香港汽车ETF（520720）涨超2%，政策延续或助推行业结构优化

Group 1 - The core viewpoint is that the automotive industry in Hong Kong is expected to see an upward trend in 2026 due to the implementation of the vehicle replacement policy, with a positive outlook for the passenger car sector in Q1 2026 [1] - The domestic focus is on high-end electrification stocks that are less sensitive to policy changes, prioritizing mature overseas systems and verified execution capabilities of leading automotive companies [1] - The heavy truck policy has exceeded expectations, with a continued subsidy amount from 2025, and it is anticipated that 800,000 to 850,000 heavy trucks will be sold domestically in 2026, representing a year-on-year increase of 3% [1] Group 2 - The bus policy has also slightly exceeded expectations, with actual subsidies continuing despite prior market expectations of a reduction, leading to an expected 40,000 bus sales in 2026, a year-on-year increase of 5% [1] - The motorcycle sector, particularly large-displacement models and exports, is expected to maintain high growth, with total industry sales projected at 19.38 million units in 2026, a year-on-year increase of 14%, including 1.26 million large-displacement units, up 31%, and 830,000 exports, up 50% [1] - The comprehensive policy support is expected to benefit the automotive sector, leading to a sustained increase in industry prosperity [1] Group 3 - 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, focusing on high-growth enterprises in electrification and intelligence [1]