智能汽车主线周报：特斯拉推出无安全员Robotaxi服务，看好智能化

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 automotive index increased by 2.8% this week, while the index excluding Tesla decreased by 1.4%. As of January 23, 2026, the smart automotive index PS (TTM) is 14.0x, placing it in the 97th percentile since the beginning of 2023. The index excluding Tesla has a PS (TTM) of 6.8x, in the 94th percentile [2][11]. - Key developments in the industry include the introduction of Tesla's no-safety-driver Robotaxi service, the release of new autonomous driving technologies by Lightyear, and the latest operational updates from Waymo and other companies [2][13]. - The report emphasizes a strong outlook for the L4 RoboX segment in 2026, with a preference for B-end software companies over C-end hardware companies. Recommended stocks include Xpeng Motors, Horizon Robotics, and others in both H-shares and A-shares [2][12]. Summary by Sections Industry Performance Review - The smart automotive index has shown a positive trend with a 2.8% increase, while the index excluding Tesla has seen a decline of 1.4% [2][12]. - The top five gainers in the smart automotive index include China Automotive Research, Zhejiang Seabow-H, Youjia Innovation, Jingwei Hirun, and Siwei Tuxin [2]. Key Industry Changes - The introduction of policies in Guangdong Province to promote AI in transportation, confirming breakthroughs in full autonomous driving in Nansha [13]. - Tesla's Robotaxi service is undergoing winter testing in Buffalo, New York, with a fleet of 225 vehicles as of January 23, 2026, and a total of 7.39 billion miles driven [16]. - Lightyear has announced advancements in autonomous driving technology and new solutions for L4 autonomous driving and logistics [13]. Investment Recommendations - The report suggests focusing on B-end software companies and highlights specific stocks for investment, including Xpeng Motors, Horizon Robotics, and others [2][12]. - For downstream applications, recommended stocks include Tesla and Xpeng Motors for integrated models, and various technology providers and ride-hailing companies for operational models [2][12]. Stock Performance Forecast - The report provides earnings forecasts for key companies, indicating expected revenue growth and profitability metrics for Tesla, Xpeng Motors, and others [17]. - Tesla's projected revenue for 2026 is approximately 78.05 billion, with a PS ratio of 15.4x, while Xpeng Motors is expected to generate around 1.06 billion with a PS ratio of 1.7x [17].