（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：市场普遍认为公司是人形机器人领域的核心公司，请 问贵公司在人形机器人领域做了哪些布局? 中鼎股份（000887.SZ）8月25日在投资者互动平台表示，在产品端，公司通过安徽睿思博、星汇传感等 子公司在关节总成、谐波减速器、行星减速器、力矩传感器等产品上完成产业布局，同时公司的橡胶件 已经完成配套，轻量化骨骼已经送样；在客户端，公司积极与众擎、埃夫特等多家人形机器人头部企业 进行客户送样，推进市场布局；同时也与五洲新春等公司签订战略合作协议，形成上下游产业链布局。 ...

Core Viewpoint - Anpei Long aims to become a global leader in the sensor industry within ten years, focusing on continuous R&D investment and innovation to capture market opportunities in various sectors, particularly automotive and robotics [1][5]. Group 1: Company Background and Development - Anpei Long was founded in 1999 by Wu Ruojun, who has over a decade of experience in the thermal resistor industry, and initially focused on PTC thermal resistors [2][3]. - The company has successfully penetrated the automotive sensor market, which was previously dominated by international giants, by developing key technologies such as ceramic capacitive pressure sensors and oxygen sensors [2][4]. Group 2: R&D and Technological Innovation - Anpei Long has invested over 100 million yuan annually in R&D since 2012, leading to significant technological advancements and the acquisition of core patents [3][4]. - The company’s ceramic capacitive pressure sensors have been adopted by major automotive manufacturers, including BYD and Geely, and are expected to achieve substantial sales growth in 2024 [3][4]. Group 3: Market Expansion and Future Goals - The company has expanded its product offerings to include automotive brake force sensors and is actively seeking to enter the supply chains of top global automotive manufacturers [5][6]. - Anpei Long is also targeting the robotics sector, with its torque sensors already being used in humanoid and collaborative robots, indicating a strategic move towards emerging markets [6].

Investment Rating - Industry Rating: Outperform the market [5] - Rating Change: Maintain [5] Core Insights - Dexterous hands are the core solution for humanoid robot end effectors, with current technology routes not converging and significant customization demands from downstream customers, giving an advantage to whole hand and module manufacturers [1][3] - Dexterous hands mimic human hands, integrating drive systems, transmission systems, and sensing systems, offering high flexibility but at a higher cost and lower reliability and maintainability compared to traditional grippers [1][3] - The report identifies three main trends in the development of dexterous hands: the coexistence of multiple technology routes, an increase in degrees of freedom and sensor usage, and the necessity for collaboration between manufacturers and external suppliers due to high R&D costs and long cycles [3][27] Summary by Sections Section 1: Dexterous Hands as Core Solutions - Dexterous hands are designed to flexibly manipulate objects and meet various operational needs, with Tesla's dexterous hand currently in its third iteration capable of performing complex tasks [13][15] - The key difference between dexterous hands and traditional grippers is the higher degree of freedom in dexterous hands, allowing for more complex grasping operations [1][19] Section 2: Core Systems of Dexterous Hands - The dexterous hand consists of three core systems: drive system, transmission system, and sensing system [27] - The drive system primarily includes electric, hydraulic, pneumatic, and shape memory alloy drives, with the electric drive being the mainstream solution [27][30] - The transmission system includes reducers, screws, and tendon systems, with planetary reducers and worm gearboxes being the most commonly used [27][46] - The sensing system comprises force/moment sensors, position sensors, and tactile sensors, which are crucial for providing feedback and enhancing the dexterous hand's functionality [27][75] Section 3: Development Trends of Dexterous Hands - The technology routes for dexterous hands are expected to remain diverse in the short term, with no convergence anticipated [3][92] - Future improvements in dexterous hands will likely include increased degrees of freedom and a rise in the usage of tactile sensors, which will enhance the overall value of the dexterous hand [3][92] - The high R&D investment and long development cycles necessitate collaboration between manufacturers and external suppliers, as dexterous hand development constitutes a significant portion of humanoid robot engineering [3][92] Section 4: Investment Recommendations - Companies such as Jiechang Drive, Longsheng Technology, Zhaowei Electromechanical, and Jiangsu Leili are highlighted for their potential in the dexterous hand market due to their innovative approaches and collaborations [8][4]

Group 1 - The humanoid robot industry chain has become a "top flow" track in the capital market since Q2, with over 1,000 institutional research visits to 52 companies in the chain, indicating strong market expectations for robot commercialization [2] - Among the surveyed companies, Zhongkong Technology led with 390 institutional visits, accelerating its layout in the robot sector and participating in the construction of the Zhejiang Humanoid Robot Innovation Center [3] - Blues Technology received 208 institutional visits and has been developing industrial robots since 2016, with plans to extend its technology to core components of humanoid robots [3] Group 2 - Fulian Precision disclosed that its smart electric joint module has completed small-scale production and is connecting with several mainstream robot manufacturers, showcasing its capabilities in core components for robots [4] - Liying Intelligent Manufacturing has provided core components such as head assemblies and dexterous hand assemblies to humanoid robot clients, demonstrating its complete solution capabilities [5] - Genesis has upgraded its equipment to meet the processing needs of humanoid robot joint components, resulting in rapid revenue growth from robot-related products [5] Group 3 - Major companies like Huawei, ByteDance, and Tesla are accelerating their entry into the humanoid robot market, pushing the technology from laboratories to commercialization [6] - The emergence of general-purpose large models like DeepSeek has addressed key challenges in environmental perception and interaction for robots, facilitating industrial applications [6] - The humanoid robot industry chain is experiencing a dual benefit period of technological breakthroughs and capital support, with advancements in core component localization and mature whole machine solutions [6]

Core Viewpoint - The humanoid robot sector is experiencing significant capital speculation, particularly in flexible sensors, which have seen substantial stock price increases for companies like Hanwei Technology and Fule New Materials since September 2022 [1][10]. Group 1: Market Potential and Trends - The electronic skin market is projected to transition from a multi-billion dollar market to a hundred billion dollar market, with a global market size expected to grow from $6.3 billion in 2024 to $30 billion by 2034, reflecting a compound annual growth rate (CAGR) of 17% [5][6]. - The humanoid robot industry is anticipated to become a major sector comparable to smartphones and automobiles, with a strong likelihood of emerging successful companies in the future [12][13]. Group 2: Technology and Challenges - Current electronic skin technology faces significant challenges, including the need for new composite materials that can achieve multi-modal sensing (pressure, temperature, etc.) while maintaining flexibility and durability [4]. - There are five main technological routes for sensors, each with its own barriers and advantages, indicating that the industry has not yet converged on a single dominant technology [4]. Group 3: Key Players and Competitive Landscape - Major global players in the electronic skin market include Tekscan, Pressure Profile Systems, and Sensor Products Inc., which collectively hold over 60% market share [6]. - Domestic companies such as Hanwei Technology and Fule New Materials are emerging as key players, with Hanwei Technology having a strong patent portfolio and production capabilities [7][8]. Group 4: Investment Opportunities and Risks - The high valuation of leading companies in the electronic skin sector, such as Hanwei Technology with a PE-TTM of 148.7 and Fule New Materials at 113.6, indicates a potentially optimistic market pricing [11]. - Despite the high valuations, the sector is still in its early stages, with many companies yet to prove their business models, leading to inherent uncertainties [10][13].