智能汽车主线周报：小鹏汽车发布VLA2.0，看好智能化-20260112

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 [22]. Core Insights - The smart car index decreased by 2.0% this week, while the index excluding Tesla fell by 6.9%. As of January 8, 2026, the smart car index PS (TTM) is at 14.0x, placing it in the 96th percentile since the beginning of 2023. The index excluding Tesla has a PS (TTM) of 7.2x, in the 97th percentile since early 2023 [2][11]. - Key developments in the industry include NVIDIA's announcement of the open-source autonomous driving model Alpamayo at CES 2026, and a proposed increase in the annual deployment cap for vehicles without traditional controls from 2,500 to 90,000 in the U.S. [2][16]. - The report maintains a positive outlook for the L4 RoboX segment in 2026, favoring B-end software companies over C-end hardware companies [2]. Summary by Sections Industry Performance Review - The smart car index has shown a decline of 2.0%, while the index excluding Tesla has decreased by 6.9% [2][11]. - The top five gainers in the smart car index include Black Sesame Intelligence, Four-dimensional Map, Zhejiang Shibao-H, Qianli Technology, and Hesai [2]. Key Changes in the Industry - NVIDIA's CEO Jensen Huang introduced the open-source autonomous driving model Alpamayo, marking a shift towards an "end-to-end" approach in autonomous driving technology [16]. - A U.S. hearing on new automotive legislation is scheduled for January 13, 2026, which may significantly impact the regulatory environment for autonomous vehicles [16]. Investment Recommendations - The report suggests focusing on B-end software stocks such as XPeng Motors, Horizon Robotics, Pony.ai, and others, while also highlighting key players in the downstream application and supply chain sectors [2][16]. - Specific recommended stocks include Qianli Technology, Desay SV, and Jingwei Hirain in the A-share market, and XPeng Motors and Horizon Robotics in the H-share market [2].