智能汽车系列报告（二）：小鹏发布全新IRON机器人，具身智能发展加速

Investment Rating - The report assigns an "Outperform" rating for the automotive industry [3]. Core Insights - The report highlights the rapid growth of new energy vehicle sales, particularly focusing on Xiaopeng Motors' advancements in AI and robotics, positioning it as a leader in the smart mobility sector [3]. - Xiaopeng Motors has introduced a new intelligent travel architecture centered around "Physical AI," which includes the second-generation VLA model, mass-produced Robotaxi, and the new IRON robot, indicating a comprehensive approach to integrating AI with physical mobility [3]. - The VLA 2.0 model is noted for its ability to convert visual and language inputs directly into movement trajectories, enhancing the future of autonomous driving solutions [3]. - Xiaopeng's advancements in robotics are driven by data, with the IRON robot expected to achieve mass production by the end of 2026, focusing on applications in guiding and shopping scenarios [3]. Summary by Sections Event Overview - On November 5, Xiaopeng Motors launched its new intelligent travel architecture themed "Emergence," emphasizing the integration of AI with physical mobility [3]. Technological Advancements - The VLA 2.0 model utilizes a cloud supercomputing cluster and a large model with 720 billion parameters, achieving a tenfold improvement over industry standards [3]. - The introduction of the IRON robot aims to leverage vast amounts of data for enhanced generalization capabilities, with a focus on safety and efficiency [3]. Commercialization Pathways - Xiaopeng's Robotaxi is set to begin trial operations in 2026, featuring high computational power and a dual-path commercialization strategy targeting both B2B and B2C markets [3]. - The A868 flying car has been developed for long-distance travel, with a production capacity of 10,000 units planned for 2026 [3]. Investment Recommendations - The report suggests focusing on leading smart vehicle companies that are rapidly establishing user experience barriers through advanced models and computational power, recommending attention to companies like Xiaomi Group, Xiaopeng Motors, and Li Auto [3].