CITIC Securities: Humanoid robots are in the stage of technical verification, and the time for commercialization to land will be shorter compared to new energy vehicles.

CITIC Securities research report indicates that humanoid robots are currently in the stage of technical verification, but the commercialization time will be shorter compared to new energy vehicles; it is recommended to focus on the most valuable, clear and high-certainty links in the robot industry, because they have the greatest performance flexibility. At the same time, we believe that the industry trend investment stage is most important for industry leaders. Therefore, we recommend actively seeking leading companies in the sub-segments of the robot industry with non-standard, high technological, cost, and production barriers, because these companies can withstand industry cycles. Overall, we believe that robot companies themselves, high computing power SOC chips, dexterous hands, actuators, precision sensors, and other links belong to the high-value, high-barrier segments of the humanoid robot industry.