恒生港股通汽车主题指数由港股通范围内40只汽车产业链相关股票组成，覆盖港股整车龙头及智能化供 应链核心公司。港股通汽车ETF易方达（159121）等产品跟踪该指数，为投资者参与汽车产业智能化发 展过程提供了便捷工具。 近日，特斯拉正式向公众提供无安全员的Robotaxi服务，并计划逐步提高无人车队比例。公司预计大规 模运营后成本将低于0.2美元/英里，并认为自动驾驶将在2026年变得"非常普及"。 市场分析认为，此举标志着L4级自动驾驶从测试正式迈入规模化商业运营阶段，验证了技术可行性与 初步商业模式，将为全球智能驾驶产业链带来明确的需求拉动与估值锚定。 ...

Core Viewpoint - Xiaopeng Motors has outlined its "Physical AI" strategy and clear mass production plans, including the launch of the industry's first L4-level initial capability VLA large model, which will be pushed to multiple new vehicles in the first quarter and will begin Robotaxi operations in 2026 [1] Group 1 - The introduction of the industry's first L4-level initial capability VLA large model marks a critical transition from "assisted driving" to "high-level autonomous driving" [1] - This system aims to meet the needs of both individual users and Robotaxi operations, systematically validating the future value and monetization paths of intelligent driving [1] - The development provides a solid anchor for the valuation of the entire industry's intelligence [1] Group 2 - The Hang Seng Hong Kong Stock Connect Automotive Theme Index consists of 40 stocks related to the automotive industry within the Stock Connect range, covering leading automakers and key companies in the intelligent supply chain [1] - The Hong Kong Stock Connect Automotive ETF, such as E Fund (159121), tracks this index, offering investors a convenient tool to participate in the automotive industry's intelligent value reassessment process [1]

Core Insights - Nvidia has launched the new open-source VLA model Alpamayo at the CES conference, which will first be integrated into the new Mercedes-Benz CLA model [1] - The unveiling of Nvidia's global L4 autonomous driving and Robotaxi ecosystem indicates that the "chip + algorithm" integrated model is becoming the mainstream supply path for advanced intelligent driving [1] - The industry is entering a critical acceleration phase for commercial operation of L4 autonomous driving, with a resonance of trends both domestically and internationally, presenting opportunities for valuation recovery from technology development to scale profitability [1] Industry Overview - The Hang Seng Hong Kong Stock Connect Automotive Theme Index consists of 40 stocks related to the automotive industry within the Stock Connect range, covering leading companies in the Hong Kong automotive sector and core companies in the intelligent supply chain [1] - Investors can track investment opportunities in the intelligent driving industry chain through products like the E Fund Automotive ETF (159121) [1]