汽车行业动态报告：以旧换新补贴陆续下放机器人大会强化预期向上

中信建投证券2025-08-11

核心观点：8月第三批“以旧换新”国补各地已陆续恢复申领，周度数据逐步改善，当前新能源车免征购置税3万元，26-27年将调整为减半征收（即从减免最高3万元下调为1.5万元），汽车反内卷叠加新能源需求前置催化行业beta亟待上行，利好强势新车周期主机厂以及30万元+高端品牌；L2智驾国标或落地在即，板块密集催化下产业趋势进一步强化；商用车内需修复和非俄海外出口景气度上行带来龙头公司上半年业绩连续超预期...

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汽车行业动态报告：以旧换新补贴陆续下放 机器人大会强化预期向上

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汽车行业动态报告：以旧换新补贴陆续下放机器人大会强化预期向上