Market value upgrade of the autonomous driving industry: From technological prowess to full-scenario applications, what kind of transformation is needed? Uisee Technology successfully listed on the Hong Kong Stock Exchange, becoming a benchmark for full - scenario L4 autonomous driving listings. This breakthrough in the capital market has completely rewritten the industry's valuation criteria. In the past, the capital market was used to pricing companies based on technical parameters and road test mileage. Now, the investment logic has completely shifted to commercialization implementation capabilities, multi - scenario revenue volume, and cash - flow generation levels. The dividend of technological involution in a single track is fading. The full - domain L4 autonomous driving track covering Robobus, Robovan, Robotruck, and Robotaxi has opened up both growth certainty and valuation imagination space, and has become a core track with high allocation value in the primary market. Technology narratives shed their bubbles The valuation of the single Robotaxi model has reached its peak After more than a decade of development in the domestic autonomous driving industry, the urban manned unmanned vehicle track was once the focus of capital attention. Leading players such as Baidu Apollo Go, Pony.ai, and WeRide have continuously increased their investment in urban open - road tests, continuously iterating on perception, decision - making, and control algorithms, and promoting the continuous expansion of the industry's technological boundaries. However, as a high - complexity open scenario, the commercialization process of Robotaxi faces objective challenges: the approval cycle for operating permissions on urban public roads is long, the road conditions are complex and changeable, and the requirements for safety redundancy are high, resulting in high operating costs and a longer than expected profit cycle per vehicle. Its business model is highly dependent on the large - scale operation in a single city,