Tianfeng Securities pointed out that there is still the last month left in 2022, and various companies have entered the delivery sprint stage. Recently, the NEV market boom has declined somewhat. Combined with repeated epidemics across the country, it has had a certain impact on demand and delivery. However, with the continuous optimization of epidemic prevention and control measures across the country, all regions resumed work and production in an orderly manner, and demand and delivery are expected to continue to improve in the last month. Looking ahead to 2023, we believe that while competition in the NEV market is becoming more intense, the pattern may be divided, and the “head effect” will be evident. The 15-300,000 range may be a key price range that contributes increments and increases penetration. Product strength and cost performance will be the key to obtaining orders in the “Red Sea” market.