Core Viewpoint - The Chinese automotive market is experiencing a downturn in early 2026, with significant declines in sales and a shift in market dynamics, particularly affecting new energy vehicle (NEV) companies and traditional automakers [4][5][8]. Group 1: Market Performance - In January 2026, the automotive sector saw a decline in stock prices across both Hong Kong and A-shares, with NEV companies experiencing larger drops of 4%-7%, while traditional automakers faced smaller declines of 1%-4% [4]. - The primary reason for the market downturn is attributed to disappointing sales figures in January, which fell short of expectations, alongside a significant drop in international gold prices impacting resource stocks [5][8]. - The overall sales of domestic passenger vehicles decreased by 18.1% year-on-year, while exports surged by 50.5%, providing some support to the market [7]. Group 2: Sales Rankings and Trends - The sales rankings among new energy vehicle manufacturers have shifted, with Xiaomi leading in January 2026, followed by Li Auto and NIO, while traditional automakers like Geely and BYD also showed significant sales figures [10][13][15]. - Geely's sales reached 270,200 units in January, marking a strong performance with both year-on-year and month-on-month growth, while BYD's sales dropped by 30% year-on-year and 50% month-on-month, indicating a significant slowdown [15][17]. - Traditional automakers are showing resilience, with GAC's sales growing by 18.47% year-on-year, highlighting the continued market presence of fuel vehicles amidst the NEV price wars [20]. Group 3: Future Outlook - The automotive industry is predicted to enter a "zero growth" phase in 2026, with expectations of a 20.4% month-on-month decline in January sales and only a slight year-on-year increase of 0.3% [30][31]. - Experts suggest that the market will shift from stimulus-driven growth to a more structured approach, with reduced incentives for low-priced NEVs, leading to a more competitive landscape [32]. - The focus on international expansion is expected to become a critical strategy for automakers, as the market adapts to changing consumer demands and competitive pressures [34].

| 南方中证全指汽车指数发起式证券投 | | | | | | --- | --- | --- | --- | --- | | 资基金 2025 年第 2 季度报告 | | | | | | 基金管理人：南方基金管理股份有限公司 | | | | | | 基金托管人：中国建设银行股份有限公司 | | | | | | 送出日期：2025 年 7 月 21 日 南方中证全指汽车指数发起式证券投资基金 | | 2025 年第 | 2 季度报告 | | | §1 重要提示 | | | | | | 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 | | | | | | 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 | | | | | | 基金托管人中国建设银行股份有限公司根据本基金合同规定，于 | 2025 年 | 7 月 | 17 日复核 | | | 了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、 | | | | | | 误导性陈述或者重大遗漏。 | | | | | | 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 ...