2026-01-21 02:57Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The dexterous hand is a critical subsystem in humanoid robots, determining their functional limits and commercialization speed. It integrates perception, control, and intelligent decision-making, and its engineering complexity may account for half of the overall development effort of the robot [3][18]. - The technology path for dexterous hands is still in a phase of parallel exploration, with various transmission methods being tested, including tendon structures, gears, and linkages, each with its own advantages and challenges [3][40]. - The market demand for dexterous hands is expected to grow as the humanoid robot industry accelerates, with projections indicating a market capacity of 760,100 units and a value of approximately 1.706 billion yuan in 2024, potentially reaching 1.4121 million units and over 3 billion USD by 2030 [21][22]. Summary by Sections Section 1: Dexterous Hand - Multi-Technology Pathways - The dexterous hand plays a strategic role in humanoid robots, transitioning from "walking" to "working" capabilities, and is a key differentiator in competition [3][15]. - The development of dexterous hands is characterized by increasing degrees of freedom and integration of soft materials and biomimetic structures [28]. Section 2: Drive System - Focus on Cost Reduction of Brushless DC Motors - The drive system is considered the "muscle" of humanoid robots, primarily utilizing electric motor drives, including brushless DC motors, hollow cup motors, and frameless torque motors [60][67]. - Brushless DC motors are highlighted for their efficiency, longevity, and low maintenance, making them suitable for high-power and high-load applications [70]. Section 3: Transmission System - Ongoing Technical Iteration - Various transmission methods are being explored, including tendon, linkage, gear, and chain systems, each presenting unique advantages and challenges [43][44]. - The tendon transmission method is noted for its lightweight and flexibility, while gear transmission is recognized for its compactness and mechanical efficiency [44]. Section 4: Perception System - Accelerating Multi-Modal Fusion - The perception system is crucial for real-time monitoring of the dexterous hand's position, force, and tactile feedback, with an increasing number of tactile sensors being integrated [37][46]. - The current trend is towards flexible, cost-effective electronic skin technologies that enhance the dexterous hand's operational precision and stability [46]. Section 5: Market Dynamics - Diverse Stakeholder Engagement - The market for dexterous hands is characterized by a variety of manufacturers, with third-party suppliers and robot manufacturers coexisting, each bringing unique strengths to the market [55]. - The report indicates that the Linker Hand series by Lingxin has captured over 80% of the high-degree-of-freedom dexterous hand market, with monthly orders exceeding 1,000 units [55].