智能驾驶行业点评：FSD入华取得进展，国内智驾的鲶鱼效应！

Investment Rating - The report rates the smart driving industry as "Overweight" [32] Core Viewpoints - Tesla's Full Self-Driving (FSD) has made progress in entering the Chinese market, with short-term performance classified as Level 2 [1][3] - The FSDv13 iteration introduces significant enhancements, including a restructured code architecture and improved functionality, which are expected to lead to exponential performance growth [9][10] - The FSD's entry into China is seen as a "catfish effect," prompting local manufacturers to optimize their algorithms and accelerate the development of end-to-end models [24] Summary by Sections FSD Updates and Performance - Tesla announced the deployment of the FSD suite to customers, with a phased rollout expected to expand gradually [1][3] - FSDv13 will be widely pushed to AI4 users by December 2024, featuring a restructured codebase and enhanced performance capabilities [9][10] - The performance of FSD is projected to exceed human drivers by Q2 2025, with a focus on scaling laws and continuous improvement [13][17] Challenges in the Chinese Market - FSD's entry faces challenges such as data localization requirements and restrictions on high-end computing chip exports from the U.S. to China [22][23] - The initial performance level of FSD in China is expected to start at Level 2 due to these constraints, potentially slowing growth compared to local competitors [22] Competitive Landscape - The introduction of FSD is expected to increase the penetration of advanced driving technologies in the domestic market, benefiting Tesla's supply chain and overall sales [24] - Local manufacturers are under pressure to enhance their offerings, with companies like BYD pushing for competitive pricing and technology advancements [24] Related Companies and Investment Targets - Key players in the Tesla supply chain include Top Group and Xusheng Group, while notable automakers include XPeng Motors, Li Auto, and NIO [25] - The report highlights various companies involved in autonomous driving chips and components, indicating a broad investment landscape within the industry [25][27]