2026 Investment Theme Forecast: The most promising sector for 2026: The intelligent driving industry chain (core focus on "Vehicle-Road-Cloud Integration" and AI chips)

Plan to allocate Desay SV (002920.SZ). Stock selection logic:

1. Industry Beta: 2026 is the first year of commercialization for L3 autonomous driving. On the policy front, the "Vehicle-Road-Cloud Integration" pilot cities will expand to 50, with infrastructure construction driving explosive demand for smart cockpits and domain controllers.
2. Company Alpha: As the only domestic Tier 1 partner for NVIDIA's DRIVE Thor chip, Desay SV will mass-produce and supply the "Parking-Driving Integrated" domain controller in Q2 2026, increasing per-vehicle value by over 30%. Simultaneously entering the supply chains of Li Auto and Xiaomi SU7, revenue growth in 2026 is expected to exceed 40%.
3. Valuation Margin of Safety: Current PE-TTM is 32x, below the historical median (45x). 2026 PEG < 1, indicating a sufficient margin of safety.

New Year investment goals and discipline:

• Return Target: 25% (benchmarked against CSI 300 + 15% alpha).
• Drawdown Control: Unconditional stop-loss for any single stock drawdown exceeding 15%; reduce overall portfolio position to 50% if the portfolio drawdown exceeds 10%.
• Discipline Execution: Weekly review of industry chain order data (e.g., Nio/Li Auto monthly deliveries, policy implementation progress). Use both "technical + fundamental" factors to verify holding logic, eliminating emotional trading.