According to the Zhitong Finance and Economics APP, auto stocks generally rose, as of the time of publication, Li Auto Inc-W (02015) rose by 8.79% to HK$117.6; Leapmotor (09863) rose by 8.21% to HK$36.25; NIO Inc -SW(09866) rose by 4.35% to HK$58.8; BYD Company Limited (01211) rose by 4.09% to HK$295.4; Xpeng -W (09868) rose by 2.64% to HK$54.35.

On the news front, on October 1st, several car companies released new car delivery data for September. Among them, BYD Company Limited sold 419,426 autos in September, an increase of 45.9% year-on-year; Li Auto Inc delivered 53,709 new cars in September, an increase of 48.9% year-on-year, setting a new delivery record; Leapmotor delivered 33,767 new cars in September, an increase of 113.7% year-on-year; Xpeng delivered a monthly record of 21,352 cars in September, an increase of 39% year-on-year; NIO Inc delivered 21,181 cars in September, an increase of 35.4% year-on-year. According to the China Passenger Car Association's previous forecast, the passenger vehicle market in September is expected to grow by 4%.

Everbright Securities believes that the auto industry's replacement of old with new vehicles may further intensify, combined with a reduction in consumer loan interest rates to boost consumer confidence, abundant new car supply, increased foot traffic driven by the National Day holiday, bullish on the prospects for total recovery in 2H24E; the loose loan policy is expected to reduce financing costs, supporting outbound electric vehicle companies and auto parts companies, bullish on the prospects of leading electric vehicle companies in overseas layout with strong cost reduction capabilities, rich import models, and leading pace of deep localization.