Investment Rating - The report maintains an "Overweight" rating for the automotive and technology sectors [5]. Core Insights - Tesla's Q4 gross margin exceeded expectations at 20.1%, driven by a strong performance in the energy business, despite a decline in net profit due to Bitcoin devaluation and increased stock-based compensation [2][10]. - The report emphasizes the acceleration of Tesla's physical AI transformation strategy, with a focus on autonomous driving and robotics [10][13]. - The global regulatory framework for Level 4 (L4) autonomous driving is rapidly forming, which is expected to benefit companies with global compliance capabilities [3][19]. Summary by Sections Industry Perspective - Tesla's Q4 performance shows a gross margin of 20.1%, significantly above the expected 17.0%, marking the highest level in two years [10][12]. - The automotive delivery faced pressure, with a total of 418,000 vehicles delivered in Q4, a year-over-year decline of 16% [12]. - The energy business continues to thrive, with a record gross profit of $1.1 billion and a gross margin of 28.6% [12]. Autonomous Driving - Tesla's Full Self-Driving (FSD) will transition to a subscription model, eliminating the one-time purchase option, reflecting confidence in the FSD experience and future penetration [14]. - The Robotaxi fleet in Austin has begun operating with a small number of vehicles without safety drivers, marking a significant step towards fully autonomous operation [16]. - Tesla has established a data center in China to support the FSD rollout without the need for data to leave the country [17]. Robotics - The Optimus Gen3 robot is set to debut in Q1 2026, with production lines being repurposed from Model S/X to focus on robotics [18]. - The robotics software ecosystem is evolving, with significant advancements in control systems that enhance autonomous capabilities [23]. - The report highlights the increasing attention on the robotics supply chain as companies prepare for mass production [18]. Market Recommendations - Key stock recommendations include Xiaopeng Motors, Coboda, SOTON, Horizon Robotics, Top Group, Hesai Technology, Minth Group, and Yinlun [7]. - The report suggests a focus on companies with strong production capabilities and those positioned to benefit from the shift towards robotics and autonomous driving [10][18].

证 券 研 究 报 告 行业周报 Optimus Gen3 亮相在即，特斯拉中国 AI 训练中心投入使用 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年02月08日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌Optimus Gen3亮相在即，春晚机器人含量颇高 Optimus Gen3很快亮相，板块重要催化在即。马斯克称，Optimus将成为有史以来最伟大的产品，是第 一台冯·诺依曼机器，长期目标是未来可在宜居星球独立开展建设任务。此前，特斯拉官方微博表示，第三 代特斯拉人形机器人即将亮相，从第一性原理出发，进行重新设计，通过观察人类行为即可学习新技能， 预计年产百万台。此外，马斯克还将Optimus称为无限印钞机，解释称数字智能、AI芯片能力和机电灵巧 度呈指数级增长，其乘积即为机器人能力，同时指出机器人可实现低成本自我制造，带来多个数量级的经 济规模扩张，Optimus不仅是特斯拉未来的增长极，更是美国维持制造业竞争力的唯一希望。 多家具身机器人将登上总台春晚，春晚机器人含量颇高。魔法原子、银河通用、宇树科技及松延动力四家 厂商相继官宣，将登 ...

证 券 研 究 报 告 行业周报 Optimus Gen3 预计26Q1发布， SpaceX 申请部署百万颗卫星 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年02月01日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 PAGE 2 投 资 要 点 ▌Optimus Gen3 预计26Q1发布符合预期，理想切入人形机器人赛道 Optimus Gen3预计26Q1发布，年底开始规模量产。特斯拉25Q4财报明确提出Q1计划发布Optimus Gen3。目前，特斯拉正在筹建Optimus Gen3首条生产线，位于加州弗里蒙特的Model S/X生产线将被 改造用于生产Optimus人形机器人，目标在2026年底开始规模量产，远期规划是年产能达100万台。 Optimus Gen3目标是可以通过观察人类行为来学习，通过给它演示一个任务，或者给它观看一段视频， 它就能完成这个任务看，其性能将远超中国所有在研的人形机器人。同时，马斯克在X平台称Optimus V4 将在德克萨斯州生产，产量将大幅提升。 理想汽车召 ...

Investment Rating - The investment rating for the mechanical equipment industry is "Standard" [1] Core Insights - The mechanical equipment industry has shown a dual-week performance of 0.00%, underperforming the CSI 300 index by 0.05 percentage points, ranking 16th among 31 industries [2] - The general equipment sector has the highest growth rate of 0.74% among the five sub-sectors, while the rail transit equipment II sector has the lowest decline of 1.15% [18] - The PE TTM for the mechanical equipment sector is 35.21 times, with the general equipment sector at 51.24 times, and the rail transit equipment II sector at 17.43 times [3] Market Review - As of January 29, 2026, the mechanical equipment sector has increased by 6.09% year-to-date, outperforming the CSI 300 index by 3.41 percentage points, ranking 15th among 31 industries [13] - The top three stocks in terms of dual-week growth are Tianzhong Precision Machinery, Deen Precision Engineering, and Fenglong Co., with growth rates of 73.80%, 66.72%, and 61.08% respectively [20] - The top three stocks in terms of year-to-date growth are Fenglong Co., Yujing Co., and Tianzhong Precision Machinery, with growth rates of 213.97%, 92.78%, and 80.82% respectively [20] Valuation Situation - The valuation for the mechanical equipment sector is 35.21 times, which is 18.76% higher than the one-year average of 29.65 times [25] - The general equipment sector's valuation is 51.24 times, which is 31.94% higher than its one-year average [25] - The rail transit equipment II sector's valuation is 17.43 times, which is slightly lower than its one-year average [25] Industry News - Tesla announced significant updates for the Optimus Gen3 robot, which is expected to launch in Q1 2026, potentially sparking a new technological revolution [4] - The domestic demand for construction machinery is expected to increase post-Spring Festival due to replacement and electrification upgrades [4] - The Beijing humanoid robot innovation center has officially launched, providing comprehensive testing services for humanoid robots [53] Company Announcements - Companies such as Huichuan Technology and Green's Harmonic are recommended for attention due to their strong market positions and growth potential [57][59] - Sany Heavy Industry and Hengli Hydraulic are highlighted for their expected performance improvements driven by infrastructure demand [57][59]

Group 1 - The core viewpoint of the report from CITIC Securities is that the recent short-term adjustment in the securities sector does not indicate the end of the market trend, as the sector is currently supported by strong fundamentals at a low valuation level [1] - The report identifies two potential upward paths for the securities sector under a slow bull market: one is based on the stabilization of trading volume leading to valuation increases, and the other is driven by unexpected financial policy catalysts that could break through valuation ceilings [1] - Both scenarios suggest that the brokerage market will not be absent, and a window for left-side positioning is gradually approaching [1] Group 2 - Huatai Securities indicates that the expectation for the U.S. uranium replenishment cycle is strengthening, which further reinforces the logic of the uranium mining sector from the demand side [2] - The report highlights that due to rigid supply-side bottlenecks, uranium prices are expected to remain in an upward channel [2] - The recommendation continues to favor domestic uranium suppliers in the U.S. and trading partners, as they are likely to benefit first from the tight supply expectations [2] Group 3 - CITIC Securities emphasizes the upcoming release of Tesla's Optimus Gen3 in the first quarter, which is expected to maintain market anticipation for the robotics sector [3] - The report notes that Tesla's supply chain is gradually entering a verification phase, focusing on quality segments to capture certainty and core changes [3]

Group 1 - The core viewpoint of the article highlights the anticipation surrounding Tesla's Optimus Gen3 release in Q1, with clear mass production plans for V3, driving market expectations for the robotics sector [1] - The engineering machinery sector saw significant growth in December, with non-excavation domestic and international sales achieving high increases, maintaining a positive outlook for Q1 2026 [1] - The semiconductor equipment sector is establishing a favorable market sentiment, with expectations for a strong performance in 2026 [1] Group 2 - In the solid-state battery equipment sector, mid-term acceptance tests are proceeding as scheduled, with technical solutions further converging, and major manufacturers are set to begin bidding soon, indicating a positive outlook for lithium battery equipment in the spring [1]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry, particularly focusing on the humanoid robotics sector [2][8]. Core Insights - The unveiling of Optimus Gen3 marks a significant milestone for Tesla in the humanoid robotics industry, enhancing confidence in its upcoming release in Q1 2026. This event is expected to catalyze a new wave of investment opportunities in the humanoid robotics sector [4][5]. - Shanghai's "Mosu Zhixing" action plan aims to accelerate the implementation of high-level autonomous driving technologies, targeting the large-scale application of L4-level autonomous driving by 2027. This initiative is anticipated to create substantial investment opportunities in the autonomous driving market [6][7]. Summary by Sections Humanoid Robotics Sector - The Huaxin Humanoid Robotics Index increased by 2.38% this week, with a cumulative return of 123.2% since 2025. The trading volume of the humanoid robotics sector accounted for 34.5% of the CSI 2000 index, indicating high market engagement [17][21]. - Within the humanoid robotics sub-sectors, the assembly segment performed well with a 4.8% increase, while other components like actuators and reducers also showed positive growth [21]. Automotive Sector - The CITIC Automotive Index rose by 0.7%, outperforming the broader market by 1.3 percentage points. The automotive sector's PE ratio stands at 33.9, placing it in the 51.7% percentile over the past four years, while the PB ratio is at 3.0, in the 96.3% percentile [34][48]. - Among tracked companies, Aikelan, Jiaoyun Co., and Junda Co. saw significant stock price increases, while companies like Tiangong Co. and Yueling Co. experienced notable declines [41][45]. Key Company Recommendations - The report recommends several companies within the humanoid robotics and automotive sectors, including: - New Spring Co., Shuanglin Co., and Dechang Electric Holdings for their roles in humanoid robotics components [8]. - Companies like Huawei-affiliated automakers and XPeng for their advancements in L3/L4 autonomous vehicle manufacturing [7].

Core Viewpoint - The article emphasizes the potential for a significant upward trend in T-chain stocks, driven by recent endorsements from Elon Musk regarding the Optimus V3 project, which is expected to be a transformative technology product [2][5][9]. T-chain Market Dynamics - Despite positive news regarding T-chain projects, the market has not fully capitalized on the momentum from December 2022, primarily due to a lack of substantial catalysts [2][5]. - The commercial space, brain-machine interfaces, and autonomous driving sectors have seen significant growth, with commercial space being the most popular sector [2][5]. Optimus V3 Developments - Elon Musk's recent tweets have generated optimism about the Optimus V3, with a notable endorsement from angel investor Jason Calacanis, who described it as potentially the most transformative technology in human history [5][8]. - The performance of Optimus Gen3 is expected to exceed expectations, with indications that it is nearing finalization [9][12]. Key T-chain Stocks - WX is highlighted as a core T-chain stock, with expectations for its SOP (Start of Production) to be finalized in Q1 2026, showing strong market interest and price appreciation [9][12]. - Other notable T-chain stocks include RT, KS, FS, and SL, which have also shown significant price increases due to positive developments in North American communications and project confirmations [11][12]. North American Communication and Contracts - T-chain stocks that have successfully communicated with North American partners are expected to attract more investment, with WX, FS, and KS being key players in this regard [12][13]. - The article notes that companies like S and X are gaining attention due to their innovative technologies that align with the advancements in the Optimus project [12][13]. Future Outlook - The article suggests that as the Optimus project progresses and T-chain companies continue to secure contracts, the market will likely see increased focus and investment in these stocks [15][16]. - The ongoing developments in the T-chain sector, including new technologies and partnerships, are expected to create further investment opportunities [15][16].

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for investment opportunities [2][10]. Core Insights - The humanoid robot industry is accelerating towards large-scale production, with significant developments from companies like Tesla and Xiaopeng, which are expected to drive market momentum [5][10]. - The recent application for 200,000 new satellites in China is set to propel the commercial space industry, driven by policy support and the need for satellite launch capacity [6][8]. - The report highlights the importance of technological and production capacity advantages in the humanoid robot sector, suggesting a focus on component manufacturers [5][10]. Summary by Sections Humanoid Robot Sector - The Huaxin humanoid robot index increased by 2.45% this week, with a cumulative return of 118.1% since 2025 [19]. - Within the humanoid robot sector, the assembly segment performed well, rising by 5.5%, while other components showed mixed results [22]. - Key companies in the humanoid robot space, such as Boston Dynamics and Xiaopeng, are making strides in production capabilities and technological advancements [3][4][31]. Automotive Sector - The CITIC automotive index rose by 2.7%, slightly underperforming the broader market [35]. - The smart vehicle segment showed strong performance, with the smart car index increasing by 6.8% [38]. - Notable companies such as Junda Co., Kinggoo Co., and Kaizhong Co. saw significant stock price increases, indicating positive market sentiment [43]. Investment Recommendations - The report suggests focusing on companies with technological and production advantages in the humanoid robot sector, including component manufacturers like Mould Technology and Shuanglin Co. [10][12]. - In the commercial space sector, attention is drawn to launch service providers and satellite assembly companies due to the anticipated surge in satellite launches [8].

Group 1 - The report from Huaxi Securities highlights that under global restructuring, Chinese assets are expected to present long opportunities, particularly in the AI sector driven by advancements like Google's Gemini 3.0 and the emergence of new technologies such as OCS optical switches and liquid cooling becoming standard by 2026 [1] - The introduction of next-generation chips like RUBIN and the listing of domestic AI chip manufacturers such as Moer and Muxi indicate that the domestic AI industry is accelerating its catch-up with overseas counterparts [1] - By the end of 2025, traditional internet companies represented by Google and Alibaba are expected to surpass emerging models like OpenAI and DeepSeek, marking a new height in the competition of large models [1] Group 2 - The Lingguang APP has successfully created 12 million flash applications as of December 26, indicating strong user engagement and growth in the AI assistant market [2] - Ant Group's AI health assistant, Antifufu, has exceeded 15 million monthly active users since its launch on December 16, showcasing the demand for AI-driven health solutions [2] Group 3 - ByteDance is increasing its investment in terminal devices, with the launch of the Doubao model 1.8 and the Doubao video generation model Seedance 1.5pro, which has seen a tenfold increase in daily token volume, reaching over 50 trillion tokens by December 2025 [3] - Lenovo plans to unveil an "AI super intelligent agent" at the 2026 CES, which will offer comprehensive AI capabilities and cross-device connectivity, further solidifying its partnership with ByteDance's Doubao and Huoshan Engine [3] Group 4 - The report anticipates that by early 2026, AI models and applications will flourish as companies like Zhiyu and Minimax prepare to enter the Hong Kong stock market, leading to a capital frenzy in the AI sector [4] - The evolution of AI capabilities is expected to lead to a surge in industrial applications, with robots transitioning from mechanical competition to brain and control capabilities, and smart driving nearing practical implementation [4] Group 5 - The report notes that the upcoming IPO of SpaceX in 2026 is likely to position space computing as a new technological battleground between China and the U.S. [5]