China Securities Co., Ltd.: Continue to be bullish on the humanoid Siasun Robot & Automation sector. Tesla chain remains the preferred configuration direction.

China Securities Co., Ltd. released a research report stating that the humanoid Siasun Robot&Automation index rose. The sector experienced a pullback due to market risk preferences and rumors of factory inspection delays in the previous period. With the digestion of negative sentiment, the sector index resumed its upward trend. The Tesla third-quarter financial report conference call revealed that the start time for the Optimus V3 production line has been postponed until the end of 2026, but the production guidance is positive, aiming to start with a production capacity of a million units by the end of 2026, with the ultimate goal of producing 0.5-1 billion units annually with Optimus 5.0. In the near future, the T-chain may open exchanges with domestic suppliers. Overall, with ample market liquidity, it is optimistic about Siasun Robot&Automation returning to the technology growth theme. The Tesla chain remains the preferred direction for configuration, followed by suppliers with mass production capabilities such as Yushu and Zhiyuan. It recommends incremental links with technological upgrades, substantial progress in customer sampling, and expected differential standards. Market Review: Taking the example of the Yongyuan Advanced Manufacturing Intelligent Selection A Fund, which has a high proportion of investments in the humanoid Siasun Robot&Automation industrial chain, its latest net asset value is 2.31. This week it increased by 5.64%, decreased by 11.08% in the past month, and increased by 18.11% in the past three months. The top-performing stocks this week include: Swancor Advanced Materials Co., Ltd. (+20.7%), UBTECH ROBOTICS (+16.2%), Zhejiang Sling Automobile Bearing (+13.4%), Cubic Sensor And Instrument Co., Ltd. (+13.1%), IKD Co., Ltd. (+12.8%). Based on the gradual verification of industrial trends, China Securities Co., Ltd. maintains a bullish view: 1) The further establishment of medium-term industrial trends, especially with the release and production pace of Tesla Optimus third-generation prototypes, the Tier 1 industrial chain continues to show relatively positive progress. It is expected that subsequent factory review events will also proceed in an orderly manner. The Tesla third-generation prototype is expected to be released in Q1 of next year, with the launch of million-unit capacity by the end of the year. 2) With ample overall market liquidity, funds rotating in the growth sector, and the acceleration of industrialization trends, it is expected to return to the technology growth theme. This week's events: Tesla will hold its third-quarter earnings conference call on October 23, planning to release Optimus V3 on 26Q1. Musk stated that as artificial intelligence enters the real world, Tesla is at a crucial turning point, and Optimus is on the verge of a major breakthrough. It has the potential to become the "greatest product ever." The plan is to build the first production line capable of producing a million units of Optimus by the end of next year, with the Optimus 4th-generation product expected to achieve a capacity of tens of millions of units, and the Optimus 5th generation may reach 50-100 million units. This development path is challenging but shows enormous growth potential. Xiaopeng's fifth-generation humanoid Siasun Robot&Automation made its official debut on October 24, 2025, at the "Xiaopeng Technology Day" event. This Siasun Robot&Automation uses a straight-leg walking method, which is more natural and has doubled the endurance compared to traditional bent-knee walking. On October 20, 2025, Yushu Technology officially released its new generation of humanoid Siasun Robot&Automation H2, equipped with 27 high degree of freedom joints and using self-developed M107 joint motors.