HK Stock Market Move | Car stocks performed strongly in the early morning session, with October's new energy car sales increasing by nearly 50% year-on-year. It is expected that the retail prosperity of cars will continue to improve in November.

In the early morning trading session, automobile stocks showed strong performance. As of the time of writing, BAIC MOTOR (01958) rose by 4.48% to 2.33 Hong Kong dollars; Guangzhou Automobile Group (02238) rose by 4.47% to 3.27 Hong Kong dollars; Great Wall Motor (02333) rose by 4.5% to 14.4 Hong Kong dollars; GEELY AUTO (00175) rose by 4.38% to 15.24 Hong Kong dollars. On the news front, on November 8th, the China Automobile Dealers Association's Passenger Car Market Information Joint Committee released data showing that in October of this year, the production of new energy passenger cars reached 1.379 million, a year-on-year increase of 49.9% and a month-on-month increase of 12.6%; wholesale sales reached 1.369 million, a year-on-year increase of 55.2% and a month-on-month increase of 11.2%. Data released by the CADA shows that in October, the production and sales of new energy vehicles reached 1.463 million and 1.43 million respectively, with year-on-year growth rates of 48% and 49.6%, and new energy vehicles accounting for 46.8% of total new car sales. Sealand indicated that the continued effects of policies and the introduction of new cars will create opportunities in the automobile sector. Based on the catalytic effect of the intensive launch of new cars in September (such as NIO EC6, Jinkou 7X/Smart R7, etc.), and the improvement in overall car consumption supported by the policy of exchange of old cars for new cars (the stimulative effect of local policies is expected to be evident in November), it is expected that the retail sales of cars will continue to improve in November. It is recommended to actively participate in opportunities in the automobile sector.