平安证券指出，我国智能汽车行业已进入AI智驾2.0阶段，技术迭代加速。以理想汽车/元戎启行为代表 的VLA（视觉—语言—动作）技术架构突破传统端到端模型局限，通过融合视觉、语言和动作三大模 态，提升系统交互性和长时序推理能力，但车端算力及数据规模仍是发展瓶颈。华为ADS4.0采用 WEWA架构，强调云端仿真与车端模型协同，构建对物理世界的直接认知模型，实现快速响应和高安 全冗余。地平线机器人与Momenta则聚焦一段式端到端+强化学习，推动智驾系统拟人化体验。行业整 体从规则驱动迈入数据驱动阶段，但技术路线、投入产出及政策落地风险仍需关注。 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、 车联网等领域的代表性上市公司证券作为指数样本，全面覆盖智能汽车产业链从硬件到软件的多个环 节。指数旨在反映智能汽车相关上市公司证券的整体表现，充分体现行业的广泛性和多样性特征。 （文章来源：每日经济新闻） ...

（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、 车联网等领域的代表性上市公司证券作为指数样本，以反映智能汽车产业链相关上市公司证券的整体表 现。指数覆盖从硬件到软件的多个产业环节，全面展现智能汽车行业的广泛性和多样性特征。 上海证券指出，工信部在2025世界动力电池大会上强调将持续推动动力电池产业高质量发展，重点包括 编制"十五五"智能网联新能源汽车发展规划、扩大动力电池应用场景（支持换电模式创新和车网互动试 点）、健全动力电池碳管理体系等。10月汽车产销数据显示，新能源车销量占比首次过半（达 51.6%），自主品牌乘用车市占率达72.5%，出口量同比增长22.9%至66.6万辆，行业延续良好发展态 势。东风汽车新一代固态电池技术亮相，能量密度达350Wh/kg，计划2026年9月量产，将助力实现1000 公里续航。政策支持与技术突破为智能汽车行业提供长期发展动能。 ...

Group 1 - The smart car ETF (159889) increased by over 2.3% on October 24 [1] - Companies like Changan and GAC are collaborating with JD.com to innovate retail models, enhancing omni-channel marketing and after-sales service, and exploring the "people-car-home" ecosystem [1] - Six departments plan to establish 28 million charging facilities by the end of 2027 to meet the demand of over 80 million electric vehicles [1] Group 2 - The Ministry of Industry and Information Technology (MIIT) will compile the "14th Five-Year" smart connected vehicle plan, accelerating the formulation of autonomous driving standards [1] - Currently, the proportion of new vehicles with combined driving assistance functions exceeds 60% [1] - The smart connected vehicle industry is seen as a significant force for new productive capacity, pushing the industry towards high-quality and sustainable development [1] Group 3 - The smart car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in terminal perception, platform applications, and other smart car-related businesses from the Shanghai and Shenzhen markets [1] - This index covers multiple industry sectors, including electronics, computers, and automobiles, aiming to reflect the overall performance of listed companies in the smart car industry chain [1] - The index is characterized by outstanding technological innovation attributes and industry growth potential [1]

Core Insights - The automotive industry in September achieved a historic milestone with production and sales exceeding 3 million units for the first time in the same period, maintaining a year-on-year growth rate of over 10% for five consecutive months, with new energy vehicle sales accounting for 49.7% [1] Policy Developments - Six government departments issued a "three-year doubling" plan for charging facilities, aiming to establish 28 million charging stations by 2027 to support long-term industry development [1] - The Ministry of Industry and Information Technology will draft the "14th Five-Year" intelligent connected vehicle plan, accelerating the formulation of autonomous driving standards [1] Industry Trends - Companies like Changan and GAC are collaborating with JD.com to innovate retail models, promoting "online + offline" omnichannel marketing and exploring battery swapping services, indicating a rapid transformation in industry operations [1] - Intelligent connected vehicles are identified as a crucial direction for new productive forces, with ongoing technological breakthroughs and application promotions driving high-quality and sustainable industry development [1] Investment Opportunities - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in smart car terminal perception and platform application services from the Shanghai and Shenzhen markets, primarily covering electronics, computers, and automotive sectors closely related to smart vehicles [1]

Core Insights - The automotive industry is projected to see sales of approximately 2.857 million vehicles by August 2025, reflecting a month-on-month growth of 10.1% and a year-on-year growth of 16.4%, with new energy vehicle sales expected to reach about 1.395 million units, capturing a market share of 48.8% [1] - Continuous supportive policies for automotive consumption, combined with the upward trend in new energy vehicle sales, indicate robust industry demand growth [1] - The CEO of Huawei's Intelligent Automotive Solutions Business Unit has introduced the concept of "three waves" in the automotive industry, predicting that 2025 will mark the entry into the intelligent phase, with the ADS 4 system debuting L3 technology architecture for high-speed commercial solutions [1] - The price of battery-grade lithium carbonate remains stable at 73,550 yuan per ton, while copper prices have increased by 5% to 86,780 yuan per ton [1] Industry Overview - The Smart Automotive ETF (159889) tracks the CS Smart Automotive Index (930721), which selects listed companies involved in smart driving and vehicle networking technologies from the A-share market, covering the entire industry chain from hardware to software [1] - The index aims to reflect the overall performance and development trends of listed companies related to smart automobiles [1]

Core Insights - The collaboration between Seres and Volcano Engine is expected to accelerate the development of embodied intelligent robot technology, which may boost the domestic robotics industry and encourage independent brands and new energy vehicle companies to expedite their layouts [1] - Tesla's Cybercab is entering the mass production preparation stage, with expectations for significant sales improvement by 2026 [1] - The humanoid robot Figure 03 has demonstrated its application capabilities in home scenarios, with clear mass production plans that may benefit companies in the supply chain [1] - The impact of increased tariffs in the U.S. on certain automotive parts exports is minimal, as companies have managed to mitigate effects through cost-sharing and overseas capacity transfer [1] - Competitive independent brands and leading companies in intelligent driving technology are expected to continue expanding their market share, while some central and state-owned enterprises may reverse their difficulties through reforms [1] Industry Overview - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in smart driving and vehicle networking technology applications from the A-share market, covering key segments of hardware development and software systems to reflect the overall performance of China's smart car industry [1]

Core Insights - ROBO+ is identified as the strongest industrial trend in the automotive sector, with advanced driving and humanoid robots being the two most important directions for embodied intelligence [1] - The penetration rate of advanced driving is expected to enter a rapid growth phase by 2025, driving significant growth in high-performance chips, lidar, optical devices, and sensor cleaning systems [1] - The cost of lidar is decreasing significantly, making it possible for models priced over 200,000 yuan to be equipped as standard, thereby boosting demand across the industry chain [1] - The reduction in costs for driving systems will accelerate the increase in penetration rates, further enhancing the competitiveness of automakers [1] - The Robotaxi industry is approaching a commercialization inflection point, with ongoing development and scaling of L4 autonomous driving technology [1] - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in smart driving and vehicle networking technology applications from the A-share market, covering core aspects of hardware development and software systems [1]

Core Insights - The automotive market in September showed growth, with a stable pricing system, as the retail market size for narrow passenger cars is estimated at approximately 2.15 million units, representing a year-on-year increase of 2.0% and a month-on-month increase of 6.5% [1] - The retail sales of new energy vehicles are expected to reach 1.25 million units, with a penetration rate of about 58.1% [1] - Intelligent driving capabilities are becoming a crucial competitive factor for automakers, with advancements in technology, user acceptance, and business models reaching a turning point [1] Industry Trends - The adoption of Full Self-Driving (FSD) technology by Tesla is showing a significant increase, while domestic new forces in the automotive sector are accelerating the implementation of urban assisted driving [1] - The core theme of equal access to intelligent driving is emerging, with companies like Xiaopeng and Huawei continuously iterating and promoting intelligent driving technologies [1] - By 2025, advancements in intelligent driving technology are expected to lower hardware costs, making intelligent driving applications accessible in the mainstream market priced under 200,000 yuan, providing a differentiation advantage over joint venture brands [1] Investment Insights - The Intelligent Automotive ETF (159889) tracks the CS Intelligent Automotive Index (930721), which selects listed companies involved in intelligent driving and vehicle networking from the A-share market [1] - This index covers the entire industry chain from hardware to software, reflecting the overall performance of representative companies in the intelligent automotive sector [1] - The index exhibits significant characteristics of technological innovation, providing a comprehensive view of the market trends for listed companies related to intelligent automobiles [1]

Core Insights - The application of large models is transitioning from assistance (Copilot) to execution (Agent) and decision-making (Intelligence), allowing AI applications to independently plan task paths and make decisions [1] Group 1: AI Integration and Development - The State Council has proposed that by 2027, artificial intelligence will be deeply integrated with key sectors, with the penetration rate of smart terminals exceeding 70% [1] - In the smart automotive sector, the penetration rate of L2+ is accelerating, marking the first year of implementation for advanced driving by traditional car manufacturers [1] - The focus in the L4 domain is on the commercialization turning point of Robotaxi [1] Group 2: Industry Trends and Opportunities - The direction of AI + consumption is clear, with smart connected vehicles being prioritized as the next generation of smart terminals [1] - The autonomous driving industry chain is viewed positively, with three main lines of development: domestic substitution, regulatory strengthening, and international expansion, driven by technology [1] Group 3: Investment Vehicles - 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 [1] - The index covers multiple segments of the industry chain, from hardware to software, and primarily includes companies in the information technology and consumer discretionary sectors, reflecting the overall performance and diversity of smart automotive-related listed companies [1]

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]