HK Stock Market Move | XPENG-W(09868) rose more than 6%, leading the new energy vehicle stocks. The replacement of old with new is expected to help continue to boost car sales.

New energy vehicle stocks collectively rose, as of the time of writing, XPENG-W (09868) rose 6.19% to HK$53.2; GEELY AUTO (00175) rose 3.24% to HK$14.04; LEAPMOTOR (09863) rose 2.48% to HK$33; NIO-SW (09866) rose 2.05% to HK$32.3. On the news front, according to Caixin, it was learned from several informed sources that the detailed rules for supporting subsidies for the purchase of new cars in the automotive sector will be released this Friday. Dongxing pointed out that with the help of the policy of replacing old cars with new ones by 2024, the production and sales of the automotive market in China will achieve growth, the penetration rate of new energy vehicles will continue to increase, and the proportion of hybrid models will continue to rise due to various advantages. Looking ahead to 2025, with the expansion of the subsidy policy, the automotive market is expected to remain stable. In addition, a Citigroup research report pointed out that after NIO announced retail sales performance surpassing its peers this month, the bank ended its downward catalyst observation on NIO. Citigroup analysts expect NIO to launch a large number of new products after the Lunar New Year, to support its sales growth in 2025. The new products include revised models G6, G8, P7i, X9, as well as Mona Max, the all-new BEVG7, and a possible new EREV model that may be launched in the second half of the year.