中信建投：坚定看好人形机器人产业趋势

Core Viewpoint - The humanoid robot industry is on the verge of a significant trend realization, supported by key milestones such as Tesla's Gen3 model finalization and mass production, which bolster market expectations [1] Industry Summary - The finalization of Tesla's Optimus model is expected to drive marginal convergence in hardware technology routes, indicating a shift towards a more refined market phase [1] - The humanoid robot sector is anticipated to gradually transition into a phase of distinguishing genuine opportunities from less viable ones [1] Investment Focus - It is recommended to pay attention to core companies with clear advantages in the T-chain, as well as domestic supply chain entities that benefit from policy guidance, capital operations, and order fulfillment [1] - The industry outlook remains positive, particularly for companies that are positioned within the T-chain and domestic supply chains, alongside emerging changes in components like dexterous hands [1]