Group 1 - The current market has weak expectations for automotive stimulus policies and total production and sales volume for next year, indicating a weakening of the automotive cyclical attributes, while technology and emerging growth directions are the core focus [1] - Xiaopeng Motors' Technology Day showcased the second-generation VLA large model, Robotaxi, and humanoid robot Iron, which boosted market expectations. By 2026, with the iteration and mass production of technologies like Tesla's FSD V14, Robotaxi, and Optimus, the automotive and robotics sectors are expected to experience a turning point in industry trends, leading to a potential revaluation of the technology attributes of automotive stocks [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 intelligent driving from the Stock Connect range. This index reflects the overall performance of listed companies related to the automotive industry and features high R&D investment and growth characteristics, with the vehicle sector accounting for over 60% of its weight, demonstrating strong market elasticity and international characteristics [1] Group 2 - The Hong Kong Automotive ETF (520720) can be traded directly through A-share accounts without the need to open a Stock Connect account, effectively addressing the pain point of ordinary investors lacking investment tools [1]

Group 1 - Xiaopeng Motors recently unveiled four significant applications at the 2025 Xiaopeng Technology Day, including the second-generation VLA large model, Xiaopeng Robotaxi, a new generation of IRON humanoid robots, and the Huitian flying car [1] - The introduction of female robots and their highly human-like gait has garnered considerable attention [1] - New force car manufacturers are leading the trend in intelligent driving, with Xiaopeng and Li Auto expected to be the first to implement the intelligent driving VLA model in the second half of 2025, enhancing the driving experience [1] Group 2 - In terms of hardware, major deliveries of chips such as Nvidia Thor, Horizon J6P, and Black Sesame A2000 are expected in 2025, while companies like Tesla, NIO, Xiaopeng, Li Auto, and Huawei are also advancing their self-developed intelligent driving chips [1] - The Hong Kong Automotive ETF (520720) closely tracks the CSI Hong Kong Stock Connect Automotive Industry Theme Index (Index Code: 931239.CSI), selecting 50 constituent stocks that include high-growth intelligent driving leaders like Xiaopeng Motors, BYD, and Li Auto [1] - Compared to mature A-share automotive companies, the Hong Kong Stock Connect Automotive Index represents a greater proportion of new forces and intelligent driving leaders with technological innovation attributes and international characteristics [1]

Group 1 - The core viewpoint is that the continuation of the vehicle trade-in policy in 2025 will support automotive consumption, with the industry showing trends of high-end and intelligent upgrades [1] - In September, the heavy truck market sold approximately 105,000 units (including exports and new energy), representing a month-on-month increase of 15% and a year-on-year increase of 82%. Cumulative sales from January to September reached 821,000 units, a year-on-year growth of 20%, exceeding expectations [1] - In terms of intelligence, the Changan Qiyuan Q07 laser version has brought the laser radar configuration down to the mainstream market price of 156,800 to 176,800 yuan, featuring a multi-sensor system that includes "1 laser radar + 3 millimeter-wave radars + 11 cameras + 12 ultrasonic radars," supporting a detection range of 200 meters and complex scenario avoidance [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 intelligent driving from the Stock Connect range to reflect the overall performance of the automotive industry-related listed companies [1] - This index has high R&D investment and growth characteristics, with the vehicle manufacturing sector accounting for over 60% of its weight, demonstrating strong market elasticity and international features [1] - Additionally, the Hong Kong Automotive ETF (520720) can be traded directly through A-share accounts without the need to open a Stock Connect account, effectively addressing the pain point of ordinary investors lacking investment tools [1]