【智能汽车主线周报】三部门提出加快自动驾驶技术攻关突破，看好智能化

Core Viewpoint - The smart automotive index has decreased by 7.5%, with the index excluding Tesla also down by 7.5%, and the index excluding complete vehicles down by 3.0%. As of March 20, 2026, the smart automotive index PS (TTM) is at 12.8x, which is at the 84th percentile since the beginning of 2023. The index excluding Tesla has a PS (TTM) of 4.5x, at the 58th percentile, while the index excluding complete vehicles is at 7.3x, also at the 58th percentile. The top five gainers in the smart automotive index include Kaile Co., BYD Electronics, JD Logistics, Horizon Robotics, and Hezhima Intelligent [4][12][18]. Industry Core Changes - Guangdong has issued a 2026-2035 industrial plan to accelerate L3/L4 autonomous driving research and development [5][24]. - The Ministry of Industry and Information Technology and other departments held a meeting with new energy vehicle companies to expedite breakthroughs in autonomous driving technology, optimize trial access processes, and accelerate the formulation of relevant standards to create favorable conditions for mass production [5][24]. - WeRide plans to launch public trial operations in the Punggol area of Singapore on April 1 [5][24]. - NVIDIA has launched the Alpamayo 1.5 autonomous driving model and announced collaborations with companies like BYD, Geely, Isuzu, and Nissan to develop L4 autonomous vehicles based on the NVIDIA DRIVE Hyperion platform [5][24]. Current Investment Recommendations - The smart automotive sector is recommended to focus on the 2026 L4 RoboX mainline, favoring B-end software companies over C-end hardware companies. Preferred H-shares include Xpeng Motors, Horizon Robotics, WeRide, Cao Cao Mobility, and Hezhima Intelligent; preferred A-shares include Qianli Technology, Desay SV, and Jingwei Hengrun [6][12]. - Downstream application-related stocks include: - Robotaxi perspective: 1) Integrated model: Tesla/Xpeng Motors; 2) Technology providers + operational sharing model: Horizon/Baidu/WeRide/Qianli Technology; 3) Transformation of ride-hailing/taxi services: Didi/Cao Cao Mobility/Ride-hailing/大众交通/Jinjiang Online [6][12]. - Robovan perspective: Desay SV + Jiushi Intelligent/New Stone Technology [6][12]. - Other autonomous vehicle perspectives: mining trucks (Horizon Robotics) / ports (Jingwei Hengrun) / sanitation vehicles (Yingfeng Environment) / buses (WeRide) [6][12]. Upstream Supply Chain Related Stocks - B-end autonomous vehicle OEMs include BAIC BluePark, GAC Group, Jiangling Motors, and Tongli Co. [7][24]. - Key upstream suppliers include testing services (China Automotive Research/China Automotive Technology), chips (Horizon Robotics/Hezhima Intelligent), domain controllers (Desay SV/Jingwei Hengrun/Junsheng Electronics/Huayang Group/Keboda), sensors (Hesai/Suteng Juchuang), steer-by-wire chassis (Bertley/Nashida/Zhejiang Shibao), lights (Xingyu Co.), and glass (Fuyao Glass) [7][24].