China EV Monthly Chartbook: The Summer Lull

研报英文原文证据摘录

China EV Monthly Chartbook: The Summer Lull

China (PRC) | Autos & Auto Parts EquityJulyResearch20, 2026

KEY STOCKS FEATURED INCLUDE:China EV Monthly Chartbook: The Summer

TICKER RATING PRICE TARGETLull

600733 CH HOLD Rmb4.50

Domestic demand remained soft in Jun-26, with PV wholesale and retail

sales down 6% and 23% YoY, while NEV penetration eased from May's peak.

Exports stayed the key bright spot, surging 80% YoY to a record 905k units,

KEY CHANGES INCLUDE:

led by Chery, BYD, Geely and SAIC, as Chinese brands continued gaining

overseas share. Pricing pressure persisted, with retail ASP down 2% MoM TICKER RATING PRICE TARGET

to RMB170k and Chinese NEV prices falling 9% YoY. Details below. 600733 CH HOLD Rmb4.50 (Rmb8.40)

NEV insurance penetration eased to 60.3%.

Exhibit 1 - China NEV Monthly Insurance Sales

PV wholesale volume reached 2.4mn units (-5.6% YoY, +6.6% MoM), with exports (+80% Penetration Reached 60.3% in Jun-26• 70%

60.3% YoY to 904.5k) maintaining strong momentum. Retail came in at 1.66mn units (-23% YoY, 60%

+13% MoM). 50%

NEV PV wholesale volume was 1.52mn units, up 21.3% YoY and 9.8% MoM. Domestic 40%• 30%

NEV insurance penetration eased to 60.3% (off May's record 62.3%); BEV at 41.6%, PHEV 20%

at 18.7%. 10%

On market share, Leapmotor, Geely and NIO all outperformed in 1H26, with share up 0%•

1.3/1.2/1.2ppt YoY. Leapmotor stood out with 1H26 retail up 45% YoY (Jun-26 +73% .

Source: ThinkerCar, Jefferies

YoY to 70k units), while NIO also accelerated (+68% 1H26 YoY; Jun-26 +88% YoY to 41k

units). BYD conitnued to lose ground (-38% 1H26 YoY), while most JV/luxury brands (Ford, Exhibit 2 - Chery and BYD Led China's 1H26 PV

Honda, Mercedes all down 30%+ in Jun) continued to underperform. Exports,1,000 Leapmotor Posted Sharpest YoY Gain400%