Citic Construction Investment: Humanoid robots closely follow the release schedule of Optimus Gen3, and the prosperity of semiconductor equipment is continuously established.

The research report from CITIC Construction Investment pointed out that humanoid robots: Tesla Optimus Gen3 Q1 release is imminent, V3 mass production plan is clear, driving the market to maintain expectations for the robot sector, while Tesla's supply chain is gradually entering a verification period of separating true from false. It is recommended to focus on high-quality links at the bottom, grasp certainty and core changes. Construction machinery: December's non-excavation domestic and foreign sales achieved high growth, and we continue to be optimistic about a strong start in Q1 2026. Semiconductor equipment: The prosperity continues to be established, and we are optimistic about the market trends for the sector in 2026. Solid-state battery equipment: Mid-term acceptance of solid-state batteries is proceeding as scheduled, technical solutions are further converging, and the bidding by main manufacturers is imminent. We are optimistic about the spring market for lithium battery equipment.