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 [71]. Core Insights - The main contradiction in C-end automotive intelligence has shifted from coverage to experience optimization, with major intelligent driving manufacturers achieving urban NOA experiences in complex scenarios such as roundabouts and U-turns, and enhancing advanced features like parking and ETC passage. Future optimization will focus on handling corner cases to improve the driving experience for passengers and safety personnel [2][66]. - Compared to 2025, all major manufacturers have improved their intelligent driving capabilities in Q1 2026, with third-party suppliers also showing excellent implementation results [2][66]. - The report evaluates the intelligent driving experiences of six manufacturers, including Horizon, Ideal, Qianli Zhijia, Lightyear, WeRide, and Xiaopeng, through both large-sample and small-sample road tests, focusing on scene implementation, takeover frequency, and comfort [2][66]. Summary by Sections Road Test Overview - The report includes two types of road tests: large-sample centralized road tests and small-sample deep road tests, each with distinct advantages and limitations [6][7]. - The large-sample test involved over 30 participants and standardized routes, while the small-sample test used consistent evaluators and longer durations for a more in-depth experience [7][8]. Intelligent Driving Models Tested - The models tested in February 2026 included: - Xingtou ET5 - Ideal i6 - Geely 9X - Ideal L6 Pro - Xingtou Star Era ES - Xiaopeng X9 [8][10]. Performance Metrics - Key performance metrics evaluated include overall evaluation, takeover frequency, stability performance, and efficiency in various driving scenarios such as roundabouts and U-turns [23][41]. - The report provides detailed performance scores for each model, indicating their ability to handle complex driving situations and overall driving smoothness [41][46][50][56][61][62]. Manufacturer Insights - Horizon's HSD achieved an average score of 4.55 with a total takeover frequency of 0.16, demonstrating excellent handling of road test scenarios [41]. - Ideal's AD Max scored 3.51 with an average takeover frequency of 1.86, showcasing strong performance in stability and handling [46]. - Qianli's G-ASD scored 3.05 with a takeover frequency of 2.60, indicating good performance in complex scenarios [50]. - Lightyear's AD Pro scored 2.89 with a takeover frequency of 2.75, performing well in roundabout scenarios [56]. - WeRide's E2E scored 3.84 with a low takeover frequency of 0.70, indicating strong performance in efficiency [61]. - Xiaopeng's XNGP scored 3.64 with a takeover frequency of 1.20, showing good stability and efficiency [62].