On September 26, Guolonghui released a research report stating that recent domestic passenger vehicle registration data indicates that the policy of trading in old cars for new ones has effectively boosted demand. The bank expects that domestic passenger vehicle sales in September will grow by over 5%. The bank pointed out that the penetration rate of electric vehicles is reaching new highs, and the large number of orders for popular models such as Xpeng MONA, Nio L60, and Jikexue 7X will further drive the penetration rate of electric vehicles. The bank maintains a "shareholding" position on the automotive industry, as the policy of trading in old cars for new ones provides a safety net for sales in the 2024 fiscal year, and expects that new electric vehicle models will drive demand growth. Due to the increase in liquidity and sales growth leading to higher profit visibility, the bank has raised the target price of Li Auto Inc from HK$96 to HK$109, maintaining an "outperform the market" rating.