中国汽车：特斯拉或很快入局中国自动驾驶领域=China Autos & Shared Mobility -Tesla could soon step into China's AD ring

Summary of Key Points from the Conference Call Industry Overview - Industry: China Autos & Shared Mobility - Focus: Autonomous Driving (AD) and Electric Vehicles (EVs) Core Insights 1. Tesla's FSD Rollout in China: Tesla's Full Self-Driving (FSD) rollout in China could receive approval as early as February 2026, with discussions in the final stages, although stringent data scrutiny may cause delays [1][2][3] 2. Impact on AD Supply Chain: The potential approval of Tesla's FSD is expected to positively impact the AD supply chain and robotaxi players, potentially accelerating Level 3 (L3) license approvals and expanding Level 4 (L4) robotaxi operations [2][3] 3. Regulatory Environment: Improved Sino-US relations may facilitate regulatory approval for FSD in China, but local data capture and cloud access remain sensitive issues that require careful management [3][4] 4. L3 Technology Adoption: The Chinese government has been granting L3 AD permits since December 2025, with several local brands like Chang'an and XPeng receiving approvals. The rollout of Tesla's FSD could significantly boost the entire AD ecosystem in China [4][6] 5. AI Technology Implications: Tesla's suite of AI technologies could catalyze advancements in China's AI supply chain, positioning the country for long-term growth in this sector [5] 6. Local Competition: Local brands are preparing for the competitive impact of Tesla's FSD rollout, with expectations that major Chinese players will accelerate their own L3 development to maintain market share [6] Additional Important Points 1. Stock Recommendations: Preferred stocks in the China AD space include Hesai (HSAI.O) and WeRide (WRD.O), with Horizon Robotics (9660.HK) and Desay SV (002920.SZ) expected to benefit from faster adoption of Level 2 and above technologies [2][8] 2. Market Dynamics: The potential for Tesla's FSD to act as a quasi-robotaxi does not guarantee a smooth rollout for robotaxis in China, as this would involve more complex data collection and regulatory challenges [10] 3. Valuation Methodology: The report includes various valuation methodologies for companies like Huizhou Desay SV and Horizon Robotics, with key assumptions regarding WACC and growth rates [11][12][13] This summary encapsulates the critical insights and implications for the China Autos & Shared Mobility industry, particularly focusing on Tesla's developments and their potential impact on local competitors and the broader market.