CITIC Securities research says market attention is on commercial deployment of
humanoid robots after Figure03 entered a BMW factory; leading vendors are
accelerating industrial use cases. As robot generalization rises, deployment
scenarios should broaden and 2026 could be a peak year for vertical humanoid
applications. The report calls physical AI the next wave of AI and says robots
are among the best physical carriers. Tesla’s Optimus mass production is
approaching; recent supply‑chain guidance on production scale has become clearer
and the ramp is being externally validated—upcoming V3 product launches and
further production progress warrant close monitoring. Ongoing IPO activity among
domestic robot firms may prompt a hardware valuation re‑rating; CITIC expects
sustained sector catalysts over the next quarter and recommends concentrating on
high‑quality segments.
