Guolian Minsheng Securities: Currently, with the accelerated industrialization of Siasun Robot & Automation, we are optimistic about the long-term growth space of the agile hand industry chain.

Guolian Minsheng Securities released a research report, stating that the origin of robotics can be traced back to the 1970s, and in the past five years, the industry has progressed rapidly. The main participants in the industry include research institutions (primarily universities in the early stages) and enterprises (with increasing participation as the industry scales up). They are optimistic about Tesla and leading the industry's development. Domestic companies such as Yushu Technology, Zhiyuan, Xingdong Era, and other humanoid Siasun Robot & Automation manufacturers, as well as intelligent robotics companies such as Lingxinqiao Hand and AgileIntelligence, although they started later, may play important roles in the future as the industry scales up. The institution believes that with the acceleration of industrialization of humanoid Siasun Robot & Automation, there is a long-term incremental space for the robotics industry supply chain. The main points of Guolian Minsheng Securities are as follows: International leaders leading the way + domestic new entrants catching up Tesla is leading the development. Robotics originated in the 1970s, with Japan's Okada Robotics pioneering in 1974. In the 1980s, the US and Japan promoted technological integration. In the 21st century, Chinese universities made breakthroughs in robotics. The industry has accelerated its development in the past five years, and Tesla launched the Optimus series of robotics in 2022, with more integrated designs, gradually becoming the benchmark in the humanoid Siasun Robot & Automation industry. Domestic companies such as Yushu Technology and AgileIntelligence have also introduced their own robotics products. Currently, robotics are evolving towards higher flexibility, tactile sensation, and cable-driven capabilities. Diverse robotics technologies Technological routes are gradually converging. The future of robotics will focus on under-actuated architectures for core design flexibility, combined with efficient motor drives (primarily direct current brushless and hollow cup motors), and a transmission solution that combines cable drives and linkages, supplemented by force sensors and tactile sensors to enhance perceptual capabilities. Creating a technical system that balances flexibility, response speed, and reliability this path has been verified through advanced robotics such as Tesla's Optimus and Shadow Hand, which will help humanoid Siasun Robot & Automation achieve more natural and precise operations and adapt to a wide range of scenarios. Trillion-level market space Deeper layout of core component companies. It is estimated that Tesla will release the third generation of Optimus in Q1 2026, with the annual shipment volume expected to continue to increase in 2026. Musk expects to achieve mass production of millions of units in the next 4-5 years, reaching a market scale of over 100 billion yuan, of which robotics are important end-effectors for humanoid Siasun Robot & Automation. Currently, listed companies in China are deepening their layout of core robotics components, mainly focusing on motors, tendons, lead screws, sensors, and coverings. Investment advice: 1. Participant dimension: Robotics originated in the 1970s, and the industry has accelerated in the past five years. The main participants in the industry include research institutions (primarily universities in the early stages) and enterprises (with increasing participation as the industry scales up). They are optimistic about Tesla and leading the industry's development. Domestic companies such as Yushu Technology, Zhiyuan, Xingdong Era, and other humanoid Siasun Robot & Automation manufacturers, as well as Lingxinqiao Hand and AgileIntelligence, although they started later, may play important roles in the future as the industry scales up. 2. Product dimension: Taking into account comprehensive value, localization rate, and market size, it is recommended to focus on 1) motors: the "power heart" of robotics, providing direct drive for robots; 2) lead screws, with high technological barriers and large domestic substitution space; 3) tendons: high technological barriers and wide application scenarios; 4) sensors, the direction of technological upgrades under flexible trends. Currently, sub-sectors generally exhibit characteristics of high value and high growth potential, and companies that have advantages in positioning along the industrial chain may benefit from the industrialization of humanoid Siasun Robot & Automation. Recommended focus: Automotive parts companies with strong customer advantages, strong mass production capabilities, and highly compatible main products with Siasun Robot & Automation; major manufacturers are entering the race of humanoid Siasun Robot & Automation, with a high overlap between Siasun Robot & Automation's supply chain and the automotive terminal. It is recommended to pay attention to companies such as Ningbo Tuopu Group, Ningbo Joyson Electronic Corp., JOHNSON ELEC H, Ningbo Hengshuai, Guilin Fuda Co., Ltd., Ling Yun Industrial Corporation, and Jiangsu Rongtai Industry, and focus on Zhejiang Rongtai Electric Material, Zhejiang Fulai New Material, Shanghai Daimay Automotive Interior, Jiangsu Riying Electronics, HangZhou Radical Energy-Saving Technology, Hangzhou XZB Tech, Xinzhi Group, Shenzhen Ampron Technology, Qingdao Choho Industrial, Mingxin New Material, Shandong Nanshan Fashion Sci-Tech, Jiangsu Hanvo Safety Product, and Guangdong Taili Technology Group. Risk warning: Development of AI technology falls short of expectations, production progress of Siasun Robot & Automation falls short of expectations, cost reduction of hardware falls short of expectations, market demand falls short of expectations, and continuous changes in technological routes.