未经许可，不得转载或者引用。 投资要点 本周智能汽车行情复盘： 我们编撰的智能汽车指数-3.0%，智能汽车指数（除特斯拉）+3.9%，智能汽车指数（除整 车）-3.5%。 截至2026年3月27日，智能汽车指数PS(TTM）为12.9x，该估值位于2023年初以来 84%分位数；智能汽车指数（除特斯拉）PS(TTM）为4.1x，该估值位于2023年初以来56%分位 数；智能汽车指数（除整车）PS(TTM）为6.6x，该估值位于2023年初以来57%分位数。智能汽 车指数标的 文远知行、如祺出行、希迪智驾、开勒股份、理想汽车涨幅前五。 本周行业核心变化： 1）特斯拉FSD V14.3已进入内部测试阶段，预计"几周内"面向用户大规模推送，最晚于4月下 旬上线，该版本加入大量逻辑推理能力与强化学习；2）3月23日，小鹏汽车正式成立Robotaxi 业务部，统筹产品定义、项目集成、研发测试及运营工作，计划下半年开启载客示范运营;3） 3月24日，Momenta已向港交所秘密递交招股书，计划2026年内挂牌。 当前时点智能汽车板块投资建议：继续坚定看好2026年L4 RoboX主线！ B端软件标的>C端硬件标的。H股优 ...

证券研究报告 智能汽车主线周报： 小鹏成立Robotaxi业务部，看好智能化 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年3月30日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2026.3.23-2026.3.29 2 ◼ 本周智能汽车行情复盘：我们编撰的智能汽车指数-3.0%，智能汽车指数（除特斯拉）+3.9%，智能汽车指数（除整车）- 3.5%。截至2026年3月27日，智能汽车指数PS(TTM）为12.9x，该估值位于2023年初以来84%分位数；智能汽车指数（除特 斯拉）PS(TTM）为4.1x，该估值位于2023年初以来56%分位数；智能汽车指数（除整车）PS(TTM）为6.6x，该估值位于 2023年初以来57%分位数。智能汽车指数标的文远知行、如祺出行、希迪智驾、开勒股份、理想汽车涨幅前五。 （ ◼ 本周行业核心变化：1）特斯拉FSD V14.3已进入内部测试阶段，预计"几周内"面向用户大规模推送，最晚于4月下旬上线， 该版本加入大量逻辑推理能力与强化学习；2）3月23日，小鹏汽车 ...

证券研究报告 智能汽车主线周报： 文远知行与小马智行接入腾讯出行，看好智能化 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年3月16日 请务必阅读正文之后的免责声明部分 核心结论 （ ◼ 本周智能汽车行情复盘：我们编撰的智能汽车指数+2.1%，智能汽车指数（除特斯拉）-2.3%，智能汽车指数（除整车） +3.3%。截至2026年3月13日，智能汽车指数PS(TTM）为13.8x，该估值位于2023年初以来91%分位数；智能汽车指数（除 特斯拉）PS(TTM）为5.1x，该估值位于2023年初以来65%分位数；智能汽车指数（除整车）PS(TTM）为8.4x，该估值位于 2023年初以来64%分位数。智能汽车指数标的小鹏汽车、京东物流、文远知行、四维图新、舜宇光学科技涨幅前五。 ◼ 本周行业核心变化：1）黄仁勋亲测英伟达Alpamayo 辅助驾驶系统，在22分钟的实际道路测试中实现全程无接管，成功应对 施工路段、并排违停车辆、狭窄车道等复杂日常路况；2）文远知行与小马智行正式接入腾讯出行服务小程序，用户可在微信内 完成Robotaxi ...

Investment Highlights - The smart car index decreased by 2.0%, while the index excluding Tesla increased by 1.6%, and the index excluding complete vehicles fell by 5.8% [4][9] - As of March 6, 2026, the smart car index PS (TTM) is 14.0x, placing it in the 93rd percentile since the beginning of 2023; the index excluding Tesla is 5.3x, in the 73rd percentile; and the index excluding complete vehicles is 8.9x, in the 70th percentile [4][16] Industry Core Changes - Xpeng announced the full rollout of its second-generation VLA this month [5][9] - Hongmeng Zhixing launched a new generation of 896-line dual-light path image-level lidar, with the new versions of the Zun Jie S800 and Wen Jie M9 debuting [5][9] - WeRide's Robotaxi service in Dubai will resume this week [5][9] - Ideal Auto's internal robot team, codenamed "Nexus," has reportedly been in development for nearly a year, currently planning two types of products: dual-wheel and bipedal [5][9] - Horizon Robotics announced it has entered the stage of large-scale production, covering 10 automotive brands and securing over 20 model designations [5][9] Current Investment Recommendations - The smart car sector is recommended for continued investment, particularly focusing on the L4 RoboX main line by 2026 [6][9] - Preference for B-end software stocks over C-end hardware stocks [6][9] - Recommended H-shares include Xpeng Motors, Horizon Robotics, Xiaoma Zhixing, WeRide, Cao Cao Mobility, and Black Sesame Intelligence; A-shares include Qianli Technology, Desay SV, and Jingwei Hengrun [6][9] Downstream Application Perspectives - For Robotaxi: 1. Integrated model: Tesla/Xpeng Motors 2. Technology providers + operational sharing model: Horizon/Baidu/Xiaoma Zhixing/WeRide/Qianli Technology 3. Transformation of ride-hailing/taxi services: Didi/Cao Cao Mobility/Ruqi Mobility/Volkswagen Transportation/Jinjiang Online [6][9] - For Robovan: Desay SV + Jiushi Intelligent/New Stone Technology [6][9] - Other autonomous vehicle perspectives include mining trucks (Xidi Zhijia, etc.), ports (Jingwei Hengrun, etc.), sanitation vehicles (Yingfeng Environment, etc.), and buses (WeRide, etc.) [6][9] Upstream Supply Chain Perspectives - B-end autonomous vehicle OEMs: BAIC Blue Valley, GAC Group, Jiangling Motors, and Tongli Co. [6][9] - Key upstream suppliers include testing services (China Automotive Research, etc.), chips (Horizon Robotics, Black Sesame Intelligence), domain controllers (Desay SV, Jingwei Hengrun, etc.), sensors (Sunny Optical Technology, Hesai, etc.), steer-by-wire chassis (Bertley, Nexperia, etc.), lights (Xingyu Co.), and glass (Fuyao Glass) [6][9]

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 [24]. Core Insights - The smart automotive index decreased by 2.0%, while the index excluding Tesla increased by 1.6%. The index excluding complete vehicles fell by 5.8%. As of March 6, 2026, the smart automotive index PS (TTM) is 14.0x, placing it in the 93rd percentile since the beginning of 2023 [2][8][13]. - Key developments in the industry include the full rollout of Xiaopeng's second-generation VLA, the launch of new laser radar by Hongmeng Zhixing, and the resumption of Robotaxi services by WeRide in Dubai [2][15]. - The investment recommendation emphasizes a strong outlook for the L4 RoboX theme in 2026, favoring B-end software stocks over C-end hardware stocks [2]. Summary by Sections Industry Performance Review - The smart automotive index has shown varied performance, with a notable decline in the overall index and a mixed performance among key stocks [2][8]. - The top-performing stocks include Xidi Zhijia, JD Logistics, Ruqi Mobility, and Tesla, while stocks like Cao Cao Mobility and Pony.ai faced declines [14]. Key Changes in the Industry - Xiaopeng's second-generation VLA is set for full rollout this month, and new products from various companies are being introduced, indicating ongoing innovation in the sector [2][15]. - The industry is witnessing significant advancements in autonomous driving technology, with companies like Horizon Robotics entering mass production phases [2]. Investment Recommendations - Recommended stocks include Xiaopeng Motors, Horizon Robotics, and various other companies across different segments such as Robotaxi and Robovan [2]. - The report suggests focusing on both downstream application dimensions and upstream supply chain dimensions for investment opportunities [2].

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 [24]. Core Insights - The smart automotive index decreased by 2.0%, while the index excluding Tesla increased by 1.6%. The index excluding complete vehicles fell by 5.8%. As of March 6, 2026, the smart automotive index PS (TTM) is 14.0x, placing it in the 93rd percentile since the beginning of 2023 [2][8][13]. - Key developments in the industry include the full rollout of Xiaopeng's second-generation VLA, the launch of new laser radar technology by Hongmeng Zhixing, and the resumption of Robotaxi services by WeRide in Dubai [2][15]. - The investment recommendation emphasizes a strong outlook for the L4 RoboX segment in 2026, favoring B-end software companies over C-end hardware companies. Preferred stocks include Xiaopeng Motors, Horizon Robotics, and WeRide [2][19]. Market Performance Review - The smart automotive index performance shows a decline of 2.0%, with the index excluding Tesla up by 1.6% and the index excluding complete vehicles down by 5.8% [8][12]. - The top-performing stocks in the smart automotive sector include Xidi Zhijia, JD Logistics, and Tesla, while the worst performers include Cao Cao Mobility and Pony.ai [14]. Company Dynamics - Xiaopeng Motors announced that its second-generation VLA will begin full rollout this month, with expectations for L4 fully autonomous driving within the next 1 to 3 years [15]. - WeRide is set to resume its Robotaxi operations in Dubai this week, indicating a recovery in autonomous vehicle services [15].

Investment Highlights - The smart car index decreased by 2.0%, while the index excluding Tesla fell by 3.4%, and the index excluding complete vehicles dropped by 3.0% [4][10] - As of February 27, 2026, the smart car index PS (TTM) is 14.2x, placing it in the 96th percentile since the beginning of 2023; the index excluding Tesla is 6.0x, in the 83rd percentile; and the index excluding complete vehicles is 10.0x, in the 81st percentile [4][17] Industry Core Changes - Guangzhou announced the full-scale opening of autonomous driving application scenarios [5][10] - Waymo accelerated its expansion, adding four cities in the U.S. for public autonomous taxi services, bringing the total to ten operational cities [5][10] - Abu Dhabi in the UAE officially launched Tesla's autonomous driving road tests to assess technology performance and verify safety [5][10] Current Investment Recommendations - The company maintains a strong outlook for the L4 RoboX main line in 2026, favoring B-end software stocks over C-end hardware stocks [6][10] - Preferred 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 Hirain [6][10] - Downstream application-related stocks include: - Robotaxi perspective: Integrated models (Tesla/Xpeng Motors), technology providers + operational sharing models (Horizon/Baidu/Pony.ai/Wenyan Zhixing/Qianli Technology), and the transformation of ride-hailing/taxi services (Didi/Cao Cao Mobility/Ruqi Mobility/Public Transport/Jinjiang Online) [6][10] - Robovan perspective: Desay SV + Jiusi Intelligent/New Stone Technology [6][10] - Other autonomous vehicle perspectives: Mining vehicles (Xidi Zhijia, etc.), ports (Jingwei Hirain, etc.), sanitation vehicles (Yingfeng Environment, etc.), and buses (Wenyan Zhixing, etc.) [6][10] - Upstream supply chain-related stocks include: - B-end autonomous vehicle OEMs (BAIC Blue Valley/Guangqi Group/Jiangling Motors/Tongli Co.) [6][10] - Core upstream suppliers: Testing services (China Automotive Research/China Automotive Co.), chips (Horizon Robotics/Black Sesame Intelligence), domain controllers (Desay SV/Jingwei Hirain/Junsheng Electronics/Huayang Group/Keboda), sensors (Sunny Optical Technology/Hesai/Suteng Juchuang), steer-by-wire chassis (Bertley/Nexteer/Zhejiang Shibao), lights (Xingyu Co.), and glass (Fuyao Glass) [6][10]

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 [22]. Core Insights - The smart automotive index decreased by 2.0% this week, with the index excluding Tesla down by 3.4% and the index excluding complete vehicles down by 3.0%. As of February 27, 2026, the smart automotive index PS (TTM) is 14.2x, placing it in the 96th percentile since the beginning of 2023 [2][10]. - Key developments in the industry include Guangzhou's announcement to fully open unmanned driving application scenarios, Waymo's expansion to four new cities in the U.S. for public autonomous taxi services, and the launch of Tesla's autonomous driving road tests in Abu Dhabi [2][14]. - The investment recommendation for the smart automotive sector remains positive, particularly favoring B-end software companies over C-end hardware companies. Preferred stocks include Xiaopeng Motors, Horizon Robotics, and others [2]. Market Performance Review - The smart automotive index has shown a decline of 2.0%, with the index excluding Tesla down by 3.4% and the index excluding complete vehicles down by 3.0% [8]. - The top five performing stocks in the smart automotive sector this week include Cao Cao Mobility, Zhongyou Technology, Kailer Co., Bertley, and Zhejiang Seabow-H, with respective increases in stock prices [2][13]. Stock Recommendations - Recommended stocks for B-end software include Xiaopeng Motors, Horizon Robotics, and others, while A-share recommendations include Qianli Technology, Desay SV, and Jingwei Hengrun [2]. - Downstream application stocks are categorized into various perspectives, including Robotaxi and Robovan, with specific companies highlighted for each category [2]. Financial Forecasts - As of February 27, 2026, the total market capitalization and revenue forecasts for key companies in the smart automotive sector are provided, with specific PS and PE ratios for each company [17].

未经许可，不得转载或者引用。 投资要点 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。关注Waymo新城市运营的订单密度，以及特斯拉Cybercab下线后的首批路测数据。同 时，观察Uber在香港与百度、文远知行合作的具体落地进展。观察小鹏第二代VLA大模型在第 一季度的推送表现。 投资建议： 继续坚定看好2026年L4 RoboX主线！B端软件标的>C端硬件标的。H股优选【小鹏汽车+地平 线机器人+小马智行/文远知行+曹操/黑芝麻智能】；A股优选【千里科技+德赛西威+经纬恒 润】 下游应用维度相关标的： #Robota ...

Investment Highlights - The smart car index decreased by 0.5%, while the index excluding Tesla increased by 5.7%, and the index excluding complete vehicles rose by 3.9% as of February 13, 2026 [4][9] - The smart car index PS (TTM) is at 14.8x, placing it in the 98th percentile since the beginning of 2023; the index excluding Tesla is at 6.2x, in the 88th percentile; and the index excluding complete vehicles is at 10.5x, in the 86th percentile [4][16] Industry Core Changes - The Ministry of Industry and Information Technology has solicited opinions on five mandatory national standards, including safety requirements for autonomous driving systems, marking the start of the L3 and L4 national standards [5][21] - The Supreme People's Court of China released its first guiding case on traffic safety criminal liability, clarifying the driver's criminal responsibility when activating assisted driving features [5][21] - Tesla's first Cybercab without a steering wheel or accelerator was officially launched at its Texas Gigafactory, with the FSD supervision version accumulating over 8.2 billion miles driven [5][21] - Horizon Robotics has formed a strategic partnership with CATL's subsidiary, integrating hardware and software for a new model combining intelligent carriers and intelligent brains [5][21] - Waymo plans to supply 50,000 IONIQ 5 autonomous vehicles to Hyundai by 2028 and has begun deploying its sixth-generation autonomous driving system on the Ojai model based on the Geely platform [5][21] - Zhao Ming, former CEO of Honor, has joined Qianli Technology [5][21] Current Investment Recommendations - The smart car sector is expected to focus on the L4 RoboX theme by 2026, with a preference for B-end software stocks over C-end hardware stocks [6][9] - Recommended H-shares include Xpeng Motors, Horizon Robotics, Pony.ai/Wenyan Zhixing, and Cao Cao Mobility/Hezhima Intelligent; recommended A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [6][9] Downstream Application Dimensions - For Robotaxi perspective: 1) Integrated model: Tesla/Xpeng Motors; 2) Technology providers + operational sharing model: Horizon/Baidu/Pony.ai/Wenyan Zhixing/Qianli Technology; 3) Transformation of ride-hailing/taxi services: Didi/Cao Cao Mobility/Ruqi Mobility/Public Transport/Jinjiang Online [6][9] - For Robovan perspective: Desay SV + Jiushi Intelligent/Xinshiqi [6][9] - Other autonomous vehicle perspectives include mining trucks (Horizon Robotics) and port vehicles (Jingwei Hirain) [6][9] Upstream Supply Chain Dimensions - B-end autonomous vehicle OEMs include BAIC BluePark, GAC Group, Jiangling Motors, and Tongli Co [7][9] - Key upstream suppliers include testing services (China Automotive Research/China Automotive Technology), chips (Horizon Robotics/Hezhima Intelligent), domain controllers (Desay SV/Jingwei Hirain), sensors (Sunny Optical Technology/Hesai/Speeding Technology), steer-by-wire chassis (Bertel/耐世特/Zhejiang Sebao), headlights (Xingyu Co), and glass (Fuyao Glass) [7][9]