中信建投指出，当前汽车行业反内卷利好强产品周期的头部主机厂，自主高端品牌仍是蓝海市场， 2026年将是30万元以上赛道加速自主渗透率提升的一年，新车产品力及品牌成为胜负手。低渗透率的智 驾行业仍是重要成长赛道，L4智驾行业今年迎来行业成本和技术的拐点，技术迭代、行业格局、新商 业模式等仍在演变，L2强标征求意见稿即将发布意味着国家信用背书，智能化成为可定量的品牌力， 重点关注智能化检测环节和L3-L4智驾运营板块。此外，出海正成为优质汽零标的业绩增长核心驱动 力，具备全球竞争优势及业务拓展能力的公司有望具备成长alpha。 智能汽车ETF（159889）跟踪的是CS智汽车指数（930721），该指数从A股市场中选取涉及智能驾 驶、车联网等业务的上市公司证券作为指数样本，以反映智能汽车相关上市公司证券的整体表现。行业 配置主要集中在信息技术与可选消费领域，体现了智能汽车产业链从硬件到软件的全面覆盖。 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 ...

Group 1 - The automotive industry is experiencing three core trends: 1) Strong domestic brands are continuously replacing joint venture market share, with an annual share increase range of 8-14%, and by 2025, domestic automakers are expected to launch a significant number of quality new energy products; 2) The penetration of intelligence is accelerating, with approximately 60% of new car sales currently being L2 or higher, and a significant increase in the supply of urban NOA models priced below 200,000 yuan is expected by 2025; 3) In the robotics sector, the automotive and robotics industries share a high degree of commonality, with an estimated 60-70% of automotive parts companies expected to engage in robotics business [1] - In the first week of July, the insurance volume reached 409,000 vehicles (a month-on-month decrease of 30.1%), with a new energy penetration rate of 52.1%. The upcoming vehicle replacement policy and high growth in overseas exports (with a year-on-year increase of 18% in May) are expected to support the industry's fundamentals [1] - The Smart Car ETF tracks the CS Smart Car Index, which is compiled by China Securities Index Co., Ltd. This index selects representative listed companies involved in smart driving, vehicle networking, and other fields from the A-share market, covering various segments from hardware to software, and reflects the overall performance of listed companies in the smart automotive industry chain, showcasing the diversity and breadth of this sector [1]

Core Viewpoint - The smart automotive sector is experiencing accelerated penetration of intelligent technology, which is expected to drive differentiation within the industry, particularly in the automotive parts sector [1]. Group 1: Industry Insights - The Special Vehicle Industry Innovation Development Conference was held in Shiyan, Hubei from May 15 to 17, focusing on the implementation of new energy and intelligent technology, emphasizing industry chain collaboration and global layout [1]. - Data indicates that by 2024, the penetration rate of new energy special vehicles in China is projected to reach 29.8% [1]. - The automotive parts sector is expected to see a divergence in revenue and profit growth from Q4 2024 to Q1 2025, with the intelligent driving industry chain performing notably well [1]. Group 2: Market Trends - Benefiting from the increase in intelligent driving penetration, sectors such as intelligent chassis, domain control, and sensors are expected to see performance growth surpassing the industry average [1]. - The penetration rate of L2.5 and above intelligent driving models is anticipated to enter a rapid growth phase by 2025 [1]. - The passenger vehicle market is accelerating its phase-out, with leading domestic automakers and new force car companies expected to expand their market share [1]. Group 3: Commercial Vehicle Outlook - In the commercial vehicle segment, new energy buses are maintaining high demand supported by subsidy policies, while the heavy truck market shows resilience in both domestic and international demand [1]. - Gas and new energy heavy trucks are likely to continue benefiting from market conditions [1]. Group 4: ETF and Index Information - The Smart Automotive ETF (159889) rose by 1.63%, tracking the CS Smart Automotive Index (930721), which is compiled by China Securities Index Co., Ltd. and includes listed companies involved in intelligent driving and vehicle networking [1].