Xin Lang Cai Jing·2025-08-08 00:08Group 1 - The recent issuance of the third batch of "trade-in for new" national subsidies is expected to improve consumer sentiment in the passenger vehicle sector [1] - From 2026 to 2027, the exemption of purchase tax for new energy vehicles will be adjusted from full exemption to a 50% reduction, decreasing the maximum tax exemption from 30,000 yuan to 15,000 yuan [1] - The reduction in purchase tax exemptions is anticipated to lead to an upward beta, benefiting brands in the 300,000 yuan price range as the product cycle shifts from weak to strong [1] Group 2 - The imminent implementation of L2 autonomous driving national standards is expected to further strengthen industry trends [1] - The recovery of domestic demand for commercial vehicles and the increase in overseas exports (excluding Russia) have led to leading companies exceeding performance expectations in the first half of the year [1] - The stable low valuation attributes of these leading companies continue to attract defensive capital [1]