- The Hong Kong stock market's new energy vehicle sector continues its range-bound rebound, with Li Auto and XPeng Motors both seeing intraday gains of over 3.5%.
- NIO's stock price rose by 2% after releasing its first-quarter financial report, recording an operating profit of 66.8 million yuan and achieving profitability for two consecutive quarters.
- Tesla announced that its supervised full self-driving system will cover the Chinese market, prompting a revaluation of the entire industry chain towards intelligent models.
After experiencing a systemic valuation correction, the Hong Kong stock market's automotive sector displayed a robust linked rebound today. Leading the surge were high-end intelligent driving benchmarks like Li Auto and XPeng Motors, followed closely by Voyah and Leapmotor. This rebound is primarily supported by three factors: high growth in overseas exports in the first quarter, upward revisions in micro-level profit expectations, and external policy catalysts for intelligent driving. After digesting previous pessimistic expectations of domestic demand slowdown and price wars, bullish funds are showing a clear marginal return trend, marking a valuation recovery after an oversell.
Core Automakers' Stock Prices Continue Range-Bound Rebound
According to high-frequency trading data from the secondary market, today's capital flow mainly concentrated on leading stocks with dual labels of intelligent driving and overseas exports. The immediate price fluctuations of Li Auto and XPeng Motors significantly expanded, with gains surpassing the 3% mark, reflecting a consensus among trading funds on the technical recovery of the sector after overselling. Meanwhile, valuations of traditional automakers like BYD, Great Wall Motors, and Geely Auto in the Hong Kong stock market also rose. The warming of capital is not just a short-covering under stock game conditions but also indicates that institutional investors have reassessed the downside risk exposure of the entire automotive sector, with defensive buying increasing in the short term.
Export Data Pulse Eases Domestic Demand Pressure
According to the latest industry report from Dongwu Securities, amid the dual pressures of rising raw material prices and cautious consumer spending in the Chinese domestic market, the rapid growth of overseas exports has become a key pillar supporting car companies' better-than-expected performance in the first quarter. Data shows that in the first quarter of 2026, China's new energy vehicle exports reached a total of 904,000 units, a year-on-year increase of 126%. This high-frequency fundamental indicator demonstrates to the global market that China's vehicle manufacturing supply chain advantage is translating into a solid overseas market share, significantly mitigating the risk of marginal profit margin dilution in the domestic market due to market share competition.
Marginal Improvement in Financial Fundamentals of Leading New Energy Automakers
The improvement in micro-level financial fundamentals provides substantial data support for stock price increases. NIO's latest first-quarter financial report shows that despite the overall cooling of the automotive industry in the first quarter, the company recorded an operating profit of 66.8 million yuan, achieving operating profitability for two consecutive quarters. Although there may still be comprehensive loss write-downs when measured by other generally accepted accounting standards, the micro-level fact of two consecutive quarters of operating profitability sends a clear positive signal to the entire industry. This financial performance suggests that as car companies streamline internal expenses and successfully deliver high-ticket models, the cash flow capabilities of leading new forces are marginally improving.
Implementation of Intelligent Driving Technology Stimulates Valuation Model Reconstruction
The marginal external variable triggering a stronger capital pulse in technology-oriented car companies today comes from Tesla's latest policy move. Tesla announced on social media that it has updated its global market map for its supervised full self-driving system and officially included the Chinese market. This milestone event marks a substantial advancement in the commercialization of global high-end intelligent driving giants in China. Analysts generally believe that if the supervised full self-driving system accelerates its penetration in the Chinese market, it is expected to completely drive and upgrade the entire domestic intelligent driving vehicle and component industry chain, prompting investors to shift their evaluation framework from traditional electrification production and sales scale models to intelligent software subscription and ecosystem value models.
