Huatai Securities Research Report stated that robots were the theme market in the early days, and then the industry gradually achieved technological breakthroughs in the software and hardware ends and formed relatively mature hardware solutions, and began to land in simple industrial scenarios and special application scenarios. The track gradually opened up the trend market, and the core targets also spread from the T chain to the domestic chain. The market's "aesthetics" of robots has changed from the earliest "looking at the control ability of video editing", such as Tesla and Yushu, to "paying attention to the brain ability of robots", such as Zhiyuan, and then to "looking at the application effect of one shot to the end". Huatai Securities believes that subsequent ontology investment needs to focus on the actual application on the B-end or C-end, and the investment paradigm may shift to eliminating the false and retaining the true, focusing on supply chains that can actually block key robot customers and have actual orders, and stocks with large marginal changes in robot business layout, or looking for new directions with lower expectations, such as new industrial technology changes and domestic large factory chains.