CITIC Construction Investment has observed that, despite the auto sector currently languishing in an off-season slump, the prevailing market pessimism regarding sales has begun to wane, with negative sentiment seemingly hitting a nadir. From a structural standpoint, there are signs of improvement in expectations surrounding anti-internal competition strategies and overseas expansion initiatives. Furthermore, the implementation of autonomous driving policies is gaining momentum, and the imminent launch of Tesla's humanoid robot V3 adds to the positive outlook. CITIC Construction Investment reiterates its earlier stance, forecasting that the auto trade-in policy slated for 2026 will provide a substantial boost to domestic demand, with commercial vehicles poised to reap greater benefits. Concurrently, the commercialization of edge AI—encompassing autonomous driving and robotics—has achieved a significant 0-1 breakthrough, paving the way for enhanced valuation flexibility in the sector.