新能源的故事快讲完了，智能驾驶才刚刚开始

Core Viewpoint - The article emphasizes that smart driving is currently undervalued and is transitioning from a future concept to a core competitive factor in the automotive industry, as the market shifts focus from electrification to smart driving technologies [5][14]. Industry Analysis - Smart driving is at a stage where technological feasibility has been validated, but commercial scale is yet to be fully realized, indicating a ripe opportunity for long-term investors [7]. - The industry is moving from exploratory phases to cost and efficiency optimization, which is a significant signal for accelerated commercialization [8]. - The essence of smart driving lies in platform capabilities rather than mere functional upgrades, highlighting the importance of a comprehensive system that includes hardware, algorithms, and data platforms [10]. Commercialization Path - Revenue sources and realization timelines in the smart driving sector are becoming clearer, with high-level driving transitioning from one-time sales to subscription models, enhancing profit quality [11][12]. - Applications of smart driving technology are already being implemented in various business scenarios, such as ports and logistics, providing a solid revenue foundation [13]. Investment Opportunities - In the Hong Kong stock market, companies with comprehensive smart driving capabilities are limited, with Baidu being a notable example due to its long-term strategic investments and unique data accumulation capabilities [15]. - Companies like Pony.ai and WeRide serve as critical benchmarks for the industry's potential, focusing on complex urban driving scenarios and L4-level automation, which could unlock significant replication potential if successful [16][17]. Strategic Approach - The smart driving theme is better suited for long-term investment strategies rather than short-term trading, with a focus on platform companies that maintain stable cash flows while investing in smart driving [22]. - The article concludes that smart driving represents a gradual but inevitable trend, with real opportunities arising from a deep understanding of the industry and companies before market sentiment fully aligns [23][24].