Group 1 - The core viewpoint is that the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry (Draft for Comments)" is expected to further promote the "anti-involution" process, regulating price competition in the domestic automotive industry, which may slow down the price war and improve profit margins for manufacturers and dealers [1] - Dealers, who have seen a significant decline in profitability in recent years, are expected to experience a more substantial improvement in their profit margins due to the new guidelines [1] - The guidelines require companies to adopt pricing strategies based on production costs and market supply and demand, ensuring price behavior is regulated across the entire chain, including vehicle sales and financial services [1] Group 2 - The Hong Kong Automotive ETF (520720) tracks the Hong Kong Stock Connect Automotive Index (931239), which selects listed companies involved in vehicle manufacturing, components, and emerging fields like smart driving to reflect the overall performance of automotive-related securities [2] - The index has a high research and development investment and growth characteristics, with the vehicle manufacturing sector accounting for over 60% of its weight, demonstrating strong market elasticity and international features [2] - The Hong Kong Automotive ETF (520720) can be traded directly through A-share accounts without the need for a Hong Kong Stock Connect permission, addressing the pain point of ordinary investors lacking investment tools [2]

Core Viewpoint - The National Market Supervision Administration has drafted the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry" to standardize pricing practices in the automotive sector [1] Group 1: Regulatory Changes - The draft emphasizes that automotive sales companies must clearly mark prices for goods and services, including details on optional accessories such as name, price, specifications, and origin [1] - Companies are required to inform customers of delivery times if vehicles cannot be delivered on-site [1] Group 2: Industry Response - BYD, Xpeng Motors, and BAIC Group have expressed support for the guidelines, committing to adhere to the regulations on pricing competition [1] - These companies have pledged to eliminate practices such as selling below cost and false advertising, ensuring transparent pricing to protect consumer rights [1]