Core Viewpoint - The smart driving sector experienced a significant surge, with the smart car ETF (159889) rising by 4.16% following the announcement of Nvidia's Alpamayo platform at CES, which enables cars to perform "reasoning" in real-world scenarios [1][2]. Group 1: Nvidia's Alpamayo Platform - Nvidia's CEO Jensen Huang introduced the Alpamayo platform, which integrates open-source models, simulation frameworks, and datasets to create a comprehensive open ecosystem for automotive developers and research teams [1]. - Alpamayo 1 is the first VLA model designed for the autonomous driving research community, capable of processing complex driving scenarios using human-like reasoning, aimed at addressing unexpected situations like traffic signal failures [1]. Group 2: Market Implications and Collaborations - The first vehicle equipped with Nvidia's technology is expected to hit the roads in the U.S. in the first quarter, with the Alpamayo platform set to debut in the Mercedes CLA model in Europe in Q2 2025 [2]. - Nvidia is building a global L4-level autonomous driving and Robotaxi ecosystem, collaborating with major software companies, OEMs, and Tier 1 component manufacturers [2]. - The entry of major players into the market, along with anticipated developments such as Tesla's FSD entering China and the rollout of L3 policies, is expected to accelerate the adoption of autonomous driving technologies by 2026 [2].

今日A股三大指数集体上涨，沪指上涨1.50%；深成指上涨1.40%；创业板指上涨0.75%；北证50指数上涨1.82%。全市场成交额达2.83万亿元，较上日有 所放量。 午后智驾板块"起飞"，智能汽车ETF（159889）大涨4.16%。 上涨驱动因素分析 消息面上，1月5日，英伟达CEO黄仁勋在拉斯维加斯举行的CES展会上发布了Alpamayo平台，使汽车能够在真实世界中进行"推理"。黄仁勋表示，首款 搭载英伟达技术的汽车将于第一季度在美国上路。英伟达此次发布的Alpamayo家族整合了三大基础支柱：开源模型、仿真框架和数据集，构建了一个完整 的开放生态系统供任何汽车开发者或研究团队使用。 政策端，工信部正式公布我国首批L3级有条件自动驾驶车型准入许可，两款分别适配城市拥堵、高速路段的车型将在北京、重庆指定区域开展上路试 点。同时，各城市Robotaxi运营范围也在不断扩大。我国L3级自动驾驶开始从测试阶段迈入商业化初期，中央层面对L3政策有了新的进展，下一阶段或是以 实现限定区域限定速度的试运营，为后续智驾商业化进程奠定了基础，2026年自动驾驶产业或迎来多个重大推进。 巨头相继入场，后续2026Q1可能 ...

此次事件标志着我国L3级自动驾驶开始从测试阶段迈入商业化初期。中央层面对L3政策有了新的进 展，下一阶段或是以实现限定区域限定速度的试运营，为后续智驾商业化进程奠定了基础。 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。 注：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代 表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成投资建议 或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品要素、风 险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 相关机构表示，工信部正式公布我国首批L3级有条件自动驾驶车型准入许可， ...

Market Overview - The market experienced a day of volatility with all three major indices opening lower and closing down. The Shanghai Composite Index fell by 1.11%, the Shenzhen Component by 1.51%, and the ChiNext Index by 2.1% [1][13] - The total trading volume in the Shanghai and Shenzhen markets was 1.72 trillion yuan, a decrease of 49.3 billion yuan from the previous trading day, with over 4,300 stocks declining [1][13] Macro Economic Factors - The Bank of Japan is set to discuss a potential interest rate hike from 0.5% to 0.75% during its monetary policy meeting on December 18-19, which would be the highest rate in 30 years [1][13] - Concerns about tightening liquidity and the ongoing worries regarding an AI bubble in overseas markets have contributed to market sentiment [1][13] AI and Semiconductor Sector - The semiconductor and AI-related sectors saw significant declines, particularly in communication and entrepreneurial AI stocks, likely due to weak overseas AI trading [3][15] - Despite recent downturns, there is a strong expectation for continued growth in capital expenditure in the AI sector next year, with a focus on upstream supply chain stocks in A-shares [3][15] - Communication ETF (515880) and semiconductor equipment ETF (159516) are recommended for investors looking to capitalize on domestic alternatives and AI-related opportunities [3][15][20] Automotive Sector - The smart automotive sector performed relatively well, with the smart automotive ETF (159889) rising by 0.19% [8][21] - The Ministry of Industry and Information Technology has granted approval for the first batch of L3 conditional autonomous driving vehicles, marking a significant step towards commercialization [8][21] - Tesla's advancements in L4 autonomous driving technology may serve as a benchmark for domestic players aiming to initiate similar operations [9][21] New Energy Sector - The new energy sector experienced notable declines, with the electric grid ETF (561380) down 3.13% and the photovoltaic ETF (159864) down 3.05% [11][23] - Factors contributing to this decline include external macroeconomic influences and the approaching sales off-season, leading to concerns about the sustainability of energy storage demand [11][23] - Despite the current downturn, the outlook for energy storage remains positive, with expectations of sustained demand into the first half of next year [11][24]

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]