On May 28, CLSA released a research report pointing out that from May 19 to 25, the order volume of the world's 12 largest electric vehicle manufacturers fell by 7% week-on-week. In the mass market, BYD Co., Ltd. (01211.HK) secured 70,000 orders during this week, and its price reduction strategy has also brought positive results. In contrast, Geely Automobile Holdings Ltd. (00175.HK) recorded 21,000 orders, slightly lower than the previous week's 23,300. Leapro Motor (09863.HK) saw its order volume slip from 9,700 to 8,700, and in response to BYD's price cuts, it offered a RMB 3,000 discount on its C11 and C16 models. CLSA predicts that price pressure will persist in the short term, posing a challenge to industry profit margins, but new technologies and exports are expected to become catalysts for improving sales structure and profit margins. In terms of stocks, CLSA believes BYD has the most advantages due to its strong export momentum, setting a target price of HK$483 for its Hong Kong-listed shares. Meanwhile, it believes Geely's product cycle will provide some support, with a target price of HK$23. Both stocks have received an outperform rating.