CITIC Securities: Domestic robot manufacturers are expected to have their valuations reassessed, and it is recommended to pay attention to related domestic supply chains.

CICC Securities stated that Tesla OptimusV3 is expected to start mass production in Q3, and the product plan will be publicly disclosed after nearing mass production. Tesla OptimusV3 is expected to be close to mass production by mid-year, with formal production scheduled for late July to early August at the Fremont factory. The construction of the second pillar factory at the Texas Gigafactory is expected to be completed around next summer, before starting production. The Optimus project of Tesla continues to advance, and the industry is in a critical verification period towards mass production. In the 2026 Robot Half Marathon, the overall performance of robots and finishing results have improved significantly; at the same time, the proportion of autonomous navigation teams has significantly increased, reflecting the robots will run the intelligent "perception-decision-control" closed-loop, which will help them adapt to more application scenarios in the future. Currently, OptimusV3 is under continuous preheating, and subsequent product releases and production progress are worth paying attention to. Domestic robot companies such as Yushu Technology are continuing with their IPO, their core products have high value and are close to end customers, their position in the industry chain is significant, and their brand influence is prominent. Domestic core manufacturers are expected to have their valuations reassessed, so it is recommended to pay attention to related domestic supply chains.