Huatai Securities highlights that the policies unveiled by Shanghai during the 2025 World Artificial Intelligence Conference (WAIC) mark a pivotal step forward for the Robotaxi industry, transitioning it from the demonstration phase to commercialization. On July 26, Shanghai unveiled the "Model Speed Smart Driving" Action Plan for its Leading Area of High-Level Autonomous Driving, outlining a clear timeline and ambitious goals for the large-scale deployment of L4 autonomous driving technology. With regards to road access, Pudong is set to be fully open to Robotaxi services by 2025, presenting a globally unparalleled complex application scenario in a megacity. Furthermore, Shanghai issued 'demonstration operation' licenses for the first time, enabling commercial trials that will expedite the establishment of commercial closed loops by L4 autonomous driving enterprises. Key areas of focus include: pioneering core technology solution providers, innovative scenario application integrators, and high-growth potential hardware suppliers.