Citic Securities Jiantou: Recommend focusing on the high-quality segments of the humanoid robot industry chain.

Analysts from CITIC Securities research report on the investment opportunities in the humanoid robot industry chain, stating that Optimus V3 continues to be in high demand, and they recommend focusing on high-quality links. The release of Tesla's Gen3 is overall meeting expectations, with clear plans for mass production. 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, continuously iterating in a "data-algorithm-hardware" closed loop. Products are also expected to gradually extend from the business-to-business (B2B) side to the consumer side (B2C), gradually opening up the expected space for millions of humanoid robots. Looking ahead to the sector, upcoming events such as the launch of Gen3, new product releases, robotic performances during the Spring Festival Gala, and progress in the IPOs of domestic robot manufacturers will be key catalysts to watch. It is recommended to focus on high-quality segments at the bottom, and grasp core changes such as certainty and dexterity.