JP Morgan opined in its report that the Chinese automobile market this year will exhibit a combined pattern as seen in 2018 and 2025: 1) due to the overall passenger car market growth slipping into negative territory (similar to 2018), the industry's annual performance may be relatively weak; 2) However, gassed by new model releases, seasonal trend fluctuations, and changes in profit expectations (similar to 2025), market volatility throughout the year may intensify.

In light of the above factors, the broker's top picks were GEELY AUTO (00175.HK)  -0.580 (-3.079%)    Short selling $673.87M; Ratio 24.613%   and SINOTRUK (03808.HK)  -0.120 (-0.330%)    Short selling $4.13M; Ratio 5.143%   ; meanwhile, the broker believed that BYD COMPANY (01211.HK)  -2.200 (-2.105%)    Short selling $902.45M; Ratio 19.055%   , LEAPMOTOR (09863.HK)  -1.520 (-3.347%)    Short selling $152.82M; Ratio 18.970%   , XPENG-W (09868.HK)  -3.200 (-4.092%)    Short selling $391.88M; Ratio 24.299%   , and NIO (NIO.US)      may present noteworthy opportunities for positioning in March 2026 or 2Q26. Conversely, the broker downgraded LI AUTO-W (02015.HK)  -3.650 (-5.119%)    Short selling $254.19M; Ratio 26.122%   to Underweight.

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JP Morgan's investment ratings and target prices for automobile stocks are listed as follows:

Stocks | Investment Ratings | TPs

BYD COMPANY (01211.HK)  -2.200 (-2.105%)    Short selling $902.45M; Ratio 19.055%   | Overweight | HK$150 → HK$110
GWMOTOR (02333.HK)  -0.300 (-2.266%)    Short selling $26.38M; Ratio 15.509%   | Neutral | HK$17 → HK$14
GEELY AUTO (00175.HK)  -0.580 (-3.079%)    Short selling $673.87M; Ratio 24.613%   | Overweight | HK$24 → HK$22
LI AUTO-W (02015.HK)  -3.650 (-5.119%)    Short selling $254.19M; Ratio 26.122%   | Neutral → Underweight | HK$73 → HK$56
NIO (NIO.US)      | Overweight | US$8 → US$7
SINOTRUK (03808.HK)  -0.120 (-0.330%)    Short selling $4.13M; Ratio 5.143%   | Overweight | HK$26 → HK$45
XPENG-W (09868.HK)  -3.200 (-4.092%)    Short selling $391.88M; Ratio 24.299%   | Overweight | HK$195 → HK$135
LEAPMOTOR (09863.HK)  -1.520 (-3.347%)    Short selling $152.82M; Ratio 18.970%   | Overweight | HK$95 → HK$56
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-03-17 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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