【智能汽车主线周报】Waymo运营城市扩大至10城，看好智能化

Investment Highlights - The smart car index decreased by 2.0%, while the index excluding Tesla fell by 3.4%, and the index excluding complete vehicles dropped by 3.0% [4][10] - As of February 27, 2026, the smart car index PS (TTM) is 14.2x, placing it in the 96th percentile since the beginning of 2023; the index excluding Tesla is 6.0x, in the 83rd percentile; and the index excluding complete vehicles is 10.0x, in the 81st percentile [4][17] Industry Core Changes - Guangzhou announced the full-scale opening of autonomous driving application scenarios [5][10] - Waymo accelerated its expansion, adding four cities in the U.S. for public autonomous taxi services, bringing the total to ten operational cities [5][10] - Abu Dhabi in the UAE officially launched Tesla's autonomous driving road tests to assess technology performance and verify safety [5][10] Current Investment Recommendations - The company maintains a strong outlook for the L4 RoboX main line in 2026, favoring B-end software stocks over C-end hardware stocks [6][10] - Preferred H-shares include Xpeng Motors, Horizon Robotics, Pony.ai/Wenyan Zhixing, Cao Cao Mobility, and Black Sesame Intelligence; A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [6][10] - Downstream application-related stocks include: - Robotaxi perspective: Integrated models (Tesla/Xpeng Motors), technology providers + operational sharing models (Horizon/Baidu/Pony.ai/Wenyan Zhixing/Qianli Technology), and the transformation of ride-hailing/taxi services (Didi/Cao Cao Mobility/Ruqi Mobility/Public Transport/Jinjiang Online) [6][10] - Robovan perspective: Desay SV + Jiusi Intelligent/New Stone Technology [6][10] - Other autonomous vehicle perspectives: Mining vehicles (Xidi Zhijia, etc.), ports (Jingwei Hirain, etc.), sanitation vehicles (Yingfeng Environment, etc.), and buses (Wenyan Zhixing, etc.) [6][10] - Upstream supply chain-related stocks include: - B-end autonomous vehicle OEMs (BAIC Blue Valley/Guangqi Group/Jiangling Motors/Tongli Co.) [6][10] - Core upstream suppliers: Testing services (China Automotive Research/China Automotive Co.), chips (Horizon Robotics/Black Sesame Intelligence), domain controllers (Desay SV/Jingwei Hirain/Junsheng Electronics/Huayang Group/Keboda), sensors (Sunny Optical Technology/Hesai/Suteng Juchuang), steer-by-wire chassis (Bertley/Nexteer/Zhejiang Shibao), lights (Xingyu Co.), and glass (Fuyao Glass) [6][10]