component Index by 0.83%, and the ChiNext Index by 1.21% [1] - The automotive industry chain saw significant gains, with companies like QuanFeng Automotive, HeLi Technology, and YingLi Automotive hitting the upper limit. The ETF sector also performed well, with themes like rare earths, rare metals, Hong Kong automotive, and gaming leading in gains [1] - The automotive sector's strong performance was driven by a surge in BYD's stock, leading the Hong Kong Stock Connect Automotive ETF (159323) to close up by 3.05%, outperforming other ETFs in the same sector [1] Group 2 - Guoyuan International noted that shortening supplier payment terms would improve supply chain liquidity and alleviate financial pressure. The announcement from multiple automakers to shorten payment terms is seen as a positive response to regulatory bodies, which could enhance the overall competitive atmosphere in the industry [2] - The firm believes that the internal competition within the automotive industry may ease, potentially reducing profit pressures across the entire supply chain. Future competitive advantages for leading companies will extend beyond product pricing to include contributions to sustainable development within the industry ecosystem [2] - Data indicates that the Hong Kong Stock Connect Automotive ETF (159323) attracted 49.58 million yuan in net inflow over the past 10 days, with a net flow rate of 31%. This interest in the Hong Kong automotive sector is attributed to the presence of leading companies and new entrants in the intelligent driving field [2]