东吴证券近日发布AI智能汽车3月投资策略：国标L3/L4开启征求意见，智驾或开启DeepSeek时刻。国 内监管持续跟进，工信部就L3/L4自动驾驶安全要求等五项强标公开征求意见。特斯拉Cybercab在德州 超级工厂正式下线，实现"无方向盘/无油门"的硬件落地；Waymo新增4座运营城市。小鹏汽车明确2026 年为"全自动驾驶拐点"，提出智驾的"DeepSeek时刻"，并将智驾与座舱中心合并为"通用智能中心"，二 代VLA大模型即将推送。 以下为研究报告摘要： 下游应用维度相关标的：#Robotaxi视角：1）一体化模式：特斯拉/小鹏汽车；2）技术提供商+运营分 成模式： 地平线/百度/小马智行/文远知行/千里科技等；3）网约车/出租车的转型：滴滴/曹操出行/如祺出行/大众 交通（600611）/ 锦江在线（600650）。#Robovan视角：德赛西威+九识智能/新石器/白犀牛（拟上市）等。#其他无人车 视角：矿卡（拟上市：希迪智驾/易控智驾等）/港口（经纬恒润等）/环卫车（盈峰环境（000967） 等）/巴士（文远知行等） 上游供应链维度相关标的：1）B端无人车代工（北汽蓝谷（600733）/广汽集团（ ...

证券研究报告 AI智能汽车3月投资策略： L3/L4开启征求意见，北美Robotaxi加速，看好智能化 目录 一、AI智能汽车投资框架 二、L4 RoboX 月度跟踪 三、L2-L3智能化C端月度跟踪 五、智能化供应链跟踪 四、智能化终端体验跟踪 六、风险提示 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2026年2月27日 请务必阅读正文之后的免责声明部分 核心结论 2 ◼ 2月智能化边际变化总结：国标L3/L4开启征求意见，智驾或开启DeepSeek时刻。国内监管持续跟进，工信部 就L3/L4自动驾驶安全要求等五项强标公开征求意见。特斯拉Cybercab在德州超级工厂正式下线，实现"无方 向盘/无油门"的硬件落地；Waymo新增4座运营城市。小鹏汽车明确2026年为"全自动驾驶拐点"，提出智 驾的"DeepSeek时刻"，并将智驾与座舱中心合并为"通用智能中心"，二代VLA大模型即将推送。 ◼ 3月智能化催化：持续关注法规边界，跟踪L4、L3落地体验。跟踪工信部五项强标征求意见反馈及最终定稿时 间表 ...

Core Viewpoint - The article emphasizes the potential for L4 autonomous driving commercialization in North America, with regulatory changes allowing for a significant increase in vehicle deployment limits from 2,500 to 90,000 units. It highlights Tesla's launch of a no-safety-driver Robotaxi service in Austin and the advancements in L2-L3 autonomous driving technologies by various companies [3][10]. Investment Highlights - January's summary indicates that L4 commercialization in North America may be relaxed, with discussions on increasing the annual deployment cap for vehicles without traditional controls. Tesla has launched a no-safety-driver Robotaxi in Austin and plans to eliminate the FSD buyout model. In the L2-L3 segment, Nvidia has released an open-source autonomous driving model, Alpamayo, while companies like WeRide and Qianli Technology are launching or upgrading end-to-end solutions [3][10]. - February's focus is on monitoring the implementation of overseas L4 policies and the user experience of domestic L2-L3 intelligent vehicles. The results of the U.S. hearings are crucial, as they may lead to unified federal and state regulations. Tesla's no-safety-driver service will be closely observed for safety and reliability during this critical period [4][10]. Investment Recommendations - The company maintains a strong outlook for the L4 RoboX theme by 2026, favoring B-end software companies over C-end hardware firms. Preferred H-shares include Xpeng Motors, Horizon Robotics, WeRide, Cao Cao Mobility, and Black Sesame Intelligence, while A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [5][10]. - Downstream application-related stocks are categorized into three perspectives: - Robotaxi perspective includes integrated models like Tesla and Xpeng Motors, and technology providers with revenue-sharing models such as Horizon Robotics and Baidu [5][10]. - Robovan perspective includes Desay SV and other emerging companies [6][10]. - Other autonomous vehicle perspectives cover mining trucks, ports, sanitation vehicles, and buses [6][10]. Supply Chain Insights - The upstream supply chain includes B-end autonomous vehicle OEMs like BAIC BluePark, GAC Group, and Jiangling Motors, as well as core suppliers for testing services, chips, domain controllers, sensors, and other components [6][10]. - Key suppliers for chips include Horizon Robotics and Black Sesame Intelligence, while domain controllers involve Desay SV and other companies [6][10]. Key Events Summary - Significant events in January include Nvidia's release of the open-source autonomous driving model Alpamayo and discussions in the U.S. regarding regulatory changes for autonomous vehicles. Tesla's FSD v14.2 achieved a milestone of 2 days and 20 hours of zero intervention driving across the U.S. [46][10].

Core Conclusions - The report highlights a potential loosening of regulations for L4 commercialization in North America, with discussions to increase the annual deployment limit of vehicles without traditional controls from 2,500 to 90,000 [2] - The report emphasizes the importance of monitoring the outcomes of the U.S. hearings and the potential unification of federal and state regulations, as well as the initial operational safety and reliability of Tesla's no-safety-driver Robotaxi service launched in Austin [2][11] - Investment recommendations favor B-end software companies over C-end hardware companies, with specific stock picks in both H-shares and A-shares [2] AI Smart Car Investment Framework - The report outlines a spiral upward iteration of hardware and software, indicating that each significant capability upgrade represents a paradigm shift in thinking [7] - The timeline for L1 to L4 development is projected, with significant advancements expected by 2030, particularly in the areas of E/E architecture upgrades and high-computing chips [8][10] L4 RoboX Monthly Tracking - Tesla's Robotaxi business is rapidly advancing, particularly in Austin, with plans for expansion into other regions like California and New York [22] - The report details the growth of Tesla's Robotaxi fleet, with a notable increase in operational area from 20 square miles to 243 square miles in Austin [24] - Comparatively, Waymo's operational area expansion is characterized by a more gradual approach, with a broader geographic footprint but less rapid growth in individual regions [25] L2-L3 Smartization C-end Monthly Tracking - The report forecasts a total retail sales volume of 22 million vehicles in 2026, reflecting a year-on-year decrease of 3.2% [39] - It provides detailed projections for passenger car sales, including a breakdown of domestic and new energy vehicle sales, with expected penetration rates for new energy vehicles reaching 60% by 2026 [39][41] Smartization Supply Chain Tracking - The report identifies key players in the smart vehicle supply chain, including B-end unmanned vehicle manufacturers and core upstream suppliers such as chip manufacturers and sensor providers [2] - It emphasizes the importance of collaboration between technology providers and vehicle manufacturers to enhance the overall smart vehicle ecosystem [20]

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].