CMS·2026-01-06 11:30Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [5]. Core Insights - The year 2026 is projected to be a breakthrough year for the smart driving and robotaxi industries, with significant advancements expected [3]. - Nvidia's release of the open-source VLA (Vision-Language-Action) model, Alpamayo 1, is anticipated to catalyze developments in autonomous driving, with the first vehicle equipped with this model, the Mercedes CLA, expected to hit the roads in the U.S. in Q1 2026 [2]. - The report highlights the expected growth in the robotaxi sector, with Waymo projected to exceed 450,000 rides per week by 2025 and Tesla's robotaxi operations expanding significantly in Austin, which is expected to have a notable financial impact in the second half of 2026 [3]. - Regulatory advancements are also noted, with the Ministry of Industry and Information Technology granting L3 access licenses to two companies, and the Ministry of Public Security announcing the initiation of national standards for autonomous driving regulations [3]. Industry Overview - The automotive industry comprises 267 companies, with a total market capitalization of 4,785.2 billion and a circulating market capitalization of 4,146.4 billion [5]. - The industry has shown strong performance, with absolute returns of 8.0% over one month, 26.4% over six months, and 54.0% over twelve months [7]. - Relative performance against the benchmark has also been positive, with 5.1% over one month, 7.9% over six months, and 29.0% over twelve months [7]. Related Companies - Key players in the industry include Bertel, Nexteer, Horizon Robotics, Black Sesame, Desay SV, and others involved in various aspects of smart driving technology and robotaxi operations [4].