（文章来源：每日经济新闻） 中信建投指出，当前汽车板块处于淡季弱势表现，但市场对销量悲观预期反馈逐步钝化，悲观预期见 底。结构性看反内卷及出海预期改善，自动驾驶政策催化落地，人形机器人特斯拉V3临近推出节点。 2026年汽车以旧换新政策支撑内需，商用车或更为受益；结构性看多端侧AI（无人驾驶及机器人）商 业化0-1突破带来估值弹性。具体来看，自动驾驶方面，26年有望成为无人驾驶商业化元年，政策宽松 预期强化。人形机器人板块进入基本面兑现阶段，后续需关注一系列量产节点。商用车板块，26年补贴 政策全额延续，看好内需托底与出口放量继续支撑行业景气。 香港汽车ETF（520720）跟踪的是港股通汽车指数（931239），该指数从港股通范围内选取涉及整车制 造、零部件及智能驾驶等业务的上市公司证券作为指数样本，并重点配置新能源与智能化相关方向，以 反映港股市场汽车产业链相关上市公司证券的整体表现。 ...

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 of the article highlights the positive developments in the EU-China electric vehicle subsidy dispute, which is expected to benefit Chinese electric vehicle companies in the European market [1] - The Hong Kong Automotive ETF (520720) has seen a net inflow of funds for four consecutive days, indicating growing investor interest [1] - The framework consensus reached between China and the EU involves a 'minimum price commitment' mechanism, which will replace high tariffs and reduce the tariff burden on Chinese electric vehicle companies in the EU [1] Group 2 - The Hong Kong Automotive ETF (520720) tracks the Hong Kong Stock Connect Automotive Index (931239), which includes listed companies involved in vehicle manufacturing, components, and smart driving [1] - The index reflects the overall performance of listed companies in the automotive industry, characterized by high R&D investment and growth potential, with the vehicle manufacturing sector accounting for over 60% of its weight [1] - The Hong Kong Automotive ETF (520720) can be traded directly through A-share accounts, addressing the investment tool accessibility issue for ordinary investors [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 automotive industry in Hong Kong is expected to see an upward trend in 2026 due to the implementation of the vehicle replacement policy, with a positive outlook for the passenger car sector in Q1 2026 [1] - The domestic focus is on high-end electrification stocks that are less sensitive to policy changes, prioritizing mature overseas systems and verified execution capabilities of leading automotive companies [1] - The heavy truck policy has exceeded expectations, with a continued subsidy amount from 2025, and it is anticipated that 800,000 to 850,000 heavy trucks will be sold domestically in 2026, representing a year-on-year increase of 3% [1] Group 2 - The bus policy has also slightly exceeded expectations, with actual subsidies continuing despite prior market expectations of a reduction, leading to an expected 40,000 bus sales in 2026, a year-on-year increase of 5% [1] - The motorcycle sector, particularly large-displacement models and exports, is expected to maintain high growth, with total industry sales projected at 19.38 million units in 2026, a year-on-year increase of 14%, including 1.26 million large-displacement units, up 31%, and 830,000 exports, up 50% [1] - The comprehensive policy support is expected to benefit the automotive sector, leading to a sustained increase in industry prosperity [1] Group 3 - 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 intelligent driving, focusing on high-growth enterprises in electrification and intelligence [1]

Group 1 - The Hong Kong stock market saw a rise in automotive concept stocks, with Horizon Robotics-W increasing by over 8%, XPeng Motors-W by over 7%, and Li Auto-W by over 3% [1] - The automotive-related ETFs in Hong Kong experienced an approximate increase of 3% [1] Group 2 - Specific automotive ETFs showed notable performance, with the Hong Kong Stock Connect Automotive ETF (code: 159323) at 1.273, up by 3.08%, and other ETFs also reflecting similar upward trends [2] - Analysts indicate that the acceleration of intelligent technology implementation is benefiting certain automakers, which are in a phase of resonance between new product cycles and technology cycles, likely leading to sustained sales growth [2] - Continuous policy support for automotive consumption and the increasing penetration rate of new energy vehicles are providing a broad market space for automotive manufacturers [2]

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]