Core Insights - The core message of the news is that Chinese humanoid robot suppliers are adopting a "capacity-first" strategy to prepare for large-scale production, with expectations for mass production to begin in the second half of 2026 [1][3]. Industry Overview - Goldman Sachs' recent survey indicates that core robot suppliers have entered a "head start" phase, actively planning capacity in China and overseas, particularly in Thailand and Mexico, to support potential large-scale humanoid robot production [3]. - The planned annual production capacity among suppliers ranges from 100,000 to 1,000,000 robot-equivalent units, reflecting an extremely optimistic outlook on industry growth despite the absence of confirmed large-scale orders [3][4]. - The report highlights a significant evolution in the supply chain, with suppliers moving from providing single components to integrated modules, expanding their product offerings to include sensors and structural parts [4]. Company Developments - Xpeng Motors' humanoid robot IRON has gained significant attention due to its advanced humanoid features, leading to a surge in the company's stock price [1][6]. - The IRON robot is designed with 82 degrees of freedom and is expected to achieve mass production by the end of 2026, with initial applications in commercial scenarios such as guiding and shopping assistance [7]. - Major financial institutions, including Morgan Stanley and Deutsche Bank, have issued positive reports on Xpeng Motors, with target prices set at $30 per share and a recommendation to buy [8].

Core Viewpoint - The 2025 Shanghai Auto Show, themed "Embrace Innovation and Win the Future," opened on April 23, showcasing advancements in automotive technology and attracting nearly a thousand domestic and international exhibitors, with a record scale and nearly a hundred new car models unveiled [1][2]. Industry Highlights - The auto show highlighted a focus on smart technology, with several automakers launching new products, including Li Auto's new family member, the Li Auto MEGA Home, and upgraded versions of the Li Auto MEGA Ultra and Li L6 [3]. - XPeng Motors showcased its humanoid robot IRON, which stands 178 cm tall and can perform various movements, emphasizing the importance of full-body intelligence in robotics [2][3]. - SAIC Group and Huawei introduced a new brand "SAIC Shangjie," marking a significant collaboration in the smart vehicle sector [3]. - Horizon Robotics presented its new urban driving assistance system, Horizon SuperDrive, and has partnered with over 40 automakers, achieving over 8 million units in pre-production deliveries [4]. Investment Strategy - The automotive sector is advised to focus on undervalued leading manufacturers and component suppliers due to performance improvements, particularly in the fields of new energy and smart technology [5]. - Recommended companies include BYD, Changan Automobile, Geely, and Li Auto in the new energy sector, as well as stable, undervalued component leaders like Huayu Automotive and Fuyao Glass [5]. - Key focus companies for the week include BYD, Li Auto, Top Group, Desay SV, and Sheng Electronics [6].