JPM-First to Market Top Stories-20251016

Three things to be mindful of going into year-end: results, auto shows and policy

Three industry drivers toward year-end: We foresee the following three events leadingboth the sector and individual stock performance: 1) upcoming 3Q25 earnings resultsat end Oct; 2) auto shows or overseas debuts, where new models or product strategyin 2026 will be unveiled, including Paris (Leapmotor on Oct 16), the biennial TokyoMobility Show (Oct 30-Nov 9, pay attention to BYD) and the Guangzhou Auto Show(Nov 21-30); 3) policy direction – we see 50% probability that subsidy or some form ofstimulus will continue in 2026 but with additional consideration on the energy efficiencyof the underlying NEV.