【周观点】小鹏联合北大发布FastDriveVLA，继续看好汽车板块

Investment Highlights - The automotive sector has shown positive performance this week, with the SW passenger vehicle and SW auto parts sectors leading with gains of +3.3% each, followed by SW automotive (+2.7%) and SW commercial vehicles (+1.1%), while SW commercial passenger vehicles declined by -2.2% [4][12] - The top-performing stocks this week include Yatong Co., Hengshuai Co., Xusheng Group, Yinlun Co., and Shuanghuan Transmission [4][12] Research Outcomes - The team has released a strategy report for automotive parts for 2026 and a monthly report on buses [5][12] Industry Core Changes 1. Xiaopeng Motors collaborated with Peking University to publish a paper at the international AI conference AAAI 2026, addressing the core contradiction of high computational load and precise decision-making in autonomous driving, showcasing both technological breakthroughs and commercial feasibility [6][12] 2. Horizon Robotics launched the S100P mass production of the Digua robot and officially released the Vbot super robot dog [6][12] 3. The Zhiji brand is expected to achieve full-cost profitability for the first time by December 2025 [6][12] Current Automotive Sector Configuration - The automotive industry is entering a new crossroads phase, with the end of the electric vehicle (EV) dividend and the dawn of automotive intelligence, while robotics innovation is in the 0-1 stage. Three main investment opportunities are emerging during this transition [8][13] - AI Smart Vehicle Main Line: Focus on Robotaxi/van, with downstream application core targets including: - Robotaxi Perspective: Integrated models like Tesla, Xiaopeng Motors, and Qianli Technology; technology providers with operational sharing models like Horizon Robotics and Baidu; transformation of ride-hailing/taxi services with companies like Cao Cao Mobility, Didi, and others [8][13] - Robovan Perspective: Key focus on Desay SV and others [8][13] - C-end Vehicle Sales Perspective: Whole vehicles from Xiaopeng Motors, Li Auto, Huawei, Xiaomi, etc. [8][13] - Upstream Supply Chain Core Targets: B-end vehicle manufacturing by companies like BAIC Blue Valley, GAC Group, and SAIC Group; core suppliers in testing, chips, domain controllers, sensors, and more [8][13] - AI Robotics Main Line: Preferred components from Top Group, Junsheng Electronics, Xinquan Technology, and others [8][13] - Dividend & Good Pattern Main Line: Focus on buses (Yutong Bus), heavy trucks (China National Heavy Duty Truck Group, Weichai Power), and two-wheelers (Chunfeng Power, Longxin General) [9][13]