上海证券：人形机器人有望打开摆线针轮减速器应用空间

Group 1 - The core viewpoint is that cycloidal gear reducers are one of the three core transmission technologies for humanoid robots, with domestic companies accelerating their replacement of foreign counterparts in the high-end market [1][2] - The cycloidal gear reducer combines high rigidity, large torque, and compact size, but has complex mechanisms and high manufacturing precision requirements, which can affect bearing lifespan and load capacity [1][2] - The cycloidal gear reducer is expected to open up application space in humanoid robots, particularly in key areas such as lower limb joints and waist-hip sections, with a projected market space exceeding 14 billion yuan by 2030 [3] Group 2 - The precision reducer industry chain includes upstream raw materials like steel and bearings, and downstream applications in robotics and industrial automation [2] - Foreign companies dominate the high-end market, with Japanese firms like Nabtesco and Sumitomo Heavy Industries leading, while domestic leaders include companies like Double Ring Transmission and Qin Chuan Machine Tool [2] - The demand for cycloidal gear reducers is anticipated to grow due to their performance improvements and the increasing application in various fields, including environmental protection, construction, and power [3]