Group 1 - The implementation of the vehicle trade-in policy in 2026 is expected to stabilize market expectations and boost Q1 sales, with the subsidy policy being beneficial for market stability [1] - The core adjustment for the passenger vehicle sector is the shift from fixed subsidies to proportional subsidies based on vehicle prices, which is anticipated to support domestic demand in Q1 2026 and help restore industry profits [1] - The commercial vehicle sector is expected to maintain high prosperity, particularly in heavy trucks and buses, driven by the continued effects of domestic subsidies and high growth in non-Russian exports [1] Group 2 - The Hong Kong Automotive ETF (520720) tracks the Hong Kong Stock Connect Automotive Index (931239), which selects listed companies involved in vehicle manufacturing and components to reflect the overall performance of the automotive sector [2] - The index focuses on smart driving and new energy vehicles, with constituent stocks primarily concentrated in the automotive sector, showcasing high growth potential and international characteristics [2]

Group 1 - The core viewpoint is that the automotive industry will present opportunities by 2026, driven by the high-end upgrade of domestic brands, accelerated penetration of intelligence, and the production of embodied intelligence [1] - Key areas of focus include opportunities in domestic high-end brands, accelerated profitability in the heavy truck supply chain, increased production of core intelligent hardware, enhanced cockpit value, and the promotion of robotaxis [1] - The Hong Kong Automotive ETF (520720) tracks the Hong Kong Stock Connect Automotive Index (931239), which selects listed companies involved in vehicle manufacturing, components, and emerging fields of intelligent driving, reflecting the overall performance of related securities [1] Group 2 - The index has a high research and development investment and growth characteristics, with the vehicle manufacturing sector accounting for over 60% of its weight, demonstrating strong market elasticity and international features [1] - The Hong Kong Automotive ETF (520720) can be traded directly through A-share accounts without the need for a Hong Kong Stock Connect permission, addressing the pain point of ordinary investors lacking investment tools [1]

Group 1 - The core viewpoint is that the 2026 vehicle trade-in policy will be implemented as scheduled, shifting from fixed subsidies to proportional subsidies based on vehicle prices, which is expected to stabilize market expectations and support domestic demand in Q1 2026 [1] - The maximum subsidy amount will align with the 2025 subsidy levels, which is anticipated to help raise the price center of vehicles and restore industry profits [1] - The heavy-duty truck sector is expected to benefit from ongoing domestic subsidy effects and high growth in non-Russian exports, with sales projected to exceed 1.15 million units in 2026; the penetration rate of new energy vehicles is expected to reach 30-35%, an increase of 3-8 percentage points year-on-year [1] Group 2 - The bus sector is expected to see growth due to the implementation of new energy bus subsidies and the arrival of the export peak season, with sales of medium and large buses projected to grow by over 10% year-on-year in 2026 [1] - The continuation of policies is likely to benefit both the heavy-duty truck and bus sectors, supporting domestic demand and favorable export conditions [1] - The Hong Kong Automotive ETF (520720) tracks the Hong Kong Stock Connect Automotive Index (931239), which selects listed companies involved in vehicle manufacturing, parts production, and related services, focusing on companies undergoing electrification and intelligent transformation [1]

Group 1 - The Hong Kong Automotive ETF (520720) rose over 0.6% on January 9, driven by market attention on policies and transformation prospects [1] - Guohai Securities noted that the "Two New" policy will continue to implement subsidies for vehicle scrapping and replacement updates in 2026, adjusting fixed subsidies to be proportional to vehicle prices, with new energy passenger vehicle scrapping subsidies reaching 12% of the vehicle price (up to 20,000 yuan) and replacement subsidies at 8% (up to 15,000 yuan) [1] - The Ministry of Industry and Information Technology and three other departments jointly issued the "Implementation Plan for Digital Transformation of the Automotive Industry," aiming for deep application of digital technologies by 2027 and a high level of overall digitalization in the industry by 2030 [1] Group 2 - The year-on-year growth rate of passenger vehicles may decline by the end of 2025, but the high-end market is expected to perform relatively better in 2026 amid expectations of policy tapering, with a positive outlook on the high-end breakthrough of independent brands [1] - The Hong Kong Automotive ETF (520720) tracks the Hong Kong Stock Connect Automotive Index (931239), which selects listed companies involved in vehicle manufacturing and related industries within the Stock Connect scope, covering electric passenger vehicles and intelligent driving [1] - This index focuses on the automotive sector, reflecting the development trends of electrification and intelligence in the industry, thereby representing the overall performance of listed companies related to the automotive industry [1]

Group 1 - The core viewpoint is that the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry (Draft for Comments)" is expected to further promote the "anti-involution" process, regulating price competition in the domestic automotive industry, which may slow down the price war and improve profit margins for manufacturers and dealers [1] - Dealers, who have seen a significant decline in profitability in recent years, are expected to experience a more substantial improvement in their profit margins due to the new guidelines [1] - The guidelines require companies to adopt pricing strategies based on production costs and market supply and demand, ensuring price behavior is regulated across the entire chain, including vehicle sales and financial services [1] Group 2 - The Hong Kong Automotive ETF (520720) tracks the Hong Kong Stock Connect Automotive Index (931239), which selects listed companies involved in vehicle manufacturing, components, and emerging fields like smart driving to reflect the overall performance of automotive-related securities [2] - The index has a high research and development investment and growth characteristics, with the vehicle manufacturing sector accounting for over 60% of its weight, demonstrating strong market elasticity and international features [2] - The Hong Kong Automotive ETF (520720) can be traded directly through A-share accounts without the need for a Hong Kong Stock Connect permission, addressing the pain point of ordinary investors lacking investment tools [2]

Group 1 - The core viewpoint of the article highlights the launch of the Xingtu ET5 model, which features the Horizon HSD and J6P, marking a significant milestone in China's smart driving experience [1] - The ET5 model's urban auxiliary driving system demonstrates a top-tier intelligent driving foundation that can be deployed at scale, enhancing the overall safety and efficiency of driving [1] - The model achieves a reaction time that is 42% faster than the average human response, utilizing a "human-like thinking" defensive driving strategy to proactively avoid risks [1] Group 2 - Companies such as WeRide and Pony.ai, representing the autonomous driving sector, have shown positive progress in the Hong Kong stock market, reflecting advancements in the automotive industry's transition towards intelligence and electrification [1] - The Hong Kong Automotive ETF (520720) tracks the Hong Kong Stock Connect Automotive Index (931239), which selects listed companies involved in vehicle manufacturing and components, focusing on smart driving and new energy vehicles [1] - This index highlights the high growth potential of the automotive industry in Hong Kong, showcasing the aggressive characteristics of the new energy vehicle supply chain [1]

Group 1 - The core viewpoint of the article indicates that in October 2025, automobile sales are projected to reach approximately 3.322 million units, reflecting a month-on-month growth of 3% and a year-on-year growth of 8.8% [1] - Among the total sales, new energy vehicle (NEV) sales are expected to be around 1.715 million units, with a month-on-month increase of 9.5% and a year-on-year increase of 20%, achieving a market share of 51.6% [1] - The price competition in the new energy vehicle market has cooled down, with 14 models experiencing price reductions in October, a decrease of 9 models compared to September, indicating a significant improvement in market order [1] Group 2 - The Hong Kong Automobile ETF (520720) tracks the Hong Kong Stock Connect Automobile Index (931239), which selects listed companies involved in vehicle manufacturing, components, and intelligent driving from the Stock Connect range to reflect the overall performance of high-quality enterprises across the automotive industry chain [1] - The index is characterized by high R&D investment and growth potential, with the vehicle manufacturing sector accounting for over 60% of its weight, while also encompassing automotive components and industrial metals, thus combining market elasticity and international features [1]

Group 1 - The core viewpoint is that the new energy sector is a crucial industry for the new development concept, with unprecedented strength in macro policy support [1] - The growth rate of automotive consumption is leading that of petroleum and products, indicating strong industry growth potential [1] - The steady increase in foreign exchange reserves and the stable RMB exchange rate provide support for the A-share market, contributing to financial stability [1] Group 2 - The Hong Kong Stock Connect automotive industry is expected to benefit from macro policy support and consumption growth trends [1] - The Hong Kong automotive ETF (520720) tracks the Hong Kong Stock Connect automotive index (931239), which selects listed companies related to vehicle manufacturing, components, and intelligent driving [1] - The index reflects the overall performance of automotive industry-related listed companies in the Hong Kong market, characterized by high R&D investment and growth potential [1]