CITIC Securities: Based on the advantages of the scene, exploring the commercialization of autonomous driving.

The research report from CITIC Securities shows that Level 4 autonomous driving is showing positive changes in multiple scenarios: 1) Robotaxi: leading companies in China are accelerating the layout of more profitable overseas markets; 2) Robovan: provinces such as Jiangsu are promoting unified planning at the provincial level, which is expected to promote the large-scale application of Robovan; leading companies are accelerating the layout of real-time dispatch logistics scenarios, which is expected to further open up growth space; 3) Robotruck: autonomous driving technology is gradually empowering open roads from closed scenarios, and Carl Dynamics has preliminary built a "model room" for mainline logistics operations in Ordos. We believe that under the above trends, various links in the industry chain are expected to accelerate the process of technological research and development and product deployment, and the automotive intelligent industry chain is expected to benefit.