2026年汽车端侧AI投资展望:特斯拉引领物理AI产业变革 无人驾驶价值链及空间跃迁

中信建投证券
Dec 29, 2025

我们看好26年特斯拉引领全球物理AI端侧(智能驾驶及机器人)变革,随着智驾端到端大模型率先跑通,公司有望进入新一轮加速成长周期,商业模式从硬件产品销售延伸至软件订阅及出行运营,25年Q4部署的FSD V14已达到准L4水平,Robotaxi即将无人规模化运营,FSD订阅率从12%加速提升,Optimus Gen3定型发布后开始规模量产,下一代AI5/AI6端侧芯片性能跃升进一步加速物理AI能力迭代...

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