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]