Group 1 - The recent issuance of the third batch of "old-for-new" national subsidies is expected to improve consumer sentiment in the passenger car sector [1] - From 2026 to 2027, the exemption of purchase tax for new energy vehicles will be adjusted from full exemption (up to 30,000 yuan) to a 50% reduction (down to 15,000 yuan) [1] - The reduction in purchase tax exemptions is anticipated to lead to an upward beta trend, benefiting brands in the 300,000 yuan price range as the product cycle shifts from weak to strong [1] Group 2 - The imminent implementation of L2 autonomous driving national standards is expected to catalyze further industry trends [1] - The recovery of domestic demand for commercial vehicles and the rising export sentiment to non-Russian markets have led to leading companies exceeding performance expectations in the first half of the year [1] - The stable low valuation attributes of these leading companies continue to attract defensive capital [1]

Group 1 - The recent issuance of the third batch of "trade-in for new" national subsidies is expected to improve consumer sentiment in the passenger vehicle sector [1] - From 2026 to 2027, the exemption of purchase tax for new energy vehicles will be adjusted from full exemption to a 50% reduction, decreasing the maximum tax exemption from 30,000 yuan to 15,000 yuan [1] - The reduction in purchase tax exemptions is anticipated to lead to an upward beta, benefiting brands in the 300,000 yuan price range as the product cycle shifts from weak to strong [1] Group 2 - The imminent implementation of L2 autonomous driving national standards is expected to further strengthen industry trends [1] - The recovery of domestic demand for commercial vehicles and the increase in overseas exports (excluding Russia) have led to leading companies exceeding performance expectations in the first half of the year [1] - The stable low valuation attributes of these leading companies continue to attract defensive capital [1]

Group 1: Automotive Sector - The recent issuance of the third batch of "old-for-new" national subsidies is expected to improve consumer sentiment in the passenger vehicle sector [1][2] - From 2026 to 2027, the exemption of purchase tax for new energy vehicles will be adjusted from a full exemption of 30,000 yuan to a half exemption of 15,000 yuan, indicating a reduction in tax incentives [1][2] - The adjustment in purchase tax is anticipated to lead to an upward beta, benefiting brands in the 300,000 yuan price range as the product cycle shifts from weak to strong [1][2] - The L2 autonomous driving national standard is expected to be implemented soon, further strengthening industry trends amid concentrated catalysts [1][2] - The recovery of domestic demand in commercial vehicles and the rising export sentiment outside of Russia have led to strong performance from leading companies in the first half of the year, making them attractive to defensive funds due to their stable low valuation [1][2] Group 2: Intelligent Driving Sector - The L4 autonomous driving industry is approaching a turning point in terms of costs and technology, with ongoing evolution in technology iterations, industry structure, and new business models [2] - The upcoming release of the L2 strong standard consultation draft signifies national endorsement, making intelligence a quantifiable brand strength [2] - Focus is recommended on the intelligent testing segment and the L3-L4 autonomous driving operation sector [2] Group 3: Robotics Sector - The robotics sector has shown significant strength since mid-July, although recent weeks have seen some volatility and differentiation among individual stocks [3] - The sector remains in a strong event-driven and industry trend reinforcement phase, with high market attention due to events like the WAIC conference and the upcoming WRC [3] - Quality stocks with alpha potential, particularly those entering the Tesla supply chain or representing technological iteration directions, are recommended for fund allocation [3] Group 4: Bus and Heavy Truck Sector - The Q2 performance surge in the bus and heavy truck sectors is primarily driven by increased exports of heavy trucks and large/mid-sized buses [3] - With domestic subsidies accelerating since May, the fundamentals of these two core sectors remain strong, and growth rates are expected to rise further in Q3 due to a low base [3] - Core stocks in these sectors are currently in an important allocation window [3]

Group 1 - The core viewpoint of the report indicates that the recent issuance of the third batch of "old-for-new" national subsidies is expected to improve consumer sentiment in the passenger vehicle sector [1] - The adjustment of the new energy vehicle purchase tax from full exemption to a 50% reduction in 2026-2027 is highlighted, with the maximum exemption decreasing from 30,000 yuan to 15,000 yuan [1] - The report suggests that the reduction in tax incentives will lead to an upward beta trend, benefiting brands in the 300,000 yuan price range as the product cycle shifts from weak to strong [1] Group 2 - The imminent implementation of L2 intelligent driving national standards is anticipated to further strengthen industry trends amid concentrated catalysts [1] - The recovery of domestic demand in the commercial vehicle sector and the rising export sentiment outside of Russia have resulted in leading companies exceeding performance expectations in the first half of the year [1] - The stable low valuation attributes of these leading companies continue to attract defensive capital [1]