window.pageData = {"stock":{"_id":3000000023426,"stockCode":"023426","masterFundShortName":"中欧恒生沪深港汽车主题指数发起","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":23426,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧恒生沪深港汽车主题指数发起A","name":"中欧恒生沪深港汽车主题指数发起式证券投资基金","pinyin":"zohshsgqcztzsfqszqtzjj","fundCollectionId":4000050570000,"setUpAssetScale":19647895.05,"setUpDate":"2025-03-17T16:00:00.000Z","setUpShares":19647895.05,"inceptionDate":"2025-03-20T16:00:00.000Z","followedNum":1,"indexFundFlag":1,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50570000","tickerId":50570000,"name":"中欧基金管理有限公司"},"managers":[{"name":"宋巍巍","stockType":"fund_manager","stockCode":"j101019448","exchange":"fm","tickerId":192323244840}],"hotMetrics":{"fss":{"stockId":3000000023426,"type":"fss","last_data_date":"2025-06-29T16:00:00.000Z","f_ins_h_s_r":0.5179,"f_ind_h_s_r":0.48210000000000003,"f_h_a":1373},"fpr":{"stockId":3000000023426,"type":"fpr","f_cagr_p_r_fs_ssc":6086,"f_cagr_p_r_fs_ssrp":0.9610517666392769,"f_p_r_m1_ssc":5987,"f_p_r_m1_ssrp":0.9652522552622786,"f_p_r_m3_ssc":5781,"f_p_r_m3_ssrp":0.9828719723183391,"f_p_r_m6_ssc":5561,"f_p_r_m6_ssrp":0.9467625899280575,"f_p_r_fys_ssc":5552,"f_p_r_fys_ssrp":0.9733381372725635,"f_p_r_y1_ssc":4826,"f_p_r_y1_ssrp":0.9535751295336787},"fp":{"stockId":3000000023426,"type":"fp","last_data_date":"2026-07-07T16:00:00.000Z","f_cagr_p_r_fs":-0.1480304954829157,"f_p_r_m1":-0.09103432441740333,"f_p_r_m3":-0.1947523644869319,"f_p_r_m6":-0.21487357461576684,"f_p_r_fys":-0.20985929547949378,"f_p_r_y1":-0.1547822374039287,"f_i_d":"2025-03-20T16:00:00.000Z"},"ff":{"stockId":3000000023426,"type":"ff","f_fr_d":"2026-05-19T16:00:00.000Z","f_m_fr":0.005,"f_c_fr":0.001,"f_mac_fr":0.006},"f_nlacan":{"stockId":3000000023426,"type":"f_nlacan","f_nv_d":"2026-07-07T16:00:00.000Z","f_nv":0.7918,"f_nv_cr":-0.014193227091633509},"f_as":{"stockId":3000000023426,"type":"f_as","f_tas":12080627.6173,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000023427,"name":"中欧恒生沪深港汽车主题指数发起式证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","status":"normal","indexFundFlag":1,"stockCode":"023427","tickerId":23427,"shortName":"中欧恒生沪深港汽车主题指数发起C","currency":"CNY","__csrcFundId":14770,"exchange":"jj","masterFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2025-03-31T09:02:43.605Z","inceptionDate":"2025-03-20T16:00:00.000Z","pinyin":"zohshsgqcztzsfqszqtzjj","fundCollectionId":4000050570000}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000023426,"stockId":1000000000001211,"holdings":28700,"marketCap":2681154,"netValueRatio":0.0879,"quarterlyChange":0.10959622443628736,"stock":{"stockCode":"01211","exchange":"hk","stockType":"company","tickerId":1211,"name":"比亚迪股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000023426,"stockId":2594,"holdings":22900,"marketCap":2410225,"netValueRatio":0.0791,"quarterlyChange":0.07705689725747167,"stock":{"stockCode":"002594","exchange":"sz","stockType":"company","tickerId":2594,"name":"比亚迪"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000023426,"stockId":1000000000000175,"holdings":119000,"marketCap":2197930,"netValueRatio":0.0721,"quarterlyChange":0.16871508379888311,"stock":{"stockCode":"00175","exchange":"hk","stockType":"company","tickerId":175,"name":"吉利汽车"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000023426,"stockId":1000000000009868,"holdings":29400,"marketCap":1699026,"netValueRatio":0.0557,"quarterlyChange":-0.1751732829237559,"stock":{"stockType":"company","exchange":"hk","stockCode":"09868","tickerId":9868,"name":"小鹏集团-W"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000023426,"stockId":1000000000002015,"holdings":25500,"marketCap":1524390,"netValueRatio":0.05,"quarterlyChange":0.04394757131842697,"stock":{"exchange":"hk","stockType":"company","stockCode":"02015","tickerId":2015,"name":"理想汽车-W"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000023426,"stockId":600418,"holdings":32000,"marketCap":1478400,"netValueRatio":0.0485,"quarterlyChange":-0.06666666666666743,"stock":{"stockCode":"600418","exchange":"sh","stockType":"company","tickerId":600418,"name":"江淮汽车"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000023426,"stockId":601127,"holdings":14800,"marketCap":1344284,"netValueRatio":0.0441,"quarterlyChange":-0.2490906084656085,"stock":{"stockCode":"601127","exchange":"sh","stockType":"company","tickerId":601127,"name":"赛力斯"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000023426,"stockId":600066,"holdings":25100,"marketCap":900086,"netValueRatio":0.0295,"quarterlyChange":0.09663608562691173,"stock":{"stockCode":"600066","exchange":"sh","stockType":"company","tickerId":600066,"name":"宇通客车"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000023426,"stockId":625,"holdings":87700,"marketCap":877000,"netValueRatio":0.0288,"quarterlyChange":-0.15682967959527838,"stock":{"stockCode":"000625","exchange":"sz","stockType":"company","tickerId":625,"name":"长安汽车"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000023426,"stockId":600660,"holdings":11300,"marketCap":644100,"netValueRatio":0.0211,"quarterlyChange":-0.11996294580824485,"stock":{"stockCode":"600660","exchange":"sh","stockType":"company","tickerId":600660,"name":"福耀玻璃"}}],"bondHoldings":[{"_id":"69e8fbcc1398d79843003ebf","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000023426,"stockCode":"019773","stockName":"25国债08","holdings":16000,"marketCap":1621239,"netValueRatio":0.0532,"lastUpdated":"2026-04-22T16:48:12.849Z"}]},"list":[{"_id":"69e8ec831398d79843fe9ee9","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000023426,"sao":"一季度，汽车行业整体承压，指数下跌4.90%，月度走势分化明显：1月受政策退坡与淡季影响指数回调1.96%，2月传统淡季震荡整理，指数上涨1.46%，3月，宏观流动性收紧指数下跌4.40%。一季度狭义乘用车零售423.6万辆，同比下跌17%；新能源车零售184.4万辆，同比大跌24%。但3月市场强势修复，零售环比大涨64.5%，新能源车渗透率达到52.9%。贯穿整个季度的核心矛盾，是三重力量的反复博弈——国内政策退坡（购置税免征结束、以旧换新阶梯补贴）与海外出口高增长形成对冲，成本端油价暴涨对新能源车的性价比提升形成结构性利好，而3月宏观流动性收紧（实际利率上行、美元走强）对全球风险资产形成系统性压制。  1月，政策退坡叠加淡季，需求回落但出口亮眼，指数回调1.96%。政策层面，新能源汽车购置税免征期于2025年12月正式结束，同时以旧换新政策设立阶梯补贴制度——经济型车型补贴力度收窄，行业加速向中高端转型。这一调整有利于产业高质量发展，但短期内对15万元以下经济型车型需求形成压制。与此同时，《电动汽车能量消耗量限值》正式执行，加速淘汰高能耗落后产能，行业供给侧进一步出清。终端数据方面，乘联会显示1月零售155.9万辆，同比下滑13.8%，环比下滑31.5%，传统淡季叠加政策退坡导致需求明显回落。但出口表现极为亮眼——1月出口28.6万辆，同比增长103.6%，环比增长4.8%，中国汽车产业在全球市场的竞争力持续提升，海外需求旺盛成为行业一季度最重要的托底力量。宏观层面，1月市场在流动性宽松窗口（美联储降息扩表）下延续上涨，上证指数连续17根阳线突破4000点，但汽车板块受政策退坡拖累，表现弱于大盘。1月30日，特朗普提名凯文·沃什任美联储主席，美元指数跳涨，全球流动性收紧预期开始发酵。  2月汽车板块呈震荡态势，指数上涨1.46%。春节假期导致终端需求偏弱，经销商加速去库存。市场监管总局正式发布《汽车行业价格行为合规指南》，旨在规范价格竞争、维护市场公平秩序，这标志着2025年持续整年的“价格战”进入政策干预阶段，行业竞争从“低价厮杀”向“合规有序”过渡。终端数据方面，2月零售104.3万辆，同比下滑25.9%，环比下滑33.1%。春节前燃油车消费需求阶段性走强，新能源车渗透率有所回落。但出口依然强劲——2月出口26.9万辆，同比增长124.7%，环比仅微降7.0%。伴随着国内新能源车的规模优势与技术优势持续显现，国产车海外认可度不断提升，出口已成为消化国内产能、平抑周期波动的重要缓冲。宏观层面，2月20日媒体报道特朗普“考虑对伊朗实施有限军事打击”，地缘风险溢价开始升温，油价缓慢上行。2月22日美国最高法院裁定全球关税违法，特朗普随即宣布加征15%关税。  3月汽车板块整体下跌，但新能源细分方向表现较强，呈现显著的结构性分化。核心逻辑链：美伊冲突→油价暴涨→新能源车性价比提升→景气度修复，但同时宏观流动性收紧对板块整体形成压制。2月28日美以联军对伊朗发动打击，ICE布伦特原油从70美元飙升至115美元。油价飙升使燃油车使用成本急剧上升，新能源车的全生命周期经济性优势被显著放大，终端咨询量和订单转化率均有明显提升。乘联会预测3月零售有望实现170万辆（同比-12.4%，环比+64.5%），其中新能源车零售有望达到90万辆，渗透率恢复至53%，较2月的阶段性低点大幅回升。然而，3月宏观流动性冲击同样对汽车板块形成压制。油价暴涨推升通胀预期，市场对美联储全年降息预期从1-2次压缩至0-1次，10年期名义利率从3.9%升至4.3%，实际利率从1.72%升至1.92%。3月18日美联储FOMC偏鹰，上证指数跌破4000点至3800点。因此，尽管新能源车终端需求受益于油价上涨，但板块整体在3月仍以下跌报收，新能源的结构性走强更多体现为相对收益而非绝对收益。  展望未来，汽车行业的核心驱动力将从前期的关税冲击与价格战扰动，逐步转向政策红利释放与技术产业化落地的内生主线。总量层面，随着以旧换新政策的明确延续，终端需求有望在政策托底效应下保持平稳释放，为行业提供稳定的增长基础。竞争格局方面，15万元以下主流经济型市场格局趋于稳固，自主品牌正加速向中高端市场突围，凭借持续积累的产品力、渠道优势与生态整合能力，有望实现市场份额的结构性提升。技术层面，L3级自动驾驶车型的准入落地将成为行业迭代的关键催化剂，固态电池量产进程提速、VLA与世界模型算法快速演进、800V高压架构加速普及等多重技术突破，正协同驱动产业向更高阶的电动化与智能化跃升。出口维度上，随着自主品牌海外本土化布局不断深化，中国车企正从单一的产品输出向“产能+技术”双轮驱动的全球化布局转型，凭借显著的产品力优势持续拓展海外增量空间。整体而言，2026年汽车行业将在电动化深化、智能化突破、全球化拓展三大主线的交织中，加速从“政策托底”向“技术驱动”转型。具备核心技术壁垒、成本控制能力及全球化布局优势的头部企业，有望在行业从“价格战”走向“价值战”的关键进程中率先突围。","lastUpdated":"2026-04-22T15:42:59.825Z","fund":{"_id":3000000023426,"__csrcFundId":14770,"stockCode":"023426","masterFundShortName":"中欧恒生沪深港汽车主题指数发起","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":23426,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧恒生沪深港汽车主题指数发起(023426)","lastUpdated":"2026-06-01T03:30:36.322Z","name":"中欧恒生沪深港汽车主题指数发起式证券投资基金","pinyin":"zohshsgqcztzsfqszqtzjj","fundCollectionId":4000050570000,"setUpAssetScale":19647895.05,"setUpDate":"2025-03-17T16:00:00.000Z","setUpShares":19647895.05,"inceptionDate":"2025-03-20T16:00:00.000Z","followedNum":1,"indexFundFlag":1,"managers":[{"stockCode":"j101019448","stockType":"fund_manager","exchange":"fm","tickerId":192323244840,"name":"宋巍巍"}]},"announcement":{"linkText":"中欧恒生沪深港汽车主题指数发起式证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1478041","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3e77fea5b3eb0542b4c","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000023426,"sao":"2025年第四季度，汽车板块整体呈现震荡调整态势，但行业结构性特征显著，新能源汽车与智能化相关标的表现相对抗跌，反映出市场对汽车产业向\"电动化深化、智能化突破\"转型趋势的认可。本季度板块资金面呈现阶段性波动，整体呈现净流出态势，但在政策催化和技术突破的关键时点，智能汽车相关板块出现明显资金流入。  10月，汽车行业延续了良好的发展态势，政策面与基本面形成共振。党的二十届四中全会审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，文件强调“质的有效提升”，经济增长将更多地由全要素生产率的提高、科技创新贡献度的提升以及绿色低碳转型来驱动，汽车行业有望进一步实现新能源转型并加速普及高阶辅助驾驶技术。乘联会数据显示，10月零售225.0万辆，同比下滑0.8%，环比增长0.3%，旺季销量韧性凸显，自主品牌份额进一步提升至68.5%，经销商库存有所改善，板块资金流出态势有所缓解。  11月，行业焦点开始向技术突破与产业链创新转移。智能化相关技术从汽车出发，逐步向Robotaxi、具身智能等领域延展，形成行业新的竞争壁垒。11月国内首条大容量全固态电池产线建成，标志着汽车行业动力技术的再一次升级，乘联会数据显示，11月零售222.5万辆，同比下滑8.1%，环比下滑1.1%，去年同期高基础效应逐步显现，新能源乘用车零售渗透率达到59.3%，创历史新高。在市场表现方面，尽管板块整体仍处于调整周期，但智能汽车产业链相关标的开始显现相对收益，资金呈现向技术壁垒高、成长确定性强的细分领域集中的特征。  12月，国家市场监督管理总局发布《汽车行业价格行为合规指南（征求意见稿）》，通过遏制无序价格战、规范产销协同与平台治理，推动竞争从“拼价格”转向“拼技术、拼服务、拼价值”，夯实高质量发展与“优质优价”的良性生态。乘联会数据显示，12月1-21日零售130.0万辆，同比下滑19%，环比增长5%，预计全月零售230万辆，同比下滑12.7%，环比增长3.4%。行业反内卷继续深入，以旧换新政策节奏对终端销量的释放形成一定挑战，多车企出台购置税兜底方案稳定消费者预期。  展望2026年，从总量端来看，以旧换新政策已明确延续，政策有望持续托底内需，助力零售销量维持稳定；竞争格局方面，15万元以下的主流经济型市场格局较为集中，自主品牌有望向中高端市场发力，凭借产品优势、渠道优势以及生态优势获得更高的市场份额；在技术领域，L3级自动驾驶车型准入落地将加速行业技术迭代；固态电池量产在即、VLA及世界模型算法快速迭代、800V高压架构普及等多重技术创新将持续驱动产业升级；出口方面，车企在海外市场的本地化布局加速，有望通过强产品力抢夺份额，海外空间广阔。","lastUpdated":"2026-03-09T14:06:31.707Z","fund":{"_id":3000000023426,"__csrcFundId":14770,"stockCode":"023426","masterFundShortName":"中欧恒生沪深港汽车主题指数发起","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":23426,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧恒生沪深港汽车主题指数发起(023426)","lastUpdated":"2026-06-01T03:30:36.322Z","name":"中欧恒生沪深港汽车主题指数发起式证券投资基金","pinyin":"zohshsgqcztzsfqszqtzjj","fundCollectionId":4000050570000,"setUpAssetScale":19647895.05,"setUpDate":"2025-03-17T16:00:00.000Z","setUpShares":19647895.05,"inceptionDate":"2025-03-20T16:00:00.000Z","followedNum":1,"indexFundFlag":1,"managers":[{"stockCode":"j101019448","stockType":"fund_manager","exchange":"fm","tickerId":192323244840,"name":"宋巍巍"}]},"announcement":{"linkText":"中欧恒生沪深港汽车主题指数发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1459004","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3e77fea5b3eb0542b4b","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-22T16:00:00.000Z","stockId":3000000023426,"sao":"整个三季度，A股的外部环境进入了今年最宽松的阶段：中美贸易谈判落地，外需利空落地；进入七月，美联储9月的降息概率超过50%，市场交易美国再次进入降息周期，外部金融环境宽松，直到9月17日降息落地；三季度以存储价格为代表指标的全球半导体周期上行，成长股行情得到基本面支撑。 三季度A股和港股宽基指数开启流畅的上涨行情，恒生沪深港汽车主题指数上涨18.7%，季度涨幅仅次于2024年三季度。  7月，汽车市场在反内卷整顿及季节性因素共同作用下呈现稳健态势。乘联会数据显示，7月狭义乘用车零售量达182.6万辆，同比增长6.3%，但环比下降12.4%，主要受高温假期及设备检修等因素影响。结构性亮点在于新能源车零售渗透率攀升至54.0%，自主品牌份额持续扩大至65.9%。反内卷浪潮推动车市降价减少，新能源车和燃油车降价力度分别降至10.2%和23.4%的较低水平，市场对利润压缩的担忧缓解。板块行情呈现震荡整理，部分区域因高息高返政策收缩导致消费者感知成本上升，形成短期观望情绪，但新能源与自主品牌龙头企业的强劲表现提供支撑。  8月中旬，多部门联合打出政策“组合拳”，推动板块进入上行通道。核心催化因素包括个人消费贷款财政贴息政策落地、“千县万镇”新能源汽车消费季启动，以及第三批以旧换新资金下发。乘联会数据显示，8月零售量回升至201.9万辆，同比增长5.9%，环比增长9.5%。结构性分化尤为显著：自主品牌零售份额攀升至65.7%，板块在政策利好下迎来普涨。  9月上旬，工信部等八部门印发《汽车行业稳增长工作方案（2025—2026年）》，明确“量质并举”目标：2025年汽车销量约3230万辆（同比增长3%），新能源车销量1550万辆（同比增长20%）。该方案强调规范竞争秩序，要求加强成本调查和价格监测，缓解市场对无序价格战的焦虑。9月1日-9月21日零售119.1万辆，同比增长1%，预计全月销量达220万辆，“金九银十”旺季支撑板块震荡上行。全球化合作加速，自主品牌海外建厂步伐加快。  展望2025年四季度，我们认为：从总量端来看，以旧换新政策延续，报废置换+增换购持续驱动终端销量上行；从竞争格局来看，自主车企已经对15万元以下的合资车企完成出清，多数车企已难有价格大幅下探的空间，自主品牌有望凭借其需求把握、营销能力、生态优势抢占BBA份额；从技术端来看，智能化将呈现出城市NOA加速落地、20万以内智驾新车大量上市、硬件算力提升以及Door to Door智能驾驶加速普及等四大趋势；从出海端来看，自主新能源汽车技术具备优势+燃油汽车凭借性价比抢夺份额，叠加海外建厂加速，出海空间广阔。","lastUpdated":"2026-03-09T14:06:31.703Z","fund":{"_id":3000000023426,"__csrcFundId":14770,"stockCode":"023426","masterFundShortName":"中欧恒生沪深港汽车主题指数发起","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":23426,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧恒生沪深港汽车主题指数发起(023426)","lastUpdated":"2026-06-01T03:30:36.322Z","name":"中欧恒生沪深港汽车主题指数发起式证券投资基金","pinyin":"zohshsgqcztzsfqszqtzjj","fundCollectionId":4000050570000,"setUpAssetScale":19647895.05,"setUpDate":"2025-03-17T16:00:00.000Z","setUpShares":19647895.05,"inceptionDate":"2025-03-20T16:00:00.000Z","followedNum":1,"indexFundFlag":1,"managers":[{"stockCode":"j101019448","stockType":"fund_manager","exchange":"fm","tickerId":192323244840,"name":"宋巍巍"}]},"announcement":{"linkText":"中欧恒生沪深港汽车主题指数发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1368203","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3e77fea5b3eb0542b4a","date":"2025-06-29T16:00:00.000Z","stockId":3000000023426,"sao":"2025年上半年，中国汽车产业持续增长，1-6月汽车产量达到1557万辆，同比增长11%。其中，新能源汽车产量为687万辆，同比增长36%，累计渗透率达到44%，6月单月渗透率更是突破50%；而燃油车产量则为869万辆，同比下降3%。近期，随着以旧换新等补贴政策的实施，车市活跃度显著提升，零售量年度增长预期由2%上调至6%。市场普遍期待未来能有更多长效政策出台，如减免购车人员个税、推动新能源车下乡、优化经济型电动车驾照申领、对200公里以下续航的合规纯电动车免购置税，以及鼓励结婚、生育购车等措施，以进一步拉动消费、促进经济增长。  在技术创新方面，固态电池正成为全球汽车产业的竞争焦点，海外龙头企业计划于2026年实现初步量产，2027-2028年全面商用。国内头部电池企业也表示，固态电池的科学难题已基本解决，当前正加速工程化和商业化进程。与此同时，自主品牌在高端市场表现突出，30万元以上高端车型的竞争格局正在重塑，国产中高端品牌对传统豪华品牌的主导地位形成有力挑战，市场份额持续提升，日韩车企份额则被进一步蚕食。  同时，2025年汽车行业价格战愈演愈烈，年初已有超过30家车企参与降价，涵盖合资、自主及新势力品牌，降价幅度从几万元到近20万元不等。数据显示，1-5月汽车产业链单车收入为32.4万元，单车利润仅1.4万元，行业利润率降至4.3%。激烈的价格战使车企和经销商陷入“越卖越亏”的困境，行业深层次结构性问题逐步显现。  2025上半年，汽车板块在智驾平权与关税政策等多重因素驱动下呈现震荡上涨行情，恒生沪深港汽车主题指数上半年累计上涨6.53%：  一季度，龙头企业智驾平权驱动汽车板块走出大级别行情，与人形机器人概念强势表现形成强烈共振。  1月2日-3日，汽车板块跟随大盘大幅调整。1月9日，行业内传出积极预期，有头部企业透露，其旗下人形机器人在 2025 年出货量将达到5000-10000台，到2027年将达到50万-100万台，这一消息强化了市场对于人形机器人即将快速放量的信心，驱动汽车零部件中机器人相关标的上涨。  2月6日，国内某头部车企宣布将于2月10日召开智能化战略发布会，开创智驾新时代，让每一个人都能畅享高阶智驾。头部厂商在高阶智驾领域的正式入局，强化了市场对于智能驾驶渗透率即将快速提升的信心，其鲶鱼效应或将带动其他车企追赶，正式开启中国汽车智驾平权时代。强智能化能力的整车厂、智能驾驶零部件公司迎来上涨潮。同时，人形机器人概念火爆驱动相关汽车零部件公司股价持续上涨，汽车板块迎来智能驾驶+人形机器人强势共振行情。  二季度，汽车板块整体较为平淡，整体基调围绕关税政策博弈、价格战与反内卷展开。  4月7日-9日，受到美国加征“对等关税”、中方宣布反制的影响，全球市场大幅震荡，市场担忧汽车零部件公司美国收入敞口将大幅受损，导致汽车板块剧烈下行，盘中一度跌至2024年10月位置，几乎抹去全年涨幅。4月9日，随着市场恐慌性情绪逐步消退，汽车板块迎来快速反弹。4月23日至5月2日，第二十一届上海车展举办，各主机厂新车型、新技术密集发布，叠加“以旧换新”等消费刺激政策加速需求释放，汽车板块继续上行。  5月，受益车展后新车密集催化及五一需求好转，周销量快速恢复，周度销量数据强劲催化汽车板块持续向上。5月23日，某头部新能源主机厂宣布对旗下22款智驾车型启动限时补贴，最高价格降幅达5.3万元，随后超过15家主流车企在短短一周内相继推出促销政策。市场担忧中国汽车市场“价格战”将持续压缩上游企业利润空间，延长上游企业账期，可能导致供应商陷入亏损和汽车质量安全问题，汽车板块开始下跌。  6月10日晚，多家车企陆续公布了向供应商支付账期不超过60天的承诺，6月11日-12日汽车板块连续上涨。而在“60天账期”落地后，由于多家供应商反馈并未收到来自主机厂关于账期调整的正式通知，市场担忧主机厂账期调整难以实质性落地、价格战仍将持续，导致汽车板块继续下行。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:31.699Z","mo":"展望2025年下半年，中国汽车市场有望在多重因素推动下保持稳健增长，零售量年度增长预期由2%上调至6%。随着以旧换新、消费刺激等政策持续发力，叠加新能源汽车渗透率不断提升，全年汽车销量有望再创新高，新能源汽车渗透率有望持续突破50%，进一步巩固中国在全球新能源车市场的领先地位。头部车企加快智能驾驶和新车型的推出，智能化、高端化产品将成为拉动销量和提升品牌溢价的重要动力。与此同时，受益于“反内卷”政策，行业价格战或将缓和，产业链利润分配将更加向头部企业和具备技术壁垒的零部件企业集中。新车型的密集上市和智能化配置的普及，有望带动高附加值零部件需求增长，部分优质供应商有望实现业绩逆势提升。整体来看，尽管出口面临全球贸易环境和关税政策的不确定性，国内市场的结构性升级和政策红利将为行业提供坚实支撑。","fund":{"_id":3000000023426,"__csrcFundId":14770,"stockCode":"023426","masterFundShortName":"中欧恒生沪深港汽车主题指数发起","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":23426,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧恒生沪深港汽车主题指数发起(023426)","lastUpdated":"2026-06-01T03:30:36.322Z","name":"中欧恒生沪深港汽车主题指数发起式证券投资基金","pinyin":"zohshsgqcztzsfqszqtzjj","fundCollectionId":4000050570000,"setUpAssetScale":19647895.05,"setUpDate":"2025-03-17T16:00:00.000Z","setUpShares":19647895.05,"inceptionDate":"2025-03-20T16:00:00.000Z","followedNum":1,"indexFundFlag":1,"managers":[{"stockCode":"j101019448","stockType":"fund_manager","exchange":"fm","tickerId":192323244840,"name":"宋巍巍"}]},"announcement":{"linkText":"中欧恒生沪深港汽车主题指数发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1350962","linkType":"PDF","source":"csrc_pdf"}}]}