In the robotics track, 2026 is the "first year of mass production" for humanoid robots, but its more accurate significance is that it is the year when mass production capabilities are first systematically verified, not the year of full delivery. Market consensus on the long-term direction is highly aligned, but there is great divergence on the near-term slope; the sector is still dominated by sentiment and event catalysts, but pricing is gradually shifting from PPT/video grand visions to "scenario validation, production readiness, and supply chain delivery." In the short term, look at sentiment; in the medium term, look at production schedules; in the long term, look at delivery.