（文章来源：每日经济新闻） 上海证券指出，上海市人民政府办公厅印发《上海市支持先进制造业转型升级三年行动方案（2026— 2028年）》，明确提出大力发展智能网联新能源汽车产业，显示政策对行业的持续支持。行业动态方 面，吉利汽车集团获得杭州市全域L3级自动驾驶道路测试牌照，北汽蓝谷L3车辆也正式上路并计划逐 步向个人开放，显示自动驾驶技术加速落地。此外，2024-2025年汽车以旧换新政策推动下，新能源汽 车占比近60%，行业需求有望持续增长。人形机器人领域，中国厂商智元机器人以39%的全球市场份额 领跑，反映智能化技术应用的扩展。尽管汽车板块近期表现中下，但政策支持与技术突破为智能汽车行 业提供了长期发展动力。 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、 车联网等领域的上市公司证券作为指数样本，覆盖智能汽车产业链从硬件到软件的全环节。指数行业配 置以信息技术和可选消费为主，旨在反映智能汽车相关上市公司证券的整体表现。 ...

风险提示：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。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 1月6日， 智能汽车ETF（159889）涨超1.2%。 兴业证券指出，2026年汽车以旧换新政策延续，并调整为按车价比例补贴，利好中高端车。新能源 乘用车补贴比例为车价的12%（最高2万元），燃油乘用车为10%（最高1.5万元）；置换更新新能源车 补贴8%（最高1.5万元），燃油车6%（最高1.3万元）。与2025年定额补贴相比，新政策精准挂钩车 价，高端电动车补贴金额稳定， ...

1月5日，智能汽车ETF（159889）涨超1.4%，政策与技术双轮驱动成焦点。 华龙证券指出，2026年汽车行业政策主旋律仍将以反内卷和国补延续为主。补贴方面，高层明确优 化"两新"政策实施，已有超过5个地市公开遴选以旧换新平台服务企业，深圳已明确2026年平台服务企 业遴选。反内卷方面，国家发改委强调对新能源汽车等产业加强供应链治理，保障中小企业款项支付， 营造互利共赢生态。市场层面，尽管面临新能源购置税减免退坡压力，但以旧换新补贴有望持续支撑销 量；企业层面，整治内卷式竞争将限制无序降价，车企盈利有望边际改善。行业数据显示，2025年11月 新能源乘用车零售渗透率达59.4%，L2.5及以上智驾渗透率32.19%，显示智能化、电动化趋势持续强 化。北京已发放首批L3级高速公路自动驾驶专用号牌，标志着自动驾驶进入量产应用阶段。 智能汽车ETF（159889）跟踪的是CS智汽车指数（930721），该指数从沪深市场中选取涉及终端感 知、平台应用等智能汽车相关业务的上市公司证券作为指数样本，覆盖电子、计算机、汽车等多个行 业，以全面反映中国智能汽车全产业链上市公司证券的整体表现。 风险提示：提及个股仅用于行业 ...

Group 1 - The core viewpoint is that the gradual relaxation of intelligent driving policies in China is expected to drive further growth for related companies, marking a significant step towards the commercialization of L3 autonomous driving vehicles [1] - The first batch of L3 autonomous driving vehicles in China has received approval for commercial use, with two models designed for urban congestion and highway conditions set to conduct pilot tests in designated areas of Beijing and Chongqing [1] - Tesla has initiated unmanned Robotaxi road testing in Austin, while XPeng Motors has obtained a road testing license for L3 autonomous driving and plans to launch mass-produced L4 autonomous vehicles by 2026 [1] - Guangzhou has achieved full-scale open demonstration operations for autonomous driving with safety personnel in vehicles, launching multiple demonstration operation routes [1] - China FAW plans to mass-produce solid-state batteries by 2027 for its high-end Hongqi flagship models [1] - Momenta has formed a strategic partnership with Grab to explore the integration of L4 autonomous driving capabilities into mass-produced vehicles [1] - The EU's decision to abandon the proposal to ban internal combustion engines by 2035 indicates flexibility in the policy environment [1] - These developments highlight that the smart automotive industry is experiencing a dual drive of policy support and technological breakthroughs, accelerating the commercialization process [1] Group 2 - The Smart Automotive ETF (159889) tracks the CS Smart Automotive Index (930721), which selects listed companies involved in smart driving and vehicle networking from the A-share market [2] - The CS Smart Automotive Index covers multiple industries, including electronics, computers, and automobiles, reflecting the overall performance of listed companies in the smart automotive sector [2] - The index is designed to represent the growth potential and investment value of companies related to the smart automotive industry [2]

Group 1 - The smart driving industry is expected to accelerate its development by 2025, with leading OEMs like BYD increasing their investment in smart driving, leading to a continuous rise in penetration rates [1] - In 2026, despite ongoing price competition among OEMs and pressure from subsidy reductions, there are still structural opportunities in the industry: 1) The competition landscape for smart driving chips is favorable, with significant room for domestic production rate improvement, as local manufacturers like Horizon Robotics, Black Sesame Intelligence, and Huawei have achieved mass production capabilities [1] - The overseas market is becoming an important growth driver, with low penetration rates in regions like Europe, the US, and Japan, allowing local Tier 1 and lidar companies to accelerate their international expansion based on product competitiveness [1] Group 2 - The new autonomous driving sector is witnessing breakthroughs from 0 to 1, with policies accelerating the commercialization of Robotaxi, and companies like Pony.ai are going public [1] - The commonality of technical architecture allows for the reuse of core components such as smart driving chips and sensors in the robotics field, creating industrial synergy effects [1] - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies providing terminal perception and platform applications for smart cars from the Shanghai and Shenzhen markets, reflecting the overall performance of securities related to the smart car industry [1]

Core Viewpoint - The core theme is the focus on technology attributes and emerging growth directions in the automotive industry, particularly highlighted during the Guangzhou Auto Show [1] Group 1: Industry Trends - Multiple automakers unveiled new models for 2026 during the Guangzhou Auto Show, indicating a strong push towards innovation [1] - GAC and Huawei's collaborative brand "Qijing" achieved over 18,000 pre-orders within 175 days, showcasing significant market interest [1] - The year 2026 is anticipated to be pivotal for new vehicle launches from Huawei, marking a significant year for the company [1] Group 2: Technological Advancements - Companies like Xpeng, GAC, and Changan showcased self-developed robotic products, indicating a trend towards integrating robotics with automotive technology [1] - The automotive and robotics sectors are expected to experience a turning point in industry trends, driven by advancements in technologies such as Tesla's FSD V14, Robotaxi, and Optimus [1] - The technological attributes of vehicles may undergo a reassessment as these innovations gain traction [1] Group 3: Investment Opportunities - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in smart technology, automotive parts, and services [1] - This index aims to reflect the overall performance of listed companies related to smart vehicles and the development trends of the industry [1]

Core Insights - The intelligent automotive industry in China has entered the AI Driving 2.0 phase, with accelerated technological iteration [1] - The VLA (Vision-Language-Action) technology architecture, represented by companies like Li Auto and Yuanrong Qihang, breaks the limitations of traditional end-to-end models by integrating three modalities to enhance system interactivity and long-term reasoning capabilities [1] - The industry is transitioning from rule-driven to data-driven approaches, although there are still concerns regarding technological pathways, investment returns, and policy implementation risks [1] Industry Developments - Huawei's ADS 4.0 adopts the WEWA architecture, emphasizing cloud simulation and vehicle model collaboration to create a direct cognitive model of the physical world, enabling rapid response and high safety redundancy [1] - Horizon Robotics and Momenta focus on one-stage end-to-end systems combined with reinforcement learning to enhance the human-like experience of intelligent driving systems [1] Investment Opportunities - The Intelligent Automotive ETF (159889) tracks the CS Intelligent Automotive Index (930721), which selects representative listed companies in the intelligent driving and vehicle networking sectors from the A-share market [1] - The index aims to reflect the overall performance of securities related to intelligent automotive companies, showcasing the industry's diversity and broad characteristics [1]

Core Insights - The Ministry of Industry and Information Technology emphasized the continuous promotion of high-quality development in the power battery industry during the 2025 World Power Battery Conference [1] - In October, new energy vehicle sales accounted for over half of total sales at 51.6%, with domestic brand passenger cars holding a market share of 72.5% [1] - Dongfeng Motor showcased its next-generation solid-state battery technology with an energy density of 350Wh/kg, aiming for mass production by September 2026, which will support a range of 1000 kilometers [1] Industry Developments - The "14th Five-Year" intelligent connected new energy vehicle development plan will be formulated, focusing on expanding power battery application scenarios, including supporting battery swap mode innovations and vehicle-network interaction trials [1] - A robust carbon management system for power batteries will be established to enhance sustainability in the industry [1] - The export volume of new energy vehicles increased by 22.9% year-on-year to 666,000 units, indicating a positive growth trend in the industry [1] Investment Opportunities - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects representative listed companies involved in smart driving and vehicle networking from the A-share market [1] - The index covers multiple industry segments from hardware to software, reflecting the diversity and broad characteristics of the smart car industry [1]

Core Insights - The automotive industry is projected to see sales of approximately 2.857 million vehicles by August 2025, reflecting a month-on-month growth of 10.1% and a year-on-year growth of 16.4%, with new energy vehicle sales expected to reach about 1.395 million units, capturing a market share of 48.8% [1] - Continuous supportive policies for automotive consumption, combined with the upward trend in new energy vehicle sales, indicate robust industry demand growth [1] - The CEO of Huawei's Intelligent Automotive Solutions Business Unit has introduced the concept of "three waves" in the automotive industry, predicting that 2025 will mark the entry into the intelligent phase, with the ADS 4 system debuting L3 technology architecture for high-speed commercial solutions [1] - The price of battery-grade lithium carbonate remains stable at 73,550 yuan per ton, while copper prices have increased by 5% to 86,780 yuan per ton [1] Industry Overview - The Smart Automotive ETF (159889) tracks the CS Smart Automotive Index (930721), which selects listed companies involved in smart driving and vehicle networking technologies from the A-share market, covering the entire industry chain from hardware to software [1] - The index aims to reflect the overall performance and development trends of listed companies related to smart automobiles [1]

Core Insights - The application of large models is transitioning from assistance (Copilot) to execution (Agent) and decision-making (Intelligence), allowing AI applications to independently plan task paths and make decisions [1] Group 1: AI Integration and Development - The State Council has proposed that by 2027, artificial intelligence will be deeply integrated with key sectors, with the penetration rate of smart terminals exceeding 70% [1] - In the smart automotive sector, the penetration rate of L2+ is accelerating, marking the first year of implementation for advanced driving by traditional car manufacturers [1] - The focus in the L4 domain is on the commercialization turning point of Robotaxi [1] Group 2: Industry Trends and Opportunities - The direction of AI + consumption is clear, with smart connected vehicles being prioritized as the next generation of smart terminals [1] - The autonomous driving industry chain is viewed positively, with three main lines of development: domestic substitution, regulatory strengthening, and international expansion, driven by technology [1] Group 3: Investment Vehicles - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in smart driving and vehicle networking from the A-share market [1] - The index covers multiple segments of the industry chain, from hardware to software, and primarily includes companies in the information technology and consumer discretionary sectors, reflecting the overall performance and diversity of smart automotive-related listed companies [1]