CITIC Securities: It is expected that after mature operation, Robotaxi will continue to drive up the penetration rate of online car-hailing services.

According to the research report of Citic Securities, since 2025, the commercialization pace of Robotaxi has significantly accelerated, mainly due to the initial maturity of L4 level autonomous driving technology, with Waymo's accident rate lower than human drivers during operation testing, and the gradual relaxation of Robotaxi regulation in the United States. Looking ahead, it is expected that Robotaxi will significantly increase single vehicle utilization rate and reduce costs after mature operation, driving the continuous increase in the penetration rate of ride-hailing in the travel market. Considering the supply-demand threshold required for network effects, it is expected that new platforms may emerge in the future, but the cooperation model of platform + technology manufacturers will be more feasible. It is expected that the long-term market space will significantly expand, and the integrated financial impact of existing shared travel platforms is expected to be positive.