研报掘金丨太平洋：维持赛力斯“买入”评级，2026年新版汽车以旧换新政策核心受益

Group 1 - The core viewpoint of the article highlights the implementation of a new subsidy policy by the National Development and Reform Commission and the Ministry of Finance, which adjusts fixed subsidies to be based on the vehicle price ratio, benefiting domestic high-end brand Seres significantly [1] - The new model cycle for the AITO brand is on an upward trend, with continuous efforts in channel expansion and new factory capacity, accelerating upward momentum [1] - Huawei's automotive business unit is expected to contribute investment returns as it begins to realize a 10% stake in the new brand [1] Group 2 - The listing of the company on the Hong Kong stock market is expected to enhance its global brand presence [1] - The acceleration of humanoid robot deployment is anticipated to create new growth drivers for the company [1] - The company maintains a "buy" rating based on these developments [1]