新能源汽车行业的反内卷，公司债ETF助力机构投资者控制回撤

Industry Overview - The core focus of the new energy vehicle (NEV) industry is to reshape demand and expand the market, moving away from price wars towards healthy competition based on product quality [1] - The long-term goal of this transformation is to compel companies to invest profits into research and innovation, ultimately providing consumers with higher quality products [1] - One fundamental solution to the domestic overcapacity issue is to expand into global markets, enhancing the competitiveness of Chinese brands on the international stage [1] Market Dynamics - The current adjustment in the bond market has seen Ping An's bond ETF (511030) leading in terms of controlled drawdown, with the least market discount in the past week and a relatively stable net value [1] - The data indicates that since the bond market adjustment began on August 8, 2025, various ETFs have shown different levels of performance, with specific metrics such as weekly average discount and year-to-date changes being highlighted [1]