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].

Group 1 - The core viewpoint of the article is that Qijing Automotive is set to launch two new vehicles this year, both equipped with Huawei's latest intelligent driving and HarmonyOS cockpit technologies [1] - Huawei's Intelligent Automotive Solutions BU CEO stated that Qijing is a new brand co-created by both companies, representing a fresh exploration in the smart automotive sector [1] - The first vehicle from Qijing, an elegant shooting brake model with the internal code F03, is positioned as "the most beautiful Chinese sedan" and is expected to be released in 2026 [1] Group 2 - The design development of Qijing's first product involved nearly a hundred participants from both Huawei's Milan Aesthetics Research Institute and the Qijing team, taking eight months of rigorous refinement to finalize the design [1] - Huawei's executive team, led by Yu Chengdong, visited GAC Group to discuss building the HarmonyOS ecosystem and toured the GAC exhibition hall [1]

Group 1 - The company Desay SV (002920.SZ) has launched its low-speed unmanned vehicle series, Chuanxing Zhiyuan S6, which has gained significant attention and received customer orders [2] - The company also offers intelligent driving domain control products that can be supplied to unmanned logistics companies [2]

来源：环球网 【环球网科技综合报道】1月5日消息，小米创办人、董事长兼 CEO 雷军近日现场直播工程师拆车，拆 一台新的小米 YU7。 对于这台拆过的 YU7 如何处理，雷军发文称："我专门问了拆车的工程师，他们说，肯定能装回去，这 几天就把车装好，并且会经过严格的质量检验。当然，这辆车不会再进入销售渠道，将来可能做试验 用。" 对于装车是否要进行直播，雷军回复称："啊？拆车直播，很多人觉得看不懂。"（思瀚） ...

1月5日消息，广汽集团（601238）与华为联合打造的全新品牌"启境"首款猎装轿跑近期频繁被目击于公 共道路，引发广泛关注。作为华为乾崑"第一境"，启境是华为乾崑唯一技术、团队、流程、理念四大资 源毫无保留投入的品牌，代表了华为乾崑在智能汽车领域的最高战略意图。 综合汽车社区、路测追踪平台及行业信源信息，该车型的路测活动已扩展至全国20余座城市，测试密度 和地理跨度均处于行业前列。尽管外观仍处保密状态，但其猎装轿跑形态，融合轿跑流线美学与掀背式 尾门实用性，已通过车身轮廓显露无遗。 测试内容不仅包括传统机械性能，如转向精准度、悬架滤震表现，更深入考察智能座舱语音识别准确 率、多屏联动流畅度、自动泊车成功率等用户体验细节。此外，有消息表示，该款车型在不同网络环境 下的V2X通信稳定性也成为验证重点之一。 此次广泛路测也被视为市场预热的重要环节，在消费者对智能化、设计感与实用性的综合要求日益提升 的当下，启境通过实车高频曝光，逐步建立产品认知与品牌期待。随着工程验证进入尾声，这款集美 学、科技与性能于一体的猎装轿跑，将在今年6月份正式揭开面纱，冲击细分市场格局。 ...

2025年12月26日，重庆街头出现一道标志性的智能出行风景线——46辆搭载我国首批L3级自动驾驶专 用正式号牌的深蓝汽车平稳驶入城市道路。 作为长安汽车旗下核心智能电动品牌，深蓝汽车凭借此次先发优势，叠加61.22亿元增资扩股的资本助 力、33.3万辆的2025年销量佳绩，以及累计超70万辆的全球交付基础，正以"技术+资本+市场"的三重合 力，重塑中国智能汽车产业的竞争格局，为全球自动驾驶商业化提供"中国方案"。 "L2到L3是一个巨大的跨越，这个跨越的背后是责任主体的判断，对于安全的要求完全不一样。"深蓝 汽车董事长邓承浩在接受中国证券报记者采访时直言，这一突破不仅是技术的胜利，更是产业生态走向 成熟的标志。 技术合规双轮驱动 长安科技人工智能基础与应用副总经理梁锋华称，L3级自动驾驶的安全性要求达到人类驾驶的几十 倍，需通过传感、系统等多重冗余设计，确保单点失效时仍能无缝切换，同时预留充足接管时间，并设 置最小风险兜底策略。 此次上路的46辆深蓝汽车，获准在重庆内环快速路等指定路段的拥堵环境下，以最高时速50公里进行自 动驾驶。"之所以做这一限定，主要是为了积累拥堵场景下的驾驶数据，通过不同场景示范带动 ...

Core Insights - Beijing Economic-Technological Development Area (BDA) aims to establish a high-quality business environment and enhance new productive forces during the 14th Five-Year Plan period, focusing on economic quality, urban appearance, and public welfare improvements [1] Group 1: Project Developments - 22 key projects were signed and initiated on the first working day of 2026, with over 80% of these projects focusing on future industries [2] - Notable projects include Baichang Intelligent Automotive's plan to establish a vehicle manufacturing company for L4 autonomous vehicles, targeting revenues of billions by 2030 [2] - ZTE Corporation is focusing on AI and 6G technologies, having established six companies in the BDA, with significant advancements in core technologies and production lines [2] Group 2: Infrastructure and Urban Development - The ten benchmark projects initiated include a biopharmaceutical raw material base by Sanofi, which will create a complete insulin production chain locally [3] - Investments in urban infrastructure and ecological governance have increased significantly, with projects like the expansion of Tongren Hospital and ecological improvements at Tongming Lake [3] Group 3: Business Environment Optimization - BDA has launched the "Top Ten Plans for Optimizing the Business Environment" to enhance the institutional framework for new productive forces [4] - The focus will be on reforming and innovating to eliminate barriers to productivity, thereby stimulating innovation and creativity across society [4] - The development blueprint indicates that BDA will strengthen its role as a driving force for economic development in the capital, with improvements in living standards and urban integration [4]

我专门问了拆车的工程师，他们说，肯定能装回去，这几天就把车装好，并且会经过严格的质量检验。 当然，这辆车不会再进入销售渠道，将来可能做试验用。 来源：新浪网 对于这台拆过的YU7如何处理，雷军昨晚发文表示： 不少朋友问，你们拆车直播的 YU7，最后还能装回去吗？ 1月5日消息，小米创办人、董事长兼CEO雷军在1月3日直播中，现场与工程师拆了一台新的小米 YU7。 ...

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 [29]. Core Insights - 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, placing it in the 96th percentile since the beginning of 2023. The PS (TTM) for the index excluding Tesla is 6.4x, in the 90th percentile since early 2023 [2][10]. - Key developments in the industry include the achievement of over 1,159 Robotaxi units by Xiaoma Zhixing, surpassing the 1,000-unit target for 2025, and Tesla's FSD V14.2 completing a 2-day, 20-hour cross-country drive without human intervention [2][14]. - 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, Xiaoma Zhixing, and others in the H-share market, as well as Qianli Technology and Desay SV in the A-share market [2][14]. Summary by Sections Industry Performance Review - The smart car index has shown a significant decline of 6.2%, while the index excluding Tesla has seen a slight increase of 0.2% [2][8]. - The top five performers in the smart car index include Youjia Innovation, Wenyan Zhixing, Xiaoma Zhixing, Hesai, and Xiaopeng Motors [2]. Key Changes in the Industry - Xiaoma Zhixing has exceeded its 2025 target for Robotaxi units, achieving a total of 1,159 vehicles [14]. - Tesla's FSD V14.2 has successfully completed a cross-country drive without human intervention, marking a significant milestone in autonomous driving technology [14][18]. Investment Recommendations - The report suggests focusing on B-end software companies, with specific recommendations for H-shares and A-shares in the smart car sector [2][14]. - Downstream application perspectives include integrated models like Tesla and Xiaopeng Motors, as well as technology providers and operational sharing models involving companies like Horizon Robotics and Baidu [2]. Upstream Supply Chain Insights - Key upstream supply chain companies include those involved in B-end unmanned vehicle manufacturing and core suppliers for testing services, chips, domain controllers, sensors, and more [2].

Core Viewpoint - The article discusses Xiaomi's recent live stream led by Lei Jun, addressing various controversies and criticisms regarding the company's new vehicle, the YU7, while emphasizing transparency and commitment to quality [1]. Group 1: Material and Design Controversies - Lei Jun confirmed the authenticity of the "super steel" used in the YU7, developed in collaboration with academic experts, and invited third-party testing to validate its strength [3]. - The design of the YU7's long front end was defended as a balance of aesthetics and practicality, enhancing safety and providing a spacious front trunk [5]. Group 2: Safety Features - The vehicle's wheel detachment during collisions was explained as a safety feature designed to protect passengers by redirecting impact forces [4]. - The YU7's door handle incorporates a dual mechanical design to ensure functionality even in extreme conditions, showcasing industry-leading safety redundancy [7]. Group 3: Marketing and Public Relations - Lei Jun acknowledged the issue of "small print marketing" as a common industry practice and committed to making changes to improve clarity in advertising [8]. - The company refuted rumors about preventing farmers from selling millet, emphasizing its unrelatedness to agricultural products and expressing outrage over the misinformation [9]. Group 4: Legal and Regulatory Matters - Lei Jun denied the claim of having 7,000 legal staff, asserting that the legal team is actively pursuing cases against malicious infringement [10]. - The company is taking steps to combat defamation and misinformation, with a focus on protecting its reputation and the rights of its customers [10]. Group 5: Performance Claims - Lei Jun provided evidence to support the claim of the YU7 achieving 1,300 kilometers on a single charge, clarifying that this was based on real-world testing and not exaggerated marketing [12]. - The statement regarding the vehicle's braking performance was clarified as a subjective expression rather than a technical specification, addressing concerns about misinterpretation [11].