东吴汽车黄细里团队·2026-03-04 15:36Investment Recommendations - The current investment suggestion for the smart automotive sector is to maintain a strong outlook on the L4 RoboX theme for 2026, favoring B-end software over C-end hardware [2][6] - Preferred H-shares include Xpeng Motors, Horizon Robotics, Pony.ai, WeRide, Cao Cao Mobility, and Black Sesame Intelligence; A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [2][6] Downstream Application Dimensions - Robotaxi perspective includes: 1. Integrated model: Tesla and Xpeng Motors 2. Technology providers + operational sharing model: 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 [2][6] - Robovan perspective includes Desay SV and Jiushi Intelligent/New Stone Technology [2][6] - Other autonomous vehicle perspectives include mining trucks (e.g., HiDi Intelligent Driving), ports (e.g., Jingwei Hirain), sanitation vehicles (e.g., Yingfeng Environment), and buses (e.g., WeRide) [2][6] Upstream Supply Chain Dimensions - B-end autonomous vehicle OEMs include BAIC BluePark, GAC Group, Jiangling Motors, and Tongli Co. - Key upstream suppliers include: 1. Testing services (China Automotive Research and China Automotive Industry Corporation) 2. Chips (Horizon Robotics and Black Sesame Intelligence) 3. Domain controllers (Desay SV, Jingwei Hirain, Joyson Electronics, Huayang Group, and Coboda) 4. Sensors (Sunny Optical Technology, Hesai, and Suteng Juchuang) 5. Steer-by-wire chassis (Bertel and Nexperia) 6. Lighting (Xingyu Co.) 7. Glass (Fuyao Glass) [2][6] Mainstream Automakers' Autonomous Driving Strategies - A detailed comparison of major domestic automakers' autonomous driving strategies shows various approaches, including self-research and external supply partnerships, with notable collaborations with companies like Huawei, Momenta, and Horizon [4][5][20][21][30][32][39][40] - Chery's strategy includes a mixed model of multiple external algorithm suppliers and self-research platforms, with significant investments in partnerships [28][29] - Geely's integration of its autonomous driving team into Qianli Technology aims to streamline operations and enhance technological capabilities [20][22][23] BYD's Autonomous Driving Development - BYD's "Tianshen Eye" system has evolved to version 5.0, featuring advanced capabilities such as automatic emergency steering and braking, with a focus on enhancing user safety and efficiency [15][16] - The company emphasizes a dual approach of self-research and external collaboration, maintaining a significant investment in autonomous driving technology [10][14][47] Xiaomi's Strategic Investment in Autonomous Driving - Xiaomi has adopted a phased approach to its autonomous driving strategy, transitioning from strategic investments to full-scale self-research and development, with a significant increase in team size and R&D investment [47][48]