Changes in Hong Kong stocks | Auto stocks are rising across the board, institutions say auto trade-in is expected to continue slowing down in the industry next year

The Zhitong Finance App learned that auto stocks rose across the board. As of press release, Xiaopeng Motor-W (09868) rose 6.18% to HK$80.75; Zero Sports (09863) rose 5.33% to HK$52.6; BYD shares (01211) rose 4.75% to HK$98.05; and Geely Auto (00175) rose 4.79% to HK$17.71.

Fangzheng Securities released a research report saying that the Central Economic Work Conference and the Ministry of Finance have clearly optimized the “two new” policies and selected trade-in platform companies in many places. According to media disclosure, the national supplement will continue in 2026, with a maximum supplement of 30,000 yuan for bicycles, focusing on eliminating old high-emission vehicles, while raising the renewable energy subsidy and the pure electric battery life threshold for hybrid models.

The bank pointed out that after the withdrawal of replacement and renewal subsidies in many places, there was no positive effect on the industry. Combined with the new energy purchase tax reduction policy, it declined in 2026, and the pressure on the 26Q1 car market during the off-season further increased. However, positive signals continued to be released on the policy side. After the State Administration of Market Supervision issued compliance guidelines on price behavior in the automobile industry, car companies such as BYD and Xiaopeng responded positively. Price competition in the industry slowed down, and the competitive environment continued to be optimized. At the same time, some cities have already begun to deploy work related to new national subsidies. The industry is expected to usher in additional catalytic measures with the implementation of policy rules and supporting support. The bottom allocation value of leading car companies is prominent, and attention is being paid to catalyzing the subsequent policy boom