Auto stocks declined collectively. As of press time, XPENG-W (09868) fell 4.51% to HK$86.75; LI AUTO-W (02015) dropped 2.91% to HK$91.85; BRILLIANCE CHI (01114) decreased 3.12% to HK$4.04; GWMOTOR (02333) slipped 0.42% to HK$16.65.

On the news front, on October 9, the Ministry of Industry and Information Technology, Ministry of Finance, and State Administration of Taxation jointly released the "Notice on Technical Requirements for New Energy Vehicle Products Eligible for Vehicle Purchase Tax Reduction and Exemption in 2026-2027," clarifying the specific technical standards for new energy vehicles to enjoy purchase tax exemption policies over the next two years. The new policy introduces updated technical requirements for pure electric passenger vehicles and plug-in hybrid passenger vehicles, with particular attention drawn to the requirement that plug-in (including range-extended) hybrid passenger vehicles must have a pure electric driving range of no less than 100 kilometers.

Recent research reports indicate that the fourth batch of "trade-in for new" funding has been allocated, with automotive subsidies gradually coming to an end. Additionally, starting next year, the new energy vehicle purchase tax exemption policy will end and be replaced by a 50% tax reduction, requiring consumers to pay up to RMB 15,000 in additional taxes per vehicle. For consumers purchasing vehicles priced above RMB 300,000, car purchase costs will rise significantly, potentially triggering a wave of market rush purchases entering the fourth quarter.