中国汽车与汽车科技：中国车企欧洲市场月销量监测（2026年5月）

AsiaEmerging EuropeEurope IndustryChina Autos & Auto Technology Chinese Automakers Monthly EuropeanMarket Volume Monitor: May 2026 Bin Wang This monthly chartbook product - "Chinese Automakers Monthly EuropeanMarket Volume Monitor" - tracks the European sales of leading Chineseautomakers. Research Analyst+852-220-35496 Wei HuangResearch Associate+852-2203-7057 We anticipate overseas volumes to become the key growth driver, with theEuropeanmarket representing a significant growth market for Chineseautomakers. Figure 2: Chinese OEMs European market volume byautomaker Figure 1: Chinese OEMs European market volume bycountry Appendix 1 Important Disclosures *Other information available upon request *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localexchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies,and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primarysubject of this research, please see the most recently published company report or visit our global disclosure look-up page onour website at https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report,important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer.Investors are strongly encouraged to review this information before investing. Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subjectissuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive anycompensation for providing a specific recommendation or view in this report. Bin Wang. 6 July 2026Autos & Auto TechnologyChina Autos & Auto Technology Equity rating dispersion and banking relationships Equity Rating and Dispersion Key The Equity Rating Dispersion Chart depicts the following: The proportion of recommendations that are rated "buy", "sell" and "hold" over the previous 12 months. This is shown forsecurities issued in the stated region e.g. "Europe Universe". See rating definitions below. This is represented by the"Companies Covered" bars in the chart. The percentage value displayed above the bar is the proportion as a percentage.E.g. 50% above the “buy” / “Companies Covered” bar means that 50% of DB’s equity research covered companies overthe past 12 months have a “buy” rating. Next to each of the three respective bars showing the proportion of "buy", "sell" and "hold" recommendations we providetwo additional bars to show: - The proportion of "buy", "sell" or "hold recommendations where Deutsche Bank and or/Affiliates provided MIFIDInvestment or Ancillary Services in the past 12 months. This is represented in the "MIFID Investment and AncillaryServices" bar. The percentage value displayed above the bar shows the proportion of Companies Covered with the givenrating where DB has also provided MIFID Investment and Ancillary Services in the past 12 months. E.g. 50% above the“Cos. w/ MIFID Investment and Ancillary Services” bar means 50% of the Companies Covered with the rating stated havealso received MIFID Investment and Ancillary Services from DB. - The proportion of "buy" (or "sell" or "hold) recommendations where Deutsche Bank and or/Affiliates has providedInvestment Banking services in the past 12 months for which it has received compensation. The percentage valuedisplayed above the bar shows the proportion of Companies Covered with the stated rating where DB has also providedInvestment Banking services in the past 12 months. E.g. 50% above the “Cos. w/ Investment Banking relationship” barmeans 50% of the Companies Covered with the rating stated also have an Investment Banking Relationship with DB. Buy: Based on a current 12- month view of TSR, we recommend that investors buy the stock. Sell: Based on a current 12-month view of TSR, we recommend that investors sell the stock. Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either aBuy or Sell. TSR = Total Shareholder Return. Percentage change in share price from current price to projected target price plusprojected dividend yield Newly issued research recommendations and target prices supersede previously published research. 6 July 2026Autos & Auto TechnologyChina Autos & Auto Technology Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively 'DeutscheBank'). Though the information herein is believed to be reliable and has been obtained from public sources believed to bereliable, Deutsche Bank makes no representation as to its accuracy or completeness. Hyperlinks to third-party websites in thisreport are provided for reader convenience only. De