注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 9月26日，汽车ETF（516110）盘中涨1.7%。 信达证券指出，汽车行业发展稳中向好，行业扶持政策持续落地。科技部正在推动人形机器人在汽 车制造等场景加速落地应用，工信部公开征求智能网联汽车组合驾驶辅助系统安全标准意见，针对智能 网联汽车不同功能场景制定了全面且细致的安全技术要求。商务部数据显示，今年以来汽车"以旧换 新"申请量已达830万份，有效促进了汽车消费增长和产业升级。此外，华为与广汽集团联合打造的高端 智能新能源品牌"启境"正式发布，聚焦智能驾驶、智慧座舱等核心能力。零跑汽车宣布重启欧洲本地化 生产计划，小鹏汽车首个欧洲本地化生产项目启动，首批车型量产下线，全球化进程加速。松下计划两 年内开发出新型高容量电池，有望显著延长电动汽车续航里程。 汽车ETF（516110）跟踪 ...

Core Insights - The automotive sales in July increased by 14.7% year-on-year, with new energy vehicle (NEV) sales reaching 1.262 million units, a growth of 27.4%, accounting for 48.7% of total automotive sales [1] - The retail market for passenger vehicles showed a year-on-year increase of 6.3%, indicating sustained demand growth in the industry [1] - Exports of new energy vehicles saw a year-on-year increase of 120% [1] Industry Developments - XPeng Motors and Volkswagen Group have expanded their technical cooperation on electronic and electrical architecture, which will be integrated into Volkswagen's pure electric, fuel, and plug-in hybrid vehicle platforms in the Chinese market [1] - The intelligentization process in the automotive sector continues, with Tesla's smart assisted driving plan set to launch in China within the year [1] - The automotive sector has shown strong recent performance, with the Shenwan Automotive index rising by 3.08%, and the motorcycle and other sub-sectors performing the best [1] Investment Opportunities - The Automotive ETF (516110) tracks the 800 Automotive Index (H30015), which selects listed companies involved in vehicle manufacturing, parts production, and related services to reflect the overall performance of the automotive industry [1] - The 800 Automotive Index is noted for its high market representativeness and industry coverage, making it suitable for investors interested in automotive industry dynamics [1] - Investors without stock accounts can consider the Guotai Zhongzheng 800 Automotive and Parts ETF Initiated Link A (012973) and Link C (012974) [1]

Market Overview - A-shares showed overall strength today, with the Shanghai Composite Index rising by 1.04% to 3766.21 points, continuing to set new highs [1] - The Shenzhen Component Index increased by 0.89%, while the ChiNext Index rose by 0.23% and the Sci-Tech Innovation Index climbed by 1.84% [1] - Total trading volume in the Shanghai and Shenzhen markets reached 240.82 billion yuan, a decrease of 19.23 billion yuan from the previous day [1] Sector Performance - Technology-related sectors led the gains, with chips, integrated circuits, and semiconductor equipment all performing well [1] - Conversely, innovative pharmaceuticals and film sectors experienced declines [1] Market Sentiment - The market structure indicates a neutral short-term sentiment, with more than 3600 stocks rising [1] - Small-cap stocks underperformed compared to large-cap stocks, and growth stocks outperformed value stocks, indicating significant differentiation in the dual innovation sectors [1] Future Outlook - The technical outlook for major A-share indices remains strong, suggesting a bullish market mindset, although the extent of the market's rise has exceeded expectations [2] - Recent macroeconomic data and financial figures have not met expectations, with July's new RMB loans showing a negative value for the first time in nearly 20 years, yet this has not hindered the Shanghai Composite Index from reaching new highs [2] - The primary driver of the recent market rise appears to be capital inflow, with significant contributions from speculative funds [2] Bond Market Analysis - The bond market is experiencing a pullback, attributed to institutions actively reducing duration and the stock-bond seesaw effect [4] - Despite the recent strength in the stock market, which reflects economic recovery and a move away from deflation, bond prices are under pressure [4] - There are indications that bonds may still hold value for allocation in the second half of the year, despite potential further pullbacks [4] Automotive Industry Insights - The automotive sector has shown strong performance in the first half of the year, with sales and export figures being robust, particularly in the new energy vehicle segment [10][11] - In July, despite being a traditional off-season, the automotive industry maintained a double-digit growth year-on-year, with exports reaching 575,400 vehicles, a 22.65% increase [11] - The focus on electronic, intelligent, and lightweight vehicles continues to drive development in the automotive sector [12] Policy Impact on Automotive Sector - Recent policies aimed at optimizing the automotive market environment are expected to improve the industry landscape, including regulations on payment terms for small and medium enterprises [14] - Major automotive companies have responded positively to these policies, indicating a broad industry commitment to compliance [14] - The automotive ETF has shown strong performance, suggesting potential for further gains in the context of these policy changes [15]

Group 1 - The automotive industry is undergoing a significant transformation from traditional fuel vehicles to new energy vehicles, with leading domestic companies like BYD, Li Auto, and Xpeng showing impressive sales and delivery performance in the first half of 2025 [2] - The demand for new energy vehicles is strong in overseas markets, particularly in Europe and Southeast Asia, which is creating new growth points for Chinese automakers and will directly enhance the performance of ETF component stocks [2] - Breakthroughs in the intelligentization of the automotive industry, including developments in onboard chips, autonomous driving software, and lidar, are driving long-term benefits, with companies like Huawei, Baidu, and Horizon advancing the automotive intelligent ecosystem [2] Group 2 - The government continues to support new energy vehicles through policies such as extended purchase tax exemptions, accelerated construction of charging and storage facilities, and the implementation of "old-for-new" policies, which will further stimulate automotive consumption demand [3] - Automotive ETF component stocks are generally at a reasonable and low valuation level, and as sales data continues to materialize and industry logic strengthens, the medium to long-term investment value of automotive ETFs is becoming more apparent [3] - The automotive ETF (516110) tracks the 800 Automotive Index (H30015), which selects representative companies from the Chinese automotive industry, reflecting the overall performance of listed companies in the automotive sector [3]

（文章来源：每日经济新闻） 上海证券指出，7月汽车销量同比增长14.7%，其中国内销量同比+12.6%，出口同比+22.6%。新能源汽 车销量同比+27.4%，占汽车销量的48.7%，出口同比大增1.2倍。行业呈现结构性增长，新能源渗透率持 续提升。小鹏汽车与大众汽车集团扩大电子电气架构技术合作，标志着联合开发的电子电气架构将集成 到大众在中国市场的纯电、燃油和插电混动车型平台，技术合作范围进一步扩展。此外，智能网联汽车 示范运营牌照发放，特斯拉智能辅助驾驶计划年内中国落地，行业智能化进程加速。乘用车市场零售同 比+6.3%，部分新车型上市表现亮眼。整体来看，汽车行业在新能源、智能化及出口方面保持较好增长 态势。 汽车ETF（516110）跟踪的是800汽车指数（H30015），该指数从中国汽车行业中选取涉及整车制造、 零部件供应等产业链环节的代表性企业作为成分股，以反映汽车行业相关上市公司的整体表现。该指数 具有较强的行业特征和市场代表性，能够较为全面地体现汽车产业链的发展态势。 ...

Group 1 - The core viewpoint indicates that the passenger car industry is expected to show a "stable volume and slow price" trend in 2025, with terminal sales growth forecasted between 5% and 10% year-on-year [1] - In the second week of August, 383,000 passenger cars were insured, and strong performance is anticipated for H2 2025 sales [1] - The industry inventory is at a reasonable level, with the share of Chinese brands continuing to rise due to the boost from new energy vehicles [1] Group 2 - The heavy truck market saw wholesale, terminal, and export figures increase by 37.1%, 47.0%, and 20.3% year-on-year in June, respectively, with domestic sales expected to have an elasticity range of 12% to 40% in 2025 [1] - The inventory remains healthy, and logistics demand is recovering [1] - The automotive ETF (516110) tracks the 800 automotive index (H30015), which selects listed companies involved in vehicle manufacturing, parts supply, and related services to reflect the overall performance of the automotive industry [1] Group 3 - The 800 automotive index focuses on the entire automotive industry chain, with constituent stocks covering core areas of the industry, providing a high degree of industry concentration and representativeness [1] - Investors without stock accounts can consider the Guotai Zhongzheng 800 Automotive and Parts ETF Initiated Link A (012973) and Link C (012974) [1]

Group 1 - The core viewpoint is that the passenger car industry is experiencing accelerated intelligence and globalization, with domestic brands expected to surpass 70% market share by 2025 [1] - BYD remains the market leader, while Geely and Chery maintain double-digit sales growth; Huawei, Xiaomi, and Li Auto are capturing market share from traditional luxury brands [1] - Policy support includes the continuation and expansion of the vehicle trade-in program to cover National IV models, with subsidies of 20,000 yuan for new energy vehicles and 15,000 yuan for fuel vehicles, providing a demand floor [1] Group 2 - The year 2025 is anticipated to be a pivotal year for advanced driving technology, with high-level intelligent driving features becoming more common in vehicles priced around 200,000 yuan [1] - New models from Huawei's ecosystem, such as Lantu Zhi Yin and AITO M8, are expected to drive the high-end market for domestic brands [1] - In the second week of August, passenger car sales reached 383,000 units (down 5.2% year-on-year), with a new energy vehicle penetration rate of 57.3% (up 4.5 percentage points month-on-month) [1] Group 3 - The automotive ETF (516110) tracks the 800 automotive index (H30015), which selects listed companies involved in vehicle manufacturing and parts supply, reflecting the overall performance of the automotive industry [1] - The index has a high industry concentration and market representation, effectively reflecting the overall development status of the automotive supply chain [1]

Group 1 - The core viewpoint is that the growth of the new energy vehicle (NEV) industry is expected to continue due to the maturity of solid-state batteries and the increase in quality vehicle supply, along with policies promoting vehicle trade-ins and the intelligent transformation of electric vehicles [1] - The demand from downstream sectors is rising, and the stabilization of prices in the industrial chain is likely to enhance the profitability of midstream companies, particularly those with alpha advantages, which will exhibit greater earnings elasticity [1] - The NEV industry is in a rapid growth phase, with the introduction of high-quality new models, improved performance, and reduced costs leading to better cost-performance ratios, further energized by the introduction of new materials and technologies such as fast charging and (semi) solid-state batteries [1] Group 2 - The automotive ETF (516110) tracks the 800 automotive index (H30015), which selects listed companies related to the automotive industry, covering the entire industrial chain from vehicle manufacturing to parts supply, aiming to reflect the overall performance of listed companies in China's automotive sector [1] - The index balances growth and value attributes in its style configuration, demonstrating good industry representation and market influence [1] - Investors without stock accounts can consider the Guotai Zhongzheng 800 Automotive and Parts ETF Initiated Link C (012974) and Link A (012973) [1]

Group 1 - The core viewpoint of the article highlights that China's new energy vehicle (NEV) production is expected to exceed 10 million units by 2025, with domestic brands achieving over 50% market share and penetration rate, marking a significant milestone for the industry [1] - According to Huaxi Securities, the automotive industry showed a good growth trend in July, with companies like Xiaopeng, Leap Motor, and Xiaomi achieving month-on-month sales increases [1] - The growth in NEV sales is anticipated to continue due to the maturation of new technologies such as solid-state batteries, an increase in quality vehicle supply, and supportive policies like vehicle trade-in programs and the smart transformation of electric vehicles [1] Group 2 - The demand from downstream markets and the stabilization of prices in the supply chain are expected to enhance the profitability of midstream companies, particularly those with alpha advantages, which will exhibit greater earnings elasticity [1] - The NEV industry is in a rapid growth phase, with the introduction of high-quality new models, improved performance, and reduced costs leading to better cost-performance ratios [1] - The automotive ETF (516110) tracks the 800 Automotive Index (H30015), which selects listed companies in the automotive sector, covering the entire industry chain from vehicle manufacturing to parts supply, reflecting the overall performance of listed companies in China's automotive industry [1]

Group 1 - Xiaomi's YU7 has officially launched, achieving over 289,000 units sold within the first hour, indicating strong market demand for new energy vehicles (NEVs) in the second half of the year [1] - The domestic NEV sales are expected to maintain high growth through 2025, driven by the continuous introduction of new models and enhanced product capabilities [1] - EVE Energy announced plans to launch all-solid-state batteries by 2026, with a target energy density of 350Wh/kg and 800Wh/L for the first generation, and over 1000Wh/L for the second generation by 2028 [1] Group 2 - The solid-state battery development timeline includes key milestones: pilot production in 2025-2026, commercialization of semi-solid-state batteries in 2027, and full-scale industrialization by 2030 [1] - Companies with well-established solid-state battery material layouts and rapid validation progress are expected to benefit from these advancements [1] - The automotive ETF (516110) tracks the 800 automotive index, reflecting the overall performance of listed companies in the automotive industry, showcasing its distinct industry characteristics [1]