CITIC Securities: Bullish on the mass production and application prospects of the robotics industry; recommend focusing on core manufacturers in the industry chain.

CITIC Securities noted that current market risk appetite and sentiment are near freezing point, and with third-quarter reports being disclosed successively in mid-October 2026, the A-share market is expected to undergo a style switch toward thematic investment. In addition, catalysts for robotics including liquidity, valuation, policy, technology, and chain leaders largely align with the characteristics of the past seven robotics rally cycles. Therefore, from a strategy perspective, CITIC Securities believes the robotics thematic rally already meets the conditions for launch. Meanwhile, advances by GPT-6 and Gemini 4 in robot planning, spatial perception, and Real-to-Sim modeling are expanding the room for general-purpose large models to participate in robot development and training. On the hardware side, domestic OEMs and Optimus mass-production ramp-up continue to accelerate, and Tesla is expected to release Optimus V3 in the fourth quarter, bringing the humanoid robot industry into a new stage. Based on this, the firm is optimistic about the mass production and application prospects of the robotics industry and recommends paying attention to core players in the supply chain.