2026年汽车报废更新补贴支持范围有所扩大，小马智行Robotaxi车规规模达1159辆

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - In 2026, China will expand the scope of subsidies for scrapping and updating vehicles, which is expected to drive continuous growth in industry sales [3][23] - The Robotaxi fleet of Xiaoma Zhixing has reached 1,159 vehicles, exceeding the original target of 1,000 vehicles for the year [3][23] - The new subsidy policy is projected to benefit over 12 million passenger vehicles in 2026, significantly increasing consumer spending and potentially driving new car sales by nearly 1.5 million units [23][24] Summary by Sections Market Performance - The A-share automotive sector outperformed the market, with a weekly increase of 1.44%, ranking fourth among A-share Shenwan first-level industries [3][9] - The SW passenger vehicle index decreased by 1.64%, while the SW commercial vehicle index increased by 0.39% [3][6] Key Industry News - The 2026 subsidy policy for scrapping old vehicles will include more vehicle types and higher subsidy amounts, with a maximum of 20,000 yuan for scrapping and 15,000 yuan for replacement [23] - Xiaoma Zhixing's Robotaxi fleet has expanded rapidly, with 961 vehicles by September 30, 2025, and 667 of them being the seventh-generation model [23] - Firefly has officially launched in Austria, marking a significant step in its European market expansion [23] - Waymo has begun road testing autonomous taxis in London, aiming to expand its robotaxi services internationally [23] - Xiaomi aims to deliver 550,000 vehicles in 2026, focusing more resources on automotive production [24] Upstream Data Tracking - Key material prices such as steel, aluminum, and lithium carbonate are being monitored, with fluctuations potentially impacting production costs in the automotive sector [25][26][27]