CITIC Securities: WAIC is expected to further strengthen the trend of intelligent driving and robotics industry.

Citic Securities' research report stated that the recent third batch of "trade-in" subsidies has been gradually issued to localities. The consumer sentiment in the passenger car sector is expected to improve. New car models such as the Lixiang B01 will be released this week. Attention will be focused on the launch of the new Ideal i8 next week. The trend of "anti-internal competition" will continue to drive expectations for new cars and high-end brands in the sector. The opening of the WAIC with high specifications and attention this weekend, the first batch of L4 operation licenses issued in Shanghai, and positive guidance from Tesla's Q2 performance this week on the progress of smart driving and robotics indicate that the national standard for L2 smart driving is about to be released. With a series of catalysts in the sector, the industrial trends will further strengthen. The recovery of domestic demand and the improvement in the overseas export sentiment of non-Russian commercial vehicles have contributed to the outperformance of leading companies in the first half of the year. The stable and undervalued attributes of these companies continue to attract defensive funds.