China Securities Co., Ltd.: humanoid Siasun Robot & Automation enters a period of continuous catalytic verification, Q4 firmly optimistic about the sector's market trend.

China Securities Co., Ltd. released a research report stating that the humanoid Siasun Robot & Automation index experienced a significant pullback this week, mainly due to factors such as overall market risk aversion and rumors of factory inspection delays. Tesla's Optimus industrialization is accelerating, Figure completed high valuation financing, and the sector has entered a period of continued catalytic validation. Looking ahead to Q4, the firm continues to strongly favor a bullish outlook. With the recent release of the third generation prototype of Optimus and positive production momentum, domestic suppliers may begin exchanges with T chain, and with overall market liquidity ample, they are optimistic about Siasun Robot & Automation returning to the forefront of technology growth allocation. Key points from China Securities Co., Ltd. include: Siasun Robot & Automation Sector: This week, the sector experienced a significant pullback due to overall market risk aversion and Tesla factory inspection delays. However, Gen3 continues to advance industrialization progress, with optimistic commercial communication and positive domestic shipments of humanoid Siasun Robot & Automation. The firm is fully bullish on the Siasun Robot & Automation sector in Q4, which is an important window for trading Tesla's third generation Optimus changes and production expectations. With positive guidance on the release and production schedule of the Optimus third generation prototype, positive performance in domestic chain order shipments and capital operations, and ample market liquidity, they are optimistic about Siasun Robot & Automation returning to the forefront of technology growth allocation. Based on the gradual verification of industry trends, the firm maintains the following bullish viewpoints: 1) Further establishment of mid-term industry trends, especially with the release and production schedule of Tesla's Optimus third generation prototype, continuous positive progress in Tier 1 of the industry chain verification, and an expectation of orderly progress in subsequent factory inspection events. The firm maintains its expectations for Tesla to release the third generation prototype by the end of this year, begin mass production in Q1 of next year, and exceed production of over a thousand units per week in the second half of the year. 2) With ample overall market liquidity and funds rotating into growth sectors, under the trend of industrialization acceleration, the sector is expected to return to the forefront of technology growth allocation. Key events this week: Tesla's third-quarter earnings conference at the end of October and shareholder meeting in early November are expected to be important events for observing Optimus progress in the market: On September 15, Tesla announced that it will hold its Q3 2025 earnings conference in late October and its 2025 shareholder meeting on November 6. Musk stated that Tesla is "working hard" to expand Optimus production. On October 16, Siasun Robot & Automation and Ningbo PIA Automation Holding Corp. held the global launch and production ceremony for the Genii Elf G2 at Ningbo United Group. As a benchmark for global industrial interactive humanoid operations, the Genii Elf G2 made its first public appearance offline and simultaneously began commercial delivery with Ningbo Joyson Electronic Corp. The award of the "Guangxi Humanoid Intelligent Data Collection and Testing Center Equipment Procurement and Installation" project to UBTECH ROBOTICS amounted to 1.26 billion yuan. According to the project plan, this purchase includes UBTECH ROBOTICS' latest autonomous interchangeable battery humanoid robot, Siasun Robot & Automation Walker S2. The order is planned to be delivered by 2025 after the contract is signed. The UBTECH ROBOTICS Walker series humanoid Siasun Robot & Automation has already received orders exceeding 630 million yuan for the whole year. Risk factors: - Risks of technological iteration and industrialization progress falling short of expectations. - Risks related to supply chain dependencies and cost fluctuations. - Risks of increased market competition and valuation fluctuations. - Risks related to policy changes and the international trade environment.