BOCOM International has released a research report indicating that nationwide passenger vehicle retail sales reached 1.541 million units in August, representing a year-on-year decline of 23.6% but a month-on-month increase of 5.5%, showing sequential improvement. New energy vehicle retail sales totaled 1.005 million units, up 5.7% from the previous month, with the retail penetration rate climbing to a historic high of 65.2%.

During the same period, passenger vehicle exports amounted to 888,000 units, marking a substantial 77.8% year-on-year increase. Among these, new energy vehicle exports surged 154.7% year-on-year to 518,000 units, continuing to serve as the primary source of incremental growth.

Looking ahead to September, the firm anticipates that the intensive rollout of new models, coupled with the accelerated adoption of intelligent driving features in more affordable segments, will help sustain the momentum of sequential improvement in terminal sales. The investment bank recommends investors focus on three key investment themes: new product cycles, overseas expansion, and physical AI. It maintains an optimistic stance on the traditional "Golden September and Silver October" sales period.

Within this context, BOCOM International highlights XPENG-W (09868), GEELY AUTO (00175), and BYD COMPANY (01211) as particularly noteworthy, assigning "Buy" ratings to all three stocks.