According to a report by China Securities, the third wave of state subsidies for vehicle "trade-ins" has been disbursed to local governments, anticipated to invigorate passenger car sales. From 2026 to 2027, the policy governing new energy vehicle purchase tax will transition from full exemption to a 50% reduction, effectively halving the maximum tax exemption from the current 30,000 yuan to 15,000 yuan. Despite this reduction, market beta is poised for an upswing, synergizing with anti-internal competition trends that benefit brands within the 300,000 yuan price bracket. Furthermore, the impending enforcement of the national standard for L2 autonomous driving is expected to solidify industry trends. The resurgence of domestic demand for commercial vehicles and the surge in exports to non-Russian overseas markets have propelled leading companies' first-half performance beyond expectations, attracting defensive funds due to their robust growth and undervalued attributes.