民生证券指出，9月车市保持增长，价格体系趋于稳定。乘联会初步推算本月狭义乘用车零售总市场规 模约为215.0万辆左右，同比+2.0%，环比+6.5%，其中新能源零售预计可达125万，渗透率约为58.1%。 智能化能力将成为车企竞争的重要因素，随着特斯拉FSD使用率拐点显现，自主新势力城市辅助驾驶加 速落地，智能驾驶正逐步迎来技术、用户接受度和商业模式的三重拐点。端到端技术推动智驾能力飞 跃，智驾平权为核心主线，小鹏和华为系为代表的车企持续进行智驾迭代及推广，标配智驾时代已来。 展望2025年，智驾技术进步有望降低硬件门槛，将智驾应用在20万以内的主流市场，车企有望通过平价 智能化对合资品牌形成差异化优势。 （文章来源：每日经济新闻） 智能汽车ETF（159889）跟踪的是CS智汽车指数（930721），该指数从A股市场中选取涉及智能驾驶、 车联网等领域的上市公司证券作为指数样本，覆盖从硬件到软件的全产业链环节，以反映智能汽车产业 代表性企业的整体表现。该指数具有显著的科技创新特征，能够较为全面地体现智能汽车相关上市公司 证券的市场走势。 ...

（文章来源：每日经济新闻） 浙商证券指出，大模型应用正从辅助（Copilot）向执行（Agent）、决策（Intelligence）过渡，AI应用 可独立规划任务路径并执行决策。国务院提出到2027年人工智能与重点领域深度融合，智能终端普及率 超70%。在智能汽车领域，L2+渗透率加速提升，传统车企高阶智驾进入落地元年；L4领域关注 Robotaxi商业化拐点。AI+消费提质方向明确，智能网联汽车作为新一代智能终端被重点发展。自动驾 驶产业链看好国产替代、监管强化及出海三条主线，技术驱动下产业落地加速。 智能汽车ETF（159889）跟踪的是CS智汽车指数（930721），该指数从A股市场中选取涉及智能驾驶、 车联网等领域的上市公司证券作为指数样本，覆盖从硬件到软件的多个产业链环节。指数成分股主要分 布在信息技术和可选消费行业，全面反映了智能汽车相关上市公司证券的整体表现及产业链多样性。 ...

Group 1 - The core viewpoint indicates that the automotive industry is experiencing robust growth, with a projected sales volume of approximately 2.857 million vehicles in August 2025, reflecting a month-on-month increase of 10.1% and a year-on-year increase of 16.4% [1] - New energy vehicle sales are expected to reach around 1.395 million units, achieving a market share of 48.8%, driven by supportive policies and increasing demand for electric vehicles [1] - The trend towards smart vehicles is significant, with companies like Huawei collaborating with automakers such as BAIC and GAC to develop high-end smart car brands, enhancing technologies like intelligent driving and smart cockpits [1] Group 2 - The electric and intelligent components sector is gaining attention, particularly in the AIDC liquid cooling supply chain, with companies like Joyson Electronics receiving substantial fixed-point orders, highlighting opportunities for technological upgrades in the industry [1] - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in smart driving and vehicle networking from the A-share market, covering the entire industry chain from hardware to software [1]

Group 1 - The core viewpoint of the article emphasizes that smart cars are a revolutionary terminal in the AI era, characterized by decentralization and technological equity, which will transform social productivity and relationships [1] - The shift in the AI era is moving from "traffic is king" to "product is king," indicating that the value of smart cars will depend on their complexity in helping humans complete tasks rather than user scale [1] - The Robotaxi market is projected to reach a scale of 83.1 billion yuan by 2030 and increase to 709.6 billion yuan by 2035, highlighting significant growth potential in the industry [1] Group 2 - The smart car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in smart car terminal perception and platform applications from the Shanghai and Shenzhen markets [1] - The index components cover multiple sub-sectors closely related to the development of smart car technology, including but not limited to autonomous driving and vehicle networking [1] - Key elements in the industry chain include chips, algorithms, and data closed-loop capabilities, with technology providers and operators expected to become the core profit segments [1]

Core Insights - The automotive industry is experiencing a favorable shift towards leading manufacturers with strong product cycles, particularly in the high-end domestic brand market, which is seen as a blue ocean opportunity [1] - The year 2026 is projected to be pivotal for increasing the penetration rate of domestic brands in the market segment above 300,000 yuan [1] - The low penetration rate in the intelligent driving sector is identified as a significant growth area, with the L4 intelligent driving industry reaching a turning point in costs and technology this year [1] Industry Trends - The upcoming release of the L2 strong standard consultation draft indicates national endorsement, making intelligence a quantifiable brand strength [1] - Focus areas include intelligent testing processes and the operation segments of L3-L4 intelligent driving [1] - The trend of going global is becoming a core driver for performance growth in quality automotive parts and components companies, which are expected to possess competitive advantages and business expansion capabilities [1] Investment Opportunities - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in intelligent driving and vehicle networking from the A-share market [1] - The index reflects the overall performance of listed companies related to the smart automotive sector, with a focus on information technology and consumer discretionary sectors [1] - The industry configuration demonstrates comprehensive coverage of the smart automotive supply chain from hardware to software [1]

Group 1 - The article highlights the recovery of the third batch of "old-for-new" national subsidies in August, anticipating a strong automotive market in September and October, known as "Golden September and Silver October" [1] - Current tax exemption for new energy vehicles is 30,000 yuan, which will be adjusted to a 50% reduction (15,000 yuan) in 2026-2027, indicating a shift in government policy [1] - The article suggests that the automotive industry is experiencing a "de-involution" alongside a preemptive demand for new energy vehicles, benefiting strong new car cycles and high-end brands priced above 300,000 yuan [1] Group 2 - The L2 autonomous driving national standard is expected to be implemented soon, further strengthening industry trends under concentrated catalysts [1] - The commercial vehicle sector is seeing a recovery in domestic demand and an increase in overseas exports, leading to better-than-expected performance from leading companies in the first half of the year [1] - The L4 autonomous driving industry is approaching a turning point in costs and technology, with ongoing evolution in technology iterations, industry structure, and new business models [1] Group 3 - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), focusing on high-quality listed companies closely related to core technologies in smart driving and vehicle networking [2] - The index's component stock weight distribution is 31.0%, 20.6%, and 16.6%, covering core aspects of the smart car industry chain, including perception, decision-making, and execution layers [2] - The index systematically reflects the overall performance of listed companies in the smart car sector [2]

Core Insights - The automotive industry in July experienced a year-on-year sales growth of 14.7%, with new energy vehicle (NEV) sales reaching 1.262 million units, representing a 27.4% increase and accounting for 48.7% of total automotive sales [1] - Exports saw a significant year-on-year increase of 120% [1] - The industry is accelerating its smart technology integration, exemplified by the expanded collaboration between Xiaopeng Motors and Volkswagen Group to develop an integrated electronic and electrical architecture for various vehicle types [1] - Domestic policies continue to support the development of intelligent connected vehicles, with new operational licenses for smart connected vehicles being issued in Shanghai and Tesla's smart assisted driving plan set to launch within the year [1] - Among automakers, companies like BAIC Blue Valley and Geely Motors reported significant growth in NEV sales, with Geely's NEV penetration rate surpassing 51.5% [1] - The overall industry maintains a positive outlook with an "overweight" rating [1] Industry Overview - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which focuses on the smart automotive sector by selecting listed companies involved in smart driving, vehicle networking, and related technologies from various industries [1] - The index aims to reflect the overall performance of technological innovation and industrial upgrades within the smart automotive field, showcasing significant technological attributes and growth characteristics [1]

Core Insights - The third batch of "old-for-new" national subsidies has resumed application across various regions, with weekly data showing gradual improvement. Currently, the exemption from vehicle purchase tax is 30,000 yuan, which will be adjusted to half (15,000 yuan) in 2026-2027 [1] - The automotive industry is experiencing a strong demand for new energy vehicles, benefiting leading manufacturers and high-end brands priced above 300,000 yuan. The upcoming L2 autonomous driving national standards are expected to further catalyze industry trends [1] - The commercial vehicle sector is witnessing a recovery in domestic demand and an increase in overseas exports, leading to better-than-expected performance from leading companies in the first half of the year. The low valuation of these companies continues to attract defensive capital [1] - The L4 autonomous driving sector is at a turning point in terms of cost and technology this year, with ongoing evolution in technology iterations, industry structure, and new business models. The imminent release of the L2 strong standard draft indicates national endorsement, making intelligence a quantifiable brand strength [1] - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects companies providing terminal perception and platform applications for smart cars, reflecting the overall performance of listed companies related to the smart car industry. The index covers the entire smart driving industry chain, including sensors, algorithms, and complete vehicles, showcasing significant technological attributes and growth potential [1] Industry Configuration - The industry configuration emphasizes information technology and automotive manufacturing sectors, highlighting the growth potential within the smart automotive landscape [1]

Group 1 - The core viewpoint emphasizes the long-term opportunities in the smart automotive industry, focusing on the rise of domestic brands and the trend towards electric intelligence [1] - The global status of domestic automotive brands is improving, with three main types of companies involved: traditional automakers actively transforming, new force brands, and technology companies transitioning into automotive [1] - By 2025, it is expected that more vehicles will be equipped with lidar, domain controllers, and L2+ level models will enter mass production, marking the beginning of L3 high-level intelligent driving [1] Group 2 - The incremental components in the industry are developing along two main lines: data flow (sensors, domain controllers, etc.) and energy flow (power batteries, electric drive systems, etc.) [1] - The industry is transitioning from a growth phase to a maturity phase, with an expected annual compound growth rate of 2% over the next 20 years, and sales of new energy vehicles are projected to exceed 15.5 million units in 2025, representing a year-on-year growth of over 25% [1] - The Smart Automotive ETF (159889) tracks the CS Smart Automotive Index (930721), which selects listed companies involved in smart driving and vehicle networking technologies to reflect the overall performance of quality enterprises in the smart automotive sector [1]

Group 1 - The core viewpoint highlights the differentiated delivery performance of new energy vehicle manufacturers in July, with XPeng achieving a year-on-year increase of 229.4% and a month-on-month increase of 6.1%, reaching a record high of 36,717 vehicles delivered [1] - The launch of Li Auto's i8 and Leapmotor's L90 focuses on family user needs, priced between 321,800 to 369,800 yuan and 265,800 to 299,800 yuan respectively, featuring highlights such as VLA driver model and battery swapping technology [1] - The State Council's meeting emphasizes a "de-involution" approach, maintaining stable purchasing rights for new energy vehicles, with financial policies for Tesla Model 3/Y and new energy models continuing [1] Group 2 - In the smart driving sector, a new batch of intelligent connected vehicle demonstration operation licenses was issued in July, indicating a potential turning point for the commercialization of Robotaxi, shifting the industry focus from price competition to technological upgrades [1] - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in smart driving and vehicle networking from the Shanghai and Shenzhen markets, reflecting the overall performance of securities related to smart cars [1] - The index includes companies from electronics, automotive, telecommunications, and electrical equipment sectors, showcasing significant smart and technological attributes [1]