【智能汽车主线周报】大湾区智能网联汽车路测与示范应用互认，看好智能化

Investment Highlights - The smart car index decreased by 2.7%, while the index excluding Tesla fell by 5.6%. As of January 16, 2026, the smart car index PS (TTM) is 13.7x, placing it in the 93rd percentile since the beginning of 2023. The index excluding Tesla has a PS (TTM) of 6.9x, in the 95th percentile since early 2023. The top five gainers in the smart car index include Cao Cao Mobility, Asia-Pacific Shares, Jingwei Hengrun, Hesai Technology, and Xidi Zhijia [4][10][19]. Industry Core Changes - Shanghai plans to achieve large-scale implementation of high-level autonomous driving scenarios by 2027 [5][10]. - Six cities in the Greater Bay Area announced mutual recognition of road testing and demonstration applications for smart connected vehicles [5][10]. - Tesla has expanded its testing range, with the Cybercab arriving in Buffalo, New York for winter testing [5][10]. - WeRide's global Robotaxi fleet has reached 1,023 vehicles, marking a milestone [5][10]. - As of January 16, Tesla's Robotaxi fleet has 195 operational vehicles, with a total FSD mileage of 7.29 billion miles; Waymo's latest daily active users number 107,900 [5][10][28]. Current Investment Recommendations - The company 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, Cao Cao Mobility, and Black Sesame Intelligence; A-shares include Qianli Technology, Desay SV, and Jingwei Hengrun [6][10]. - In terms of downstream application-related stocks from the Robotaxi perspective: 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]. - For Robovan perspective: Desay SV + Jiushi Intelligent/New Stone Technology/White Rhino (proposed listing) [6][10]. - Other autonomous vehicle perspectives include mining trucks (proposed listings: Xidi Zhijia/Yikong Zhijia, etc.), ports (Jingwei Hengrun, etc.), sanitation vehicles (Yingfeng Environment, etc.), and buses (WeRide, etc.) [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 Zhijia (proposed listing)) 2. Core upstream suppliers: testing services (China Automotive Research/China Automotive Co., etc.), chips (Horizon Robotics + Black Sesame Intelligence), domain controllers (Desay SV/Jingwei Hengrun/JMST Electronics/Huayang Group/Keboda, etc.), sensors (Sungrow Optical Technology/Hesai/Suteng Juchuang), steer-by-wire chassis (Bertley/Nexteer/Zhejiang Sebao), lights (Xingyu Co.)/glass (Fuyao Glass), etc. [6][10].