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].

Core Conclusions - The report highlights a significant shift in the commercialization of L4 autonomous vehicles globally, with L3 policies breaking new ground in China. Tesla has initiated fully autonomous testing without safety drivers in Austin, while Waymo has seen a 96.6% year-on-year increase in active users, reaching 1.64 million. Domestic players like Pony.ai and WeRide are expanding their commercial operations, indicating a robust growth trajectory in the sector [2][3][5]. Investment Framework - The investment framework emphasizes a spiral upward iteration of hardware and software, suggesting that each major upgrade in capability represents a paradigm shift in thinking. The report outlines a timeline from L1-L2 to L4, indicating a transition from basic functionalities to advanced autonomous driving capabilities by 2030 [6][7][10]. L4 RoboX Monthly Tracking - Tesla's Robotaxi business is rapidly expanding across multiple regions, particularly in Texas, where it has transitioned to fully autonomous testing. The report notes that Tesla's fleet has grown significantly, with plans to extend operations to Saudi Arabia and other states [20][21][23]. C-end Monthly Tracking - The report forecasts a retail sales volume of 22.81 million vehicles for 2025, reflecting a year-on-year growth of 0.2%. It also highlights the increasing penetration of new energy vehicles, projecting a sales volume of 1.32 million units in 2026, with a penetration rate of 60% [39][41][42]. Downstream Application Dimensions - The report categorizes potential investment opportunities in the Robotaxi sector, including integrated models (Tesla, Xpeng), technology providers (Horizon Robotics, Baidu), and the transformation of ride-hailing services (Didi, Cao Cao Mobility). It also identifies opportunities in Robovan and other autonomous vehicle applications [2][5][11]. Upstream Supply Chain Dimensions - The report outlines key players in the upstream supply chain, including manufacturers of autonomous vehicle components (BAIC BluePark, GAC Group) and core suppliers of chips, sensors, and control systems. It emphasizes the importance of partnerships and technological advancements in driving the industry forward [2][5][11].

Core Insights - Faraday Future has successfully received the first batch of knockdown parts for the FX Super One MPV, marking a significant milestone towards production readiness and delivery [1][3][6] - The arrival of these components follows a successful trial production phase, which focused on planning and verifying production processes and quality standards [3][6] - The company is also advancing its Global Automotive Industry Bridge Strategy, which encompasses supply chain sourcing, testing, and production readiness [3][5] Production and Delivery Milestones - The knockdown parts will be used to assemble pre-production FX Super One vehicles for testing and marketing activities in the U.S. [3] - The first international delivery of the FX Super One occurred on November 27, 2025, to soccer legend Andrés Iniesta in the UAE, indicating the start of product deliveries in that region [5] - The Hanford manufacturing facility is preparing for flexible production, with the potential to produce over 30,000 FX vehicles annually [8] Vehicle Features and Technology - The FX Super One is designed as an affordable mass-market MPV, featuring a spacious interior, advanced technology, and multiple powertrain options, including battery electric and AI hybrid extended range configurations [9][10] - The vehicle will incorporate the FF Super EAI F.A.C.E. system and the FF EAI Embodied Intelligence AI Agent 6x4 Architecture, representing a significant technological advancement in the automotive sector [10] Company Overview - Faraday Future aims to disrupt the automotive industry by creating a user-centric, technology-first driving experience, with a focus on luxury and innovation [12] - The company has invested approximately $300 million in its 1.1 million-square-foot manufacturing facility in Hanford, California, which is central to its production strategy [8]

Core Viewpoint - The article highlights the significant differentiation among new energy vehicle manufacturers in China, particularly focusing on their sales performance in June 2025, with BYD maintaining a leading position while others like Li Auto and Xiaomi struggle [1][13]. Summary by Sections Sales Performance Overview - In June, BYD achieved sales of 382,585 units, maintaining a substantial lead in the market with a year-on-year growth of 11.98% [2][5]. - Other notable performances include Leap Motor with nearly 50,000 units delivered, marking a year-on-year increase of 138.65% [14][18]. - Li Auto and Xiaomi reported disappointing sales figures, with Li Auto delivering 36,279 units, a decline of 24.06% year-on-year, while Xiaomi's sales fell below 25,000 units [18][21]. Year-to-Date Performance - For the first half of 2025, BYD's cumulative sales reached 2.146 million units, a 33.04% increase compared to the previous year [5][11]. - Leap Motor's cumulative sales reached approximately 221,700 units, achieving 36.95% to 44.34% of its annual target [3][14]. - Xiaopeng's sales exceeded 50% of its annual target, while other manufacturers lagged behind [2][3]. Market Dynamics and Future Plans - The article notes a growing competition in the SUV market, with several manufacturers planning new releases. Leap Motor is set to launch the C11, while Xiaopeng will introduce the G7, an AI-powered SUV [29][30]. - NIO plans to release three new models in the second half of 2025, focusing on high-end intelligent SUVs [30]. - The differentiation among new energy vehicle manufacturers is becoming more pronounced, with varying strategies and product offerings [13][28].