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

Core Viewpoint - The report highlights the implementation of a large-scale equipment update and consumer goods replacement policy by the National Development and Reform Commission and the Ministry of Finance, which adjusts subsidies to be based on the vehicle price ratio, benefiting the domestic high-end brand, Seres [1] Group 1: Policy Impact - The new policy will shift from fixed subsidies to a vehicle price ratio-based subsidy system [1] - This change is expected to significantly benefit domestic high-end brands, particularly Seres [1] Group 2: Company Developments - The new model cycle for the AITO brand is on an upward trend, with continuous efforts in channel expansion and new factory capacity [1] - Huawei's automotive business unit is expected to contribute investment returns starting from a 10% equity stake in the new brand [1] Group 3: Market Opportunities - The listing in Hong Kong is anticipated to enhance global brand recognition [1] - The acceleration of humanoid robot deployment is expected to create new growth opportunities [1]