China Securities Co., Ltd.: Tram exports in March continue to grow rapidly, with all models fully recovering.

China Securities Co., Ltd. released a research report stating that in mid-March, the domestic sales of new energy vehicles in China reached 1.252 million units, with a year-on-year and month-on-month increase of +1.2% and +63.7% respectively. Among them, exports were 371,000 units, with a year-on-year and month-on-month increase of +134.8% and +31.6% respectively, maintaining a high growth trend, with continued strong overseas demand. According to the China Association of Automobile Manufacturers, the wholesale sales of new energy passenger vehicles in March reached 1.144 million units, with a year-on-year and month-on-month increase of +1.1% and +58.3%, and a penetration rate of 47.6%, an increase of 0.5 percentage points from the previous month. In terms of vehicle levels, in March, B-level and above new energy passenger car retail sales accounted for 51.1%, experiencing a slight decline month-on-month but still maintaining a high level. The full-year sales forecast for 2026 is 18.27 million units, an increase of 11.1% compared to the previous year. Some key points from China Securities Co., Ltd. include: - In March 2026, the domestic production of new energy vehicles in China (including commercial vehicles) reached 1.231 million units, a year-on-year decrease of 3.6% but an increase of 77.4% month-on-month; sales reached 1.252 million units, a year-on-year increase of 1.2% and a month-on-month increase of 63.7%. - In March 2026, the wholesale sales of new energy passenger vehicles in China reached 1.144 million units, a year-on-year increase of 1.1% and a month-on-month increase of 58.3%, with a penetration rate of 47.6%. Retail sales in March were 848,000 units, a year-on-year decrease of 14.4% but a month-on-month increase of 82.6%, with a penetration rate of 50.8%. The report also gives investment recommendations and risk analysis related to the new energy vehicle industry in China.