智能驾驶研究系列：智能驾驶政策技术双轮驱动，助推Robotaxi商业化进程

投资要点 ➢ 一、政策密集落地，车路协同产业链逐渐成熟.............................................................................41.顶层政策密集出台，“车路云一体化”发展提速........................................................................................42.地方政策积极响应，加速智能驾驶落地进程...............................................................................................63.车路协同产业链已初步形成，产业生态逐渐走向成熟.................................................................................7二、Robotaxi单车有望成本快速下行，远期盈利空间可期...........................................................81.技术进步和规模效应为关键降本路径，单车成本有望快速下行..................................................................82.Robotaxi远期盈利空间可期，单车成本回收期约2.2年.............................................................................9三、“萝卜快跑”商业化落地，特斯拉Robotaxi即将面世........................................................101.国内：“萝卜快跑”加速先行，率先实现商业化......................................................................................102.国外：特斯拉Robotaxi项目持续推进，或将于2024年落地...................................................................13四、投资建议.............................................................................................................................151.德赛西威....................................................................................................................................................152.伯特利........................................................................................................................................................153.经纬恒润....................................................................................................................................................16五、风险提示.............................................................................................................................17 ...................................................................................................4............................................................................................6.......................................7...................................................................................................................................................7..........................................................................................................8.......................................................................................8.............................................................................................................................................11..................................................................................................................................12.............................................................................................................................................12 .........................................................................................................................12..............................................................................................................................13..........................................................................................14..................................................................................................15...............................................................................................15......................................................................................................16..................................................................................................16..................................................................................................16...............................................................................................16 ..................................................................................................................4.............................................................................................................5...............................................................................................................................9.................................................................................................................................10...........................................................................................................................11