Gelonghui September 27th | Chinese new energy vehicle stocks rose before the market, with Nio up more than 5.5%, Xpeng up more than 4.8%, Jike up more than 2.8%, and Li Auto Inc up more than 1.5%. In terms of news, a research report published by CICC pointed out that China's policy to support trade-ins for new cars is driving the recovery of the automotive industry, especially benefiting electric vehicles. This is mainly because consumers' preferences are shifting from joint venture brand internal combustion engine (ICE) models to new energy vehicle models. In addition, various automakers are launching new energy vehicle models in the second half of the year, expecting the market penetration rate of domestically produced new energy vehicles in China to steadily increase. CICC believes that leading car companies can continue to benefit from policy incentives and the momentum of electric vehicle development.