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<Research>HSBC Research Favors BYD, GEELY, XPENG, NIO, CATL; Exports Offset Weak Domestic Demand
Domestic demand in China's NEV market remains weak, HSBC Global Investment Research said in its report. In April, retail sales of PV NEV were flat MoM and sank 6% YoY, while ov...
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<Research>HSBC Research Favors BYD, GEELY, XPENG, NIO, CATL; Exports Offset Weak Domestic Demand
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Domestic demand in China's NEV market remains weak, HSBC Global Investment Research said in its report. In April, retail sales of PV NEV were flat MoM and sank 6% YoY, while overall PV demand declined 21% YoY.

On exports, China's PV exports reached 2.7 million units in 4M26, up 69% YoY, mainly driven by EVs, whose share increased from 38% to 49%. The broker believed that amid weak domestic demand, exports remain an important pillar supporting capacity utilization, earnings resilience and product mix improvement.

Related NewsXPENG-W (09868.HK) Surges Over 7% as Citi Says GX to Capture Market Share from LI AUTO-W L8
The broker continued to favor technology leaders with clearer earnings visibility. For BYD COMPANY (01211.HK)  +1.050 (+1.160%)    Short selling $681.35M; Ratio 40.780%   , the broker is positive on its technology upgrades and strong new model cycle to drive sales recovery, and remains constructive on its long-term ecosystem value and overseas expansion potential. GEELY AUTO (00175.HK)  -0.020 (-0.103%)    Short selling $122.54M; Ratio 16.004%   has demonstrated earnings resilience through a better product mix, with new models and overseas markets providing sales opportunities. XPENG-W (09868.HK)  +2.000 (+3.300%)    Short selling $327.56M; Ratio 26.631%   is benefiting from improved fundamentals following the launch of its new GX model. NIO-SW (09866.HK)  -0.180 (-0.419%)    Short selling $158.45M; Ratio 33.719%   is expected to see higher visibility in 2026 sales growth and earnings improvement, supported by new models (ONVO L80 and NIO ES9) and growth in its core product mix. CATL (03750.HK)  +12.500 (+1.856%)    Short selling $1.03B; Ratio 38.100%   remains the broker's core top holding, on the back of strong earnings visibility, market share defense capability, and growth from ESS and overseas markets.

The broker assigned a Buy rating to BYD COMPANY with an H-share TP of HKD146; a Buy rating to GEELY AUTO with a TP of HKD32; a US share TP of USD27.7 and a Buy rating to XPeng Inc. (XPEV.US)      ; a US share TP of USD6.8 and a Buy rating to NIO Inc. (NIO.US)      ; and a Buy rating for CATL, with a Hong Kong share TP of HKD790 and an A-share TP of RMB547 for CONTEMPORARY AMPEREX (300750.SZ)  -0.470 (-0.114%)   .
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 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.)

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