Citic Securities: Yushu's IPO pricing exceeds expectations, which is a positive for the robotics sector.

On August 11, the latest research report from CITIC Securities pointed out that Yushu's IPO pricing exceeded expectations and is likely to drive a reassessment of the valuation of foundational manufacturers. Yushu's IPO is priced at 150.80 yuan per share, corresponding to an issuance market value of approximately 61 billion yuan, surpassing previous expectations, and is expected to lead to a reshaping of the valuation of foundational manufacturers. Domestic chain manufacturers are actively promoting multidimensional capability construction, including "brain," "cerebellum," and "foundation," and are exploring applications across various scenarios such as industrial and commercial sectors, with shipment scales continuing to expand. As the level of robot generalization increases, it is anticipated that the application scenarios will further enlarge. Physical AI represents the next wave of artificial intelligence, with robots being one of the best physical carriers for AI, and the trend for industry development is clear. Subsequently, the release and mass production progress of Optimus V3, new product launches from domestic robot companies, the advancement of IPOs for robot firms, and the implementation of applications will continue to catalyze the sector's market performance, and it is recommended to focus on high-quality segments.