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].

智通财经APP获悉，智驾概念股多数走高，截至发稿，黑芝麻智能(02533)涨7.32%，报20.96港元；浙江 世宝(01057)涨6.26%，报5.26港元；小马智行-W(02026)涨6.29%，报123.4港元；文远知行-W(00800)涨 4.54%，报24.42港元。 消息面上，据报道，最近，一辆搭载FSD v14的Model 3，从美国西海岸洛杉矶出发，横穿整个大陆，在 2天20小时内抵达东海岸南卡罗来纳州。全程2732英里，100%依赖FSD，覆盖高速公路、城市道路、夜 间驾驶及多次进出超级充电站等复杂场景，整个行程未出现任何人工接管。东吴证券指，继续坚定看好 2026年L4 RoboX主线。东方证券认为，在法规政策支持、市场需求提升的驱动下，预计2026年L3级自 动驾驶产业化进展有望持续加速，相关智驾硬件及软件供应商有望受益。 ...

智驾概念股多数走高，截至发稿，黑芝麻（000716）智能(02533)涨7.32%，报20.96港元；浙江世宝 （002703）(01057)涨6.26%，报5.26港元；小马智行-W(02026)涨6.29%，报123.4港元；文远知行- W(00800)涨4.54%，报24.42港元。 消息面上，据报道，最近，一辆搭载FSD v14的Model3，从美国西海岸洛杉矶出发，横穿整个大陆，在 2天20小时内抵达东海岸南卡罗来纳州。全程2732英里，100%依赖FSD，覆盖高速公路、城市道路、夜 间驾驶及多次进出超级充电站等复杂场景，整个行程未出现任何人工接管。东吴证券指，继续坚定看好 2026年L4RoboX主线。东方证券认为，在法规政策支持、市场需求提升的驱动下，预计2026年L3级自 动驾驶产业化进展有望持续加速，相关智驾硬件及软件供应商有望受益。 ...