【智能汽车主线周报】小鹏VLA 2.0上车在即，看好智能化

Investment Highlights - The smart car index decreased by 2.0%, while the index excluding Tesla increased by 1.6%, and the index excluding complete vehicles fell by 5.8% [4][9] - As of March 6, 2026, the smart car index PS (TTM) is 14.0x, placing it in the 93rd percentile since the beginning of 2023; the index excluding Tesla is 5.3x, in the 73rd percentile; and the index excluding complete vehicles is 8.9x, in the 70th percentile [4][16] Industry Core Changes - Xpeng announced the full rollout of its second-generation VLA this month [5][9] - Hongmeng Zhixing launched a new generation of 896-line dual-light path image-level lidar, with the new versions of the Zun Jie S800 and Wen Jie M9 debuting [5][9] - WeRide's Robotaxi service in Dubai will resume this week [5][9] - Ideal Auto's internal robot team, codenamed "Nexus," has reportedly been in development for nearly a year, currently planning two types of products: dual-wheel and bipedal [5][9] - Horizon Robotics announced it has entered the stage of large-scale production, covering 10 automotive brands and securing over 20 model designations [5][9] Current Investment Recommendations - The smart car sector is recommended for continued investment, particularly focusing on the L4 RoboX main line by 2026 [6][9] - Preference for B-end software stocks over C-end hardware stocks [6][9] - Recommended H-shares include Xpeng Motors, Horizon Robotics, Xiaoma Zhixing, WeRide, Cao Cao Mobility, and Black Sesame Intelligence; A-shares include Qianli Technology, Desay SV, and Jingwei Hengrun [6][9] Downstream Application Perspectives - For Robotaxi: 1. Integrated model: Tesla/Xpeng Motors 2. Technology providers + operational sharing model: Horizon/Baidu/Xiaoma Zhixing/WeRide/Qianli Technology 3. Transformation of ride-hailing/taxi services: Didi/Cao Cao Mobility/Ruqi Mobility/Volkswagen Transportation/Jinjiang Online [6][9] - For Robovan: Desay SV + Jiushi Intelligent/New Stone Technology [6][9] - Other autonomous vehicle perspectives include mining trucks (Xidi Zhijia, etc.), ports (Jingwei Hengrun, etc.), sanitation vehicles (Yingfeng Environment, etc.), and buses (WeRide, etc.) [6][9] Upstream Supply Chain Perspectives - B-end autonomous vehicle OEMs: BAIC Blue Valley, GAC Group, Jiangling Motors, and Tongli Co. [6][9] - Key upstream suppliers include testing services (China Automotive Research, etc.), chips (Horizon Robotics, Black Sesame Intelligence), domain controllers (Desay SV, Jingwei Hengrun, etc.), sensors (Sunny Optical Technology, Hesai, etc.), steer-by-wire chassis (Bertley, Nexperia, etc.), lights (Xingyu Co.), and glass (Fuyao Glass) [6][9]