Investment Highlights - The smart car index decreased by 3.3%, while the index excluding Tesla increased by 0.2%, and the index excluding complete vehicles decreased by 0.1% [4][11] - As of February 6, 2026, the smart car index PS (TTM) is 14.5x, placing it in the 98th percentile since the beginning of 2023; the index excluding Tesla is 5.7x, in the 81st percentile; and the index excluding complete vehicles is 9.7x, in the 79th percentile [4][20] - The top five gainers in the smart car index include Hesai, Li Auto, Xingyu, Kaile, and Pony.ai [4][11] Industry Core Changes - The Ministry of Industry and Information Technology and seven other departments issued the "Automobile Data Export Security Guidelines (2026 Edition)," requiring data processors to declare data export security assessments through domestic legal entities [5][11] - Uber announced plans to launch Robotaxi autonomous taxi services in Hong Kong within this year, partnering with Baidu and WeRide [5][11] - WeRide and Uber plan to deploy at least 1,200 Robotaxis in the Middle East by 2027, covering major markets such as Abu Dhabi, Dubai, and Riyadh [5][11] Current Investment Recommendations - The company maintains a strong outlook for the 2026 L4 RoboX main line, favoring B-end software stocks over C-end hardware stocks [6][11] - Preferred H-shares include Xpeng Motors, Horizon Robotics, Pony.ai/WeRide, Cao Cao Mobility, and Black Sesame Intelligence; preferred A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [6][11] - Relevant stocks from the downstream application perspective include: - Robotaxi perspective: Integrated models (Tesla/Xpeng Motors), technology providers with revenue-sharing models (Horizon/Baidu/Pony.ai/WeRide/Qianli Technology), and the transformation of ride-hailing/taxi services (Didi/Cao Cao Mobility/Ruqi Mobility/Public Transport/Jinjiang Online) [6][11] - Robovan perspective: Desay SV and Jiushi Intelligent/New Stone Technology [6][11] - Other autonomous vehicle perspectives: Mining trucks (Hesai Intelligent Driving), ports (Jingwei Hirain), sanitation vehicles (Yingfeng Environment), and buses (WeRide) [6][11] Upstream Supply Chain Relevant Stocks - B-end autonomous vehicle OEMs include BAIC BluePark, GAC Group, Jiangling Motors, and Tongli Co [7][11] - Key upstream suppliers include testing services (China Automotive Research/China Automotive Technology), chips (Horizon Robotics/Black Sesame Intelligence), domain controllers (Desay SV/Jingwei Hirain/Junsheng Electronics/Huayang Group/Koboda), sensors (Hesai/Suteng Juchuang), steer-by-wire chassis (Bertley/Nexteer/Zhejiang Shibao), lights (Xingyu), and glass (Fuyao Glass) [7][11]

Investment Highlights - The smart car index decreased by 1.3%, while the index excluding Tesla increased by 1.9%, and the index excluding complete vehicles fell by 7.1% as of January 30, 2026 [4][10] - The smart car index PS (TTM) is at 15.2x, placing it in the 99th percentile since the beginning of 2023; the index excluding Tesla is at 5.9x, in the 83rd percentile; and the index excluding complete vehicles is at 9.9x, in the 81st percentile [4][17] Industry Core Changes - By Q4 2025, Tesla's FSD subscription is expected to reach 1.1 million [5] - Key personnel changes include Qianli Technology's Yin Qi becoming the chairman of Jueyue Xingchen [5] - Partnerships formed include Xiaoma Zhixing collaborating with Aite Boda, and Hezhima Intelligent signing a strategic agreement with Baidu's Luobo Kuaipao to build a driverless ecosystem [5] - The latest tracking of North American Robotaxi shows a total of 7.49 billion miles driven by FSD as of January 30, 2026, with Waymo having 96,090 daily active users as of January 27, 2026 [5][25] Current Investment Recommendations - The focus remains on the 2026 L4 RoboX main line, favoring B-end software stocks over C-end hardware stocks [6] - Preferred H-shares include Xiaopeng Motors, Horizon Robotics, Xiaoma Zhixing, Wenyan Zhixing, and Cao Cao Mobility; A-shares include Qianli Technology, Desay SV, and Jingwei Hengrun [6] - Downstream application-related stocks include: - Robotaxi perspective: Integrated models like Tesla and Xiaopeng Motors; technology providers with revenue-sharing models like Horizon, Baidu, Xiaoma Zhixing, Wenyan Zhixing, and Qianli Technology; transformation of ride-hailing/taxi services like Didi, Cao Cao Mobility, and others [6] - Robovan perspective: Desay SV and Jiushi Intelligent [6] - Other autonomous vehicle perspectives: mining trucks (Xidi Zhijia), ports (Jingwei Hengrun), sanitation vehicles (Yingfeng Environment), and buses (Wenyan Zhixing) [6] - Upstream supply chain-related stocks include: - B-end driverless vehicle OEMs like BAIC Blue Valley, GAC Group, Jiangling Motors, and Tongli Co [6] - Core upstream suppliers: testing services (China Automotive Research, China Automotive Technology), chips (Horizon Robotics, Hezhima Intelligent), domain controllers (Desay SV, Jingwei Hengrun), sensors (Sunny Optical Technology, Hesai, Suteng Juchuang), steer-by-wire chassis (Bertley, Nexperia, Zhejiang Shibao), and glass (Fuyao Glass) [6]

Core Viewpoints - The smart car index increased by 2.8% this week, while the index excluding Tesla decreased by 1.4%. As of January 23, 2026, the smart car index PS (TTM) is 14.0x, ranking in the 97th percentile since the beginning of 2023, while the index excluding Tesla is 6.8x, ranking in the 94th percentile during the same period [4][11][20]. Industry Core Changes - The introduction of the "Guangdong Province Artificial Intelligence Empowering High-Quality Development of Transportation Policy Measures" confirms breakthroughs in full-area autonomous driving in Nansha [5][11]. - Tesla launched a no-safety-driver Robotaxi service, with Cybercab arriving in Buffalo, New York for winter testing [5][11]. - Lightyear Technology announced advancements in autonomous driving technology and mass production of NOA-assisted driving, along with new solutions and platforms for L4 autonomous driving and logistics [5][11]. - As of January 23, 2026, Tesla's fleet consists of 225 vehicles, with a total of 7.39 billion miles driven under FSD, while Waymo has a daily active user count of 107,900 [5][11]. Current Investment Recommendations - The industry remains optimistic about the L4 RoboX mainline for 2026, favoring B-end software stocks over C-end hardware stocks. Recommended H-shares include Xpeng Motors, Horizon Robotics, Pony.ai/Wenyan Zhixing, Cao Cao Mobility, and Black Sesame Intelligence; A-shares include Qianli Technology, Desay SV, and Jingwei Hengrun [6][11]. - Downstream application-related stocks include: - Robotaxi perspective: Integrated models like Tesla and Xpeng Motors [6][11]. - Robovan perspective: Desay SV and Jiushi Intelligent/New Stone Technology [6][11]. - Other autonomous vehicle perspectives: Mining trucks (Xidi Zhijia), ports (Jingwei Hengrun), sanitation vehicles (Yingfeng Environment), and buses (Wenyan Zhixing) [6][11]. - Technology providers and revenue-sharing models: Horizon Robotics, Baidu, Pony.ai, Wenyan Zhixing, and Qianli Technology [6][11]. - Transformation of ride-hailing/taxi services: Didi, Cao Cao Mobility, Ruqi Mobility, public transport, and Jinjiang Online [6][11]. Upstream Supply Chain Related Stocks - B-end autonomous vehicle OEMs include BAIC BluePark, GAC Group, Jiangling Motors, and Tongli Co [7][11]. - Key upstream suppliers include: - Testing services (China Automotive Research and Development Center, China Automotive Technology and Research Center) [7][11]. - Chips (Horizon Robotics, Black Sesame Intelligence) [7][11]. - Domain controllers (Desay SV, Jingwei Hengrun, Joyson Electronics, Huayang Group, and Kobot) [7][11]. - Sensors (Sunny Optical Technology, Hesai Technology, and Suteng Juchuang) [7][11]. - Steer-by-wire chassis (Bertel, Nexperia, Zhejiang Shibao) [7][11]. - Lighting (Xingyu Co) and glass (Fuyao Glass) [7][11].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [23]. Core Insights - The smart car index decreased by 2.7% this week, while the index excluding Tesla fell by 5.6%. As of January 16, 2026, the smart car index PS (TTM) is 13.7x, placing it in the 93rd percentile since the beginning of 2023. The index excluding Tesla has a PS (TTM) of 6.9x, in the 95th percentile since early 2023 [2][10]. - Key developments in the industry include Shanghai's plan for large-scale deployment of high-level autonomous driving scenarios by 2027, and the Greater Bay Area's six cities announcing mutual recognition for road testing and demonstration applications of smart connected vehicles [2][14]. - Current investment recommendations favor B-end software companies over C-end hardware companies, with preferred stocks including Xpeng Motors, Horizon Robotics, Pony.ai, and others in H-shares, and Qianli Technology and Desay SV in A-shares [2]. Market Performance Review - The smart car index has shown a decline of 2.7% this week, with the index excluding Tesla down by 5.6% [8][10]. - The top five gainers in the smart car index include Cao Cao Mobility, Asia-Pacific Shares, Jingwei Hengrun, Hesai Technology, and Pony.ai [2]. Key Changes in the Industry - Significant changes include Tesla expanding its testing range with the Cybercab arriving in Buffalo, New York for winter testing, and the global Robotaxi fleet of WeRide reaching 1,023 vehicles [2][14]. - Waymo's latest daily active users reached 107,900, reflecting a year-on-year increase of 531.2% [18]. Investment Suggestions - The report suggests focusing on B-end software stocks and highlights specific companies for investment based on various application scenarios, including Robotaxi and Robovan perspectives [2]. - Recommended stocks for Robotaxi include Tesla and Xpeng Motors, while technology providers and operational sharing models include Horizon Robotics and Baidu [2]. Company-Specific Insights - Tesla's discoverable fleet reached 195 vehicles as of January 16, 2026, with a total FSD mileage of 7.29 billion miles [18]. - WeRide's Robotaxi fleet has entered the thousand-vehicle milestone, indicating significant growth in the autonomous vehicle sector [14].

Investment Highlights - The smart car index decreased by 2.0%, while the index excluding Tesla fell by 6.9%. As of January 8, 2026, the smart car index PS (TTM) is at 14.0x, ranking in the 96th percentile since the beginning of 2023. The index excluding Tesla has a PS (TTM) of 7.2x, ranking in the 97th percentile since the beginning of 2023. The top five gainers in the smart car index include Hezhima Intelligent, Siwei Map, Zhejiang Shibao-H, Qianli Technology, and Hesai [4][10][16]. Industry Core Changes - NVIDIA's CEO Jensen Huang announced the open-source autonomous driving model Alpamayo at CES 2026, accelerating the layout of Robotaxi [5][21]. - The U.S. plans to hold a hearing on January 13, 2026, to discuss new automotive legislation, increasing the annual deployment cap for vehicles without traditional controls from 2,500 to 90,000 [5][21]. - XPeng announced the launch of its second-generation VLA and Robotaxi at its global product launch event, with mass production expected in the first half of 2026 [5][21]. Current Investment Recommendations - The industry maintains a strong outlook for the 2026 L4 RoboX mainline, favoring B-end software stocks over C-end hardware stocks. Preferred H-shares include XPeng Motors, Horizon Robotics, WeRide, and Cao Cao/Hezhima Intelligent; preferred A-shares include Qianli Technology, Desay SV, and Jingwei Hengrun [6][10]. - Downstream application-related stocks from the Robotaxi perspective include: 1. Integrated model: Tesla/XPeng Motors 2. Technology providers + operational sharing model: Horizon/Baidu/WeRide/Qianli Technology, etc. 3. Transformation of ride-hailing/taxi services: Didi/Cao Cao Mobility/Ruqi Mobility/Volkswagen Transportation/Jinjiang Online [6][10]. - Upstream supply chain-related stocks include: 1. B-end unmanned vehicle OEMs: BAIC Blue Valley/Guangzhou Automobile Group/Jiangling Motors/Tongli Co./Yika Intelligent (planned IPO) 2. Core upstream suppliers: Testing services (China Automotive Research/China Automotive Corporation), chips (Horizon Robotics/Hezhima Intelligent), domain controllers (Desay SV/Jingwei Hengrun/Junsheng Electronics/Huayang Group/Keboda), sensors (Sunyu Optical Technology/Hesai/Suteng Juchuang), steer-by-wire chassis (Bertley/Nexteer/Zhejiang Shibao), lights (Xingyu Co.) [6][10].

Core Viewpoint - The article emphasizes the significant advancements in L4 and L3 autonomous driving technologies, highlighting a dual stronghold in the U.S. and China, with notable developments in commercial applications and regulatory approvals [3][10]. Group 1: December Smartization Marginal Changes Summary - L4 commercialization is experiencing global resonance, while L3 policies have made a "0-1" breakthrough. Tesla has initiated pure unmanned testing in Austin without safety drivers or passengers, and the Chinese version of FSD has completed compliance construction in Shanghai [3][10]. - Waymo's monthly active users have increased by 96.6% year-on-year to 1.64 million, accelerating the validation of its business model. Domestic players like Pony.ai have integrated into the WeChat ecosystem, and CAOCAO's "Ten Years, One Hundred Cities, One Hundred Billion" Robotaxi strategy continues to expand [3][10]. - The policy side for L3 has seen a milestone breakthrough with the issuance of the first batch of L3 permits by the Ministry of Industry and Information Technology, marking a transition from assisted driving to conditionally automated driving in China [3][10]. Group 2: January Smartization Catalysts - The industry may enter a year of Robotaxi explosion, driven by both technology and policy, accelerating towards an "iPhone moment" for AI smart vehicles. CES 2026 is expected to be a key industry indicator, with NVIDIA's CEO focusing on the latest advancements in physical AI [4][10]. - In the L4 dimension, attention is on Tesla's FSD V14.2 performance across the U.S. without driver intervention and the expansion of its fleet. For L3, January 2026 will mark the first complete month for public road commercial trials in cities like Chongqing and Beijing, with a focus on operational takeover rates and accident liability cases [4][10]. Group 3: Investment Recommendations - The company maintains a strong outlook for the L4 RoboX theme in 2026, favoring B-end software stocks over C-end hardware stocks. Preferred H-shares include Xpeng Motors, Horizon Robotics, Pony.ai, WeRide, CAOCAO, and Black Sesame Intelligence, while A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [5][10]. - Relevant downstream application stocks include those in the Robotaxi sector, such as Tesla and Xpeng Motors, as well as technology providers like Horizon and Baidu. The transformation of ride-hailing and taxi services involves companies like Didi, CAOCAO, and others [5][10]. Group 4: Supply Chain Insights - In the upstream supply chain, key players include B-end unmanned vehicle manufacturers like BAIC BluePark, GAC Group, and Jiangling Motors, along with core suppliers for testing services, chips, domain controllers, sensors, and other components [5][10]. - The investment landscape is characterized by a spiral upward iteration of hardware and software, with significant opportunities in both sectors as the industry transitions from the 0-1 stage to more advanced phases [15][10].

Market Overview - The smart car index decreased by 6.2%, while the index excluding Tesla increased by 0.2%. As of December 31, 2025, the smart car index PS (TTM) is 14.1x, ranking in the 96th percentile since the beginning of 2023. The index excluding Tesla has a PS (TTM) of 6.4x, ranking in the 90th percentile since the beginning of 2023 [4][12][17]. Industry Core Changes - Pony.ai's Robotaxi fleet has surpassed 1,159 vehicles, exceeding the target of 1,000 Robotaxis by 2025. Tesla's FSD version 14.2 completed a 2-day, 20-hour journey across the U.S. without human intervention [6][12][21]. Investment Recommendations - The company maintains a strong outlook for the L4 RoboX theme in 2026, favoring B-end software stocks over C-end hardware stocks. Preferred H-shares include Xpeng Motors, Horizon Robotics, Pony.ai, WeRide, and Cao Cao Mobility. A-shares recommendations include Qianli Technology, Desay SV, and Jingwei Hirain [6][12][21]. Downstream Application Targets - For Robotaxi perspectives, the integrated model includes Tesla and Xpeng Motors, while the technology provider and operational sharing model includes Horizon Robotics, Baidu, Pony.ai, WeRide, and Qianli Technology. The transformation of ride-hailing and taxi services involves Didi, Cao Cao Mobility, Ruqi Mobility, and others [6][12][21]. Upstream Supply Chain Targets - Key targets in the B-end unmanned vehicle OEM sector include BAIC BluePark, GAC Group, Jiangling Motors, and others. Core upstream suppliers include testing services (China Automotive Research), chips (Horizon Robotics, Black Sesame Technology), domain controllers (Desay SV, Jingwei Hirain), sensors (Sunny Optical Technology, Hesai Technology), and others [6][12][21].

Core Viewpoint - The smart driving concept stocks have shown significant gains, driven by advancements in autonomous driving technology and positive market sentiment towards the industry [1] Group 1: Stock Performance - Black Sesame Intelligence (02533) increased by 7.32%, reaching HKD 20.96 [1] - Zhejiang Shibao (01057) rose by 6.26%, reaching HKD 5.26 [1] - Pony.ai-W (02026) saw a rise of 6.29%, reaching HKD 123.4 [1] - WeRide-W (00800) increased by 4.54%, reaching HKD 24.42 [1] Group 2: Technological Advancements - A Model 3 equipped with FSD v14 successfully completed a cross-country trip from Los Angeles to South Carolina, covering 2732 miles in 2 days and 20 hours, entirely relying on FSD without any human intervention [1] - The journey included various driving conditions such as highways, city roads, nighttime driving, and multiple entries and exits at supercharging stations [1] Group 3: Industry Outlook - Dongwu Securities maintains a positive outlook on the L4 RoboX mainline for 2026 [1] - Orient Securities anticipates that with regulatory support and increasing market demand, the progress of L3 autonomous driving industrialization is expected to accelerate by 2026, benefiting related smart driving hardware and software suppliers [1]

Core Viewpoint - The smart driving concept stocks have shown significant gains, driven by advancements in autonomous driving technology and positive market sentiment towards related companies [1] Group 1: Stock Performance - Major smart driving stocks have risen, with Hezhima (000716) up 7.32% to HKD 20.96, Zhejiang Shibao (002703) up 6.26% to HKD 5.26, Pony.ai-W (02026) up 6.29% to HKD 123.4, and WeRide-W (00800) up 4.54% to HKD 24.42 [1] Group 2: Technological Advancements - A Model 3 equipped with FSD v14 successfully completed a cross-country trip from Los Angeles to South Carolina, covering 2732 miles in 2 days and 20 hours, entirely relying on FSD without any human intervention [1] Group 3: Industry Outlook - Dongwu Securities maintains a positive outlook on the L4 RoboX mainline by 2026, while Dongfang Securities anticipates accelerated progress in L3 autonomous driving commercialization by 2026, driven by regulatory support and increasing market demand, benefiting related smart driving hardware and software suppliers [1]