CITIC Securities: Tesla's robot mass production process accelerates, focus on related companies in the industry chain.

CITIC Securities research report stated that Tesla's grand blueprint Chapter Four has been released, and humanoid robots are its core product. Musk said that about 80% of Tesla's future value will come from the Optimus robot. Since the beginning of the year, there have been some setbacks in the mass production process of robots. With the Tesla board providing Musk with the largest incentive plan in history, Musk's focus has returned to the company's business, with increased energy invested in the robot business. At present, the hardware design of the robot is close to finalization, and Musk expects Optimus V3.0 to be released in Q1 2026, and to start mass production by the end of 2026. China's supply chain plays an important role in Tesla's robots, accelerating the mass production process. We recommend paying attention to companies related to Tesla's robot industry chain.