On August 8, CSIC issued a research report revealing that the third batch of national subsidies for "trade-ins" has recently been allocated to local governments, anticipated to stimulate consumption in the passenger vehicle sector. From 2026 to 2027, the new energy vehicle purchase tax policy will transition from complete exemption to a 50% reduction, effectively halving the maximum exemption from the current RMB 30,000 to RMB 15,000. This adjustment in the vehicle purchase tax exemption underscores a distinct upward beta trend in the market. Concurrently, the mitigation of internal competition is advantageous for brands currently priced at RMB 300,000 and in the 'weak to strong' phase of their product cycle. Furthermore, the imminent implementation of the national standard for L2 autonomous driving is poised to reinforce this industry trend. The resurgence of domestic demand for commercial vehicles and the surge in non-Russian overseas exports have propelled leading companies' first-half performance beyond expectations, with their robust fundamentals and low valuation continuing to attract defensive funds.