量产前夕，机构提示产业链布局窗口已打开丨每日研选

Core Insights - The robotics sector is experiencing a rebound after a significant pullback, driven by multiple marginal benefits and increased confidence from major tech companies like Google and Tesla accelerating their investments in the industry [1][2] - A complete industrial ecosystem is forming, encompassing manufacturing, core component supply, and application scenarios as the supply chain matures [1] Industry Developments - Tesla plans to establish a dedicated facility in Texas with an annual production capacity of 10 million units by 2027 [1] - Yushun Intelligent's emergency robot industrial park project has completed registration, aiming for a monthly production capacity of 500 units [1] - UBTECH has begun mass deliveries of the Walker S2 robot, targeting an annual production capacity of 5,000 units by 2026 and 10,000 units by 2027 [1] - Domestic companies like Zhiyuan Robotics, Galaxy General, and Xiaopeng Robotics are also expanding their production capabilities [1] Supply Chain Progress - Tesla's supply chain (T-chain) is entering a critical verification phase, with expected orders to suppliers in December and guidance for next year's supply [1] - Domestic supply chain companies are rapidly emerging, achieving technological breakthroughs in products like frameless torque motors and precision gears, and have begun small batch deliveries to leading clients [1] Application Scenarios - Application scenarios such as logistics, home services, and data collection are gradually being implemented, with UBTECH winning multiple projects for humanoid robot data collection and training centers [2] - Changan Automobile plans to launch its first vehicle-mounted robot component in Q1 next year, promoting diversified applications [2] Investment Trends - Global capital interest in humanoid robotics is at an all-time high, with increasing financing scales and participant numbers [2] - Domestic companies like Leju Robotics have completed nearly 1.5 billion yuan in Pre-IPO financing, while international firms like Apptronik secured $331 million in strategic financing [2] - Recent ETF initiatives by institutions like Huaxia Fund and E Fund aim to introduce long-term capital support to the sector [2] Focus Areas for Investment - Emphasis on sectors with confirmed industrial certainty, particularly high-probability suppliers in Tesla's supply chain, such as Sanhua Intelligent Controls and Top Group [2][4] - Attention to incremental segments related to technological upgrades, particularly in dexterous hands, with high growth potential for companies like Mingzhi Electric and Dechang Electric [3] - Identifying undervalued companies with substantial progress in robotics, such as Obit Optical and Dongmu Co., which may have a discrepancy in market perception [4]