CITIC Securities: "AI + robots" focusing on four key areas and lightweighting.

CITIC Construction Investment pointed out that more and more cross-border giants are entering the humanoid robot track. As home appliance leaders rely on existing technical accumulation and rich scene advantages, they are actively expanding the application of humanoid robots in factory and home scenarios. The market is focused on the synergy and transferability of existing technical accumulation and resources with the development of humanoid robots, and the related supply chain is also nurturing investment opportunities. In addition, CITIC Construction Investment believes that one should not be limited to "humanoid" and should deeply explore investment opportunities in "AI + robots", such as exoskeleton robots, dexterous hands, sensors, and robot dogs. These four aspects are not necessarily based on the mass production of humanoid robots and can be continuously verified with data. In addition, the trend of lightweight robots is clear, especially with the widespread attention to the application of PEEK materials, which is expected to further develop in the future.