Investment Highlights - In February, the national standards for L3/L4 autonomous driving opened for public consultation, indicating a potential "DeepSeek moment" for intelligent driving. The Ministry of Industry and Information Technology (MIIT) is actively following up on safety requirements for L3/L4 autonomous driving. Tesla's Cybercab officially rolled off the production line at the Texas Gigafactory, featuring hardware without a steering wheel or accelerator. Waymo has added four new operational cities [2][8]. - In March, the focus will be on regulatory boundaries and tracking the practical experiences of L4 and L3 implementations. Attention will be given to feedback on the MIIT's five mandatory standards and the timeline for finalization. The order density of Waymo's new city operations and the first batch of road test data following the launch of Tesla's Cybercab will also be monitored. Additionally, the performance of Xiaopeng's second-generation VLA large model in the first quarter will be observed [3][8]. Investment Recommendations - The company maintains a strong outlook for the L4 RoboX theme in 2026, favoring B-end software targets over C-end hardware targets. Preferred H-shares include Xiaopeng Motors, Horizon Robotics, Pony.ai, WeRide, Cao Cao Mobility, and Black Sesame Technologies. Preferred A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [4][8]. - Relevant downstream application targets from the Robotaxi perspective include: 1) Integrated models: Tesla and Xiaopeng Motors; 2) Technology providers with revenue-sharing models: Horizon, Baidu, Pony.ai, WeRide, and Qianli Technology; 3) Transformation of ride-hailing/taxi services: Didi, Cao Cao Mobility, Ruqi Mobility, public transport, and Jinjiang Online. From the Robovan perspective, targets include Desay SV, Jiusi Intelligent, New Stone, and White Rhino (planned IPO) [4][8]. Supply Chain Insights - Relevant upstream supply chain targets include: 1) B-end unmanned vehicle OEMs: BAIC BluePark, GAC Group, Jiangling Motors, Tongli Co., and Yika Intelligent (planned IPO); 2) Core upstream suppliers: Testing services (China Automotive Research and China Automotive Technology); Chips (Horizon Robotics and Black Sesame Technologies); Domain controllers (Desay SV, Jingwei Hirain, Joyson Electronics, Huayang Group, and Kobot); Sensors (Sunny Optical Technology, Hesai, and Supcon); Steer-by-wire chassis (Bertel, Nexperia, Zhejiang Shibao); Lights (Xingyu Co.); Glass (Fuyao Glass) [5][8].