中国电动汽车周度订单：夏季旺季前情绪转淡

Tim HsiaoEquity Analyst organstanley.com+852 2848-1982Peggy Wang China - EVs: weekly orders -drifting on fading sentimentbefore summer lull Shelley Wang, CFAEquity Analyst Joey Xu, CFAEquity Analys Weekly orders of EV majors were mixed.The initial sentiment from recent launches faded into the seasonal slow period.However, a strong quarter-end promotional push to hit 2Q EV sales targets should drive a late-June order upturn before an anticipated air pocket hits in JulyLi Auto outshined peers this week thanks to the order momentum from 2026 L8 Asia Pacific Industry View launch.Xiaomi and HIMA brands held steady, showing more resilient WoW trends. BYD (1211.HK/002594.SZ) 72.7-73.2k (-30% WoW, +9% MoM, -11% YoY),normalizing form recent spike aided by Great Tang launch Geely Galaxy (0175.HK) 17-17.5k (-11% WoW, -25% MoM, -23% YoY) Li Auto (2015.HK/LI.0) 11.4-11.6k (+75% WoW, +38% MoM, +50% YoY) aided by L8launch. NIO (9866.HK/NIO.N) 13-13.2k (-8% WoW, -55% MoM, +160% YoY), XPeng (9868.HK/XPEV.N) 6.6-6.8k (-8% WoW, -72% MoM, -30% YoY); all eyes areon the Mona Lo3debut on July2. Leapmotor 19-19.5k (-2% WoW, +25% MoM, +90% YoY). Tesla China (covered by Andrew Percoco) 9.5-9.7k (-10% WoW, -5 MoM, -18%YoY). HIMA 15.3-15.8k (Largely flat WoW, -32% MoM) Aito 9.9-10.1k (+9% WoW, -41% MoM, +29% YoY) Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision ZEEKR 5.7-5.9k (-11% WoW, -35% MoM, +27% YoY). Xiaomi (1810.HK; covered by Andy Meng) 7-7.2k (Largely flat WoW, -22% MoM, -98% YoY). For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of thememberand may not be subject to FINRA restrictions onand trading securities held by a research analyst account. The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibility for its contents) and/or MorganStanley Asia (Singapore)Pte. (Registration number199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H),regulated by the Monetary Authority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to any matters arising from, orin connection with, Morgan Stanley Research),and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Colnternational plc, SeoulBranch,and/or Morgan Stanley Australia Limited(A.BN.67 003 734 576,holderof Australian financialservices license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 55, holder of Australian financialservices license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN)U22990MH1998PTC115305,regulated by the Securities and Exchange Board of India (CSEBI) and holder of licenses as a Research Analyst (SEBI Registration No.INH000001105); Stock BrokerRegistration No.IN-DP-NSDL-567-2021)having registeredoffice at Altimus, Level39&40,Pandurang BudhkarMarg, Worli,Mumbai 400018,India; Telephone no.+91-22-61181000;ComplianceOfficer Details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: tejarshi.hardas@morganstanley.com; Grievance officer details: Mr. Tejarshi Hardas, TeL No. +91-22-61181000 or Emailmsic-compliance@morganstanley.comwhichacceptstheresponsibilityforitscontentsandshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,Morgan StanleyResearch, and their affliates (collectively, "Morgan Stanley). Morgan Stanley India Company Private Limited (MSICPL) may use AlI tools in providing research services. All recommendations12%For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website42% at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: ResearchForvaluationmethodologyand risks associated with anyrecommendation,rating orprice targetreferenced in this research report,please contact the Client Support Teamas follows:US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000.Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Re