Huatai Securities: The robotics industry is shifting from theme-based pricing to pricing based on mass production and demand verification.

Huatai Securities' research report indicated that last week, the smart driving and robotics sectors rebounded sharply after being oversold, but in July, they still fell by 12.61% and 10.91%, respectively. Huatai Securities believes that the recent rise is primarily driven by valuation recovery and capital rotation. In the robotics field, the industry is shifting from theme-based pricing to mass production and demand validation pricing. It is recommended to observe two main lines: the domestic supply chain and the Tesla supply chain the domestic chain is catalyzed short-term by the upcoming listing of Yushu, while the Tesla chain should track the production and demonstration effects of Optimus, as the current mass production timing approaches and market expectations remain low. In the smart driving sector, the right-hand drive market for Robotaxi has recently made progress, with policy efforts accelerating simultaneously in China and the U.S. The NHTSA is speeding up the push for Robotaxi commercialization, and the domestic mandatory national standard is entering the preparation phase for implementation, with Geely, BYD, and Chery being the first three companies to pass the system certification. L2 smart driving stocks, which saw significant declines earlier, are expected to rebound as the industry's beta expectations improve.