Photochemical smog forms when sunlight drives reactions between nitrogen oxides and hydrocarbons in vehicle and industrial emissions. Nitric oxide is only a starting material, not an oxidant, since it is what gets converted during the reaction. Hydrogen peroxide and PAN do appear as by-products of this chemistry, but only in comparatively small concentrations. The dominant end-product of this entire reaction sequence, present in the largest amount and responsible for most of the oxidising damage associated with smog, is ground-level ozone.
Therefore, the correct answer is O\(_3\).
Air-quality monitoring standards are a useful angle here, since regulators track a specific gas as the indicator of photochemical smog rather than tracking all four of these substances equally.
Since regulatory and monitoring practice treats ozone as the representative and most abundant photochemical oxidant, this confirms it as the major one among the options given.
Therefore, the correct answer is O\(_3\).