CITIC Securities: At present, we should not be confined to "human form" and should dig deep into investment opportunities of "AI + robotics".

The research report by CITIC Securities Investment indicates that there is a positive change in the domestic robot industry chain. The leading domestic robot manufacturers are accelerating the process of capitalization, which is expected to increase capital spending in the industry as a whole and set a demonstration effect for the future listing of robot companies, thus speeding up the industry progress. At the same time, Zhiyuan and Yushu won the bid for a 124 million RMB humanoid biped robot OEM service procurement project, which is the largest single purchase in the domestic humanoid robot field, indicating that exploration of humanoid robots in end commercial scenes is gradually entering the implementation phase; with further improvement in software and hardware capabilities, it is expected that the application scenarios of robots will be further expanded. xAI, an artificial intelligence company owned by Musk, recently officially released Grok 4, with reasoning ability improved by 10 times compared to its predecessor. Embodied intelligence and humanoid robot industry are still continuously breaking through, and at this stage, one should not stick to the "humanoid" investment opportunities, but rather delve into the "AI + robot" opportunities, such as sensors, dexterous hands, robot dogs, exoskeleton robots, and applications in various fields. On one hand, the competition landscape is good, and on the other hand, none of these directions necessarily require humanoid form, and they can be continuously verified with data.