Core Viewpoint - The Hong Kong automotive sector is expected to show structural support in Q4, with strong growth in the new economy positively impacting the fundamentals [1] Industry Summary - The automotive industry in Hong Kong is benefiting from a robust economic environment, with expectations of three interest rate cuts totaling 75 basis points next year, which may further enhance liquidity and support industry performance [1] - 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 emerging fields like smart driving, reflecting the overall performance of the automotive sector [1] - The index has a high research and development investment and growth characteristics, with the vehicle manufacturing segment accounting for over 60% of its weight, indicating strong market elasticity and international features [1] Company Summary - Geely Automobile has announced a share repurchase plan worth HKD 2.3 billion, demonstrating confidence in its long-term development [1] - The company maintains an optimistic view on trade tensions, believing that the US-China competition is a long-term trend where both sides will negotiate rather than escalate conflicts, with tariffs serving as negotiation tools [1] Investment Tool Summary - The Hong Kong Automotive ETF (520720) can be traded directly through A-share accounts without the need for a Hong Kong Stock Connect account, addressing the investment tool gap for ordinary investors [1]

Group 1 - The passenger car sector shows good performance in production and sales data during the "Golden September and Silver October" period, but market sentiment is tempered due to factors like the increase in vehicle purchase tax next year and uncertainty in subsidy policies. The focus remains on high-end and technology-driven structural growth opportunities [1] - The commercial vehicle sector exhibits low valuation and high prosperity characteristics, benefiting from domestic subsidies and increased exports. The heavy truck and bus segments maintain strong fundamentals, with significant growth in Q3 due to a low base. Heavy truck domestic sales in September increased by 124% year-on-year, and exports rose by 28%, while the bus export growth reached 56% year-on-year in Q3 [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 like intelligent driving. This index reflects the overall performance of automotive-related listed companies and has a strong focus on R&D investment and growth potential [1] Group 2 - The Hong Kong Automotive ETF (520720) can be traded directly through A-share accounts without the need for a Hong Kong Stock Connect account, addressing the pain point of ordinary investors lacking investment tools [1]

Core Viewpoint - The Hong Kong automotive sector is experiencing a decline, with major companies like Xpeng Motors, Li Auto, and Great Wall Motors seeing significant drops in their stock prices, impacting related ETFs as well [1][2]. Group 1: Stock Performance - Xpeng Motors-W fell over 4%, while Li Auto-W dropped over 2%, and both Leap Motor and Great Wall Motors saw declines exceeding 3% [1]. - The Hong Kong automotive-related ETFs also experienced a downturn, with declines of over 2% across various funds [1]. Group 2: Market Outlook - Analysts suggest that the automotive market is entering a consumption peak season, with expectations for continued growth in exports [2]. - The sector is viewed as having long-term stable investment value, with recommendations to focus on leading companies and those with low exposure to the U.S. market [2]. - The automotive sector is anticipated to enter a phase characterized by high sales momentum, event catalysts, and industry trend resonance [2].

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新兴领域的上市公司证券作为指数样本，以反映汽车产业相关上市公司证券的 整体表现。该指数具有高研发投入和成长性特点，整车板块权重占比超过60%，展现了较强的市场弹性 和国际化特征。 此外，香港汽车ETF（520720）可通过 A 股账户直接交易，无需开通港股通权限，完美解决了普通投资 者缺少投资工具的痛点。 平安证券指出，汽车行业整车股先扬后抑，零部件主题投资活跃，未来重点看好AI智驾相关的投资机 遇。整车方面，看好高阶智驾车保有量高的车企估值提升；零部件方面，智驾核心供应商及具备全球竞 争力的企业值得关注。AI智驾迭代加快，L3商用启航，政策端明确支持有条件批准L3级车型生产准 入，技术端华为发布高速L3商用解决方案，有望在2025年实现高速L3商用。L3的落地或成整车估值重 塑关键，拥有闭环智驾能力的车企、科技企业将拥有更大的商业模式变革潜力。 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 ...

对于普通投资者而言，直接投资港股汽车个股面临多重门槛：一是需开通港股通权限（满足前20个交易 日日均资产 50 万元等条件）；二是单只港股个股股价较高（如比亚迪股份港股股价常处于百元区 间）；三是难以实现对全产业链的分散配置。而香港汽车ETF通过 "一篮子股票" 模式，将投资门槛降 至1元左右（以每份基金单位净值计算），且上市后可通过A股账户直接交易，无需开通港股通权限， 完美解决了普通投资者缺少投资工具的痛点。该ETF于2025年9月25日上市后可通过A股账户直接交易， 无需开通港股通权限。 香港汽车ETF（520720）聚焦"新势力+智驾"稀缺赛道，纯港股成分、结构均衡，兼具高成长与高弹 性；在风险偏好回升与南向资金加持、政策与流动性改善背景下，有望更高效捕捉港股汽车与智驾反弹 红利，是A股账户一键布局港股汽车的便捷工具。 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 ...

Group 1 - The Hong Kong Automotive ETF (520720) saw an increase of over 2.6% on its listing day [1] - The Ministry of Industry and Information Technology is soliciting opinions on standards for intelligent connected vehicles, establishing a safety baseline for these products [1] - The global market for intelligent automotive components is expected to exceed $100 billion this year, with China accounting for at least $50 billion [1] Group 2 - The Hong Kong Automotive ETF lowers investment barriers for ordinary investors, allowing access with a minimum investment of around 1 yuan [2] - The ETF focuses on the "new forces + intelligent driving" sector, featuring a balanced structure of pure Hong Kong stocks, which offers high growth and elasticity [2] - The ETF is positioned to efficiently capture the rebound benefits of Hong Kong automotive and intelligent driving sectors amid improving policies and liquidity [2]

Core Insights - The Hong Kong Automotive ETF (520720) was launched on September 25, focusing on the "new forces + intelligent driving" niche market, which is characterized by high growth opportunities [1][2] - The ETF tracks the CSI Hong Kong Stock Connect Automotive Industry Theme Index, which has significantly outperformed major automotive indices during the market rebound from September 24 last year to August 20 this year [1] - The ETF provides a solution for ordinary investors facing barriers to direct investment in Hong Kong automotive stocks, such as high individual stock prices and the need for a Hong Kong Stock Connect account [1] Investment Accessibility - The Hong Kong Automotive ETF allows investment with a minimum threshold of around 1 yuan per unit, making it accessible compared to individual stocks like BYD, which often trade above 100 HKD [1] - The ETF can be traded directly through A-share accounts without the need for a Hong Kong Stock Connect account, addressing the pain points of ordinary investors lacking investment tools [1] Market Context - The ETF is positioned to efficiently capture the rebound benefits of the Hong Kong automotive and intelligent driving sectors amid improving policies, liquidity, and increased southbound capital flows [2] - It features a pure Hong Kong stock composition and a balanced structure, combining high growth potential with high elasticity [2]