CITIC Securities: The humanoid robot sector will face multiple catalysts, grasp core changes such as certainty and dexterity.

CITIC Securities Research Report indicates that Tesla plans to launch Optimus V3 in the first quarter of 2026, and the overall pace is in line with expectations, marking the industry entering an intensive catalytic period. Tesla's Gen3 release schedule and overall product mass production plan are clear. Optimus will be a general-purpose robot that can learn to complete tasks by observing human behavior. Tesla is leading the global "physical AI" industry revolution, with humanoid robots as one of its core pillars, continuing with a closed-loop iteration of "data-algorithm-hardware". Products are also expected to gradually extend from the business side to the consumer side, gradually opening up the expected space of a million humanoid units. Looking ahead to the sector's development, it is worth focusing on key events such as Gen3 deployment, new product releases, Spring Festival robot performances, and progress in the IPO of domestic robot manufacturers. It is recommended to focus on quality aspects and grasp core changes such as certainty and dexterity.