Initiation of coverage

报告摘要

• October sales grew yoy at BYD, Geely and XPeng on exports, and fell at GWM and Li Auto. The EU opened a safeguard investigation into hybrid imports, and Chinese automakers are negotiating their individual shares of the EU hybrid export quota. Hesai launched Kosmo, its 3D world data engine for physical AI, XHEART, Momenta’s chip spin-off, launched the 700-TOPS X7 Ultra, on which Momenta’s R7 Ultra world model runs. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely. Top SELLs: Li Auto, XPeng.