炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：杰哥科技眼 2026年2月，特斯拉FSD自动辅助驾驶套件在中国已推送近一年，舆论却两极撕裂：一边是"遥遥领 先"的拥趸，称其"像真人开车"；另一边是车主晒出的罚单合集——压线、闯红灯、误入非机动车 道，"驾照分不够扣"。 FSD到底被神化了吗？它是中国路况的最佳解吗？ 一、FSD的"人味"，是优势也是软肋 必须承认，FSD有其惊艳之处。 纯视觉方案下，它能在无车道线的路口靠右行驶，能丝滑变道、预判加塞，红灯前缓缓刹停如老司机 ——这种"拟人感"，远超多数依赖高精地图+激光雷达的国产智驾。 其底层逻辑也足够先进：端到端神经网络+世界模型，让AI通过观看数百万小时人类驾驶视频"自学成 才"，而非执行预设规则。这使其在开放道路具备强泛化能力，甚至能模仿大货车路线试探前行，展现 出某种"思考感"。 但问题恰恰出在这里：太像人，也会犯人的错。 在美国空旷高速上，FSD可零接管穿越4397公里；但在中国，它会在实线前"效率优先"强行变道，在左 转专用车道直行，在斑马线前因行人犹豫而长时间停滞。更危险的是，它对"中国特有元素"几近失明： 外卖骑 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2] Core Viewpoints - The launch of Xiaomi SU7 Ultra at a significantly reduced price of 529,900 RMB, down from the pre-sale price of 814,900 RMB, is expected to drive substantial growth in the supply chain [5][11] - The SU7 Ultra has received over 15,000 pre-orders within a day, indicating strong market demand and a projected delivery volume that will exceed the initial estimate of 10,000 units for 2025 [5][11] - The report highlights advancements in intelligent driving technology, with notable updates from Tesla and Chery, indicating a competitive landscape in the smart driving segment [12][13] Industry Dynamics - **Industry News**: Significant progress in FSD (Full Self-Driving) technology in China, with software updates starting from February 25 [12] - **New Models**: The report lists several new vehicle launches, including the Xiaomi SU7 Ultra, which is a fully electric sedan [31] - **Company Announcements**: Changan Automobile's subsidiary Avita Technology has completed a significant equity purchase from Huawei, indicating strategic partnerships in the industry [33] Market Performance - The automotive sector underperformed the broader market, with a decline of 2.72% from February 24 to February 28, 2025, compared to a 2.22% drop in the CSI 300 index [34][41] - The report notes a decrease in the price-to-earnings (PE) ratio for the automotive sector, which stood at 28.1 times as of February 28, 2025 [41] Data Tracking - **Monthly Data**: In January 2025, retail sales of passenger vehicles reached 1.794 million units, a year-on-year decrease of 12.01% [44][52] - **New Energy Vehicles**: Retail sales of new energy passenger vehicles were 744,000 units in January, with a penetration rate of 41.5%, reflecting a year-on-year increase of 8.73 percentage points [52][57] - **Intelligent Driving Penetration**: The penetration rate for vehicles equipped with L2.5 and above intelligent driving systems reached a historical high of 14.39% in December 2024 [59]