Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, including BYD (1211 HK), XPeng Motors (9868 HK), and Geely Automobile (175 HK) [8]. Core Insights - The report highlights that the new energy vehicle market maintained a year-on-year growth in July, despite a slowdown in delivery growth due to the traditional off-season for passenger car sales [2][4]. - The overall delivery volume for new energy vehicles in July showed a year-on-year increase of 11.2% but a month-on-month decrease of 6.2% [6]. - The report anticipates an improvement in overall sales in August as the traditional peak sales season approaches [4]. Summary by Relevant Sections Company Performance - BYD delivered 341,030 vehicles in July, a slight year-on-year increase of 0.1% but a month-on-month decrease of 9.7% [6]. - Li Auto delivered 30,731 vehicles in July, reflecting a significant year-on-year decrease of 39.7% and a month-on-month decrease of 15.3% [6]. - XPeng Motors achieved a record delivery of 36,717 vehicles in July, marking a year-on-year increase of 229.4% and a month-on-month increase of 6.1% [6]. - NIO delivered 21,017 vehicles in July, with a year-on-year increase of 2.5% but a month-on-month decrease of 15.7% [4]. - Leap Motor delivered 50,129 vehicles in July, showing a year-on-year increase of 127% and a month-on-month increase of 4% [4]. Market Trends - The report notes that the penetration rate of new energy vehicles has remained above 50% for four consecutive months, indicating a strong market presence [2]. - The report expects that the upcoming launch of new models from various manufacturers will enhance market supply and drive sales during the peak season [4]. Future Outlook - Analysts are optimistic about the performance of BYD, XPeng Motors, and Geely following their new model launches and strategic initiatives [4].

Core Viewpoint - BYD's electric vehicle sales have surpassed one million units in the first three months of the year, indicating strong growth in the market for new energy vehicles [1][2]. Group 1: BYD's Sales Performance - In March, BYD's new energy vehicle sales reached 377,400 units, a year-on-year increase of 24.8%, with passenger car sales at 371,400 units, up 23.1% [1]. - For the first three months of the year, BYD's new energy vehicle sales totaled 1,000,800 units, reflecting a year-on-year growth of 59.81% [1]. - BYD is experiencing a "two-headed" growth trend, capturing both the 100,000 to 200,000 yuan market with its Dynasty and Ocean series, and the luxury market above 400,000 yuan with brands like Tengshi and Fangchengbao [3]. Group 2: Product and Technology Innovations - BYD launched the groundbreaking Super e-platform, featuring a 1000V high-voltage architecture and the world's first mass-produced 10C charging rate electric platform [3]. - The company has introduced limited-time pricing policies for certain models, with the Qin LDM-i starting at 89,800 yuan and the Song LDM-i at 119,800 yuan [3]. - The launch of the Yangwang U7, a flagship electric sedan, marks a significant advancement in electric vehicle technology, featuring a fully electric suspension system [4]. Group 3: Market Expansion and Future Goals - BYD aims to achieve a sales target of 5.5 million units by 2025, with expectations of over 90% growth in overseas markets [5]. - The company is also set to mass-produce its self-developed "end-to-end urban intelligent driving" technology within the year [5]. Group 4: Performance of New Car Manufacturers - Other new energy vehicle manufacturers have also reported significant sales growth, with XPeng Motors delivering 33,200 vehicles in March, a year-on-year increase of 268% [7]. - Xiaomi Motors delivered over 29,000 vehicles in March, with a target of 350,000 units for the year [9]. - Li Auto and NIO reported year-on-year increases of 26.5% and 26.7% in March deliveries, respectively, with NIO's total deliveries for the first quarter reaching 42,100 units, up 40.1% [9].