智能汽车主线周报：小鹏VLA 2.0上车在即，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 [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 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 theme in 2026, favoring B-end software stocks over C-end hardware stocks [2]. Summary by Sections Industry Performance Review - The smart automotive index has shown varied performance, with a notable decline in the overall index and a mixed performance among key stocks [2][8]. - The top-performing stocks include Xidi Zhijia, JD Logistics, Ruqi Mobility, and Tesla, while stocks like Cao Cao Mobility and Pony.ai faced declines [14]. Key Changes in the Industry - Xiaopeng's second-generation VLA is set for full rollout this month, and new products from various companies are being introduced, indicating ongoing innovation in the sector [2][15]. - The industry is witnessing significant advancements in autonomous driving technology, with companies like Horizon Robotics entering mass production phases [2]. Investment Recommendations - Recommended stocks include Xiaopeng Motors, Horizon Robotics, and various other companies across different segments such as Robotaxi and Robovan [2]. - The report suggests focusing on both downstream application dimensions and upstream supply chain dimensions for investment opportunities [2].