中国汽车制造商：2026年7月新能源汽车国内渗透率飙升至65.1%；ICE/NEV出口同比增长42%/148%

China Auto Manufacturers CPCAdata—Jul EVdomestic penetration surgedto65.1%;ICE/NEVexport at 42%/148% YoY AccordingtoCPCA,Jul-26NEV-PVwholesalescameinat1.45mnunits(+21.3%YoY/-2.8%MoM),overallin-linewithCPCAexpectation;NEV-PVretailat0.95mnunits(-3.9%YoY/-5.8%MoM),slightlybeatingour-9%MoMforecasts.PVexportsslightlybeatat918kunits(+87.8%YoY/+4.9%MoM)inJul-26,withNEV-PVexportvolumeat540kunitsinJul-26(+147.8%YoY/+8.1%MoM).NEV exportmix increased by+14pptYoY/+2pptMoMto58.8%inJul.7M26PVexportwas+75%YoYto5.17mnunits,with7M26NEVexport+129%YoYto2.77mnunits.CPCAestimatesPVsectorinventorydestockingat around130kunitsin Jul-26,with7M26sectordestockingof640kunits(vsdestockingof250kunitsin7M25). Jeff ChungAC+852-2501-2787jeff.m.chung@citi.com Kyle Wu+852-2501-8483kyle.wu@citi.com Jul-26salesoverview: (1) Jul-26CPCAPVProduction:2.22mn units (-1.6%YoY/-4.9%MoM),within whichluxurybrandproductionwas-21%YoYand-12%MoM. (2)Jul-26 CPCAPVWholesale:2.25mn units (-0.2%YoY/-4.5%MoM).We estimatePVdestockingaround130kunitsMoMin Jul,derivedfromwholesalesvolumeof2.25mnminusthe sumof retailvolume(1.46mn)andexportvolume(918k). (3)Jul-26CPCAPVRetailsales:1.46mn units (-20.9%YoY/-8.8%MoM). (4)Jul-26CPCAICEPVperformance:Jul-26wholesaleregistered810kunits,-24%YoY/-8%MoM;Jul-26retailsalesvolumeat510kunits,-41%YoY/-14%MoM (5)Jul-26CPCAluxurysales:Retail sales camein at130k units,-27%YoY/-23%MoM. (6)NEVPVwholesale:Jul-26NEVPVwholesalelogged1.45mnunits,+21.3%YoY/-2.8%MoM.7M26NEVPVwholesalereached8.25mnunits(+7.6%YoY).Total Jul-26NEVpenetrationreached64.2%,+11.4pptYoY/+1.1pptMoM.Jul-26BEVPVwholesalecameinat958kunits,+28.6%YoY/-2.9%MoM;PHEVPV(excl.EREV)at387kunits,+14.6%YoY/-4.6%MoM; EREVPVat100kunits,-7.5%YoY/+6.4%MoM.Jul-26B-segmentBEVwholesalevolumewas+35%YoY/+1%MoM,andA00classBEVsalesvolumewas-50%YoY/-15%MoM. (7)Jul-26Teslasales:Domesticwholesalereached93,579units(ModelY:59,836,for66,330 units(+143%YoY/+83%MoM),suggesting Jul-26domestic retail sales(excl.exports)tobearound27.2kunits(-33%YoY/-48%MoM). retail reached5.67mnunits(-12.5%YoY).Retail penetration wasat65.1%inJul-26(+11.6pptsYoY/+2.1pptsMoM)(9)Jul-26ExportPV:PVexportregistered918kunits(+87.8%YoY/+4.9%MoM)inJul-26,with7M26PVexport+75%YoYto 5.17mn units.Total NEV-PVexport volumelogged540kunits in Jul-26(+147.8%YoY/+8.1%MoM),with7M26NEVexport+128.5%YoYto2.77mnunits.NEVexportmixincreasedby+14pptYoYto58.8%inJul. of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS+1-210-677-3788 Appendix A-1 Theresearchanalystsprimarilyresponsibleforthepreparationandcontentofthisresearchreportareeither(i)designated by"Ac"intheauthorblockor(ii)listedinboldalongsidecontentwhichisattributabletothatanalyst.IfmultipleAcanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlistedinboldalongsidethecontentand (b)viewsexpressed solelywithrespecttoaspecificissuerwhichareattributabletoanotherACcertifyinganalystidentifiedinthepricechartsorratinghistorytablesforthatissuershownbelow.Eachoftheseanalystscertify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerandsecurityreferencedandwereprepared inanindependentmanner,includingwithrespecttoCitigroupGlobalMarketsInc.and its affiliates;and (2)nopartoftheresearchanalyst's compensation was,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES Analysts'compensationisdeterminedbyCiti ResearchmanagementandCitigroup'sseniormanagementand isbasedupon activitiesand services intendedtobenefit theinvestorclients of CitigroupGlobal Markets Inc.andits affiliates (the“Firm"),Compensationisnotlinkedtospecifictransactionsorrecommendations.Likeall Firmemployees,analystsreceivecompensation thatisimpactedbyoverall Firmprofitabilitywhich includes investmentbanking,sales andtrading,andprincipaltradingrevenues.Onefactorinequityresearchanalystcompensationisarrangingcorporateaccesseventsbetweeninstitutionalclientsandthemanagementteamsofcoveredcompanies.Typically,companymanagementismore likelytoparticipatewhentheanalysthasapositiveviewofthecompany.Forfinancial instrumentsrecommendedintheProduct inwhichtheFirmis notamarketmaker,theFirmisaliquidityprovider in such financial instruments (and anyunderlyinginstruments)andmayactas principalin connection withtransactions insuchinstruments.TheFirm isaregularissueroftraded financial instrumentslinkedto securitiesthatmayhavebeenrecommended intheProduct.TheFirmregularlytrades inthe securities of the issuer(s)discussed intheProduct.TheFirmmayengagein securitiestransactions inamannerinconsistent withtheProductand,withrespectto securities covered bytheProduct,will buyor sell from customers onaprincipal basis.Unless stated otherwise neithertheResearch Analystnor any memberoftheirteam has viewedthematerialoperations of the Compani