On October 12, Hong Kong-listed auto stocks opened broadly higher, with Leapmotor up 7.6% to lead, Geely Auto up nearly 6%, NIO and Chery Auto up nearly 4%, Xpeng up 3.5%, and Seres, BYD, Great Wall Motor and Li Auto following. The catalysts are the peak "Golden September and Silver October" season plus policy dividends: more than 50 new models have launched since September, multiple regions have started purchase subsidies and autumn auto shows, and trade-in programs continue to release consumption potential.
Holiday order data from leading automakers provided additional support. Leapmotor netted 32,546 locked orders during the seven-day National Day holiday, with single-day locked orders exceeding 7,600 on October 7; HarmonyOS Intelligent recorded more than 18,500 firm orders in the first three days.
BYD's going-global logic is shifting from "telling stories" to "cashing in profits." September overseas sales reached 180,000 units, nearly 40% of its total and up 154% year on year; more importantly, the overseas business gross margin is about 21.7%, significantly above the domestic level, with per-vehicle average price about 1.5 times the domestic figure. A JPMorgan report shows Chinese automakers' overall share of global overseas markets has risen to 8.2%, taking a 19% share in Europe's NEV market.
Source: Sina Finance / Gelonghui / JPMorgan
