CITIC Securities: Bullish on the Mass Production and Application Prospects of the Robotics Industry, Recommends Focusing on Core Players in the Supply Chain

CITIC Securities pointed out that market risk appetite and sentiment are currently near freezing point, and that as third-quarter reports are disclosed successively in mid-October 2026, the A-share market is expected to undergo a style shift toward thematic investment. In addition, most of the catalysts for robotics—liquidity, valuation, policy, technology, and chain leaders—are consistent with the characteristics of the past seven robotics rallies. Therefore, from a strategy perspective, CITIC Securities believes that the robotics thematic rally now has the conditions to launch. At the same time, 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 complete-machine manufacturers and the Optimus production ramp-up are accelerating, and Tesla is expected to release Optimus V3 in the fourth quarter, bringing the development of the humanoid robot industry into a new stage. On this basis, CITIC Securities is bullish on the mass production and application prospects of the robotics industry and recommends paying attention to core manufacturers in the industry chain.