Investment Rating - The report recommends "Buy" for companies involved in the reduction gear and screw chain sectors, specifically highlighting 福达股份 (Fuda Co.), and suggests attention to micro screw chain companies like 浙江荣泰 (Zhejiang Rongtai), 五洲新春 (Wuzhou Xinchun), and 震裕科技 (Zhenyu Technology) [90][92]. Core Insights - The downstream scenarios are driving the evolution of dexterous hands towards humanoid hands, with a broad market outlook. The dexterous hand market is expected to reach USD 1.706 billion in 2024, growing to USD 1.921 billion in 2025 and USD 3.036 billion by 2030 [2][20]. - The report identifies the main driving solutions as underactuated, external/mixed, and electric drives, with a shift from hollow cup motors to brushless gear motors [2][35]. - The transmission solutions include gear/worm gear, linkages, screws, and tendon-driven systems, each with its advantages and disadvantages, with a trend towards tendon and screw combinations for improved flexibility and precision [2][39][49]. - Multi-modal perception is established as a trend, with advancements in force/torque sensors, flexible sensors, and MEMS pressure sensors [2][59][65]. Summary by Sections 1. Dexterous Hands: The Interface Between Humanoid Robots and the External World - Dexterous hands are a type of end effector that replaces traditional tools with claws, evolving from two-fingered to five-fingered humanoid designs to meet complex application requirements [11][12]. 2. Diverse Dexterous Hand Solutions, Routes Still Unconsolidated - Dexterous hands can be categorized by degrees of freedom, drive structure, and sensing technology, with underactuated designs being more prevalent due to lower costs and broader applications [17][24][30]. 3. Future Trends from Tesla's Dexterous Hand Iteration - Tesla's third-generation dexterous hand has doubled its degrees of freedom to 22, with significant changes in motor and transmission solutions, indicating a trend towards higher flexibility and precision [84][87].

Core Viewpoint - The article discusses the advancements and market dynamics of dexterous hands, a crucial component in humanoid robots, highlighting their features, current industry status, and investment trends [3]. Group 1: Features of Dexterous Hands - Dexterous hands mimic human hand structure and function, offering high flexibility and precise control for executing intricate tasks [4]. - Key characteristics include high degrees of freedom, multifunctionality, and integrated sensing technologies for enhanced accuracy and safety [4][5]. - The composition of dexterous hands includes a drive system, transmission system, sensor system, and control system, with high technical barriers [5]. Group 2: Current Industry Status - The dexterous hand market has seen significant technological advancements, achieving 0.1mm motion precision and high degrees of freedom for complex operations [10]. - Applications span various fields, including industrial, medical, and aerospace, with notable use in surgical robots for precise operations [10]. - The competitive landscape features three main participants: component manufacturers, humanoid robot manufacturers, and research institutions, with companies like Zhaowei and Tesla leading the charge [11][15]. Group 3: Investment Dynamics - The dexterous hand sector has attracted substantial investment, with over 20 financing cases totaling more than 3 billion RMB since 2024, primarily in early-stage funding [19]. - Notable investors include well-known firms like Shenchuang Investment and Alibaba, indicating a trend where capital favors companies with high technical barriers and rapid commercialization [19]. - Major financing events in the sector highlight the growing interest and potential for growth in the dexterous hand market [21].