CITIC Securities: Humanoid robots usher in intensive catalytic period

CITIC Securities Research Report stated that the humanoid robot sector had seen a lot of corrections in the early stage, with positive changes emerging in the domestic and foreign robot industry chains, leading to a rise in sentiment in the humanoid robot sector. In terms of the domestic industry chain, the core manufacturers continued to make breakthroughs in orders, indicating that humanoid robots are gradually entering the commercialization exploration stage; at the same time, Ubtech completed IPO counseling filing, and leading domestic robot core manufacturers accelerated the process of capitalization, which is expected to receive widespread attention and further promote increased capital expenditure across the industry. Overseas, Tesla humanoid robots are still optimizing solutions, and domestic related supply chain companies are also releasing positive signals. CITIC Securities is optimistic about the sector performance, with upcoming heavyweight events such as the 2025 World Artificial Intelligence Conference, the 2025 World Robotics Conference, and the 2025 World Humanoid Robot Olympics expected to provide continuous catalytic effects for the sector. CITIC Securities believes that at this stage, one should not focus only on "humanoid" but should explore investment opportunities in "AI + robots" in depth, such as sensors, dexterous hands, robot dogs, exoskeleton robots, and vertical application terminals. These directions have good competitive dynamics, do not necessarily rely on humanoid mass production, and can provide continuous data verification.