According to the Zhitong Finance APP, Kaiyuan Securities released a research report stating that as October approaches, Tesla (TSLA.US) Gen3 robots are getting closer to finalization, and subsequent order announcements will provide continuous catalysts for the sector. In Q4, leading domestic companies are accelerating capitalization, and manufacturers may launch new products, combined with high-standard industrial policy support. It is judged that the robot sector in Q4 is expected to start a significant beta phase in resonance both domestically and internationally, aimed at the entire year of 2026. The Tesla chain focuses on &#34;strong certainty,&#34; while the domestic chain grasps two directions: &#34;supply chain positioning&#34; and &#34;application scenario expansion.&#34; Recommended stocks include Zhenyu Technology (300953.SZ), VOKE (301196.SZ), Longsheng Technology (300680.SZ), Wuzhou Xinchun (603667.SH), Zhejiang Haideman (688577.SH), and Redik (300652.SZ).
<h2>Key points from Kaiyuan Securities are as follows:</h2>
Tesla Gen3 finalization is approaching, domestic robot orders are continuously landing, and Q4 is expected to start a big market
Recently, there have been continuous updates on Tesla robots, including: a new $1 trillion compensation plan for Musk, a strategic shift towards AI, indicating that the robot industry is entering the final stages; the release of the latest golden version of the Optimus demonstration, with the humanoid dexterous hand being the highlight, possibly indicating that the dexterous hand is upgrading towards a highly bionic and refined direction, which is a key point of strong certainty in the Gen3 plan. As October approaches, the finalization of the Gen3 robot is getting closer, and subsequent order announcements will provide continuous catalysts for the sector. After the Gen3 model is finalized, Tesla will conduct large-scale manufacturing tests, with expected shipments of 30,000 to 50,000 units; it may also simultaneously develop the Gen4 model for future large-scale production, while putting forward clear requirements for suppliers' capacity construction and overseas factory establishment. At the same time, in Q4, leading robot companies such as Yushu and Zhiyuan are accelerating capitalization, and manufacturers like Xiaomi, Seres, and Li Auto may launch new humanoid robots; a combination of high-standard domestic industrial policies is expected. By 2026, domestic robot shipments are expected to see a tenfold increase. The firm judges that the robot sector in Q4 is likely to start a significant beta phase aimed at the entire year of 2026 in resonance both domestically and internationally. The Tesla chain focuses on &#34;strong certainty,&#34; while the domestic chain grasps two directions: &#34;supply chain positioning&#34; and &#34;application scenario expansion.&#34;
Tesla: Anchoring &#34;strong certainty&#34; and &#34;technological changes,&#34; focusing on core supply chain targets
Tesla continues to increase its strategic investment in robots: a new $1 trillion compensation plan for Musk, with goals including delivering 1 million AI robots, commercializing 1 million Robotaxis, increasing market value to $8.5 trillion, and a complete strategic shift towards AI, indicating that the robot industry is entering the final stages; the release of &#34;Macro Plan IV,&#34; indicating that over 80% of the company's future value will come from Optimus, making robots one of the most important aspects of the company's top-level design. In the latest released demonstration video of the golden version of Optimus, it integrates Grok for understanding natural language and autonomous action, especially the highly humanoid dexterous hand is extremely impressive (possibly a fake hand for confidentiality reasons), which may indicate a qualitative leap in the dexterous hand, iterating towards bionic and humanoid directions, which is a key point of strong certainty in the Gen3 plan
Tesla's chain prioritizes &#34;strong certainty&#34;: from Gen1 to the current iteration of the plan, there is continuity, mainly in the optimization and adjustment of the previous hardware architecture without easy replacement; the entry barrier for suppliers is high, not only in terms of business cooperation ability and R&amp;D capability but also in engineering capability, large-scale cost reduction in mass production, and global supply capability. Secondly, there are &#34;marginal changes brought about by technological trends,&#34; such as lightweight design, new types of reducers (planetary, cycloidal), integrated joint modules, bearings, and dexterous hands (micro screws, sensors), etc.
Domestic Chain: &#34;Supply Chain Positioning&#34; and &#34;Application Scenario Expansion&#34;
Yushu Technology plans to submit IPO materials in the fourth quarter of 2025, and Zhiyuan Robotics intends to acquire 29.99% equity in Shangwei New Materials. Leading star enterprises like Yushu and Zhiyuan are accelerating capitalization, with strong domestic industrial support, and the shipment volume of domestic robots is expected to see significant growth, benefiting two main directions: (1) Core supply chain: including core components, leading supply chains, and OEM manufacturing. Currently, most domestic humanoid robot companies are not listed, excelling in R&amp;D but lacking in manufacturing. By collaborating with companies that have mature manufacturing capabilities, they are expected to achieve mass production first. (2) Application scenarios: Five major scenarios, including special industries, inspection, logistics, health services, and education, are expected to expand first, with a focus on the performance elasticity brought by the release of related scenario orders.
Investment Recommendations
(1) Tesla: Recommend Zhenyu Technology, VOKE, Longsheng Technology, Wuzhou Xinchun; benefiting targets: Top Group, Xinzhi Group, Zhejiang Rongtai, Xinquan Co., Ltd., Yinlun Co., Ltd., Jundingda, Kaidi Co., Ltd.
(2) Domestic Core: Recommend Zhejiang Haideman, Redick; benefiting targets: Taotao Automotive, Rongtai Health, Xunjiexing, Leisai Intelligent, Dongtu Technology, Buke Co., Ltd.
Risk Warning
Economic fluctuations, tariffs, geopolitical situations, oil prices and exchange rates, safety incidents, etc

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KaiYuan Securities released a research report indicating that Tesla's Gen3 robot is about to be finalized, and subsequent orders will continue to catalyze the robotics sector. It is expected that in Q4, leading domestic companies will accelerate capitalization and launch new products, supported by high-standard industrial policies, and the robotics market is likely to experience a significant boom before 2026. Recommended companies include ZhenYu Technology and VOKE. Tesla's strategic shift towards AI signifies that the robotics industry is entering a critical stage, with expected Gen3 shipments of 30,000 to 50,000 units, and future domestic robot shipments are expected to grow tenfold

- Open Source Securities reports that Tesla's Gen3 robot is nearing finalization, with upcoming orders expected to catalyze the sector.  
- In Q4, leading domestic companies are accelerating capitalization, and new product launches are anticipated alongside supportive industrial policies.  
- The report predicts a significant growth trajectory for the robot sector, with a potential tenfold increase in domestic robot shipments by 2026.

KaiYuan Securities: Order implementation brings continuous catalysts, humanoid robots are expected to start a big market in Q4