香港汽车ETF（520720）涨超1.3%，高阶智驾"平价化"有望加速渗透

Group 1 - The core viewpoint is that the continuation of the vehicle trade-in policy in 2025 will support automotive consumption, with the industry showing trends of high-end and intelligent upgrades [1] - In September, the heavy truck market sold approximately 105,000 units (including exports and new energy), representing a month-on-month increase of 15% and a year-on-year increase of 82%. Cumulative sales from January to September reached 821,000 units, a year-on-year growth of 20%, exceeding expectations [1] - In terms of intelligence, the Changan Qiyuan Q07 laser version has brought the laser radar configuration down to the mainstream market price of 156,800 to 176,800 yuan, featuring a multi-sensor system that includes "1 laser radar + 3 millimeter-wave radars + 11 cameras + 12 ultrasonic radars," supporting a detection range of 200 meters and complex scenario avoidance [1] Group 2 - The Hong Kong Automotive ETF (520720) tracks the Hong Kong Stock Connect Automotive Index (931239), which selects listed companies involved in vehicle manufacturing, components, and intelligent driving from the Stock Connect range to reflect the overall performance of the automotive industry-related listed companies [1] - This index has high R&D investment and growth characteristics, with the vehicle manufacturing sector accounting for over 60% of its weight, demonstrating strong market elasticity and international features [1] - Additionally, the Hong Kong Automotive ETF (520720) can be traded directly through A-share accounts without the need to open a Stock Connect account, effectively addressing the pain point of ordinary investors lacking investment tools [1]