Summary of Humanoid Robot Dexterous Hand Conference Call Industry Overview - The report focuses on the humanoid robot dexterous hand industry, highlighting its significance in achieving versatility and generalization capabilities in humanoid robots. The core structure includes four main modules: drive, reduction, transmission, and perception [1][2]. Key Points and Arguments Market Size and Growth - The global market for humanoid robot dexterous hands is projected to reach 900 million yuan by 2025 and 37.6 billion yuan by 2030, with a compound annual growth rate (CAGR) of 110% over five years. The largest market segments will be the drive and perception modules, estimated at 13.1 billion yuan and 16.3 billion yuan, respectively [3][9]. Module Analysis 1. **Drive Module** - The drive module includes hydraulic, motor, pneumatic, and shape memory alloy drives. Motor drives, particularly hollow cup motors, are favored for their mature technology and efficiency. European suppliers currently dominate the market, but domestic manufacturers are expected to gain market share due to cost advantages [4][5]. 2. **Reduction Module** - The reduction module primarily uses harmonic reducers, planetary reducers, and RV reducers. Harmonic reducers are preferred for their high precision and lightweight characteristics. Japanese manufacturers lead this segment, but domestic suppliers are improving their technology [4][5]. 3. **Transmission Module** - Various transmission methods are employed, including worm gear, ball screw, cable transmission, and linkage transmission. Most manufacturers are adopting combination schemes to optimize efficiency, with Japanese and European firms still holding a significant market share [4][5]. 4. **Perception Module** - The perception module includes resistive, capacitive, electromagnetic, voltage, and optical sensors, with resistive sensors being the mainstream due to their maturity and sensitivity. The market is currently dominated by overseas companies, but domestic alternatives are rapidly emerging [5][6]. Competitive Landscape - The dexterous hand market consists of three main player categories: 1. **Self-Developed Entities**: Companies like Xindong Jiyuan and Yuzhu have rich experience in core manufacturing, synergizing with dexterous hand development. 2. **New Entrants**: Startups such as Lingqiao Intelligent focus on sales and invest heavily in R&D and mass production. 3. **Component Extension Players**: Companies like Leisai Intelligent and Zhaowei Electromechanical, originally involved in component production, are expanding into this emerging field [10][11][12]. Future Trends - Key trends in the dexterous hand market include: 1. Increased degrees of freedom, with Tesla's dexterous hand increasing from 11 to 22 degrees from 2023 to 2024. 2. Expansion of micro four-bar mechanisms and built-in applications, which are expected to replace traditional components. 3. The emergence of electronic skin as a new highlight, utilizing flexible materials for better adaptability [8][9]. Investment Recommendations - The report maintains a positive outlook on the humanoid robot industry, recommending a focus on companies like Nengsheng Technology, Xiangxin Technology, and Wuzhou Xinchun, which cover multiple segments such as motors and reducers, presenting significant potential for excess returns [3][13].