灵巧手：机器人对外交互的核心硬件模块，新变化孕育新机会

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - The dexterous hand is a crucial hardware module for humanoid robots, with integrated and multi-degree-of-freedom development expected to open a market worth nearly 43 billion yuan [4][30] - The market for dexterous hands is projected to reach approximately 428 billion yuan with a million units sold, driven by advancements in technology and cost reductions [30] Summary by Sections 1. Dexterous Hand as an Independent Hardware Module - The dexterous hand serves as an important interface for humanoid robots, comprising three main sub-modules: drive, transmission, and perception [12][14] - The development of dexterous hands has evolved towards multi-degree-of-freedom, integration, and biomimicry since the 1970s, with applications in various fields such as medical, aerospace, and industrial [15][18] 2. Drive System - The main drive solution is electric, with hollow cup motors and brushless gear motors being the primary choices [5][33] - Electric motor drive is the most widely used solution, providing stable output torque and high precision [44] 3. Transmission System - Tendon transmission is the mainstream solution, with micro-screws and micro-harmonic reducers accelerating industrial progress [5][30] - The advantages of tendon transmission include flexibility and distance transmission, which are expected to be widely adopted as material performance improves [5][30] 4. Perception System - The perception system is essential for the intelligence of dexterous hands, with internal and external sensors providing feedback on the hand's state and the external environment [6][30] - The development of flexible tactile sensors is progressing rapidly, with domestic companies actively involved in research and development [6][30] 5. Investment Recommendations - Key companies to watch include those involved in motors (e.g., Mingzhi Electric, Zhaowei Electromechanical), reducers (e.g., Green Harmonic, Shuanghuan Transmission), screws (e.g., Hengli Hydraulic, Beite Technology), tendons (e.g., Daye Co.), and sensors (e.g., Keli Sensor, Donghua Testing) [6][30]