SINOLINK SECURITIES·2026-03-02 05:13Investment Rating - The report suggests a positive investment outlook for the smart driving industry, particularly focusing on companies that can leverage cost advantages and regulatory benefits in the evolving landscape of intelligent driving technology [5]. Core Insights - The smart driving sector is expected to maintain high growth momentum, driven by the trend of "Smart Driving Equality 2.0," which will see advanced features like urban NOA (Navigation on Autopilot) becoming more accessible to consumers in the 100,000 to 200,000 RMB price range [1][12]. - The L2 level of autonomous driving is entering a strong regulatory phase, which will benefit testing institutions and lead to a significant expansion of the market for compliance testing [2][29]. - The concept of scaling law is identified as a deterministic technological trend, with advancements in end-to-end architectures approaching L4 level capabilities [3][50]. - The Robotaxi business model has shown initial validation, indicating that the industry is on the verge of a significant turning point, particularly with the potential success of Tesla's Robotaxi [4][50]. Summary by Sections Section 1: Smart Driving Equality 2.0 - The trend of smart driving equality is expected to strengthen, with urban NOA features penetrating the 100,000 to 200,000 RMB price segment, supported by robust supply and demand dynamics [1][12]. - The penetration rate of urban NOA hardware configurations is projected to increase from 16% in 2025 to 25% in 2026, with sales expected to reach 5.45 million units, reflecting a year-on-year growth of over 50% [1][12]. Section 2: L2 Regulatory Phase - The L2 level is entering a strong regulatory phase, with the implementation of stringent standards that will benefit testing institutions and expand the market for compliance testing [2][29]. - The L3/L4 autonomous driving regulatory framework is gradually being established, moving from local trials to a national legal framework [2][40]. Section 3: Scaling Law and Technological Trends - The scaling law is recognized as a key technological trend, with the end-to-end architecture reaching preliminary L4 thresholds [3][50]. - The demand for computational power on the vehicle side is expected to grow alongside the increase in model parameters, necessitating companies to develop integrated software and hardware capabilities to remain competitive [3][50]. Section 4: Robotaxi Business Model - The Robotaxi model has been validated through successful regional operations by leading L4 manufacturers, indicating a growing consumer demand for such services [4][50]. - The success of Tesla's Robotaxi is seen as a potential catalyst for the industry, with significant implications for the advancement of high-level autonomous driving technologies [4][50].