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2025-11-07 08:18:27
[CITIC Securities: Upward Revision of Robotics Sector Expectations Requires New Catalysts or Realization of Industry Pace] CITIC Securities points out that after a significant correction in October, the robotics sector is expected to enter a consolidation phase in November, separating the wheat from the chaff: 1. On the eve of the realization of the 0-1 trend in the industry, important milestones such as the Tesla Optimus mass production order and the Gen3 prototype finalization support high market expectations. Upward revision of expectations requires a new round of catalysts or the realization of industry pace. Currently, it is recommended to wait and see; 2. Robotics technology routes are still iterating. The market is more focused on the actual progress such as product performance and customer sampling. In particular, the finalization of Optimus is expected to drive the marginal convergence of hardware technology routes. Companies with deep integration or even direct orders will directly benefit. Currently, the Tesla supply chain is entering a verification period of separating the wheat from the chaff; 3. We are optimistic about the allocation value of three types of stocks, including high-probability Tesla supply chain stocks, incremental links in the direction of technology iteration and upgrading, and high-performing undervalued stocks with expectation gaps.
