Automobile stocks collectively trended lower in the Hong Kong market. By the time of writing, XPENG-W (09868) had fallen by 3.88% to HKD 65.7; GWMOTOR (02333) declined by 2.1% to HKD 12.59; and LI AUTO-W (02015) dropped by 0.87% to HKD 68.15. The movement follows the release of February sales figures by several new energy vehicle manufacturers on March 1. Among the prominent Chinese EV startups, NIO delivered 20,797 vehicles in February, a significant year-on-year increase of 57.6%, making it the only one of the trio to achieve substantial growth. In contrast, XPENG delivered 15,256 vehicles, representing a sharp year-on-year decrease of 49.9% and a month-on-month decline of 23.8%. LI AUTO delivered 26,421 vehicles, showing a slight month-on-month dip of 4.51% and a minimal year-on-year growth of only 0.6%. Huachuang Securities analysis points to three core factors impacting retail auto sales in January and February: 1) price观望 (wait-and-see attitude) from consumers who postponed purchases from last year, 2) anticipation for new models launching in March, and 3) the timing of subsidy program initiations. The brokerage anticipates a gradual improvement in March as the pool of potential buyers waiting diminishes, new models are released, and subsidy application channels open.