CITIC Construction: Robots are an important direction in the application of AI, and the sector's fluctuation focuses on high-quality links.

CITIC Securities' research report pointed out that Physical AI is the next wave of artificial intelligence, and robots are one of the best physical carriers of AI. In the future, there will be tens of billions of autonomous systems and robot systems operating in the physical world. Recently, the robot sector has seen some adjustments, mainly due to fluctuations in funding sentiment. However, the narrative of Physical AI is a tangible industrial trend that deserves high attention. In addition, the mass production of Optimus is approaching, and the recent guidance on the production scale of the supply chain is gradually becoming clear. Its volume rhythm is gradually being verified, and the subsequent V3 product release and mass production progress are still worth closely watching. In addition, the IPO of domestic robot companies continues to progress, and is expected to bring about a revaluation of intrinsic value, with continuous sector catalysts focusing on high-quality links.