智能汽车主线周报：Waymo运营城市扩大至10城，看好智能化-20260302

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 decreased by 2.0% this week, with the index excluding Tesla down by 3.4% and the index excluding complete vehicles down by 3.0%. As of February 27, 2026, the smart automotive index PS (TTM) is 14.2x, placing it in the 96th percentile since the beginning of 2023 [2][10]. - Key developments in the industry include Guangzhou's announcement to fully open unmanned driving application scenarios, Waymo's expansion to four new cities in the U.S. for public autonomous taxi services, and the launch of Tesla's autonomous driving road tests in Abu Dhabi [2][14]. - The investment recommendation for the smart automotive sector remains positive, particularly favoring B-end software companies over C-end hardware companies. Preferred stocks include Xiaopeng Motors, Horizon Robotics, and others [2]. Market Performance Review - The smart automotive index has shown a decline of 2.0%, with the index excluding Tesla down by 3.4% and the index excluding complete vehicles down by 3.0% [8]. - The top five performing stocks in the smart automotive sector this week include Cao Cao Mobility, Zhongyou Technology, Kailer Co., Bertley, and Zhejiang Seabow-H, with respective increases in stock prices [2][13]. Stock Recommendations - Recommended stocks for B-end software include Xiaopeng Motors, Horizon Robotics, and others, while A-share recommendations include Qianli Technology, Desay SV, and Jingwei Hengrun [2]. - Downstream application stocks are categorized into various perspectives, including Robotaxi and Robovan, with specific companies highlighted for each category [2]. Financial Forecasts - As of February 27, 2026, the total market capitalization and revenue forecasts for key companies in the smart automotive sector are provided, with specific PS and PE ratios for each company [17].