高盛研究分析指，据该行自下而上分析，料内地电动车今年内产能将增加250万辆，较2023及24年的550万及320万辆增速有所放缓，但产能仍按年增13%。截至去年，国内十大汽车制造商市占率不足80%，市场仍相对分散，相较于其他已成熟市场为90%。
该行认为去年及今年首5月的170万及130万辆电动车销售，是由政府以旧换新政策推动；料今年全年电动车销售达240万辆。另外，该行指行业首季财务状况出现恶化，但因首季一般表现都较差，料之后情况会转趋稳定，但随着利润率和资产负债表可能面临压力，进一步调整供应链将变得越来越困难。
股份方面，该行将小鹏汽车-W(09868.HK) (XPEV.US) 评级由“中性”升至“买入”，港股目标价94港元，美股目标价24美元；将蔚来(09866.HK) (NIO.US) 评级由“沽售”升至“中性”，H股目标价由29港元升至29.5港元。(ss/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-06-18 16:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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