智能汽车主线周报：小鹏VLA2.0上车在即，看好智能化-20260309

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 [24]. Core Insights - The smart automotive index decreased by 2.0%, while the index excluding Tesla increased by 1.6%. The index excluding complete vehicles fell by 5.8%. As of March 6, 2026, the smart automotive index PS (TTM) is 14.0x, placing it in the 93rd percentile since the beginning of 2023 [2][8][13]. - Key developments in the industry include the full rollout of Xiaopeng's second-generation VLA, the launch of new laser radar technology by Hongmeng Zhixing, and the resumption of Robotaxi services by WeRide in Dubai [2][15]. - The investment recommendation emphasizes a strong outlook for the L4 RoboX segment in 2026, favoring B-end software companies over C-end hardware companies. Preferred stocks include Xiaopeng Motors, Horizon Robotics, and WeRide [2][19]. Market Performance Review - The smart automotive index performance shows a decline of 2.0%, with the index excluding Tesla up by 1.6% and the index excluding complete vehicles down by 5.8% [8][12]. - The top-performing stocks in the smart automotive sector include Xidi Zhijia, JD Logistics, and Tesla, while the worst performers include Cao Cao Mobility and Pony.ai [14]. Company Dynamics - Xiaopeng Motors announced that its second-generation VLA will begin full rollout this month, with expectations for L4 fully autonomous driving within the next 1 to 3 years [15]. - WeRide is set to resume its Robotaxi operations in Dubai this week, indicating a recovery in autonomous vehicle services [15].