Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the humanoid robot industry, specifically the advancements in dexterous hands, which are crucial for the commercialization of humanoid robots [1][4][6]. Core Insights and Arguments - **Technological Advancements**: The Optimus 3 has shown significant technological progress, with expectations for a G3 launch in February-March 2026. This has led to increased activity in the humanoid robot sector, with suppliers finalizing orders in North America [1][3]. - **Market Size**: The global dexterous hand market is projected to reach $3 billion in 2023, with the humanoid robot market potentially driving this to 40 billion RMB. The involvement of domestic companies has helped reduce costs [1][6]. - **Dexterous Hand Development**: Tesla's dexterous hand has evolved through three generations, increasing its degrees of freedom to 22, with plans to reach 25 by 2025. This evolution highlights a trend towards higher freedom and multi-transmission methods [1][7][8]. - **Technical Challenges**: The dexterous hand integrates perception, control, transmission, and intelligent decision-making, making it a critical point for commercialization. Current technical paths are still evolving, presenting new investment opportunities [4][5]. Additional Important Content - **Motor Technology**: Tesla has shifted from using hollow cup motors to brushless slotless motors, while domestic manufacturers still primarily use hollow cup motors. Both types are expected to coexist in the long term [10][11]. - **Cost and Automation**: The cost of hollow cup motors is a significant barrier to widespread adoption, with current prices exceeding 1,000 RMB. Efforts are underway to automate the winding process to reduce costs [12]. - **Market Predictions**: By 2028, the humanoid robot market is expected to reach 500,000 units, with a total market size potentially exceeding 10 billion RMB, depending on the penetration rates of different motor technologies [13]. - **Transmission Solutions**: The main transmission solutions for dexterous hands include gears, linkages, tendons, and chains, each with its advantages and disadvantages [14]. - **Sensor Technology**: The development of flexible electronic skin has expanded from fingertip touch to full hand applications, enhancing the capabilities of humanoid robots [20][22]. - **Industry Participants**: The humanoid robotics industry includes various types of companies, from those focusing on mechanical control to those developing complete humanoid robots [29][30]. This summary encapsulates the key points discussed in the conference call, highlighting the advancements, market potential, and challenges within the humanoid robot industry.

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The dexterous hand is a high-degree-of-freedom robotic end effector that mimics human hand functionality, providing flexibility and adaptability that surpass traditional mechanical grippers. It is a critical component of humanoid robots, accounting for approximately 20%-30% of the total cost of the robot. The future value of humanoid robots will largely depend on the dexterous hand's flexibility and collaborative capabilities [4][5]. Summary by Sections 1. Key Technologies and Comparison of Dexterous Hands - The design of dexterous hands is inspired by the complex structure and functionality of human hands, enabling robots to perform diverse tasks such as grasping and manipulation. A typical dexterous hand system consists of four key components: drive system, transmission system, sensor system, and control system [13][14]. - The trend in dexterous hand technology is towards electric drive systems combined with composite transmission and tactile sensing [14][22]. 2. Drive Devices: Domestic Competitive Advantages - Electric motor drives are the mainstream technology due to their precision and cost-effectiveness. The report highlights that the demand for motors will increase with the rise in degrees of freedom in dexterous hands, presenting market opportunities for suppliers of hollow cup motors and brushless gear motors [5][22]. 3. Transmission Methods: Ball Screw Advantages - The report indicates that ball screw transmission is becoming a dominant trend in dexterous hand design due to its high load-bearing capacity and precision, making it suitable for industrial applications [35][41]. 4. Sensors: Increasing Sensor Count - The report notes that the number of sensors in dexterous hands is on the rise, with various types including tactile, force, and position sensors being utilized to enhance interaction with external objects [47][52]. 5. Dexterous Hands and Related Industry Chain - The dexterous hand represents a high-value component with significant barriers to entry, indicating a robust market potential for companies involved in its development and production [5][44].

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the development of dexterous hands in the robotics industry, particularly in the context of human-like manipulation and control technologies [1][2][4][5][6][8][30]. Core Insights and Arguments - **Dexterous Hand Structure**: Dexterous hands are designed with up to 21 degrees of freedom, closely mimicking human hand anatomy, which is essential for fine manipulation [1][3]. - **Key Components**: The main components of dexterous hands include drive modules, transmission modules, and sensors. Various technologies are being explored to optimize performance, including hollow cup motors and brushless motors [1][6][14]. - **Tesla's Innovations**: Tesla has developed a dexterous hand with 22 total degrees of freedom and approximately 17 active degrees, utilizing a tendon-driven system and various sensors to enhance intelligence [1][7]. - **Domestic Manufacturers**: Companies like Lingqiao Technology, Leisai Intelligent, and Zhiyuan are actively developing and releasing products with advanced features such as tactile sensors and 3D force sensors [1][9][10][12][32]. - **Market Trends**: The domestic market is seeing a shift towards domestic alternatives in robotics, with companies establishing deep collaborations with downstream clients for mass production [4][13]. Additional Important Content - **Technological Diversity**: The industry is characterized by a variety of technological approaches, including tendon-driven, linkage-driven, and gear-driven systems, each with its own advantages and challenges [20][21][22]. - **Sensor Integration**: The rapid integration of electronic skin technology and tactile sensors is becoming standard in dexterous hands, significantly impacting performance and cost [30][31]. - **Cost Projections**: The cost of dexterous hands is expected to account for about 10% of the total value of humanoid robots, aligning with industry expectations for sensor costs [31]. - **Future Market Potential**: The market for dexterous hands is projected to grow significantly, with potential revenues reaching hundreds of billions as production scales up [19][26]. Competitive Landscape - **Domestic vs. International Players**: Domestic companies are making strides in the robotics field, with the potential to replace international competitors despite their earlier market entry [4][13]. - **Key Players**: Companies like Leisai Intelligent and Zhiyuan are highlighted as significant players due to their comprehensive capabilities in hardware and software integration [36]. Recommendations - **Focus on Key Companies**: It is recommended to monitor the developments of companies like Leisai Intelligent, which not only manufacture hardware but also provide essential algorithms and motion control solutions, addressing industry challenges effectively [36].

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 业芬 Part1 灵巧手打开人形机器人应用上限，快速送代 Part2 混合机械方案是趋势,兼具高自由度和承载力 Part3 手部多维感知是方向，促进手脑协同 Part4 头部本体厂全栈自研,零部件提供整体解决方案 PART5 投资建议和风险提示 2 公众号·材料汇 目录 0 公众号 · 材料汇 备注：全文的"预计"如果没有特别说明，均为东吴证券研究所电新组预测 3 ◆ 灵巧手打开人形机器人应用上限，多方参与，2025年开启快速迭代。灵巧手要求具备运动能力、负载能力、 控制能力、感知能力、耐用能力、轻量化等，由驱动、传动、控制、感知四大模块构成。灵巧手是人形机器 人操作性能的核心，决定机器人功能的上限，是具身智能的核心。25年密集主机厂和零部件厂发布灵巧手方 案,且在未来2年灵巧手方案将快速迭代,并投入使用场景中,加速训练人形机器人手脑协同。 混合机械方案是趋势,兼具高自由度和承载力。驱动方案：若电机内置,首选空心杯,部分用步讲:腱绳方 案，电机集成于手臂，空间大，可选无刷有齿槽电机。传动方案：齿轮负责旋转运动调速， ...

1. Report Industry Investment Rating The document does not provide the report industry investment rating. 2. Core Viewpoints of the Report - The dexterous hand unlocks the application ceiling of humanoid robots. In 2025, many manufacturers are releasing dexterous hand solutions, and these solutions will iterate rapidly in the next two years, accelerating the training of hand - brain coordination in humanoid robots [4]. - The hybrid mechanical solution is the trend, combining high degrees of freedom and load - bearing capacity. In the short term, the scheme of hollow - cup motor + planetary reducer + ball screw + connecting rod will be the first to gain popularity, while in the medium and long term, a fusion scheme is more suitable [4]. - Multi - dimensional perception of the hand is the direction, which promotes hand - brain coordination. Tactile sensors are developing in the direction of high sensitivity, high integration, high extensibility, and low cost, with multiple technological routes advancing in parallel [4]. - Leading body manufacturers are conducting full - stack self - research, while component suppliers provide overall solutions. The price of dexterous hands is expected to drop in the medium term, and the market space for related components is large in 2030 [4]. 3. Summary According to the Directory Part 1: The Dexterous Hand Unlocks the Application Ceiling of Humanoid Robots and Iterates Rapidly - The dexterous hand is crucial for humanoid robots, determining their fine operation and complex task - execution capabilities. It accounts for 20% - 30% of the total cost of humanoid robots in the long run and is the most important hardware after the body actuator [9]. - Similar to the human hand, the dexterous hand requires high degrees of freedom, accuracy, durability, and perception. It is composed of four major modules: drive, transmission, control, and perception [17][22]. - In 2025, many manufacturers, including body manufacturers, independent integrators, and component factories, are making breakthroughs in dexterous hand technology, with significant product iterations [24]. Part 2: The Hybrid Mechanical Solution is the Trend, Combining High Degrees of Freedom and Load - Bearing Capacity - There are trade - offs between direct - drive and under - actuated schemes. The direct - drive scheme has high precision but large volume and high cost, while the under - actuated scheme is more compact, cost - effective, and adaptive [28][29]. - Motor drive is the mainstream driving method for dexterous hands, with hollow - cup motors and brushless slotted motors being the main choices. Hollow - cup motors are lightweight and fast - responding, while brushless slotted motors have high torque density [30][32]. - There are various transmission methods, including gears, screws, connecting rods, tendon ropes, and worm gears. The combination of planetary reducer + ball screw is the mainstream, and in the long term, a hybrid transmission scheme is the trend [50][70]. Part 3: Multi - Dimensional Perception of the Hand is the Direction, Promoting Hand - Brain Coordination - Human hand tactile perception is multi - dimensional, highly sensitive, and has high stretchability. Robot tactile sensors are developing in multiple technological directions to pursue optimal performance [74][78]. - There are multiple types of tactile sensors, such as piezoresistive, capacitive, electromagnetic, and visual - tactile sensors. Each has its own advantages and disadvantages. The development trend is towards high integration, high sensitivity, multi - dimensional force perception, high extensibility, and low cost [77][124]. Part 4: Leading Body Manufacturers Conduct Full - Stack Self - Research, and Component Suppliers Provide Overall Solutions - Leading body manufacturers, such as Tesla, FigureAI, and others, are conducting full - stack self - research on dexterous hands, with different solutions. Independent third - party integrators and component suppliers are also actively involved [4]. - The current price of dexterous hands varies greatly, with the mainstream price being 50,000 - 100,000 yuan per hand. In the medium term, the price is expected to drop to 5,000 - 30,000 yuan per hand, accounting for about 20% of the body cost [4]. Part 5: Investment Suggestions - The report recommends LeiSai Intelligence and ZhaoWei Machinery & Electronics, which can provide both overall solutions and components for dexterous hands. It also recommends component suppliers tied to core host factories, including manufacturers of hollow - cup motors, micro - screws, reducers, tactile sensors, and tendon ropes [4].