【周观点】长安极狐获L3产品准入许可，继续看好汽车板块

Core Viewpoint - The automotive industry is at a crossroads, with the end of the electric vehicle (EV) boom and the dawn of automotive intelligence, presenting three main investment opportunities: AI smart vehicles, AI robots, and traditional vehicle segments [7][14]. Weekly Sector Performance - This week's sector performance ranked SW motorcycles and others at +1.1%, SW commercial passenger vehicles at +0.9%, SW auto parts at +0.3%, SW automobiles at -0.1%, SW passenger vehicles at -1.4%, and SW commercial freight vehicles at -1.7% [4][13]. - The top five stocks covered this week with the highest gains were Jingwei Hengrun-W, Asia-Pacific Shares, Junsheng Electronics, Desay SV, and BAIC Blue Valley [4][13]. Research Achievements - The team released several reports this week, including the 2026 automotive strategy report, the first coverage report on Minshi Group, the November Shenzhen test drive report, and the heavy truck monthly report [5][13]. Key Industry Changes 1. On December 15, Changan Automobile's Deep Blue brand received approval for L3-level autonomous driving capabilities, and BAIC New Energy's Arcfox Alpha S (L3 version) was also approved for autonomous driving [6][13]. 2. Saudi Red Sea Global Group and SIXT purchased nearly 200 Yutong pure electric buses, with the first batch of 90 now operational in the Red Sea region [6][13]. 3. On December 16, XPeng Motors obtained a road test license for L3-level autonomous driving in Guangzhou, allowing testing on designated high-speed road sections [6][13]. Current Automotive Sector Configuration - The automotive sector is transitioning, with the electric vehicle boom nearing its end and a shift towards automotive intelligence. Investment opportunities include: - AI Smart Vehicle Focus: - Robotaxi and Robovan models leading the way, with key players like Tesla, XPeng Motors, and Qianli Technology [7][14]. - Downstream applications include integrated models, technology providers, and the transformation of ride-hailing services [7][14]. - Upstream Supply Chain Focus: - Key players in vehicle manufacturing and core suppliers, including testing, chips, domain controllers, sensors, and more [7][14]. - AI Robot Focus: - Preferred components from companies like Top Group, Junsheng Electronics, and others [7][14]. - Traditional Vehicle Focus: - Opportunities in buses (Yutong), heavy trucks (China National Heavy Duty Truck Group, Weichai Power), and motorcycles (Chunfeng Power, Longxin General) [10][14].