智能汽车主线周报：大湾区智能网联汽车路测与示范应用互认，看好智能化-20260118

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 [23]. Core Insights - The smart car index decreased by 2.7% this week, while the index excluding Tesla fell by 5.6%. As of January 16, 2026, the smart car index PS (TTM) is 13.7x, placing it in the 93rd percentile since the beginning of 2023. The index excluding Tesla has a PS (TTM) of 6.9x, in the 95th percentile since early 2023 [2][10]. - Key developments in the industry include Shanghai's plan for large-scale deployment of high-level autonomous driving scenarios by 2027, and the Greater Bay Area's six cities announcing mutual recognition for road testing and demonstration applications of smart connected vehicles [2][14]. - Current investment recommendations favor B-end software companies over C-end hardware companies, with preferred stocks including Xpeng Motors, Horizon Robotics, Pony.ai, and others in H-shares, and Qianli Technology and Desay SV in A-shares [2]. Market Performance Review - The smart car index has shown a decline of 2.7% this week, with the index excluding Tesla down by 5.6% [8][10]. - The top five gainers in the smart car index include Cao Cao Mobility, Asia-Pacific Shares, Jingwei Hengrun, Hesai Technology, and Pony.ai [2]. Key Changes in the Industry - Significant changes include Tesla expanding its testing range with the Cybercab arriving in Buffalo, New York for winter testing, and the global Robotaxi fleet of WeRide reaching 1,023 vehicles [2][14]. - Waymo's latest daily active users reached 107,900, reflecting a year-on-year increase of 531.2% [18]. Investment Suggestions - The report suggests focusing on B-end software stocks and highlights specific companies for investment based on various application scenarios, including Robotaxi and Robovan perspectives [2]. - Recommended stocks for Robotaxi include Tesla and Xpeng Motors, while technology providers and operational sharing models include Horizon Robotics and Baidu [2]. Company-Specific Insights - Tesla's discoverable fleet reached 195 vehicles as of January 16, 2026, with a total FSD mileage of 7.29 billion miles [18]. - WeRide's Robotaxi fleet has entered the thousand-vehicle milestone, indicating significant growth in the autonomous vehicle sector [14].