Huatai Securities Research Report stated that under the resonance of policies and industries, the commercialization of Robo X (unmanned vehicles represented by Robotaxi and Robovan) has accelerated, and the attention of the capital market has increased significantly under multiple catalysts. For example, Tesla plans to launch Robotaxi services in June, and the operating data of leading companies continue to verify the feasibility of the business model and the potential for global export of Chinese solutions. Therefore, the Robo X industry is re-examined. ① Robotaxi: In the first quarter of 2025, the scale of the fleets of Pony.ai/WeRide/Robot Run continued to expand, the order volume grew rapidly, and overseas operations were actively expanded. ② Robovan has shown great potential in the logistics field, forming a positive cycle of "technology cost reduction-scenario verification-scale expansion", and the business model has initially run through, and it may be accelerated in 2025. ③ Robo X has been interpreted to a wider range of unmanned applications, and the commercialization of scenarios such as Robosweeper/Robotruck is also accelerating, and drone logistics has emerged. The accelerated landing of the Robo X industry is expected to bring investment opportunities for the entire industry chain. It is recommended to pay attention to: core operating platforms, high-growth hardware suppliers and scenario integrators.