China Merchants published a report indicating that looking ahead to November, the seasonal increase in inventory, along with benefits from policy subsidies, singles' day sales, and year-end sales boosts, will lead into the peak season. The firm continues to be bullish on Geely Autos and BYD, which benefit the most from trade-in programs and electric vehicles being promoted to rural areas. It is expected that next year, electric vehicle policies will still be positive, and trade-in programs will remain an important focal point. Xiaopeng is a leader in intelligent driving exploration, with cost and technology advantages allowing the product cycle to climb upwards again, raising Xiaopeng’s target price listed in Hong Kong to 73 HKD. Dealers strongly recommend zhongsheng hldg, which is connected to the Huawei system and has restructured its channel network; business transformation has reversed the fundamentals, leading to significant elasticity in performance and valuation. Other recommendations from the firm include Li Auto and fuyao glass, which have stable performance, low short-term elasticity, but are suitable for long-term accumulation at lower prices. The USA stock market remains bullish on Tesla, which may benefit from the slowdown in the electricization process in the USA and is likely to increase market share in the long term.