Automotive shares advanced against the broader market decline. At the time of writing, NIO-SW (09866) rose 7.26% to HK$52.3; BYD COMPANY (01211) increased 3.81% to HK$109.1; CHERY AUTO (09973) gained 3.28% to HK$33.36; and GEELY AUTO (00175) was up 1.52% to HK$25.36. Industry data revealed that China's vehicle exports for the first quarter reached 2.226 million units, a 56.7% year-on-year increase. Within this total, new energy vehicle exports surged 120% to 954,000 units, while exports of traditional fuel vehicles grew 29.9% to 1.271 million units. The passenger vehicle association noted that exports of both fuel and new energy passenger vehicles by manufacturers hit record monthly highs in March. Analysts pointed out that persistently high and volatile international crude oil prices have significantly enhanced the lifecycle cost advantage of new energy vehicles in overseas markets, further highlighting the global competitiveness of China's new energy products. Passenger vehicle exports in March alone amounted to 695,000 units, marking a 74.3% year-on-year and 25.2% month-on-month increase. Cumulative exports for the first quarter totaled 1.83 million units, up 61.4% year-on-year. Leading automakers demonstrated strong export momentum, with GEELY AUTO's first-quarter export volume surging 125.7% year-on-year, while BYD COMPANY and CHERY AUTO both reported growth exceeding 50%. The robust overseas expansion trend for complete vehicles remains a positive outlook.