智能汽车主线周报：特斯拉FSDV14无接管横穿美国，看好智能化-20260104

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [29]. Core Insights - The smart car index decreased by 6.2%, while the index excluding Tesla increased by 0.2%. As of December 31, 2025, the smart car index PS (TTM) is 14.1x, placing it in the 96th percentile since the beginning of 2023. The PS (TTM) for the index excluding Tesla is 6.4x, in the 90th percentile since early 2023 [2][10]. - Key developments in the industry include the achievement of over 1,159 Robotaxi units by Xiaoma Zhixing, surpassing the 1,000-unit target for 2025, and Tesla's FSD V14.2 completing a 2-day, 20-hour cross-country drive without human intervention [2][14]. - The investment recommendation emphasizes a strong outlook for the L4 RoboX segment in 2026, favoring B-end software companies over C-end hardware companies. Preferred stocks include Xiaopeng Motors, Horizon Robotics, Xiaoma Zhixing, and others in the H-share market, as well as Qianli Technology and Desay SV in the A-share market [2][14]. Summary by Sections Industry Performance Review - The smart car index has shown a significant decline of 6.2%, while the index excluding Tesla has seen a slight increase of 0.2% [2][8]. - The top five performers in the smart car index include Youjia Innovation, Wenyan Zhixing, Xiaoma Zhixing, Hesai, and Xiaopeng Motors [2]. Key Changes in the Industry - Xiaoma Zhixing has exceeded its 2025 target for Robotaxi units, achieving a total of 1,159 vehicles [14]. - Tesla's FSD V14.2 has successfully completed a cross-country drive without human intervention, marking a significant milestone in autonomous driving technology [14][18]. Investment Recommendations - The report suggests focusing on B-end software companies, with specific recommendations for H-shares and A-shares in the smart car sector [2][14]. - Downstream application perspectives include integrated models like Tesla and Xiaopeng Motors, as well as technology providers and operational sharing models involving companies like Horizon Robotics and Baidu [2]. Upstream Supply Chain Insights - Key upstream supply chain companies include those involved in B-end unmanned vehicle manufacturing and core suppliers for testing services, chips, domain controllers, sensors, and more [2].