中信建投指出，2026年汽车以旧换新政策如期落地，核心调整在于从定额补贴转向根据车价按比例补 贴，最高补贴额与25年补贴对齐，此次政策在年前落地有利于稳定市场预期，有望对26Q1内需形成有 力支撑，按车价比例补贴有助于提升车价中枢并修复行业利润。商用车方面，重卡行业受益于国内补贴 效果持续显现及非俄出口高增速延续，26年销量预计超115万台；新能源渗透率预计30-35%，同比提升 3~8pct。客车行业随着新能源公交补贴落地，叠加出口旺季来临，内销、出口有望进一步放量，26年大 中客销量预计同比增长10%以上。政策延续下，重卡、客车两大板块有望持续受益于政策托底内需及出 海景气。 香港汽车ETF（520720）跟踪的是港股通汽车指数（931239），该指数从港股通范围内选取涉及整车制 造、零部件生产及相关服务的上市公司证券作为指数样本，重点覆盖电动化与智能化转型企业。通过高 权重配置整车制造板块，该指数全面反映港股市场汽车产业链的整体表现与发展趋势。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环 ...

Market Dynamics - The electric and intelligent transformation is reshaping the automotive market, with Chinese brands achieving a record market share of 68.8% in the first five months of this year, while joint venture brands dropped to a historic low of 31.2% [2] - The rapid rise of the domestic new energy vehicle market and increasing consumer demand for electrification and intelligence are pressing joint venture brands to accelerate their transformation to keep pace with "Chinese speed" [2] R&D Transformation - Dongfeng Nissan's N7 model, launched under the "GLOCAL" strategy, has achieved over 20,000 orders and 6,000 deliveries within 50 days, showcasing its competitive pricing and comfort [3] - Nissan plans to invest 10 billion yuan in electric vehicle R&D over the next two years to accelerate technology iteration and product deployment [3] - Toyota is shifting development decision-making authority for Chinese models from Japan to China, enhancing responsiveness to local market needs [4] - Nearly 70% of surveyed multinational automotive companies plan to increase investments in China post-2025, focusing on R&D [4][5] Marketing Innovations - Mercedes-Benz has established a new digital and communication department to adapt to changing market challenges and customer expectations [6] - BMW is collaborating with ByteDance's cloud service platform to enhance AI applications in automotive marketing, aiming to improve user experience and dealer efficiency [6] - Traditional sales models in joint venture automotive companies are being reformed to improve transparency and efficiency, with a focus on user-centered approaches [7] Local Ecosystem Integration - BMW is deepening its localization strategy by partnering with leading Chinese tech companies to enhance its electric and intelligent vehicle offerings [8] - The automotive supply chain is evolving from a traditional linear model to a more open and integrated network structure, enhancing collaboration between multinational companies and local suppliers [9] - General Motors is upgrading its strategy in China from "in China, for China" to "in China, for the world," reflecting the changing dynamics of the automotive market [10]