AI智能汽车3月投资策略：L3/L4开启征求意见，北美Robotaxi加速，看好智能化

Core Conclusions - The report highlights the marginal changes in smart driving regulations, with the national standards for L3/L4 autonomous driving now open for public consultation, indicating a potential turning point for intelligent driving in China [2] - The report emphasizes the acceleration of Robotaxi services in North America, particularly with Tesla's Cybercab production and Waymo's expansion into new cities, suggesting a strong outlook for smart vehicle technology [2] - Investment recommendations favor B-end software companies over C-end hardware companies, with specific stock picks for both H-shares and A-shares [2] AI Smart Car Investment Framework - The report outlines a spiral upward iteration in hardware and software development, indicating that each significant upgrade disrupts existing paradigms [7] - It predicts a shift in investment focus from hardware opportunities in the early stages to software opportunities as the industry matures [7] L4 RoboX Monthly Tracking - Tesla's Robotaxi business is rapidly advancing, with plans for a fully autonomous service in Austin by June 2025, showcasing a "test-expand-operate" rhythm [22] - The report tracks the expansion of Tesla's Robotaxi service area, which has grown significantly from an initial 20 square miles to 243 square miles in Austin [26] L2-L3 Smart Driving C-end Monthly Tracking - The report forecasts a total retail sales volume of 22 million vehicles in 2026, reflecting a year-on-year decline of 3.2% [52] - It provides detailed projections for passenger car sales, including a significant increase in the penetration rate of new energy vehicles, expected to reach 60% by 2026 [52]