CITIC Securities pointed out that the L4 autonomous driving industry has been catalyzed recently. Tesla launched the FSD-based Robotaxi trial operation service in Auster, the United States on June 22. Robovan leaders Jiushi, Neolithic and White Rhino have accelerated their orders. The L4 autonomous driving industry has reached a turning point this year. The robot sector (technological growth) and the new vehicle cycle are still the main investment lines of the automotive sector. Factors such as new vehicles, domestic demand and exports are still structural increments with strong certainty. In the early stage, the industry was affected by the promotion activities of the OEMs in the off-season. Recently, terminal orders have picked up, and there is still room for expected repair or upward movement.