中国汽车制造商：每周EV订单未达标（6月22-28日）

China Auto ManufacturersWeeklyEVOrdersMissed(22-28Jun) Accordingtoourdealerindustrychecks,overall4thweekJune(22-28Jun) EVordersweredown17%WoW,weakerthanourexpectation.MTDEVorderscameatMoMflattish,weakerthanhistoricalpaceof>10%MoM.IntermsofMTDMoMamongbrands,BYDoutperformedthesectorat+53%MTDMoMdrivenbyGreatTanglaunch,followedbyGeelyGalaxy's+23%MoMandNio's+6%MoM;Leapmotor(-9%),Xiaomi(-15%),LiAuto(-29%),Xpeng(-31%),Zeekr(-42%)andHuaweiHarmony(-48%)allunderperformed the sectorinterms of MTDMoMpace.If theMoMpace oforders is eventuallythesameasretail growth,byassuming+0%NEVretailsalesMoMgrowthforthefull monthof Jun-26,this should yield monthlyEVretailsalesat915kunits,implyingJun-26NEVretail-17.6%YoY(6M26YoYat-15.8%) +852-2501-2787jeff.m.chung@citi.comKyle Wu +852-2501-8483kyle.wu@citi.com ofthegraphicsinthisdocument,pleasecallUSA1-888-500-5008(TTY:711),fromoutsidetheUS+1-210-677-3788 AppendixA-1 Theresearchanalystsprimarilyresponsibleforthepreparation andcontentofthisresearchreportareeither(i)designated by"Ac"intheauthorblockor(ii)listedinboldalongsidecontentwhichis attributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlistedinboldalongsidethecontentand(b)viewsexpressedsolelywithrespecttoa specificissuerwhichare attributabletoanotherAC certifying analystidentified in theprice charts orratinghistorytablesforthatissuershownbelow.Eachoftheseanalysts certify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerand securityreferenced andwerepreparedin anindependent manner, including withrespecttoCitigroup GlobalMarketsInc.and itsaffiliates;and (2)nopartoftheresearchanalyst'scompensationwas,is,orwill be,directlyorindirectly,relatedtothespecificrecommendations orviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES AnalystscompensationisdeterminedbyCitiResearchmanagementand Citigroup's seniormanagementandisbasedupon activitiesand servicesintendedtobenefittheinvestorclients of CitigroupGlobal MarketsInc.and its affiliates(the“Firm").Compensationisnotlinkedto specifictransactions orrecommendations.Likeall Firmemployees,analystsreceivecompensationthatisimpactedbyoverall Firmprofitabilitywhichincludesinvestmentbanking,salesandtrading,andprincipaltradingrevenues.Onefactorin equityresearchanalystcompensationis arrangingcorporateaccesseventsbetweenparticipatewhentheanalysthasapositiveviewofthecompany.Forfinancial instruments recommended in the Product in whichtheFirm is not amarketmaker,theFirm is a liquidityprovider in suchfinancialinstruments(andanyunderlyinginstruments)andmayactasprincipalinconnectionwithtransactionsinsuch instruments.TheFirm is a regularissueroftraded financial instruments linkedto securities that may have beenrecommended in the Product.The Firm regularly trades in the securities of theissuer(s)discussed in the Product.TheFirm mayProduct, will buy or sell from customers on a principal basisUnless stated otherwiseneitherthe ResearchAnalyst noranymemberoftheirteamhas viewedthematerialoperations ofthe Companiesforwhichaninvestmentviewhasbeenprovidedwithinthepast12months.Forimportantdisclosures (includingcopiesofhistorical disclosures)regardingthecompaniesthatarethesubjectofthis Citi Researchproduct("theProduct"),pleasecontactCitiResearch,388GreenwichStreet,6thFloor,NewYork,NY,10013Attention:Legal/Compliance[E6WYB6412478].Inaddition,thesameimportantdisclosures,withtheexceptionoftheValuation and Riskassessmentsandhistorical disclosures,arecontainedontheFirm'sdisclosurewebsiteat https://www.citivelocity.com/cvr/eppublic/citi research_disclosures.Valuation and Riskassessments canbefoundinthetextofthemostrecentresearchnote/reportregardingthesubjectcompany.PursuanttotheMarketAbuse RegulationahistoryofallCitiResearchrecommendationspublishedduringthepreceding12-monthperiodcanbeaccessedvia Citi Velocity(https://www.citivelocity.com/cv2)oryourstandarddistributionportal.Historicaldisclosures (foruptothepastthreeyears)will beprovided upon request.CitiResearchEquityRatingsDistribution Citi Researchstock recommendationsincludean investmentratingandanoptional risk ratingtohighlighthigh risk stocks.Risk ratingtakes intoaccountbothpricevolatility andfundamentalcriteria.Stocks will eitherhavenorisk rating ora Highriskratingassigned. InvestmentRatings:Citi ResearchinvestmentratingsareBuy,Neutraland Sell.Ourratingsareafunctionofanalystexpectations ofexpectedtotal return("ETR")and risk.ETRisthe sum oftheforecastpriceappreciation(ordepreciation)plusthedividendyieldfora stock withinthenext12months.Thetarget priceis basedon a12month timehorizon.The Investmentstock notassigneda Buy ora Sell isa Neutral(2).Forstocksrated Neutral(2), if ananalyst believesthatthereare insufficientvaluationdrivers and/orinvestment catalyststoderiveapositive ornegativeinvestment view,theymay electwit