智能汽车ETF（159889）涨超1.4%，政策与技术双轮驱动成焦点

Core Insights - The smart car ETF (159889) rose over 1.4% on January 5, driven by both policy and technological advancements [1] - The automotive industry policy in 2026 will focus on reducing competition and continuing national subsidies, with over five cities publicly selecting platforms for trade-in services [1] - The National Development and Reform Commission emphasizes supply chain governance for the new energy vehicle industry, ensuring payment to small and medium enterprises [1] Policy and Subsidy - The high-level government has clarified the optimization of the "two new" policy, with Shenzhen already selecting platform service companies for 2026 [1] - Despite the pressure from the reduction of new energy vehicle purchase tax exemptions, trade-in subsidies are expected to continue supporting sales [1] - The focus on reducing internal competition will limit disorderly price cuts, potentially improving the profitability of car manufacturers [1] Market Trends - Industry data indicates that by November 2025, the retail penetration rate of new energy passenger vehicles will reach 59.4%, with L2.5 and above intelligent driving penetration at 32.19% [1] - The trend towards intelligence and electrification in the automotive sector continues to strengthen [1] - Beijing has issued the first batch of L3-level special license plates for highway autonomous driving, marking the entry of autonomous driving into mass production [1] ETF and Index Information - The smart car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in terminal perception and platform applications related to smart cars [1] - The index covers multiple industries, including electronics, computers, and automobiles, to reflect the overall performance of China's smart car industry chain [1]