Soochow Securities·2026-02-04 13:13Core Conclusions - The report highlights a potential loosening of regulations for L4 commercialization in North America, with discussions to increase the annual deployment limit of vehicles without traditional controls from 2,500 to 90,000 [2] - The report emphasizes the importance of monitoring the outcomes of the U.S. hearings and the potential unification of federal and state regulations, as well as the initial operational safety and reliability of Tesla's no-safety-driver Robotaxi service launched in Austin [2][11] - Investment recommendations favor B-end software companies over C-end hardware companies, with specific stock picks in both H-shares and A-shares [2] AI Smart Car Investment Framework - The report outlines a spiral upward iteration of hardware and software, indicating that each significant capability upgrade represents a paradigm shift in thinking [7] - The timeline for L1 to L4 development is projected, with significant advancements expected by 2030, particularly in the areas of E/E architecture upgrades and high-computing chips [8][10] L4 RoboX Monthly Tracking - Tesla's Robotaxi business is rapidly advancing, particularly in Austin, with plans for expansion into other regions like California and New York [22] - The report details the growth of Tesla's Robotaxi fleet, with a notable increase in operational area from 20 square miles to 243 square miles in Austin [24] - Comparatively, Waymo's operational area expansion is characterized by a more gradual approach, with a broader geographic footprint but less rapid growth in individual regions [25] L2-L3 Smartization C-end Monthly Tracking - The report forecasts a total retail sales volume of 22 million vehicles in 2026, reflecting a year-on-year decrease of 3.2% [39] - It provides detailed projections for passenger car sales, including a breakdown of domestic and new energy vehicle sales, with expected penetration rates for new energy vehicles reaching 60% by 2026 [39][41] Smartization Supply Chain Tracking - The report identifies key players in the smart vehicle supply chain, including B-end unmanned vehicle manufacturers and core upstream suppliers such as chip manufacturers and sensor providers [2] - It emphasizes the importance of collaboration between technology providers and vehicle manufacturers to enhance the overall smart vehicle ecosystem [20]