Zhongtai Securities' research report indicates that the volatility of the humanoid robot sector is mainly affected by the Tesla humanoid Bot incident and mass production progress, highlighting thematic investment characteristics. At the same time, with the mass production expectations of Tesla Bot falling short since the beginning of the year, the sector's market is also affected by other excellent mainframe manufacturers (such as Figure AI/Yushu/Zhiyuan, etc.). Currently, the industry is in the stage from 1 to N, with Tesla Optimus progress, the industrialization process of important mainframe manufacturers, and intelligent iteration being core influencing factors. Investment recommendation: Since the beginning of this year, Tesla's humanoid robot production has been lower than expected, while Figure AI, Yushu, Zhiyuan, and other robot iterations have progressed beyond expectations. Domestic mainframe manufacturers are expected to accelerate catching up with overseas leaders, providing investment opportunities along the industry chain in this context. The core revolves around supply chains of excellent mainframe manufacturers at home and abroad (Tesla, Yushu, Zhiyuan).