Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2][4]. Core Viewpoints - The automotive market is expected to improve in 2026 due to the continuation of the "trade-in" subsidy and measures against excessive competition [4][15]. - The central economic work conference in 2025 emphasized the optimization of the "two new" policies, which include large-scale equipment updates and trade-in subsidies [4][15]. - The National Development and Reform Commission has highlighted the importance of regulating competition in the automotive market, particularly for new energy vehicles and related industries [4][15]. Industry Dynamics - **Industry News**: Beijing has issued the first L3 level special license plates for autonomous driving vehicles, marking a significant milestone in the automotive industry's shift towards intelligent vehicles [16][18]. - **New Models**: New models launched include Great Wall Motors' Wei brand Blue Mountain and Dongfeng's Fengxing Lightning [30][31]. Market Performance - The automotive sector outperformed the CSI 300 index by 0.79 percentage points, with a sector increase of 2.74% from December 22 to December 26, 2025 [4][33]. - The price-to-earnings (PE) ratio for the automotive sector is 29.2 times, reflecting an increase from the previous week [39]. Data Tracking - **Monthly Data**: In November 2025, retail sales of passenger vehicles reached 2.2254 million units, a year-on-year decrease of 8.11% [40][54]. - **Weekly Data**: From December 15 to 21, 2025, retail sales of passenger vehicles totaled 536,000 units, a year-on-year decline of 11% [109]. Investment Recommendations - The report suggests focusing on companies with strong new product cycles such as Great Wall Motors, Seres, SAIC Motor, and XPeng Motors [4][5]. - It also recommends companies involved in supply chains and advanced technologies like Longsheng Technology and Junsheng Electronics [4][5].

（文章来源：每日经济新闻） 汽车ETF（516110）跟踪的是800汽车指数（H30015），该指数聚焦于中国汽车行业，从市场中选取涉 及整车制造、零部件供应及相关服务业务的上市公司证券作为指数样本，以反映汽车行业相关上市公司 证券的整体表现。指数覆盖新能源车、传统燃油车等细分领域，兼具行业代表性和市场敏感度特征。 华龙证券指出，汽车反内卷新政出台，行业价格乱象有望纠正。2025年12月12日，国家市场监督管理总 局发布《汽车行业价格行为合规指南（征求意见稿）》，从生产端、销售端和制度建设三方面对汽车行 业价格行为进行规范，重点禁止的行为包括采用直接或间接等各类行为使得生产端出厂价格低于生产成 本、使用欺骗性、误导性的信息提供虚假的销售价格或不明确标识价格/配置等。《指南》发布后，已 有比亚迪、北汽集团和小鹏汽车等多家车企表态积极响应。本次《指南》的发布是2025年初以来汽车行 业反内卷的重要政策拼图，有望进一步遏制不合理、不合法竞争行为，从零部件到整车厂再到经销商的 各环节盈利空间也有望迎来边际修复。 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2]. Core Viewpoints - The introduction of the automotive anti-involution policy is expected to correct price irregularities in the industry, with the potential for marginal recovery in profit margins across the supply chain [5][15]. - The National Market Supervision Administration released the "Guidelines for Compliance with Automotive Industry Pricing Behavior," which aims to regulate pricing practices from production to sales [5][15]. - Major automakers such as BYD, BAIC Group, and Xpeng Motors have expressed their support for the new guidelines, indicating a collective effort to address unreasonable competition [5][15]. Industry Dynamics - The automotive sector is witnessing a shift towards L3 and L4 autonomous driving technologies, with companies like Ideal Auto planning to launch their first L4 model within three years [5][24]. - The market is seeing new model launches, including the Geely Lynk 10 EM-P and Dongfeng Lantu Zhaiguang L, among others [5][31]. - The automotive sector's performance has outpaced the broader market, with the automotive index showing a gain of 0.16% compared to a decline of 0.08% in the CSI 300 index during the week of December 8 to December 12, 2025 [5][36]. Data Tracking - In November 2025, retail sales of passenger vehicles reached 2.225 million units, a year-on-year decrease of 8.22%, while retail sales of new energy vehicles increased by 4.03% to 1.321 million units [5][47]. - The penetration rate of new energy vehicles in retail sales reached 59.4%, up 6.99 percentage points year-on-year [5][57]. - The inventory coefficient for automotive dealers was reported at 1.57 in November 2025, indicating a significant increase compared to the previous year [5][70]. Investment Recommendations - The report suggests focusing on companies in a strong new product cycle, such as Great Wall Motors, Seres, SAIC Motor, and Xpeng Motors [5]. - It also highlights supply chain leaders and companies involved in humanoid robotics and intelligent driving as potential investment targets [5]. - For commercial vehicles, it recommends focusing on leading companies like Weichai Power and Yutong Bus, which are expected to benefit from the industry's recovery [5].

消息面上，12月12日，国家市场监督管理总局发布《汽车行业价格行为合规指南（征求意见稿）》，规 范汽车行业价格行为。具体来看，《指南》细化了汽车生产企业价格行为规范，明确了从整车到零配件 生产、从定价策略到销售行为各环节的价格合规要求。申万宏源称，行业反内卷出现实质性进展，市监 总局价格管理办法凸显管控决心和力度。 中升控股(00881)涨近4%，截至发稿，涨3.6%，报11.51港元，成交额3609.59万港元。 兴业证券近日研报指出，中升控股作为国内豪华汽车经销商龙头，全力打造高端汽车服务品牌，支撑售 后业务持续稳健增长。同时，公司积极推进自身网络及品牌布局优化，有望带动新车业务规模及盈利水 平改善。自2024年11月以来，中升完成史上规模最大的一轮网络优化。在此期间，中升合计新增57家经 销店及20家维修服务中心，新增经销店中48家为豪华品牌。 ...

兴业证券近日研报指出，中升控股作为国内豪华汽车经销商龙头，全力打造高端汽车服务品牌，支撑售 后业务持续稳健增长。同时，公司积极推进自身网络及品牌布局优化，有望带动新车业务规模及盈利水 平改善。自2024年11月以来，中升完成史上规模最大的一轮网络优化。在此期间，中升合计新增57家经 销店及20家维修服务中心，新增经销店中48家为豪华品牌。 消息面上，12月12日，国家市场监督管理总局发布《汽车行业价格行为合规指南（征求意见稿）》，规 范汽车行业价格行为。具体来看，《指南》细化了汽车生产企业价格行为规范，明确了从整车到零配件 生产、从定价策略到销售行为各环节的价格合规要求。申万宏源称，行业反内卷出现实质性进展，市监 总局价格管理办法凸显管控决心和力度。 智通财经APP获悉，中升控股(00881)涨近4%，截至发稿，涨3.6%，报11.51港元，成交额3609.59万港 元。 ...

Core Insights - The Chinese automotive industry is experiencing a significant transformation in 2025, characterized by a shift from aggressive price competition to a focus on brand value and reasonable profits, emphasizing a "value war" instead of a "price war" [1] - The integration of electrification, intelligence, and connectivity is advancing rapidly, driven by precise policy guidance and technological innovation, leading to a notable acceleration in the penetration of electric vehicles and the rise of intelligent advantages within the industry [1] - Despite the overall positive outlook for the domestic automotive market, companies face challenges in maintaining R&D investments and accelerating transformation while navigating a declining profit margin trend [1] Industry Trends - The automotive industry's competition is increasingly shifting towards the field of intelligence, necessitating companies to differentiate their products and avoid homogenization in a rapidly evolving market [1] - The 17th "Hunting Car List" event will focus on "Value Reconstruction, Intelligent New Realm," highlighting the importance of recognizing companies that excel in product quality, sales, and brand reputation while also addressing social responsibility [2] - The event will also release a professional report showcasing the exploration and practices of typical automotive and industry chain companies in their intelligent transformation, reflecting China's unique path in global competition [2]

Group 1 - Huawei's HarmonyOS vehicle deliveries have exceeded 900,000 units as of August 25, with expectations to surpass 1 million by October [1] - Six new vehicles will be launched in collaboration with four major automakers from late August to September, including the Aito M8 electric version and the Aito M7 [1] - The market has mixed expectations for the automotive industry's sales growth in the second half of the year, but HarmonyOS vehicles are expected to perform better than the industry average due to the launch of new models [1] Group 2 - SAIC Motor is collaborating with Huawei on the Shangjie brand [2] - BAIC Blue Valley is partnering with Huawei on the Xiangjie brand [3]

Group 1 - The core viewpoint is that the automotive industry is experiencing a recovery with the resumption of the "old-for-new" national subsidy program, leading to improved weekly data and a favorable environment for new vehicle manufacturers, especially in the high-end segment [1] - The exemption of purchase tax for new energy vehicles is currently set at 30,000 yuan, which will be adjusted to a half reduction (15,000 yuan) in 2026-2027, indicating a shift in policy that may impact market dynamics [1] - The L2 intelligent driving national standard is expected to be implemented soon, which will further strengthen industry trends and catalyze the sector [1] Group 2 - In the passenger car sector, the automotive industry's anti-involution benefits strong product cycles, allowing leading manufacturers to price new vehicles effectively, with the market for high-end brands expected to grow significantly by 2026 [2] - The L4 intelligent driving sector is at a turning point in terms of costs and technology, with the upcoming release of the L2 strong standard draft indicating government support for the industry [2] - The robotics sector is experiencing strong momentum, with the World Robot Conference in 2025 expected to further enhance market interest and performance, particularly for companies entering the Tesla supply chain [2] Group 3 - The bus and heavy truck sectors saw significant growth in Q2, primarily due to increased exports, with expectations for further growth in Q3 due to a low base effect [3] - The domestic subsidy acceleration since May has positively impacted the fundamentals of these two core sectors, creating an important configuration window for key stocks [3]

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]

Reform Initiatives - The Chinese government is implementing reforms in various sectors, including the establishment of a modern enterprise system tailored to national conditions, with a goal to have suitable enterprises in place within approximately five years [1] - A significant reduction in credit service fees is expected to save users around 1.1 billion annually, with new fee standards set to take effect by July 2025 [3][21] - The government aims to enhance the salary distribution incentives for skilled personnel in state-owned enterprises, ensuring that their compensation aligns with management positions [23] Open Policy Measures - China has completed the upgrade negotiations for the ASEAN-China Free Trade Area 3.0 and is looking to finalize a free trade agreement with the Gulf Cooperation Council [2] - The government is encouraging foreign investment in sectors such as biomedicine and high-end manufacturing, particularly within national economic and technological development zones [2][17] Consumption and Economic Adjustment - The government plans to increase counter-cyclical adjustments and direct more policy resources towards the consumption sector to unleash significant demand potential [3][12] Industrial Development - The Ministry of Industry and Information Technology has set a target for the digital transformation of the electronic information manufacturing industry, aiming for over 85% of key processes to be numerically controlled by 2027 [4][18] - The government is focusing on maintaining fair competition in the automotive industry and addressing issues of excessive competition [4][22] Foreign Trade and Investment - Ongoing negotiations with the U.S. regarding semiconductor export controls highlight the complexities in U.S.-China trade relations [5][20] - The government is committed to maintaining dialogue with the EU amid trade disputes, particularly as this year marks the 50th anniversary of diplomatic relations [5][20] Environmental and Resource Management - By 2027, China aims to establish a comprehensive market-based system for carbon emissions and water rights, enhancing the trading mechanisms for these resources [19]