人形机器人+AI眼镜，携手智元交付人形机器人，成功量产六维力矩传感器、行星滚柱丝杠等机器人核心 零部件，已配合国际大客户完成多代智能眼镜核心组件研发，这家公司客户包括特斯拉、苹果、Meta等国 际巨头。 前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ...

格隆汇9月24日丨华培动力(603121.SH)在投资者互动平台表示，目前公司六维力矩传感器一代产品已完 成研发并陆续开始送样反馈，二代产品已完成设计，具体送样时间敬请关注后续公司于官方渠道发布的 信息。 ...

华培动力在互动平台表示，目前公司六维力矩传感器一代产品已完成研发并陆续开始送样反馈，二代产 品已完成设计。 ...

格隆汇9月17日丨安培龙(301413.SZ)公布股票交易异常波动公告，公司关注到近期市场上对人形机器人 概念关注度较高。公司可用于人形机器人及协作机器人领域的力传感器产品主要包括压式测力传感器、 拉压力传感器、扭矩传感器、六维力矩传感器，其中公司压式测力传感器、拉压力传感器、扭矩传感 器、金属应变片式六维力传感器已完成开发，但尚处在客户样品测试验证阶段，尚未形成批量订单，同 时基于MEMS硅基应变片及玻璃微熔工艺技术的六维力传感器仍处在技术研发阶段，尚未形成产品交 付。公司用于机器人力传感器产品收入占主营业务收入比例极低，对公司业绩影响甚微。目前人形机器 人下游应用市场空间以及公司未来是否实现客户样品交付或取得客户批量订单尚存在不确定性，敬请投 资者注意投资风险，谨慎决策。 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the humanoid robot industry, focusing on the development and technology of dexterous hands, which are crucial for precise operations in humanoid robots [1][2][3]. Core Technologies and Trends - **Drive Modules**: The main drive technologies include hydraulic, motor, pneumatic, and shape memory alloy drives. Motor drives are favored due to their cost-effectiveness and technical advantages, with hollow cup motors being seen as the ideal choice for the future due to their efficiency and low noise [1][3][4]. - **Reduction Modules**: These modules increase motor torque and include harmonic reducers, planetary reducers, and RV reducers. Harmonic reducers are considered the mainstream choice due to their compact size and high load capacity, while Japanese manufacturers currently dominate the market [5]. - **Sensor Modules**: These are critical for assessing the usability of humanoid robots, affecting operational flexibility, load efficiency, and interaction safety. The international market is led by Japanese and European manufacturers, but domestic companies are gradually improving their capabilities [6][7]. Market Dynamics - The market for various components is projected to grow significantly over the next three years, with expected market sizes of 13.1 billion, 2.5 billion, 2.5 billion, and 16.3 billion for drive modules, reduction modules, transmission modules, and sensor modules, respectively. The overall compound annual growth rate (CAGR) is anticipated to reach 110% [3][13]. - **Hollow Cup Motors**: European suppliers currently lead in this segment, but domestic companies like Mingzhi Electric and Dingzhi Technology are emerging with competitive advantages in cost and efficiency [8]. - **Tactile Sensors**: The dominant technology is resistive sensors due to their maturity, low cost, and high sensitivity. The six-dimensional torque sensor market is primarily led by overseas companies, but domestic firms are beginning to emerge [9][10]. Competitive Landscape - The dexterous hand industry is still in its early stages, with three main player categories: self-research entities, new entrants, and component extension players. Each category has opportunities for growth and differentiation [14]. - Tesla's humanoid robot is expected to lead the market with large-scale production planned for 2025, which could significantly impact the industry and create opportunities for domestic suppliers [15]. Investment Opportunities - Companies such as Longsheng Technology, Qiangjing Technology, Wuzhou Xinchun, Nanshan Zhishang, Hengshuai Co., and Guangyang Co. are highlighted as potential investment targets due to their strengths in specific segments of the humanoid robot supply chain [15]. Additional Insights - The industry is witnessing trends such as increased dexterity in dexterous hands, expansion of micro-screw applications, the emergence of electronic skin technologies, and the promising application of PEEK materials in lightweight humanoid robots [11][12].

Core Insights - The year 2025 is anticipated to be a breakthrough year for the robotics industry, with significant interest and engagement observed at recent events like WAIC and WRC [1] - Data from MIR DATABANK indicates that China's humanoid robot production is expected to exceed 10,000 units in 2025, with a compound annual growth rate of 78.6% from 2025 to 2030 [1] Group 1: Hardware Components - Humanoid robots rely on a complex system of hardware, including execution systems for movement and perception systems for interaction with the environment [2] - Key components include high-performance motors, precision reducers, and various transmission mechanisms, with significant cost contributions from screws (19%), motors (16%), reducers (13%), and sensors (11%) [3] Group 2: Supply Chain Challenges - The supply chain for robotics is facing challenges, particularly in the localization of key components, with foreign companies dominating markets for planetary roller screws and motors [4][5] - Chinese companies are making strides in these areas, with firms like Xinjian Transmission and Boke Electronics increasing their market presence and securing orders [4] Group 3: Market Dynamics and Growth - The humanoid robot market is experiencing a surge in orders and deliveries, with companies like Yuzhu Technology and Zhiyuan Robotics winning significant contracts [7] - The industry is expected to see annual production volumes double, with potential for explosive growth if AI technology advances [7] Group 4: Shift in Business Models - Many robotics manufacturers are shifting towards self-research and development of hardware to reduce dependency on the supply chain, while also fostering collaborations with component suppliers [8][9] - Companies like Kepler Robotics and Yuzhu Technology are focusing on vertical integration and cost control through self-developed components [9] Group 5: Software and AI Development - The current bottleneck in the robotics industry is not hardware but the maturity of AI models for "embodied intelligence," which is crucial for robots to perform general tasks in unfamiliar environments [10] - The industry is moving towards integrating software and hardware to create market-ready products, with early movers likely to gain competitive advantages [10]

中证报中证网讯(记者黄一灵)7月21日晚，华培动力（603121）公告称，为了加快传感器业务在具身智 能领域、工业领域的布局，促进相关业务发展，进一步提升公司综合竞争力，公司拟使用自有资金成立 全资子公司，开展相关业务。 为何要进军机器人领域？公司主营业务如何与具身智能相结合？华培动力董秘王冲对记者表示："华培 具身目前还是以传感器为切入点，已引入相关人才。华培动力是车端传感器的供应商，具备MEMS(微 机电系统)和玻璃微熔的工艺，这两个工艺是六维力矩传感器里必不可缺的技术工艺。更准确地说，华 培具身目前是向机器人传感器领域进军，今年华培具身会瞄准六维力矩传感器领域发力。" 据介绍，六维力矩传感器对于机器人的操作控制至关重要，它能够让机器人在执行任务时，精确感知力 度和扭矩的变化，从而实现更精细、更稳定的操作。玻璃微熔技术不仅能够应用于六维力传感器，还在 成本、生产效率和性能方面展现出显著优势。 记者注意到，此前，华培动力还与相关合作方共同发起设立上海具身智创创业投资合伙企业(有限合伙) (简称"上海具身智能基金")，上海具身智能基金投资方向主要为具身智能产业链的上下游。"参与发起设 立上海具身智能基金是因为 ...

Investment Rating - The report indicates a positive investment outlook for the humanoid robot industry, highlighting significant growth potential driven by policy support and technological advancements [3][10]. Core Insights - The humanoid robot industry is experiencing rapid development, with government policies emphasizing embodied intelligence as a key focus for future industrial growth [10]. - Major companies are investing heavily in humanoid robotics, leading to accelerated technological progress and market expansion [3][8]. - The production of humanoid robots is set to increase significantly, with projections estimating a global market size of 150 billion yuan by 2029 [3][17]. Summary by Sections 1. Emergence of the Humanoid Robot Industry - The humanoid robot sector is entering a phase of industrialization, with advancements in AI enhancing interaction and learning capabilities [6][8]. 2. Harmonic Reducers: Acceleration of Domestic Production - Domestic manufacturers are ramping up production of harmonic reducers, which are critical components for humanoid robots [22][39]. 3. Planetary Roller Screws: Breakthrough in Domestic Production - The planetary roller screw market is expanding, with increasing applications in various industries, including automotive and robotics [56][68]. 4. Frameless Torque Motors: Domestic Performance Surpassing Expectations - Domestic frameless torque motors are showing competitive advantages in performance and cost, contributing to the overall growth of the humanoid robot market [28][29]. 5. Dexterous Hands: Technological Iteration and Upgrades - The development of dexterous hands is crucial for enhancing the functionality of humanoid robots, with ongoing technological improvements [22][28]. 6. Six-Dimensional Torque Sensors: Continuous Cost Reduction - The market for six-dimensional torque sensors is expected to grow as costs decrease, making them more accessible for humanoid robot applications [22][28]. 7. Market Potential and Production Plans - Companies like Tesla and Figure AI are planning significant production increases, with Tesla aiming for 5000 units in 2025 and up to 1 million units by 2029 [17][19].

Group 1 - The humanoid robot industry is entering a phase of industrialization, accelerated by advancements in generative AI models since 2020, enhancing interaction and learning capabilities of humanoid robots [3][6][10] - Major companies like Tesla, UBTECH, and others are launching humanoid robot products, with applications expanding into transportation, inspection, and security [3][6] - The industry is experiencing a "golden window period" due to significant investments and resource influx from domestic and international giants, driving technological progress and standardization [6][8] Group 2 - The Chinese government has identified embodied intelligence as a key focus in its 2025 work report, aiming for mass production and innovation systems by 2025 and a competitive industry ecosystem by 2027 [8][9] - Local policies are being implemented to support the development of humanoid robot clusters, enhancing the growth of related companies [8][9] Group 3 - Humanoid robots are increasingly integrated into industrial manufacturing, commercial services, and household applications, providing diverse functionalities such as assembly, customer service, and elder care [10][12] - The cost-effectiveness of humanoid robots is evident, as they can operate continuously without fatigue, making them ideal for both industrial and domestic environments [13][14] Group 4 - The humanoid robot market is projected to reach a scale of 150 billion yuan by 2029, with companies like Tesla planning to produce 5,000 units in 2025 and ramping up to 100,000 units by 2029 [16][17] - The global market for humanoid robots is expected to exceed 100 billion yuan, driven by increasing production and demand [16][17] Group 5 - The supply chain for humanoid robots is benefiting from the rising demand for high-precision components such as harmonic reducers and planetary roller screws, which are critical for performance [18][21] - Domestic manufacturers are gaining a competitive edge in core components, achieving 60%-70% cost advantages over international counterparts [24][25] Group 6 - The planetary roller screw market is expanding, with applications in various industries including automotive, machinery, and robotics, although the global market remains relatively small at 1.27 billion USD in 2022 [45][52] - The demand for planetary roller screws is expected to grow significantly, with projections indicating a market increase of 112 billion yuan by 2029 [54]

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].