特斯拉RobotaxiDay前瞻：关注出行领域商业宏图

Investment Rating - The report maintains an "Overweight" rating for the industry and "Buy" for specific stocks, indicating an expectation for the industry to outperform the benchmark index [1][15]. Core Insights - The report focuses on Tesla's upcoming Robotaxi Day, where the company is expected to unveil its business plans for the autonomous taxi sector, including the launch timeline for Robotaxi and advancements in smart driving technology [1][2]. - The report highlights the potential for Tesla's Robotaxi to significantly enhance the adoption of high-level autonomous driving features among domestic users, accelerating its market entry [1][2]. - The analysis suggests that Tesla's Robotaxi could operate on a next-generation Full Self-Driving (FSD) hardware platform, with performance expected to be ten times that of the current version [1][2]. - The report discusses two operational models for Robotaxi: a proprietary fleet and a model utilizing private car owners, emphasizing the challenges and costs associated with establishing a proprietary fleet [2][3]. Summary by Sections Section 1: Tesla's Robotaxi Plans - Tesla's Robotaxi initiative is seen as a significant step towards achieving fully autonomous driving capabilities, with the next-generation FSD software and hardware expected to enhance safety and operational efficiency [1][2]. - The report notes that the launch of Robotaxi has been delayed multiple times due to the complexities of achieving safe autonomous driving [1][4]. Section 2: Market Dynamics - The report identifies competitors in the Robotaxi space, including domestic companies like Xiaoma, WeRide, and Baidu, which are also accelerating their commercial deployment of autonomous taxis [3]. - It emphasizes that Tesla's entry into the Robotaxi market, backed by its brand, technology, and financial resources, could expedite the realization of fully autonomous driving [3]. Section 3: Financial Considerations - The report outlines the financial implications of operating a Robotaxi fleet, including high initial costs and the need for regulatory approvals, which may delay profitability [2][3]. - It raises questions regarding the operational logistics for private car owners participating in the Robotaxi model, such as safety, maintenance, and revenue-sharing mechanisms [2].