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 ...

Core Insights - The approval of Elon Musk's compensation plan by shareholders is seen as noise, while the real value of the report lies in revealing key signals that will profoundly impact Tesla's stock price in the next 6-12 months [1] - Morgan Stanley emphasizes that Tesla's relationship with xAI, advancements in Full Self-Driving (FSD), vertical integration of chips, distributed inference cloud networks, space AI satellites, and the revolutionary production method of Cybercab will reshape Tesla's long-term value, pointing towards an AI-driven "Muskonomy" [1] Group 1: Tesla and xAI Relationship - The market seems to overlook the symbiotic relationship between Tesla and xAI, which is crucial for Tesla's long-term success [6] - The report highlights that the financial and strategic relationship between the two companies will become increasingly evident as Tesla enters the next phase of physical AI and autonomous driving [7] - A recursive loop in data, hardware, and manufacturing between Tesla and xAI is established, with their value systems stemming from the same creator, which is critical for the future success of Tesla's physical AI and autonomous driving [8] Group 2: Full Self-Driving (FSD) and Technological Breakthroughs - Musk's confidence in FSD V14.3 achieving "texting while driving" garnered significant applause, indicating the market may underestimate the importance of this moment [10] - Transitioning driving responsibility from humans to pure visual algorithms represents a historic technological breakthrough in the transportation sector, akin to the "steam engine moment" [11] Group 3: Distributed Inference Cloud and AI Satellites - Musk proposed a "massive" distributed inference cloud, offering $100 or $200 monthly to car owners for allowing Tesla to perform AI inference calculations when their vehicles are not in use, potentially creating an unprecedented edge computing network [12] - The concept of "solar AI satellites" suggests a strategic collaboration between Tesla and SpaceX in the realm of space computing, addressing the growing demand for computational power and energy [14] Group 4: Revolutionary Manufacturing Techniques - The production goal for Cybercab is set at "one vehicle every 10 seconds," significantly surpassing the traditional automotive manufacturing pace of 60-90 seconds, indicating a major leap in mass production methods since Henry Ford [16] - Tesla aims to implement a "non-box" production line with minimalist design and nearly zero customization, utilizing pre-coated plastic composite materials for vehicle panels, potentially eliminating the need for paint shops [16]