Tesla(US:TSLA) ZHESHANG SECURITIES·2026-02-14 03:24Investment Rating - The industry investment rating is "Positive" (maintained) [1][7] Core Viewpoints - In 2026, the robotics sector is expected to enter the 1-10 development stage, with Tesla's robot supply chain preparing for production in the first half and gradually entering mass production in the second half, leading to a sustained market trend in both domestic and international supply chains [1] - The first half of 2026 will see a mix of certainty and elasticity in the market, driven by the established supply chain of Tesla's third-generation robots and potential new technological directions from Tesla's upcoming models [2] - Key companies to focus on for the year include Keda Li, Hengshuai Co., Fengcai Technology, and Dechang Co. [2] - The report outlines various components and assembly segments within the robotics industry, highlighting key players in each category, such as Top Group, Hengli Hydraulic, and others [4] Summary by Relevant Sections - First Half of 2026: Anticipated events include the release of Tesla's third-generation robot and the establishment of the domestic robot supply chain, with initial market volatility expected as companies are evaluated for their roles and market shares [3] - Second Half of 2026: Continued opportunities are anticipated in various downstream application scenarios as Tesla's production ramps up [3] - Key Components: The report categorizes important components such as motors, sensors, and assembly modules, listing companies involved in each segment, including Hengshuai Co. and Keda Li [4]