Macquarie’s research report wrote that retail auto sales in Mainland China elevated 18% YoY to 2.08 million units in June, refreshing the record high for the same period, boosted mainly by government subsidies and discounts.

Among which, EV sales mounted 30% YoY, and overall auto sales have climbed 11% YTD, with the penetration rate of NEVs ascending from 42% in January to 53% in June. The broker projected the growth of overall auto and NEV sales to be 4.5% and 24% YoY respectively, with a forecast NEV penetration rate of 57% for the year.

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Regarding stocks, the broker’s top pick was XPENG-W (09868.HK)  +1.900 (+2.633%)    Short selling $188.76M; Ratio 9.980%   (XPEG.US), with a positive outlook on its market share and non-core growth, and a target price of HK$93 and US$24. The second choice was GEELY AUTO (00175.HK)  +0.100 (+0.532%)    Short selling $154.28M; Ratio 14.609%   , which was expected to gain market share in the mass market through competitive and profitable models, with a target price of HK$22.

BYD COMPANY (01211.HK)  -0.800 (-0.596%)    Short selling $1.44B; Ratio 40.775%   ’s robust overseas sales set a target price of HK$160 for H shares and RMB460 for A shares (002594.SZ)  -3.620 (-1.059%)   . As for XIAOMI-W (01810.HK)  +0.450 (+0.777%)    Short selling $556.79M; Ratio 8.709%   , the SU7 and YU7 models triggered changes in consumer behavior, making it a Buy target of the broker, with a target price of HK$69.32. All the aforementioned stocks were rated as Outperform.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-23 16:25.) (A Shares quote is delayed for at least 15 mins.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)