金吾财讯 | 中信建投表示，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。该机构认为2-3年内L3有条件/L4无人驾驶有望完成技术突破并加速普及，Robotaxi商业模式将跑通，产业价值链将向智驾解决方案提供商及流量出行平台商集中，看好具备软硬一体解决方案能力的主机厂及Tier1、出行平台及运营商、芯片等自主可控、激光雷达及线控底盘等增量零部件，主机厂科技属性有望重估。
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