CITIC Construction Investment: Continue to watch the multi-person humanoid robot sector's market trend, with Tesla chain still being the preferred allocation direction

According to the Zhitong Finance APP, CITIC Construction Investment Securities released a research report stating that the humanoid robot index has risen. Previously, the sector experienced a pullback due to market risk appetite and rumors of factory inspection delays. As the negative sentiment is digested, the sector index has resumed its upward trend. During Tesla's third-quarter earnings call, the launch of the Optimus V3 production line has been delayed until the end of 2026, but the mass production guidance is positive, with plans to start a million-unit capacity by the end of 2026, ultimately aiming for the Optimus 5.0 to achieve an annual production of 50-100 million units. Recently, the T chain may initiate domestic supplier exchange inspections. With overall market liquidity being loose, there is optimism for robots to return to the main line of technology growth allocation. The Tesla chain remains the preferred allocation direction, followed by suppliers with mass production capabilities such as Yushu and Zhiyuan; recommendations include incremental segments with technological upgrades, substantial product customer sampling progress, and expected differential targets.

Market Review: Taking the Yongying Advanced Manufacturing Smart Selection A Fund, which has a high proportion of humanoid robot industry chain targets, as an example, the latest net value is 2.31, with a weekly increase of 5.64%, a monthly decrease of 11.08%, and a three-month increase of 18.11%. The top-performing stocks this week include: Shangwei New Materials (+20.7%), UBTECH ROBOTICS (+16.2%), Siling Co., Ltd. (+13.4%), Sifang Optoelectronics (+13.1%), and Aikedi (+12.8%).

Currently, based on the gradual verification of industry trends, CITIC Construction Investment maintains a bullish outlook:

1. The further establishment of mid-term industry trends, especially the release and mass production rhythm of Tesla's Optimus third-generation prototype, with Tier 1 of the industry chain continuing to verify progress relatively positively, and subsequent factory inspections and other events expected to proceed in an orderly manner. The Tesla third-generation prototype is expected to be released in Q1 next year, with a million-unit capacity starting by the end of the year;

2. With overall market liquidity being loose, funds are rotating in growth sectors, and under the trend of accelerated industrialization, there is hope to return to the main line of technology growth allocation.

This Week's Events: Tesla held its third-quarter earnings conference on October 23, planning to release the Optimus V3 in Q1 26. Musk stated that as artificial intelligence is brought into the real world, Tesla is at a critical turning point, with Optimus on the verge of a major breakthrough, having the potential to become "the greatest product of all time." The plan is to establish the first production line with an annual capacity of one million units by the end of next year, with the Optimus 4 generation expected to achieve a capacity of ten million units, while the Optimus 5 generation may reach a scale of fifty million to one hundred million units. Although this development path is full of challenges, it demonstrates enormous growth potential.

XPeng's fifth-generation humanoid robot was officially unveiled on October 24, 2025, during the "XPeng Technology Day" event. This robot adopts a straight-leg walking method, which is more natural in gait compared to traditional knee-bending walking, and its endurance has doubled.

On October 20, 2025, Yushu Technology officially released its new generation bionic humanoid robot H2, equipped with 27 high-degree-of-freedom joints and using self-developed M107 joint motors