电力设备行业动态点评：汽车链主进军机器人，小米小鹏产业链价值重估

Investment Rating - The report maintains an "Outperform" rating for the electric equipment industry [3]. Core Insights - The automotive chain leaders are advancing into the robotics sector, with significant developments from companies like Xiaomi and XPeng Motors, indicating a potential value reassessment in the industry [1][3]. - The report highlights the synergy between automotive manufacturers and the robotics supply chain, emphasizing the reuse of consumer traffic and reduced supply chain complexity [5]. Summary by Sections Industry Developments - XPeng Motors' CEO announced the initial application of their L3 level humanoid robot, Iron, in their Guangzhou factory, with plans for mass production by 2026 [5]. - Xiaomi's robotics team is progressing with their humanoid robot CyberOne, which was first unveiled in August 2022, showcasing various capabilities for home care and companionship [5]. Supply Chain and Market Dynamics - The report discusses the significant overlap between the automotive and robotics sectors, particularly in consumer durable goods and supply chain efficiencies [5]. - The complexity of robotics production is comparatively lower than that of automobiles, which may facilitate easier integration for automotive manufacturers [5]. Investment Opportunities - The report suggests monitoring automotive manufacturers that have announced or plan to enter the humanoid robotics market, including Xiaomi, XPeng Motors, Li Auto, and Seres [5]. - It also recommends paying attention to the supply chain companies associated with these automotive manufacturers, such as Jinyang Co., Wuxi Zhenhua, Top Group, and Precision Forging Technology for Xiaomi, and Fangzheng Electric and Guangdong Hongtu for XPeng [5].