海外智能驾驶持续放大招

Investment Rating - The report maintains an "Overweight" investment rating for the industry [1] Core Insights - The report highlights significant advancements in autonomous driving technology, particularly with Tesla's FSD v13, which is expected to improve the miles driven between necessary interventions by 5 to 10 times [3][15][17] - Waymo has achieved a weekly order volume exceeding 100,000, marking a tenfold increase compared to the previous year, indicating accelerated commercialization [4][23] - The industry is transitioning into an end-to-end era for intelligent driving, driven by algorithms, computing power, and data feedback loops [5][32][43] Summary by Sections 1. Tesla's FSD v13 Release - Tesla's FSD v13 has been released to select users, promising a significant increase in driving efficiency [3][15] - The update includes improvements in various aspects of the end-to-end driving network, enhancing the overall driving experience [20] 2. Waymo's Commercialization Progress - Waymo's weekly paid order volume has surpassed 100,000, with a substantial increase in service areas and customer satisfaction ratings [4][23][24] - The company has secured $5.6 billion in funding, which will support further expansion of its robotaxi services [28][29] 3. Transition to End-to-End Autonomous Driving - The report discusses the shift from traditional control algorithms to end-to-end neural network solutions, which are expected to enhance the capabilities of autonomous driving systems [5][32][37] - Data accumulation is crucial for training autonomous driving algorithms, with Tesla's fleet having driven over 2 billion miles under FSD supervision [43][44] 4. Investment Recommendations - The report suggests focusing on companies within the autonomous driving ecosystem, including Huawei's smart vehicles and various players in the Tesla supply chain [6][55]