Lyon: Structural purchase of vehicles such as DRIVE BYD COMPANY (01211), GEELY AUTO (00175) benefiting from energy efficiency.

Lyon released a research report stating that the automotive and glass industries are being influenced by structural forces, reshaping the cycle dynamics. In the automotive industry, the structural increase in fuel prices is driving global demand towards electric vehicles, and energy efficiency has become a structural factor in car purchasing. Chinese car manufacturers with cost competitiveness, including BYD COMPANY (01211), GEELY AUTO (00175), and CHERY AUTO (09973), are expected to become major beneficiaries. In the glass industry, despite the real estate market undergoing adjustments, demand is still showing resilience. At the same time, the accelerated implementation of cold repairs has reduced operational capacity to historical lows, and higher restart profit thresholds have strengthened supply discipline. This has improved profit visibility for industry leaders, including XINYI GLASS (00868), Zhuzhou Kibing Group (601636.SH), and CSG Holding Co., Ltd. (000012.SZ).