CITIC Securities: The humanoid robot sector is gradually entering the configuration range.

CITIC Securities research report pointed out that the humanoid robot sector is gradually entering the allocation range, with Yushu's IPO and Tesla V3 both poised for takeoff. On the domestic front, the Spring Festival Gala of the Year of the Horse has ignited attention on domestically produced robots, demonstrating outstanding operational performance and capabilities, with 2026 set to become a great year for humanoid applications. At the same time, domestic robot companies such as Yushu continue to push forward with IPOs, with high intrinsic product value and proximity to end customers, significant positions in the industry chain, and strong brand influence. Intrinsic manufacturers are expected to have their valuations reassessed, and it is recommended to pay attention to related supply chains. On the overseas front, Tesla's Optimus 3 will start production this summer, following an S-curve climb, with expectations to enter a high production phase next year; meanwhile, the Optimus version will continue to be updated, with hopes of further enriching product applications and moving towards the consumer end.