CITIC Securities: Optimistic about the return of robots to the main line of technology growth configuration.

CITIC Securities' research report indicates that Tesla's Optimus industrialization is accelerating, Figure has completed overvalued financing, the robot sector is entering a period of continuous catalytic verification, and they continue to firmly believe in the bullish outlook. The recent release of the third-generation prototype of Optimus and the production pace guidance are positive, and in the near future, the T chain may open up exchanges with domestic suppliers. With the overall market liquidity remaining loose, they are optimistic about robots returning to the main line of technological growth configuration. Tesla's supply chain is still the preferred direction for configuration, followed by Yushu, Zhiyuan, and other main factory supply chains with mass production capabilities. It is recommended to focus on incremental links with technological upgrades and iterations, substantial progress in product sampling for customers, and expected differences.