CITIC Securities: Bullish on the Mass Production and Application Prospects of the Robotics Industry, Recommends Focusing on Core Players in the Supply Chain
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CITIC Securities believes that the market conditions for a robotics-themed rally are already in place, is bullish on the mass production and application prospects of the robotics industry, and recommends focusing on core players in the supply chain. Advances by GPT-6 and Gemini 4 in robot planning, spatial perception, and Real-to-Sim modeling have broadened the scope for general-purpose large models to participate in robot development and training; Tesla is expected to release Optimus V3 in the fourth quarter, while domestic robot makers and the Optimus production ramp-up continue to accelerate.
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中信证券指出，当下市场风险偏好、情绪接近冰点，2026年10月中旬，三季报陆续披露，A股市场有望进行主题投资行情风格切换。此外，机器人流动性、估值、政策、技术、链主等催化大都符合过去七轮机器人上涨行情特征，因此，从策略角度来看，中信证券认为机器人主题行情当前已具备启动条件。同时，GPT-6与Gemini 4在机器人规划、空间感知及Real-to-Sim建模上的进步，正在拓宽通用大模型参与机器人开发与训练的空间，硬件上，国产整机厂&Optimus量产爬坡不断提速，并且特斯拉有望在四季度发布Optimus V3，将人形机器人产业发展带入新的阶段，基于此，看好机器人产业的量产和应用前景，建议关注产业链核心厂商。