【智能汽车主线周报】小鹏汽车发布VLA 2.0，看好智能化

Investment Highlights - The smart car index decreased by 2.0%, while the index excluding Tesla fell by 6.9%. As of January 8, 2026, the smart car index PS (TTM) is at 14.0x, ranking in the 96th percentile since the beginning of 2023. The index excluding Tesla has a PS (TTM) of 7.2x, ranking in the 97th percentile since the beginning of 2023. The top five gainers in the smart car index include Hezhima Intelligent, Siwei Map, Zhejiang Shibao-H, Qianli Technology, and Hesai [4][10][16]. Industry Core Changes - NVIDIA's CEO Jensen Huang announced the open-source autonomous driving model Alpamayo at CES 2026, accelerating the layout of Robotaxi [5][21]. - The U.S. plans to hold a hearing on January 13, 2026, to discuss new automotive legislation, increasing the annual deployment cap for vehicles without traditional controls from 2,500 to 90,000 [5][21]. - XPeng announced the launch of its second-generation VLA and Robotaxi at its global product launch event, with mass production expected in the first half of 2026 [5][21]. Current Investment Recommendations - The industry maintains a strong outlook for the 2026 L4 RoboX mainline, favoring B-end software stocks over C-end hardware stocks. Preferred H-shares include XPeng Motors, Horizon Robotics, WeRide, and Cao Cao/Hezhima Intelligent; preferred A-shares include Qianli Technology, Desay SV, and Jingwei Hengrun [6][10]. - Downstream application-related stocks from the Robotaxi perspective include: 1. Integrated model: Tesla/XPeng Motors 2. Technology providers + operational sharing model: Horizon/Baidu/WeRide/Qianli Technology, etc. 3. Transformation of ride-hailing/taxi services: Didi/Cao Cao Mobility/Ruqi Mobility/Volkswagen Transportation/Jinjiang Online [6][10]. - Upstream supply chain-related stocks include: 1. B-end unmanned vehicle OEMs: BAIC Blue Valley/Guangzhou Automobile Group/Jiangling Motors/Tongli Co./Yika Intelligent (planned IPO) 2. Core upstream suppliers: Testing services (China Automotive Research/China Automotive Corporation), chips (Horizon Robotics/Hezhima Intelligent), domain controllers (Desay SV/Jingwei Hengrun/Junsheng Electronics/Huayang Group/Keboda), sensors (Sunyu Optical Technology/Hesai/Suteng Juchuang), steer-by-wire chassis (Bertley/Nexteer/Zhejiang Shibao), lights (Xingyu Co.) [6][10].