Huatai Securities: Shanghai's new policy on WAIC promotes acceleration of Robotaxi.

Huatai Securities pointed out that the progress of relevant policies in Shanghai at the 2025 WAIC conference is another milestone for the Robotaxi industry to move from "demonstration" to "commercial". On the policy front, on July 26th, Shanghai released the "Modu Intelligent Mobility" action plan for the Shanghai advanced autonomous driving leading area, clearly defining the mass production schedule and scale goals of L4 autonomous driving; in terms of road rights, the full opening of Pudong in 2025 will provide the world's leading super large city complex application scenarios; on the commercial front, Shanghai has issued its first "demonstration operation" license, allowing commercial trial operation, which will accelerate L4 enterprises in building a commercial closed loop. It is recommended to focus on core technology solution providers, scenario application integrators, and high-growth hardware suppliers.