CITIC Securities: The robot sector is expected to rebound, needing a new round of catalysis to materialize or industry rhythms to be realized.

The research report from CITIC Securities believes that after experiencing a significant adjustment in October, the robot sector is expected to enter a stage of consolidating expectations in November: 1. Before the trend of industries from 0 to 1 is realized, important nodes such as Tesla Optimus mass production orders and Gen3 prototype formalization will support market expectations at a high level. Expectations for upward revision require a new round of catalyzation to land or industry rhythm realization, currently suggesting patience and waiting for the right time; 2. The robot technology route is still in continuous iteration, and the market is more concerned about product performance, customer sampling, and other substantial progress. In particular, the formalization of Optimus is expected to drive the marginal convergence of hardware technology routes, and targets with deep support may even directly benefit from orders. The current Tesla supply chain will enter a period of genuine verification; 3. optimistic about the configuration value of three types of targets, including high-win-rate chains of Tesla, incremental links in the direction of technological iteration and upgrades, and excellent undervalued values with expected differences. Pay attention to other domestic chains with the ability to increase volume, such as Zhiyuan, Yushu, and Leju.