Group 1 - The core viewpoint of the article is that Tongyi Zhong (688722.SH) is making steady progress in the development of robotic tendons and will disclose any relevant information as required [1] Group 2 - The company is currently engaged in the development of robotic tendons, indicating a focus on innovation and technology advancement [1] - The company has stated that it will comply with disclosure regulations regarding any significant updates [1]

格隆汇8月18日丨岱勒新材(300700.SZ)在投资者互动平台表示，目前公司机器人腱绳样品已在国内几家 相关厂商进行验证，因签有保密协议无法回复其名称，如相关事项达到披露标准，公司将按照相关规定 及时履行信息披露义务。 ...

Group 1 - The company Daili New Materials (岱勒新材) has confirmed that its robotic tendon samples are currently being validated by several domestic manufacturers [1] - The subsidiary Daili Huazhi's UV-curable conductive materials are being promoted for use in robotic electronic skin and are currently being tested with some clients [1]

Group 1: Macro Insights - The new financial policy package was launched, focusing on immediate liquidity support and long-term institutional arrangements, with expectations for more policies to follow, particularly in fiscal expansion and domestic demand stabilization [4] - The environmental industry faced challenges in 2024, with a total revenue of 348.96 billion yuan, a year-on-year decline of 3.3%, and a net profit of 13.8 billion yuan, down 37.7% [5] - The chemical sector is seeing accelerated penetration of robotic tendon ropes, with significant market potential projected for humanoid robots, expected to reach a market size of 10 trillion yuan by 2045 [7][8] Group 2: Company Performance - Longfan Environmental reported a decline in overall profitability in 2024, but Q1 2025 showed a net profit increase of 4.1% due to reduced production costs and increased investment income [5] - Lixun Precision's revenue is projected to reach 317.1 billion yuan in 2025, with a year-on-year growth of 18%, and a net profit of 16.9 billion yuan, reflecting a strong growth trajectory [12] - Nanwei Medical achieved a revenue of 2.755 billion yuan in 2024, a year-on-year increase of 14.26%, with a net profit of 553 million yuan, up 13.85% [18] - Weisi Medical's Q1 2025 revenue showed a recovery with a 9.4% increase, and a net profit growth of 52.71% compared to the previous year [20] - Shanghai Construction's net profit is expected to reach 1.83 billion yuan in 2025, reflecting a significant growth rate of 39% in Q4 2024 [21] - China Nuclear Engineering's net profit is projected to grow steadily, reaching 2.32 billion yuan in 2025, with a year-on-year increase of 13% [23] Group 3: Industry Trends - The retail sector is experiencing a transformation with new store formats and an upgrade in consumer spending in lower-tier markets, as seen in the case of Jiangsu Xinghua's "Good Idea Whole Food Selection" [15][16] - The AI-driven light connection market is expanding, with Taicheng Light's Q1 2025 revenue growing by 66% year-on-year, indicating strong demand for high-density connection products [24] - Jiadu Technology reported a significant revenue increase of 106.3% in Q1 2025, driven by advancements in AI applications in transportation [26]

目前灵巧手的传动方案主要包括传统的连杆传动、齿轮传动、腱绳传动。 其中连杆传动、齿轮传动存在结构复杂、重量大、柔性不足、空间配置要 求高、远距离控制困难等劣势。腱绳传动通过模拟人手"肌腱"结构，使 得大型的驱动器远离了执行机构，减轻末端的负载和惯量，提升了抓取的 速度、精度。同时，腱绳传动布局灵活，在轻量化的同时适合空间狭小且 需要驱动自由度数目较多的传动场景。 机器人腱绳的市场空间有多大？2024 年 10 月，特斯拉发布第三代人形机 器人 Optimus GEN-3，其灵巧手采用行星齿轮箱+丝杠+腱绳结构，自由 度由 11 个翻倍提升至 22 个。我们测算 22 自由度下腱绳单机价值量约 3520 元，1000 万台人形机器人出货量对应腱绳市场规模达 352 亿元。 伴随方案渗透以及降本，腱绳在灵巧手以外关节等环节应用值得期待。 基础化工 机器人腱绳：渗透加速，重视超高分子量聚乙烯 机器人腱绳赋能灵巧手灵活度、轻量化，渗透前景广阔。据中国信息通信 研究院预测：2045 年我国人形机器人将步入 Lv5 阶段，对应市场规模达 10 万亿级别。灵巧手作为一种新型的末端执行器逐步替代传统夹持器，在 人形机器人与环 ...

Investment Rating - The report maintains a positive outlook on the industry, suggesting an "Increase" rating for the sector [8]. Core Insights - The market for robotic tendons is expected to grow significantly, with projections indicating a market size of 10 trillion yuan by 2045 as humanoid robots advance to Level 5 capabilities [1][27]. - The adoption of tendon transmission systems in robotic hands is increasing due to their advantages in flexibility, lightweight design, and efficiency compared to traditional mechanisms [10][18]. - The report emphasizes the importance of ultra-high molecular weight polyethylene (UHMWPE) as a key material for robotic tendons, highlighting its superior strength-to-weight ratio and cost-effectiveness [3][39]. Summary by Sections 1. Robotic Tendons: Accelerating Penetration and Focus on UHMWPE - Robotic tendons enhance dexterity and lightweight design, with a significant market potential as humanoid robots evolve [1]. - The tendon transmission mechanism mimics human muscle structure, improving speed and precision in robotic applications [10][18]. 2. Market Potential for Robotic Tendons - The introduction of Tesla's Optimus GEN-3 robot, featuring a tendon-based hand with 22 degrees of freedom, indicates a market size of 35.2 billion yuan for tendon systems based on projected sales of 10 million units [2][31]. - The report anticipates further applications of tendons beyond robotic hands, including joints and other structural components [32]. 3. Material Opportunities: Focus on UHMWPE - UHMWPE fibers are recognized for their high strength and low density, making them ideal for robotic tendons [3][39]. - The report notes that domestic manufacturers are rapidly advancing in UHMWPE production, potentially disrupting the current market dominated by foreign companies [40][41]. 4. Key Companies - **Tongyi Zhong**: Leading in UHMWPE fiber production with a capacity of 7,960 tons, focusing on high-strength materials [4][42]. - **Nanshan Zhishang**: Producing 3,600 tons of UHMWPE fibers, with applications in robotic tendons [45]. - **Henghui Security**: Expected to increase its UHMWPE capacity by 4,800 tons, targeting the robotic tendon market [46].

机器人腱绳：材料革命背后的产业链机遇与挑战 在机器人技术飞速发展的今天，"灵巧手"作为人形机器人的核心部件，其灵活性直接决定了机器人 的实用价值。而驱动灵巧手完成复杂动作的关键材料——腱绳，正成为新一轮技术竞争的焦点。 从早期的特氟龙、芳纶纤维到如今的高强度钢丝和超高分子量聚乙烯纤维(UHMWPE)，材料技术 的迭代推动着机器人性能的跃升。特斯拉Optimus机器人展示的22自由度灵巧手，采用"行星齿轮箱+丝 杠+腱绳"结构，更是将腱绳推向了产业聚光灯下。 本文将从技术演进、产业链布局、财务数据及市场前景等多维度，深度剖析机器人腱绳领域的产业 逻辑与潜在风险。 技术演进：从弹簧到腱绳，材料定义性能 传统机器人关节多依赖扭力弹簧驱动，但存在体积大、响应慢、能耗高等缺陷。腱绳的引入，模拟 人体肌腱的牵引机制，通过高强度材料传递动力，显著提升了灵巧手的轻量化与灵活度。当前主流腱绳 材料分为两类：高强度钢丝与超高分子量聚乙烯纤维(UHMWPE)。 高强度钢丝以高承载能力见长，代表企业包括大业股份（603278）。其钢丝绳组件已应用于部分手 术机器人及灵巧手原型机，2024年上半年腱绳业务营收2200万元，占总营收比重 ...