CITIC Construction Investment pointed out that Tesla is leading the transformation of the global “physical AI” industry. As one of its core pillars, humanoid robots share technical foundations such as the FSD end-to-end large model with intelligent driving, and are starting a closed-loop iteration of “data, algorithm, and hardware.” Sentiment in the sector continued to pick up this week. On the one hand, the catalyst is that Tesla's Optimus V3 Q1 is about to be released and the Gen3 mass production plan is clear; on the other hand, the pace of the industry has entered a period of substantial implementation. CITIC Construction Investment believes that the sector is at the bottom of the rebound. The market continues to gamble with Tesla's prospects of launching one million production lines by the end of 2026. It is expected that the upgrade will require new catalysts or verification of mass production progress.

CITIC Construction Investment pointed out that Tesla is leading the transformation of the global “physical AI” industry. As one of its core pillars, humanoid robots share technical foundations such as the FSD end-to-end large model with intelligent driving, and are starting a closed-loop iteration of “data, algorithm, and hardware.” Sentiment in the sector continued to pick up this week. On the one hand, the catalyst is that Tesla's Optimus V3 Q1 is about to be released and the Gen3 mass production plan is clear; on the other hand, the pace of the industry has entered a period of substantial implementation. CITIC Construction Investment believes that the sector is at the bottom of the rebound. The market continues to gamble with Tesla's prospects of launching one million production lines by the end of 2026. It is expected that the upgrade will require new catalysts or verification of mass production progress.