香港汽车ETF（520720）涨超2.4%，行业结构性机会受关注

Group 1 - The core viewpoint is that the 2026 vehicle trade-in policy will be implemented as scheduled, shifting from fixed subsidies to proportional subsidies based on vehicle prices, which is expected to stabilize market expectations and support domestic demand in Q1 2026 [1] - The maximum subsidy amount will align with the 2025 subsidy levels, which is anticipated to help raise the price center of vehicles and restore industry profits [1] - The heavy-duty truck sector is expected to benefit from ongoing domestic subsidy effects and high growth in non-Russian exports, with sales projected to exceed 1.15 million units in 2026; the penetration rate of new energy vehicles is expected to reach 30-35%, an increase of 3-8 percentage points year-on-year [1] Group 2 - The bus sector is expected to see growth due to the implementation of new energy bus subsidies and the arrival of the export peak season, with sales of medium and large buses projected to grow by over 10% year-on-year in 2026 [1] - The continuation of policies is likely to benefit both the heavy-duty truck and bus sectors, supporting domestic demand and favorable export conditions [1] - The Hong Kong Automotive ETF (520720) tracks the Hong Kong Stock Connect Automotive Index (931239), which selects listed companies involved in vehicle manufacturing, parts production, and related services, focusing on companies undergoing electrification and intelligent transformation [1]