东吴证券近日发布汽车周观点：SＷ商用载货车(+3.8%)>SW乘用车(+2.8%)>SW汽车 (+1.7%)=SW汽车零部件（+1.7%）>SW商用载客车(-1.7%)。国内主流15家新能源车企9月交 付87.7万辆，同比15%，其中：小鹏/小米/长城新能源均首次破4万辆，鸿蒙再次突破5万 辆，理想重回3万+辆，蔚来交付再创新高至3.47万辆。鸿蒙假期7天累计大定突破4万台。 以下为研究报告摘要： 本周复盘总结：九月第四周交强险64.4万辆，环比上周/上月周度+26.7%/+25.0%。 当前时点汽车板块如何配置？ 我们认为汽车行业或又进入了新的十字路口阶段：汽车电动化红利进入尾声，汽车智能 化正在"黎明前黑暗"，机器人创新在产业0-1阶段。新旧逻辑切换阶段三类主线投资机会并 存。 【AI智能车主线】Robotaxi/van先行，C端紧跟。 下游应用维度核心标的：#Robotaxi视角：1）一体化模式：特斯拉/小鹏汽车/千里科技； 2）技术提供商+运营分成模式：地平线/百度/小马智行/文远知行；3）网约车/出租车的转 型：滴滴/曹操出行/如祺出行/大众交通/锦江在线。#Robovan视角：德赛西威+中邮科技+ ...

本周行业核心变化： 未经许可，不得转载或者引用。 投资要点 本周复盘总结：九月第二周交强险45.0万辆，环比上周/上月周度+24.9%/+4.9%。 本周细分板块涨跌幅排序:SＷ汽车零部件(+4.3%) > SW汽车(+3.0%) >SW乘用车(+1.9%) >SW商 用载客车（-0.5%）>SW商用载货车(-1.2%) 。本周已覆盖标的 均胜电子、恒帅股份、蔚来- SW、耐世特、双环传动 涨幅前五。 本周团队研究成果： 外发亚普股份深度报告。 1） 理想i6定档9/26正式上市； 2） 享界S9T正式上市，72小时大定1万辆。 3） 吉利银河M9正 式上市，大定突破2.3万辆； 4） 小马智行宣布正式进入新加坡市场，与新加坡最大交通运营服 务商康福德高（ComfortDelGro Corporation）合作在当地部署自动驾驶车辆和相关服务； 5） 旗下自动驾驶小巴Robobus正式获得比利时首个联邦级别的L4级自动驾驶测试牌照。 三类主线投资机会并存！ 本周市场对汽车核心关注？ 本周汽车A-H股汽车涨幅均属于行业前列，其中子板块零部件尤其是机器人品种涨幅最佳，以 均胜电子+新泉股份为代表。乘用车9月第二周 ...

Group 1 - The recent issuance of the "Opinions on Deepening the Implementation of 'Artificial Intelligence +'" by the State Council serves as a strategic impetus for the development of China's artificial intelligence industry, marking a shift from technological breakthroughs to broad integration across various sectors [1][2] - The automotive industry is identified as a key area for the application of AI, with significant potential for innovation and transformation in product forms, industry structure, and user experience [1][2] - The report highlights the emergence of numerous innovative companies in the automotive sector, leveraging AI to redefine traditional boundaries and create a comprehensive landscape of "Artificial Intelligence + Automotive" [2][3] Group 2 - Companies in the automotive sector are experiencing profound changes driven by AI, focusing on scenario applications and building a new ecosystem that promotes collaboration among technology, industry, and policy [3][4] - WeRide, a leading autonomous driving technology company, is actively exploring deep applications of AI in autonomous driving, with operations in over 30 cities across 11 countries [4][5] - The end-to-end AI model developed by WeRide enhances the performance of autonomous vehicles in complex traffic environments, enabling real-time perception, intelligent judgment, and autonomous decision-making [5][6] Group 3 - WeRide's Robotaxi service utilizes intelligent scheduling systems and AI prediction models to optimize routes and improve overall travel efficiency, offering a personalized user experience that differentiates it from traditional transportation services [4][5] - The company advocates for increased safety and reliability of AI technologies in complex traffic environments, alongside government efforts to establish standards and regulations for autonomous vehicle certification and operation [5][6]

Core Viewpoint - Baidu plays a pivotal role in China's autonomous driving sector, particularly in the Robotaxi market, similar to Google's influence with Waymo. The development paths of companies like WeRide, Pony.ai, and Apollo Go reflect the broader commercialization process of Robotaxi in China [1]. Group 1: WeRide - WeRide was founded by Han Xu, a former chief scientist at Baidu's autonomous driving division, and initially operated under the name Jingchi Technology. The company faced legal challenges from Baidu over alleged trade secret violations [3][4]. - The company shifted its focus from solely Robotaxi services to a multi-scenario approach, including the launch of RoboBus, a Level 4 autonomous minibus, and Robosweeper, an autonomous cleaning vehicle [4][5]. - In Q1 2023, WeRide reported revenue of approximately 72.44 million yuan, with Robotaxi contributing only 22.3% of that. However, by Q2 2023, revenue surged to 127 million yuan, with Robotaxi revenue increasing to 36.1% [5]. Group 2: Pony.ai - Pony.ai was co-founded by Peng Jun and Lou Tiancheng, both of whom have strong backgrounds in technology and experience at Baidu. The company established partnerships with automakers like Toyota to integrate autonomous driving into mass-produced vehicles [8][11]. - By 2023, Pony.ai had provided over 2.5 million autonomous rides, with a peak daily order volume of 15,000. The company also launched a "driverless heavy truck" business, completing over 500,000 kilometers of testing [12]. - Pony.ai's strategy emphasizes dual engines of Robotaxi and commercial freight, allowing it to diversify revenue streams and maintain a robust R&D team despite industry challenges [12]. Group 3: Apollo Go - Apollo Go, Baidu's in-house Robotaxi brand, benefits from the company's extensive resources in AI, mapping, and computing power. It was launched in 2021 and has rapidly expanded its operations across multiple cities [14][15]. - By Q2 2023, Apollo Go had provided over 14 million rides globally, with a quarterly order volume exceeding 1.4 million, making it the largest Robotaxi platform in China [16][18]. - Unlike its competitors, Apollo Go is fully funded by Baidu, allowing it to focus on scaling operations without the immediate pressure for profitability [18].

Future Trends - The future should look like the future [1] Technological Development - Robovan is mentioned, suggesting potential advancements in robotics or autonomous vehicles [1]

Core Viewpoint - Tesla is integrating hardware and software on a large scale to create a range of products and services that deeply incorporate artificial intelligence into the real world, aiming for a safer, cleaner, and better world [3] Group 1: Tesla's Vision and Strategy - Tesla envisions electric vehicles and humanoid robots as key components in transforming mobility and labor, with autonomous driving technology at the core of this vision [5] - Elon Musk indicated that approximately 80% of Tesla's future value will come from the Optimus humanoid robot project, shifting the company's focus from "energy sustainability" to "reshaping productivity with AI" [6] - Musk anticipates skepticism regarding this ambitious transformation, as some may view it as an impossible task or a mere fantasy without concrete plans [7] Group 2: Guiding Principles for Sustainable Prosperity - Musk outlined five guiding principles for achieving "sustainable prosperity": 1. Technological advancements can solve resource scarcity issues [9] 2. Innovation can break through constraints, similar to how internal combustion engines replaced horses [10] 3. Technology can address real-world problems, enhancing the availability and reliability of clean energy [11] 4. Automation must benefit all of humanity [12] 5. The more inclusive the technology, the more prosperous society will be [13] - These principles suggest a vision where machines create machines and serve humanity, hinting at high cost-performance products and potential regulatory considerations [15] Group 3: Progress and Challenges - Reflecting on Tesla's previous chapters, the ambitious goals of the fourth chapter appear daunting, especially given the unmet targets from earlier plans [16] - The first chapter set a three-step goal, with the third step of creating a more affordable electric vehicle still unfulfilled, and the zero-emission energy goal not yet meeting global standards [17] - The second chapter aimed to create an integrated energy ecosystem and expand product lines, but progress has been slower than expected [19] - The third chapter set quantitative targets for energy storage and renewable power equipment, but achieving these goals will take decades [22] - The fourth chapter seems more like a prelude to the release of Optimus, which is planned for this year, with mass production expected next year [24] Group 4: Market Reactions and Future Outlook - Following the release of the fourth chapter, Tesla's stock price declined for two consecutive days, reflecting market skepticism about the ambitious goals [25] - However, there are indications of interest from major logistics companies in North America, suggesting potential orders for the robots if initial production meets expectations [25] - The realization of a "robot utopia" hinges on the global robot population and profitability, aiming for a self-training cycle that could integrate high-performance robots into everyday life [25]

Core Insights - Tesla's "Master Plan Part IV" emphasizes the integration of AI into physical products and services through robotics and automation, aiming for a sustainable and prosperous future [1][2] - Elon Musk stated that approximately 80% of Tesla's value will derive from the Optimus robot, highlighting its significance alongside the expansion of Tesla's full self-driving software [1][2] Summary by Sections Introduction - Tesla's guiding principle since its inception has been to achieve unrestricted sustainability without compromise, with a new mission to bring AI into the physical world [1] - The plan outlines five guiding principles: infinite growth, innovation eliminating limitations, using technology to solve real problems, automation benefiting humanity, and broader accessibility leading to greater growth [1][2] Key Principles - **Infinite Growth**: Growth in one area does not necessitate decline in another; resource scarcity can be addressed through technological advancements [1] - **Innovation Eliminating Limitations**: Tesla has historically challenged norms, such as the transition from fossil fuel vehicles to electric ones, proving the feasibility of low-cost battery production [1] - **Using Technology to Solve Real Problems**: Each Tesla product aims to be more efficient and sustainable than its predecessor, with the Optimus robot redefining labor and enabling humans to focus on preferred activities [1] - **Automation Benefiting Humanity**: The development of autonomous driving should enhance human living conditions, with Musk envisioning a transition from a "pre-autonomous" to a "post-autonomous" world [1] - **Broader Accessibility Leading to Greater Growth**: To create a prosperous society, Tesla aims to produce advanced products that are affordable and scalable, expanding its business from clean energy to intelligent systems that enhance labor and mobility [2] Conclusion - The plan concludes with a vision of tools that will help build a sustainable and prosperous world, redefining labor, mobility, and energy to benefit all [3] Reactions - Media and public reactions to the plan have been mixed, with some praising its ambitious vision while others criticize it as utopian and lacking clarity compared to previous plans [5][6]

Future Transportation - The Robovan is the future of transportation [1] - The future should look like the future [1]

Group 1: Robotaxi - The domestic implementation of Robotaxi is progressing, with cities like Beijing and Guangzhou introducing new policies this year. The Shanghai High-Level Autonomous Driving Leading Area's action plan aims to achieve 6 million passenger trips and over 800,000 TEU of cargo by 2027, with over 5,000 kilometers of open roads and a coverage area of 2,000 square kilometers [1] - Leading companies in the Robotaxi sector have obtained demonstration operation licenses and are beginning to offer paid services to the public. Internationally, regions like the Middle East and Europe have significantly higher pricing for operational vehicles, indicating better profitability potential for Robotaxi [1] - Companies such as WeRide are expanding their operations in Abu Dhabi and accelerating their presence in Dubai and Riyadh [1] Group 2: Robovan - Robovan is in a rapid growth phase, with New Stone Technology deploying over 7,500 unmanned vehicles across 15 countries and 280 cities by July 2025. Jiangsu Province has introduced guidelines to promote the commercial application of unmanned driving equipment, which is expected to facilitate the large-scale application of Robovan [2] - The business model for Robovan is increasingly focused on cost reduction and efficiency in the express delivery sector, primarily handling fixed-route delivery tasks. Companies are working on upgrading software algorithms and vehicle scheduling to enable point-to-point operations, expanding into fresh produce, cold chain, and pharmaceutical delivery [2] - New Stone Technology has partnered with Didi's delivery service, allowing users to place orders on the Didi platform for freight services provided by Robovan [2] Group 3: Robotruck - Robotruck technology is being applied in mining, port, and trunk logistics scenarios, which are characterized by aging trends and harsh working environments. As of now, approximately 4,100 unmanned transport vehicles have been shipped for open-pit mining, with nearly 1,400 added this year [3] - The penetration of autonomous driving in ports is ongoing, with 52 automated terminals established in China by December 2024. The revenue from high-level autonomous driving business is projected to reach 65 million yuan in 2024, reflecting a year-on-year increase of 431.6% [3] - The development of a "model room" for trunk logistics is emerging, with companies like Karl Power achieving single-vehicle operational profits in Ordos for the first time in Q2 this year [3]

Core Viewpoints - WeRide (WRD.O) is a global leader in L4 autonomous driving products and solutions, focusing on Robotaxi, Robobus, Robovan, Robosweeper, and service businesses [2][3] - The company has expanded its operations to 30 cities across 10 countries, providing a range of autonomous driving products from L2 to L4 levels [3][12] - In H1 2025, WeRide reported revenue of 200 million yuan, a year-on-year increase of 33%, with a gross margin of 30.6% [3][37] Company Overview - WeRide is recognized as a pioneer in L4 autonomous driving solutions, holding licenses in multiple countries including China, UAE, Singapore, France, the US, and Saudi Arabia [12] - The company has developed the WeRide One platform, which supports a variety of autonomous driving applications [6][12] Financial Analysis - In H1 2025, WeRide's revenue reached 200 million yuan, with a net loss of 790 million yuan, showing a decrease in loss compared to the previous year [3][39] - The revenue from Robotaxi increased by 364% year-on-year, contributing significantly to the overall revenue [3][37] - The company’s gross margin has fluctuated, with a decline to 31% in 2024, influenced by product mix and pricing strategies [47] Industry Insights - The L4 autonomous driving market is projected to reach trillions globally by 2030, with significant growth potential in the domestic market for Robotaxi, Robobus, Robovan, and Robosweeper [4][5] - The competitive landscape includes players like WeRide, Pony.ai, and Baidu Apollo, with a focus on accelerating commercialization [5][4] Product and Service Overview - WeRide's main products include Robotaxi, Robobus, Robovan, and Robosweeper, with a service business that encompasses operational and technical support [21][26] - The company has established a robust ecosystem with partnerships across the automotive and transportation sectors [21][30] Technological Advancements - The WeRide One platform enables the development of a diverse range of L4 products, enhancing the company's product matrix [6][28] - WeRide has launched the WePilot AiDrive, an advanced driver assistance system (ADAS) that aims to improve the efficiency and safety of autonomous driving [28][30] Market Dynamics - The Robo-X industry is characterized by long-term growth potential, driven by technological advancements, cost reductions, and supportive policies [4][58] - The transition to L4 and L5 levels of automation is expected to revolutionize transportation across various applications, including passenger and freight services [56][58]