晨间快照：香港及中国市场每日

24 June 2026 What’s Hot Today: China EV-EU Tariffs Hike Weigh on Chinese NEV Exports ItwasreportedinthemediaearlierthatEUisproposingtoimposetariffsonChineseplug-inhybrids.Asaresult,ChineseEVmakerswillfaceadditional17.4% Accordingto China AssociationofAutomobileManufacturers(CAAM),Chinaexported930kvehiclesinMay(+69%YoY).Newenergyvehicle(NEV)exports reached446kunits(+110%YoY),ofwhich,121kvehicleswereboundforEurope, up97%YoYandaccountingfora10.7%marketshare.Plug-inhybrids(PHEVs)werethemaingrowthdriver,withMaysalessurging202%.Havingbenefited PHEVsGainsfromBEVTariffs:ChineseBEVexportstoEuropegrewrapidlybeforetheEUimposedtariffs.In2023,Chinaexported482kBEVpassengercarstotheEU,accountingfora9.1%shareofitsBEVmarket.Thisstrongmomentum ledtheEUtoimposetariffsonChineseBEVswithBYD,Geely,andSAICfacing additionaldutiesof17.4%,20%,and38.1%respectively.However,recognizingthatPHEVs were exempt(subject only to the standard 10%duty),Chineseautomakersswiftlyshiftedtheirexportstrategy.Asaresult,hybridexportssurge155%YoYin2025(vsonly12%YoYforBEVs),whilePHEVregistrationsjumped PHEVTariffsTakeTheirToll:ThesurgeofChinesePHEVsalesinEuropehasraisedEUconcernsoverlocalbrandsandsupplychains.On19June2026,theEuropeanCommissionfinalizedpreparationsforcountervailingdutiesonChinesePHEVs,targetingBYD,Chery,andSAIC.UnliketheearlierBEVtariffdebate,Germanyhas not openly opposed the move,increasing the likelihood ofimplementation.Onceapprovedbymemberstates,thenewdutiescouldmatchBEVlevels,reachingashighas35%ontopoftheexisting10%importtariff.Inthenearterm,ChinesePHEVswilllosetheirpricingedge,withtheimpactvaryingbyautomaker.PHEVexposureisestimatedatabout55%forBYD,62%forGeelyand6%forLeapmoter.DrawingfromtheBEVexperience,PHEVexportsareexpectedtodeclinenoticeablyin2H26.CompoundingthechallengeforBYD,itsHungary MorningSnapshot HongKong&ChinaMarketDaily 24 June 2026 Ourviews:TheadditionaltariffbyEUwillinevitablyweighonChineseautomakers'exportvolumesinthenearterm,particularlygiventhatEuropeisoneofthelargestandmostprofitableoverseasmarketsforChinese InMay,Chinese-brandPHEVssalesstoodat39,222units,representingroughly65%ofChinese-brandsalesinEurope.ThedutieswillpressurebothsalesandmarginsoftheaffectedOEMs.Althoughtariffscurbvehicleexports,theyalsosupportthesalesrecoveryofEuropeanautomakers,spurringdemandforlocalsupplychains. 1).MinthGroup(425.HK,HK$28.02,HK$33.1bn):Aleadingglobalsupplierandtheworld'slargestbatteryenclosuremaker.HavebeenoperatinginEuropefor15+yearswithover70%localcontent,itisinsulatedfromEUEVtariffs.ItmaintainscloserelationshipswithleadingEuropeanautomakersandholdsover30%ofthelocalbatteryenclosuremarketin2024.In2025,internationalrevenueaccountedfor63.5%oftotalrevenueandwith 2).CATL(3750.HK,HK$704.00,HK$153.7bn):Theworld'slargestEVbatterymakerwitha35%marketshareinEuropein1H25.CATLhasclosetieswithleadingEuropeanautomakers,whileitsHungaryplanthasstartedmoduleassemblyandisexpectedtobegincellproductionlaterin2026.Thefirst-phase40GWhcapacityisalreadyfullybooked,andlocalproductionshouldpartlyshieldCATLfromEUtariffandlocalizationrisks.The So urce: B lo o mberg Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbe ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantyexpressedorimpliedismadeastotheiraccuracyorcorrectness.Thisreportispublishedfortheassistanceofrecipientsbutisnottoberelieduponasauthoritativeortakeninsubstitutionfortheexerciseofjudgmentbyanyrecipient.Itisnottobeconstruedasanoffer,invitation or solicitation to buy or sell anysecurities of the company or companies covered herein.Anyrecommendationcontainedinthisreportdoesnothaveregardtothespecificinvestmentobjectives,financialsituationandtheparticularneedsofany KFS,includingitsparent,subsidiariesand/oraffiliates,mayactasleadorco-managerinanofferingofthesecuritiesofanyissuerdiscussedherein,mayfromtimetotimeperformfinancialservicesorotheradvisoryservicesfor,orsolicitfinancialservicesorother Withinthepastyear,KFS,includingitsparent,subsidiariesand/oraffiliates,mayhaveactedasmarketmakerortradedonaprincipalbasisinthefinancialinstrumentsofanyissuerdiscussedhereinandmayactasunderwriter,placementagent,advisororlendertosu