CICC Research Report believes that robots are currently undergoing an iterative process in terms of technology, mass production, and applications, and the industry trend has not changed. Robots are still the intersection of this round of technological and AI changes, and pullbacks are still buying opportunities. We have already seen that the application of robots is booming, and from the perspective of industrial margins it will be the direction with the largest growth this year. As long as the demand-side pull can start to replace the industry, it will inevitably create hundreds of billions of new space. Therefore, regardless of whether the sector pulls back or not, we must pay attention to three types of companies: 1) Leading original equipment manufacturers, with leading technology and scale cost reduction, will have a significant Matthew effect. 2) Companies that have the ability to continuously reduce costs at the component level (especially dexterous hands, electronic skin, lightweight, electronic control, and large models). Companies whose technologies can bring breakthroughs in robotics performance, such as visual and tactile electronic skin. 3) The entity itself has the links of application scenarios. Analogous to AI, the entrance will have lasting value, such as factories, mines, etc.