Changes in Hong Kong stocks | The decline in auto stocks widened at the end of the session, and the ending market was weak at the end of the year, UBS indicates that demand in the car market weakened faster than expected

The Zhitong Finance App learned that the decline in auto stocks widened at the end of the session. As of press release, Xiaopeng Motor-W (09868) fell 4.32% to HK$75.35; Great Wall Motor (02333) fell 2.57% to HK$14.41; BAIC Motor (01958) fell 2.28% to HK$2.14; GAC Group (02238) fell 2.12% to HK$4.16.

Haitong International said that the pattern fragmentation during the year-end sprint phase has further intensified, and the aging effect is also clearly weaker than in previous years. With the basic withdrawal of subsidies under the two new policies, it may be difficult to reverse the trend of slowing or even declining sales growth. Car companies' year-end sprint further tests the balance between sales volume and profit.

UBS released a research report saying that many car companies announced sales figures for November this year, mostly flat or declined from month to month. In theory, November is the peak season for the industry. It will be driven by the early car purchase effect before potential policies decline in 2026, but the market is showing more signs of weakening, which heightens the market's concerns about the demand outlook for the car market in 2026. UBS is becoming more cautious about the short-term outlook for the industry. As market demand weakens faster than expected, risk signals will increase next year.