证券研究报告 汽车 | 乘用车 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 28 日 证券分析师 李泽 SAC：S1350525030001 lize@huayuanstock.com 秦梓月 SAC：S1350525070008 qinziyue@huayuanstock.com | 基本数据 | | | | | 2026 | 年 | 02 | 月 27 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 7.99 | | 一 年 内 低 | 最 | 高 | / | 最 | | | | 9.68/6.57 | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | | | 50,873.56 | | 流通市值（百万元） | | | | | | | | 39,084.78 | | 总股本（百万股） | | | | | | | | 6,367.15 | | 资产负债率（%） | | | | | | | | 83.81 | | 每股 ...

Core Insights - Waymo is expanding its autonomous ride-hailing business into Chicago, marking a significant urban expansion and a test of its technology in a complex environment [1][2][11] - The company has begun initial mapping and manual vehicle testing in Chicago, laying the groundwork for future operations [1][6] - Waymo's autonomous driving system has logged over 127 million fully autonomous miles, demonstrating a significant safety advantage over human drivers [3] Expansion Details - Chicago represents one of Waymo's largest urban expansions to date, aiming to establish a foothold in the Midwest [2][11] - The expansion is part of a broader strategy to enhance road safety and accessibility while fostering local economic growth [6][8] - The timeline for fully driverless public service in Chicago has not been disclosed [1] Safety and Community Engagement - Waymo's vehicles reportedly experience up to 10 times fewer serious injuries or worse collisions and 12 times fewer pedestrian collisions compared to human drivers [3] - Local leaders, including Kam Buckner, emphasize the importance of this initiative for safer streets and innovation in transportation [8] - Safety advocates express cautious optimism about the potential of autonomous vehicles to reduce crashes caused by impaired driving if deployed responsibly [9]

Funding and Valuation - UK-based autonomous driving startup Wayve has secured $1.2 billion in Series D funding at a post-money valuation of $8.6 billion [1] - Including milestone-based capital commitments from Uber, the total funds raised in this round amount to $1.5 billion [1][2] - The funding round was led by venture firms Eclipse, Balderton, and SoftBank Vision Fund 2, with participation from existing backers Microsoft, NVIDIA, and Uber, as well as automotive partners Mercedes-Benz, Nissan, and Stellantis [1][2] Strategic Partnerships and Commercial Plans - Wayve aims to shift from research-focused development to scaled commercial rollout of its autonomous driving technology with global automotive and mobility partners [2] - Uber and Wayve plan to introduce their first commercial robotaxi offering in London by 2026, with expansion into more than ten markets thereafter [2] - Under the partnership, Wayve will provide its AI Driver software for Level 4-capable vehicles, while Uber will manage fleet ownership and operations [3] Technology and Deployment - Wayve licenses its AI Driver directly to manufacturers, allowing for vehicle-specific adaptation without reliance on high-definition maps [4] - The company plans to roll out supervised autonomy software in consumer vehicles starting in 2027, initially offering Level 2+ "hands-off" functionality [3][4] - Wayve's system has operated "zero-shot" across more than 500 cities in Europe, North America, and Japan over the past year, supported by training data from over 70 countries [5]

British robotaxi startup Wayve announced on Wednesday it had raised $1.5 billion in fresh funding to bolster its global operations, pushing the Microsoft and Nvidia-backed company’s valuation to $8.6 billion. The funding round was led by Eclipse, Balderton, and SoftBank’s (OTC:SFTBY) Vision Fund 2, with fresh participation from Ontario Teachers' Pension Plan, Baillie Gifford, British Business Bank, Icehouse Ventures, Schroders Capital, and several other global institutional investors.Founded in 2017, Wayve ...

盘前要闻 1、从春晚舞台到地方布局，人形机器人迎多重利好！港股概念股已提前大涨 类型：行业 情绪影响：正面 今年马年央视春晚，被不少观众称为"科技春晚"，魔法原子、银河通用、宇树科技、松延动力等机器人厂商登陆2026年央视春晚。从中央到地 方，一系列支持人形机器人发展的政策密集落地。假期港股人形机器人概念大涨，2月20日越疆收盘大涨21.4%。 2、马年春节全球资本市场涨跌一览：白银大涨近17%，多国指数创新高 类型：市场 情绪影响：中性 （原标题：A股盘前播报 | 关税政策被裁定违法后 特朗普再对全球加征关税！从10%提高到15%） 马年春节假期全球资本市场多数上涨，韩国、英国、法国等多国指数均创历史新高。特朗普关税进入迷雾区，美伊冲突走向愈加悲观，国际金 银、油价大涨，白银涨近17%。美股走势分化，港股恒生指数、恒生科技指数双双上涨。 3、关税政策被裁定违法后，特朗普再对全球加征关税！从10%提高到15% 类型：宏观 情绪影响：中性 美国总统特朗普21日发文称，他前一天宣布对输美商品征收的"全球进口关税"税率将从10%提高到15%，立即生效。此前，美国最高法院裁决， 认定美国《国际紧急经济权力法》没有授权 ...

Tesla is suing California's Department of Motor Vehicles to reverse a ruling that found the automaker violated the law by falsely promoting its cars' self-driving capabilities.The suit comes two months after the state's Office of Administrative Hearings determined that Tesla engaged in false advertising, and said the DMV could temporarily suspend the company's licenses to manufacture or sell cars in the state. The DMV instead asked Tesla to clean up its marketing language. By Feb. 17, the agency said Tesla ...

股 票 研 究 汽车行业周报（2025/2/6-2025/2/13） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 卢雨涵(研究助理) | 010-83939828 | luyuhan@gtht.com | S0880125100008 | 速腾聚创 25 年大幅减亏，特斯拉首辆 Cybercab 下线 [Table_Industry] 汽车 本报告导读： 近一周，申万汽车指数上涨 2%，新能源整车指数相对持平，汽车零部件指数上涨 2%，商用车指数上涨 4%。速腾聚创 25 年大幅减亏，特斯拉首辆 Cybercab下线。 投资要点： 请务必阅读正文之后的免责条款部分 [Table_Report] 相关报告 汽车《全新理想 L9 Livis引领线控底盘新阶段》 2026.02.08 汽车《AI 应用重要阵地，Robotaxi 还看中国》 2026.02.04 汽车《特斯拉加速 AI 转型，将发布 ...

RT Sawyer Merritt (@SawyerMerritt)The Cybercab has two seats because ~85% of car trips in North America have just one or two people. For the remaining 15% of trips that have more than two people, you'll be able to hail a Model Y robotaxi, or even a couple of them. https://t.co/wXBXNYocGS ...

编 译 | 张 霖郁 编 辑 | 黄大路 加入轩辕同学 ， 成就新汽车人! Cybercab是一款双门双座轿跑，只能坐两人，配置了鸥翼门，车内没有方向盘，也没有动力和 刹车踏板，车内仅保留中控屏等基础交互设施。车辆完全依赖FSD（Full Self-Driving）系统运 行，35kWh的电池组支持CLTC工况下约320公里续航。 设 计 | 甄 尤美 中国农历春节大年初二，美国当地时间2月18日，特斯拉官方账号发布了一张工厂工作人员大合 影的照片，人群中央是一辆金色的Cybercab，两边人群几乎淹没了这款车三分之一的车身。 图片上方写着"得克萨斯超级工厂首款下线的Cybercab"（First Cybercab off the production line at Giga Texas），随后马斯克（Elon Musk）转发了该信息，并写上：祝贺特斯拉团队制造了首 款Cybercab！（Congratulations to the Tesla team on making the first production Cybercab!） 这款车最早于2024年10月在洛杉矶亮相，2025年11月曾出现在上海 ...

A federal judge in Miami denied Tesla's bid to toss out a $243 million verdict in a lawsuit that requires the automaker to compensate the family of a 2019 fatal Autopilot crash victim as well as a survivor.The collision, which occurred in Key Largo, Florida, killed 22-year-old Naibel Benavides and severely injured her boyfriend, Dillon Angulo. Tesla owner George McGee was driving his Model S sedan while using the company's Enhanced Autopilot, a partially automated driving system. During the trial, McGee sai ...