Xin Lang Cai Jing·2026-01-02 05:35Core Viewpoint - The report from China Merchants Securities International initiates coverage of Pony.ai's H-shares with an "Overweight" rating, highlighting its position as a pioneer in the L4 autonomous driving sector, with strong technological and commercialization capabilities forming a competitive moat [1] Group 1: Company Overview - Pony.ai is recognized as a leader in the L4 autonomous driving field, leveraging world models and virtual driver technology to deepen its market presence [1] - The company has achieved significant breakthroughs in commercialization, notably reaching profitability for its Robotaxi single vehicle in Guangzhou during the third quarter of last year, marking a milestone in its commercial journey [1] Group 2: Market Position and Growth Potential - Pony.ai holds a substantial market share in both autonomous ride-hailing services and autonomous trucking, benefiting from its first-mover advantage and industry standing [1] - The acceleration of the deployment of its seventh-generation vehicles and the expansion of its fleet size are expected to sustain strong growth momentum [1]