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Group 1: Equity Market and Humanoid Robots - The humanoid robot sector is gaining traction due to two major signals: potential U.S. government support through a 2026 executive order and Tesla's plans to outsource production of its Optimus robot, indicating a shift from experimental to mass production [4][5][8] - The U.S. manufacturing sector faces challenges with high labor costs (average hourly wage nearing $38) and a labor shortage (over 800,000 vacancies), making humanoid robots a viable solution for labor replacement [4][5] - The U.S. government is expected to implement a combination of policies, including tax incentives for purchasing humanoid robots, funding for critical technology research, and trade barriers to protect domestic manufacturers [5][6][7] Group 2: Industry Dynamics and Investment Logic - Tesla aims to produce 1 million units of the Optimus robot by the end of 2026, with an initial target of over 100,000 units in 2026, which would mark a significant transition of humanoid robots from concept to industrial products [8] - The investment strategy should focus on suppliers of core components for humanoid robots rather than the robots themselves, similar to the historical analogy of the California Gold Rush where suppliers profited more than miners [9] - Key segments for investment include actuators and joints (over 30% of robot value), dexterous hands and sensors (critical for precision), and reducers (essential for motion accuracy), with a focus on companies integrated into Tesla's supply chain [10] Group 3: Macro and Fixed Income - The central bank has injected liquidity to alleviate year-end funding pressures, conducting a net injection of 2.532 billion yuan through reverse repos [14] - Upcoming policies for 2026 include lowering import tariffs on over 900 goods, stimulating consumption through trade-in programs for appliances and vehicles, and optimizing tax burdens for certain industries [16][17][18] - New housing policies effective January 1, 2026, will impose a 3% tax on homes sold before two years of ownership, while exempting those sold after two years, benefiting first-time homebuyers [19]