【智能汽车主线周报】《汽车数据出境安全指引(2026版)》印发，看好智能化

Investment Highlights - The smart car index decreased by 3.3%, while the index excluding Tesla increased by 0.2%, and the index excluding complete vehicles decreased by 0.1% [4][11] - As of February 6, 2026, the smart car index PS (TTM) is 14.5x, placing it in the 98th percentile since the beginning of 2023; the index excluding Tesla is 5.7x, in the 81st percentile; and the index excluding complete vehicles is 9.7x, in the 79th percentile [4][20] - The top five gainers in the smart car index include Hesai, Li Auto, Xingyu, Kaile, and Pony.ai [4][11] Industry Core Changes - The Ministry of Industry and Information Technology and seven other departments issued the "Automobile Data Export Security Guidelines (2026 Edition)," requiring data processors to declare data export security assessments through domestic legal entities [5][11] - Uber announced plans to launch Robotaxi autonomous taxi services in Hong Kong within this year, partnering with Baidu and WeRide [5][11] - WeRide and Uber plan to deploy at least 1,200 Robotaxis in the Middle East by 2027, covering major markets such as Abu Dhabi, Dubai, and Riyadh [5][11] Current Investment Recommendations - The company maintains a strong outlook for the 2026 L4 RoboX main line, favoring B-end software stocks over C-end hardware stocks [6][11] - Preferred H-shares include Xpeng Motors, Horizon Robotics, Pony.ai/WeRide, Cao Cao Mobility, and Black Sesame Intelligence; preferred A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [6][11] - Relevant stocks from the downstream application perspective include: - Robotaxi perspective: Integrated models (Tesla/Xpeng Motors), technology providers with revenue-sharing models (Horizon/Baidu/Pony.ai/WeRide/Qianli Technology), and the transformation of ride-hailing/taxi services (Didi/Cao Cao Mobility/Ruqi Mobility/Public Transport/Jinjiang Online) [6][11] - Robovan perspective: Desay SV and Jiushi Intelligent/New Stone Technology [6][11] - Other autonomous vehicle perspectives: Mining trucks (Hesai Intelligent Driving), ports (Jingwei Hirain), sanitation vehicles (Yingfeng Environment), and buses (WeRide) [6][11] Upstream Supply Chain Relevant Stocks - B-end autonomous vehicle OEMs include BAIC BluePark, GAC Group, Jiangling Motors, and Tongli Co [7][11] - Key upstream suppliers include testing services (China Automotive Research/China Automotive Technology), chips (Horizon Robotics/Black Sesame Intelligence), domain controllers (Desay SV/Jingwei Hirain/Junsheng Electronics/Huayang Group/Koboda), sensors (Hesai/Suteng Juchuang), steer-by-wire chassis (Bertley/Nexteer/Zhejiang Shibao), lights (Xingyu), and glass (Fuyao Glass) [7][11]