CITIC Construction Investment: The main theme of robotics is driven by the dual catalysts of "production rhythm + capitalization" landing.

CITIC Construction Investment Research Report believes that the main line of robotics, "mass production rhythm + capitalization," has dual catalysts. Yushu has officially confirmed an issue price of 150.8 yuan per share and a market value of 61 billion yuan, which is a 45% increase from the original fundraising plan. The strategic partnership list features a strong combination of "technology allies + industry giants + national teams," which exceeds expectations. Its significance is twofold: first, it sets a valuation benchmark for the embodied intelligence sector; second, after its listing, it is expected to guide capital to cover the entire chain, including algorithms, complete machine manufacturing, core components, and scenario operations, thereby strengthening top-tier demonstrations and accelerating industrial synergy. Currently, market expectations for the robotics sector are relatively weak, but based on industry chain research, the mass production of Optimus is already underway, and the robot industry, which has been maturing for 4-5 years, is expected to be facing a turning point; domestic catalysts are accelerating. In addition to Yushu and Yunshenchu's IPO application impact, companies like Zhiyuan, Galaxy General, Zhongqing, Lingxin Qiaoshou, and Pudu may also have updates on their capitalization progress this year. Meanwhile, domestic robot mass production and scenario validation are accelerating simultaneously. Therefore, our investment strategy emphasizes long-term positioning, opportunistic allocation during dips, and focusing on core targets. We recommend paying attention to the configuration value of the following directional targets, including high win rates along the Tesla chain, technological iteration and upgrade directions, and undervalued targets with expected differences; as well as domestic chains with capacity for volume growth.