Core Insights - The RoboX industry is approaching a commercialization inflection point, driven by strong policy support, increasing demand for cost-effective and safe autonomous driving solutions, and significant reductions in core component costs [2][6][11]. Group 1: RoboX Overview - RoboX encompasses various forms of autonomous driving applications, including Robotaxi, Robovan, and Robotruck, designed to adapt to different transportation scenarios through modular design [8]. - The industry is experiencing rapid advancements in technology, with the penetration rate of L2 and above autonomous features in passenger vehicles expected to exceed 90% by 2030, significantly driving down costs for key components like LiDAR and computing chips [9][11]. Group 2: Robotaxi Insights - Robotaxi is projected to achieve an operational cost of $0.2 per kilometer by 2027, a 50% reduction compared to traditional ride-sharing platforms, primarily due to the remote safety operator model and economies of scale [3][17]. - The global Robotaxi market is expected to reach a valuation of $352.6 billion by 2035, with the Chinese market anticipated to grow from $200 million in 2025 to $179.4 billion by 2035, indicating strong growth potential [23][28]. Group 3: Robovan Insights - The demand for Robovan is driven by labor shortages and high costs in last-mile delivery, with its capabilities making it a key solution across e-commerce, retail, and food delivery sectors [4]. - The cost of Robovan is expected to drop significantly, from 500,000-600,000 yuan to around 20,000 yuan, due to economies of scale and increased penetration of L2 and above features in passenger vehicles [4][11]. Group 4: Robotruck Insights - Robotruck applications are expanding from closed environments to long-haul logistics, with a market potential reaching hundreds of billions, focusing on stable freight demand and high operational value [5]. - The adoption of "virtual drivers" in Robotrucks is expected to significantly reduce the operating costs of electric trucks, enhancing their commercial viability [5]. Group 5: Policy Support - Since 2020, the Chinese government has implemented numerous policies to support the development of intelligent connected vehicles, establishing a robust regulatory framework for the industry [11][13]. - By 2025, 17 national-level testing demonstration zones have been established, with over 32,000 kilometers of testing roads opened, facilitating the transition from technology validation to commercial operation [11][13]. Group 6: Investment Recommendations - Companies involved in autonomous driving solutions and operations are expected to benefit directly from the commercialization of RoboX, with a projected rapid increase in penetration rates between 2026 and 2027, unlocking a market potential of hundreds of billions [6][28]. - Recommended companies include WeRide, Cao Cao Mobility, and XPeng Motors, with a focus on intelligent component manufacturers like Horizon Robotics and Bertelson [6].

国联民生（601456）证券发布研报称，RoboX产业化加速推进，政策端驱动强劲，国家层面支持措施为 规模化落地奠定制度基础;需求端源于降本增效的迫切需求驱动，显著降低运营成本。供给端技术突破 显著，核心硬件成本持续下降，推动规模化落地。RoboX正从技术验证迈向商业闭环，预计2026-2027 年渗透率快速提升，释放千亿级市场潜力。该行认为，自动驾驶解决方案商与运营商将直接受益于 RoboX规模化商用，盈利模型拐点已现。 国联民生证券主要观点如下： RoboX正在迎来产业化奇点，加速从技术验证迈向规模化部署 政策端，2020年起国务院及部委密集出台支持政策，制度保障日益完善;供给端，乘用车L2及以上智能 化功能渗透率快速提升，推动激光雷达、计算芯片等核心零部件规模化量产，成本降幅显著;需求端， 降本增效、安全提升与劳动力短缺等多重因素共同催生对智能驾驶的强烈需求。RoboX凭借其在不同运 输场景下的独特价值，成为引领本轮产业变革的核心力量，商业化奇点或已至。 Robotaxi：规模化拐点已现全无人商业化逐步落地 需求端，Robotaxi核心优势在于显著降本，文远知行数据显示，2027年Robotaxi运营成 ...

Investment Rating - The report maintains a recommendation rating for the RoboX industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - RoboX is approaching a critical point of industrialization, transitioning from technology validation to large-scale deployment, driven by supportive policies, increasing supply of key components, and strong demand for intelligent driving solutions [7][19]. - The report highlights three main applications of RoboX: Robotaxi, Robovan, and Robotruck, each with distinct market dynamics and growth potential [10][19]. Summary by Sections 1. Investment Focus: RoboX Accelerating Towards Industrialization - RoboX encompasses various forms of autonomous driving applications, including Robotaxi, Robovan, and Robotruck, designed for different transportation scenarios [10]. - The report emphasizes the modular design of RoboX, allowing for adaptability across various transport needs [10]. 2. Robotaxi: Scaling Point Evident, Fully Autonomous Commercialization Gradually Landing - Demand Side: Robotaxi can significantly reduce operational costs, with projected costs of $0.2 per kilometer by 2027, a 50% reduction compared to traditional taxi services [21]. - Supply Side: Continuous reduction in hardware costs is facilitating the scaling of Robotaxi applications, with the sixth-generation vehicle costs dropping by 60% compared to previous models [35]. - Policy Side: The gradual implementation of fully autonomous commercial operations is supported by clear regulations regarding accident liability [21][15]. 3. Robovan: Strong Demand for Unmanned Delivery, Cost Advantages Driven by Core Component Price Reductions - Demand Side: There is a strong need for unmanned delivery solutions in the last-mile logistics sector, covering key application scenarios such as e-commerce and fresh food delivery [3]. - Supply Side: The cost of core components is decreasing, enhancing the price competitiveness of unmanned delivery vehicles [3]. - Policy Side: Continuous opening of road rights and pilot projects is accelerating the deployment of unmanned delivery vehicles [3]. 4. Robotruck: Transitioning from Closed Scenarios to Mainline Logistics, Cross-Province Testing Implemented - Demand Side: Robotruck applications are expected to reach a market scale of hundreds of billions, focusing on stable freight demand in complex environments [4]. - Supply Side: Successful implementation of L4 in closed scenarios is validating the operational capabilities of Robotrucks [4]. - Policy Side: National support is clear, but local policies are cautiously opening up due to the high risks associated with heavy-duty trucks [4]. 5. Investment Recommendations - The report suggests that companies involved in RoboX commercialization, such as WeRide, Cao Cao Mobility, and XPeng Motors, will directly benefit from the scaling of RoboX applications [19]. - It also recommends focusing on intelligent component manufacturers like Horizon Robotics and Desay SV, which are expected to show performance elasticity [19].

行业重点新闻 吉利汽车。 （2）零部件：行业反内卷背景下，盈利能力有望拐点向上，叠加下游扩展，成长性依旧较高，推荐： 德赛西威、浙江仙通、美力科技、博俊科技、金固股份，受益标的：潍柴动力、科博达、华域汽车、双 环传动、福耀玻璃、旭升集团、伯特利、瑞鹄模具、松原股份。 风险提示：乘用车行业需求不及预期；汽车行业竞争加剧；电动智能化转型不及预期；政策支持力度不 及预期；原材料价格大幅波动风险。 （1）特斯拉 Robotaxi 战略揭秘：双座 Cybercab 主攻九成出行场景，ModelY/Robovan 补位；（2）特斯 拉首次披露FSD 付费用户数据：约110 万人，占公司累计车辆销量约12%；（3）上海推出汽车置换更 新补贴：购买新能源车补贴车价8%，最高不超1.5 万元；（4）国家能源局：2027 年底将建成2800 万个 充电设施，预计拉动投资2000 亿元以上；（5）文远知行发布通用仿真模型WeRideGENESIS，几分钟 即可构建仿真城市环境；（6）玉柴发布全球首个飞轮增程技术品牌，最高发电效率突破 4.8kWh/L； （7）潍柴超10 万台份额超50%，龙擎/玉柴领涨，燃气重卡动力2025 年净 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The automotive sector is experiencing a significant shift with the introduction of Tesla's Robotaxi strategy, focusing on a dual-seat Cybercab to address 90% of travel scenarios [5][13] - Tesla has disclosed that approximately 1.1 million Full Self-Driving (FSD) paid users account for about 12% of its total vehicle sales, with a year-on-year growth of 38% [14] - The Shanghai government has introduced a subsidy for replacing old vehicles with new energy vehicles, offering an 8% subsidy on the purchase price, capped at 15,000 yuan [14] - The National Energy Administration plans to establish 28 million charging facilities by the end of 2027, expected to drive over 200 billion yuan in investments [15] - The global humanoid robot shipment is projected to increase by 508% in 2025, with Chinese manufacturers leading the market [20][22] Market Performance - The automotive sector underperformed the market, with the A-share automotive index declining by 4.67%, ranking 29th among primary industries [6][25] - The passenger vehicle index fell by 1.84%, while the commercial vehicle index decreased by 1.21% [6] - The automotive parts index saw a decline of 6.82%, with various segments experiencing different levels of performance [6] Investment Recommendations - For passenger vehicles, there is an unexpected demand in the domestic high-end luxury market, with recommendations for Jianghuai Automobile and Seres, while Geely Automobile is identified as a beneficiary [7] - In the automotive parts sector, profitability is expected to improve, with recommendations for Desay SV, Zhejiang Xiantong, Meili Technology, and others, while Weichai Power and others are seen as beneficiaries [7]

Jan 29 (Reuters) - Chinese robovan developer Zelostech said on Thursday that e-commerce giant Alibaba's ​logistics arm, Cainiao, will take a ‌stake in the company. The deal will create a business valued ‌around $2 billion, the Wall Street Journal, which first reported the news, said. A spokesperson for the robovan developer said "Cainiao will not become a controlling ⁠shareholder of Zelostech." A ‌robovan is a fully autonomous electric vehicle designed for freight. Zelostech's Z10 ‍model can transport ...

Core Insights - The company Lightyear has officially entered the L4 unmanned logistics sector and has begun deployment operations in multiple locations, marking a new phase of large-scale implementation for its passenger vehicle assistance systems, which have surpassed 1 million units in deployment [1][2]. Group 1: Industry Trends - The evolution of autonomous driving technology is undergoing profound changes, transitioning from a "machine intelligence" phase to a "human-like intelligence" phase, with 2026 identified as a critical turning point for the industry [2]. - The introduction of end-to-end architecture and models like VLA and world models will drive a comprehensive understanding of the real world, allowing autonomous systems to surpass human driving capabilities [2]. - The next decade is expected to be a golden era for autonomous driving, with significant advancements in technology and market penetration anticipated [2]. Group 2: Product Development - Lightyear plans to launch its first end-to-end urban NOA solution based on a single journey 6M platform by April 2025, with the official vehicle integration occurring in January 2026 [3]. - The new generation "Lightyear Sailing 2.0" assistance solution will focus on safety and explainability, achieving a driving experience equivalent to 256 TOPS with only 128 TOPS of computing power [3]. - The company aims to promote high-level assistance driving solutions to the 100,000 yuan market by 2026, expanding its coverage from 80,000 to 400,000 yuan models [3]. Group 3: Future Deployment Plans - Lightyear has outlined a product evolution roadmap that includes the large-scale deployment of Robotaxi by 2027, supported by the Robo-X autonomous driving open platform [5]. - The Robo-X platform aims to become the "Android of the autonomous driving field," providing a universal technology base and comprehensive tools for various autonomous driving scenarios [5]. - Strategic partnerships, such as with Chery Commercial Vehicles, are being formed to create benchmark L4 logistics products and services [5].

Investment Rating - The report maintains a positive outlook on the Robovan sector, particularly emphasizing the potential of L4 RoboX technology in 2026 [3]. Core Insights - The 2026 smart technology landscape differs from previous years, focusing more on AI logic and software opportunities rather than hardware and consumer sales [3]. - Key catalysts for Robovan's growth include model iterations, increased RoboX deployments, and supportive policy developments [3]. - The report highlights the successful penetration of Robovan in the express delivery sector, with expectations for expansion into fast-moving consumer goods, durable goods, and chain restaurant applications [3]. - Investment recommendations suggest a strong focus on L4 RoboX as a primary investment theme for 2026 [3]. Summary by Sections Industry Overview - The report draws parallels between the current AI-driven transformation in transportation and the previous 4G mobile internet wave, noting that AI will enhance hardware capabilities and replace existing transportation methods [4][12]. - The report identifies Robovan as a key player in urban logistics, with significant potential for replacing traditional delivery vehicles [4][12]. Robovan Market Dynamics - Robovan's successful deployment in express delivery has led to approximately 27,000 units delivered in the first 11 months of 2025, primarily in the express sector [3]. - The report outlines the expected growth of Robovan in various logistics scenarios, including fast-moving consumer goods and durable goods delivery [3][46]. Technological Advancements - The report discusses the technological advancements in Robovan, including hardware and algorithm improvements that reduce costs and enhance operational efficiency [23][24]. - It emphasizes the importance of a robust supply chain and the integration of AI technologies to facilitate Robovan's commercial viability [23][24]. Policy Support - The report highlights ongoing government support for Robovan technology, with numerous policies aimed at facilitating the deployment and commercialization of autonomous delivery vehicles [12][19]. - It notes that over 250 cities have opened public road rights for Robovan, indicating a favorable regulatory environment for growth [20]. Market Potential - The urban delivery market is projected to reach 1.4292 trillion yuan in 2022, with Robovan expected to capture a significant share due to its efficiency in the supply chain [56]. - The report identifies that 64% of the urban delivery market consists of scenarios suitable for Robovan, indicating substantial growth opportunities [56].

Group 1 - The core viewpoint of the article emphasizes the differences in the 2026 intelligentization trend compared to previous years, highlighting a stronger focus on AI logic and software opportunities rather than hardware and C-end sales [4][11][13] - Important catalysts for the Robox resonance in 2026 include model iterations from major players like Tesla and Xiaopeng, the promotion of RoboX services, and the expected IPOs of several companies in the sector [5][6][7] - The Robovan is successfully advancing in the express delivery scene, with approximately 27,000 units delivered, and is expected to penetrate other application scenarios such as fast-moving consumer goods and durable goods logistics [6][10] Group 2 - The investment recommendation for the current period is to remain optimistic about the L4 RoboX mainline in 2026 [7] - The Robovan supply chain includes key players such as Desay SV, Black Sesame Intelligence, and several companies planning to go public, indicating a robust ecosystem [8][10] - The article outlines the supportive policies from central and local governments that are expected to enhance the commercial scale and road rights for Robovan, creating a positive cycle of technology, policy, and market [25][30][32]

Summary of WeRide Management Call Company Overview - **Company**: WeRide (WRD) - **Industry**: Autonomous Driving and Mobility Services - **Products**: Offers autonomous driving products and services from Level 2 (L2) to Level 4 (L4) based on the WeRide One platform, including Robotaxi, Robobus, Robovan, Robosweeper, and ADAS services [2][3] Key Points from the Management Call Fleet Expansion and Commercialization - WeRide management anticipates a rapid increase in their robotaxi fleet size in both China and international markets by 2026, with expectations of improving margins due to more daily orders [1][3] - The company currently operates a fleet of over 1,000 robotaxis globally and plans to significantly increase this volume in the future [3] Market Forecast and Adoption - The forecast predicts that robotaxi fleets in China will reach 535,000 by 2030, representing 10% of the shared mobility fleet [1] - The expansion of robotaxi fleets is expected to enhance service coverage and reduce waiting times, thereby accelerating technology adoption [1] Operational Achievements - WeRide has achieved unit-level break-even in Abu Dhabi and expects to reach higher gross margins as order volumes increase [3] - Management emphasizes the importance of extending operation hours and expanding service coverage to improve unit economics [3] Software and Engineering Capabilities - The company believes its software strength lies in security, supported by its experience in providing both L4 and L2++ solutions [3] - Management claims that their mass production experience with L2++ has led to more reliable engineering capabilities [3] Future Enhancements - Future enhancements in user experience are anticipated, including redesigning taxi interiors and providing customized mobility spaces, which are expected to add more value for travelers [1] Additional Insights - The positive outlook on robotaxi commercialization aligns with broader industry trends indicating an accelerating adoption stage for robotaxi technology [1] - Management's focus on a balanced distribution of fleets between China and international markets suggests a strategic approach to global expansion [3] This summary encapsulates the key insights from the WeRide management call, highlighting the company's growth strategy, market forecasts, operational achievements, and future enhancements in user experience.