寻找人形机器人的确定性：旋转关节投资机遇拆解

Investment Rating - The report rates the humanoid robotics industry as "Positive" [4] Core Insights - Humanoid robot component suppliers are expected to benefit significantly from industry development, with a collaborative model of "independent design and outsourced production" likely to emerge [11][30] - The focus should be on high-value and high-certainty investment opportunities, particularly in rotary joints, which are crucial components in humanoid robots [31] Summary by Sections Humanoid Robot Component Suppliers - The main manufacturers hold the "definition rights" for humanoid robot joints, influencing design aspects such as degrees of freedom, joint schemes, and layout positions [14][30] - The industry is expected to follow a model similar to the automotive industry, where component manufacturers engage deeply in product development from the outset [27][30] Rotary Joint Solutions - Rotary joints are characterized by high value and certainty, making them a priority investment focus [31] - The report identifies three main types of rotary joint solutions: rigid actuators, elastic actuators, and quasi-direct drive actuators, with rigid and quasi-direct drive being the most prevalent in current applications [32][50] - High torque is a core requirement for humanoid robot motors, with the report highlighting the growing demand for frameless torque motors and axial motors [52] Investment Recommendations - The humanoid robotics sector is anticipated to drive significant growth in the overall industrial automation market, benefiting various industry players [3] - Key areas for investment include joint module assemblies, axial motors, reducers, and sensors, emphasizing the importance of customer relationships [3][11]