中信建投：继续看好人形机器人产业趋势

Core Viewpoint - The report from CITIC Securities on November 18 highlights the continuous advancements in the domestic humanoid robot industry, indicating a positive outlook for the sector as it approaches a critical phase of development [1] Industry Summary - The domestic supply chain for humanoid robots is making significant progress in capital operations, order fulfillment, and application implementation [1] - The humanoid robot industry is on the verge of realizing its potential, with key developments such as Tesla's Gen3 model finalization and mass production expected to support market expectations [1] - The finalization of Tesla's Optimus is anticipated to drive convergence in hardware technology pathways, suggesting a maturation of the sector [1] - The industry is expected to transition into a phase of distinguishing genuine advancements from superficial claims [1] Company Summary - Yushun Technology has completed its IPO counseling, indicating a step forward in its market positioning [1] - UBTECH has secured large orders for humanoid robots, reflecting growing demand and confidence in the sector [1] - The focus is on companies with certainty in the T-chain and domestic supply chains, while also monitoring new developments in dexterous hands and related areas [1]