（文章来源：每日经济新闻） 汽车ETF（516110）跟踪的是800汽车指数（H30015），该指数从市场中选取涉及汽车制造及相关产业 链的上市公司证券作为指数样本，涵盖整车制造、零部件供应等业务领域，以全面反映中国汽车行业的 整体表现与发展趋势。指数风格配置兼顾价值与成长特性，具有较强的行业代表性和市场影响力。 上海证券指出，工信部正推动动力电池产业高质量发展，包括编制"十五五"智能网联新能源汽车及新型 电池发展规划，促进动力电池在相关领域扩大应用，支持换电模式创新和车网互动试点。10月汽车产销 创同期新高，新能源车销量占比达51.6%，自主品牌乘用车销量占有率72.5%，出口同比增长22.9%。行 业延续良好发展态势，但近期汽车板块表现较弱，子板块中汽车服务相对较好。东风汽车新一代固态电 池计划明年量产，能量密度达350Wh/kg，将助力超长续航。动力电池技术升级与政策支持为行业提供 长期发展动力，但需关注供应链配套、智能化进程及市场竞争等风险。 ...

（文章来源：每日经济新闻） 汽车ETF（516110）跟踪的是800汽车指数（H30015），该指数从汽车制造及相关产业链中选取涵盖整 车、零部件及汽车服务等多个细分领域的代表性企业作为成分股，以反映汽车行业整体表现与发展趋 势。 申万宏源表示，汽车需求受政策变化影响有限，预计中高端需求将超预期回暖。受益于工程师红利，中 国智能电动车的全球化进程有望在未来五年内取得重大进展，预计海外市场销量将达到约1000万台。科 技领域，看好龙头公司的表现，同时关注传统车企的转型升级。此外，汽车零部件企业将在机器人、低 空经济等领域展现强大潜力，通过全球化的路径实现持续增长。 ...

Core Viewpoint - The passenger car market shows strong performance in production and sales during the "Golden September and Silver October" period, but short-term demand is tempered by uncertainties regarding next year's purchase tax increase and subsidy policies [1] Group 1: Passenger Vehicle Market - The market outlook remains positive for high-end, intelligent, and overseas expansion segments, with a focus on the release of L3 autonomous driving standards, progress in the Robotaxi industry, and competitive advantages in overseas vehicle sales [1] - The performance of the 800 Automotive Index, which tracks companies involved in vehicle manufacturing, parts supply, and related services, reflects the overall performance of the automotive industry in China, including both new energy and traditional fuel vehicles [1] Group 2: Commercial Vehicle Sector - The commercial vehicle sector benefits from domestic subsidies and steady export growth, with the heavy-duty truck and bus segments maintaining strong fundamentals [1] - In Q3, the low base effect led to a significant increase in growth rates for these core segments, highlighting the low valuation and high prosperity characteristics of the sector, with leading companies likely to experience a "Davis Double" effect [1]

Core Viewpoint - The automotive industry is experiencing steady growth supported by ongoing government policies and technological advancements, with significant developments in electric vehicles and smart driving technologies [1] Industry Developments - The automotive ETF (516110) rose by 1.7% on September 26, indicating positive market sentiment [1] - The Ministry of Science and Technology is promoting the application of humanoid robots in automotive manufacturing [1] - The Ministry of Industry and Information Technology is seeking public opinions on safety standards for intelligent connected vehicles, establishing comprehensive safety technical requirements [1] - The Ministry of Commerce reported that the number of "old-for-new" vehicle replacement applications has reached 8.3 million this year, boosting automotive consumption and industry upgrades [1] Company Initiatives - Huawei and GAC Group launched a high-end smart new energy brand "Qijing," focusing on smart driving and intelligent cockpit capabilities [1] - Leap Motor announced the restart of its localized production plan in Europe, while Xpeng Motors has initiated its first localized production project in Europe, with the first batch of models rolling off the production line [1] - Panasonic plans to develop a new type of high-capacity battery within two years, which is expected to significantly extend the range of electric vehicles [1] Index Information - The automotive ETF (516110) tracks the 800 Automotive Index (H30015), which includes listed companies involved in passenger and commercial vehicle manufacturing and parts supply [1] - The 800 Automotive Index reflects the overall performance of the automotive industry in China, covering major representative companies and showcasing industry trends and market dynamics [1]

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]

Core Viewpoint - The automotive industry in China is experiencing structural growth, with significant increases in both domestic and export sales, particularly in the new energy vehicle (NEV) segment, which is driving the overall market performance [1] Industry Summary - July automotive sales increased by 14.7% year-on-year, with domestic sales up by 12.6% and exports rising by 22.6% [1] - New energy vehicle sales grew by 27.4%, accounting for 48.7% of total automotive sales, with exports seeing a remarkable increase of 120% [1] - The industry is witnessing a continuous rise in new energy penetration rates, indicating a shift towards more sustainable automotive solutions [1] Company Summary - XPeng Motors and Volkswagen Group have expanded their collaboration on electronic and electrical architecture technology, integrating jointly developed systems into Volkswagen's platforms for pure electric, fuel, and plug-in hybrid vehicles in the Chinese market [1] - The issuance of demonstration operation licenses for intelligent connected vehicles and Tesla's plans for smart assisted driving in China are accelerating the industry's move towards greater intelligence and automation [1] - The retail market for passenger vehicles saw a year-on-year increase of 6.3%, with several new models performing exceptionally well [1] ETF Summary - The automotive ETF (516110) tracks the 800 automotive index (H30015), which selects representative companies from the Chinese automotive industry, including vehicle manufacturing and parts supply, to reflect the overall performance of listed companies in the sector [1] - This index is characterized by strong industry features and market representation, providing a comprehensive view of the automotive industry's development trends [1]

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]