智能汽车主线周报：《汽车数据出境安全指引（2026版）》印发，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 [23]. Core Insights - The smart car index decreased by 3.3%, while the index excluding Tesla increased by 0.2%. The price-to-sales (PS) ratio for the smart car index (TTM) is 14.5x, placing it in the 98th percentile since the beginning of 2023 [2][11]. - Key developments include the issuance of the "Automobile Data Export Security Guidelines (2026 Edition)" by the Ministry of Industry and Information Technology, requiring data processors to declare data export security assessments through domestic legal entities [2][14]. - Uber plans to launch Robotaxi services in Hong Kong this year, partnering with Baidu and WeRide, while WeRide and Uber aim to deploy at least 1,200 Robotaxis in the Middle East by 2027 [2][14]. Summary by Sections Industry Performance Review - The smart car index has shown a decline of 3.3%, while the index excluding Tesla has increased by 0.2%. The PS ratios for the smart car index, excluding Tesla, and excluding complete vehicles are 14.5x, 5.7x, and 9.7x respectively, indicating strong valuation metrics [2][11][8]. Investment Recommendations - The report suggests a continued positive outlook for the L4 RoboX theme in 2026, favoring B-end software stocks over C-end hardware stocks. Recommended stocks include Xiaopeng Motors, Horizon Robotics, WeRide, and others in the A-share and H-share markets [2][18]. - Specific investment opportunities are identified in various segments, including Robotaxi, Robovan, and other autonomous vehicle applications, with a focus on companies like Didi, Cao Cao Mobility, and others [2][18]. Key Stock Performance - The top-performing stocks in the smart car sector include Hesai, Li Auto, and Xingyu, with notable weekly gains. Conversely, stocks like WeRide and Xiaopeng Motors experienced declines [12][2].