以人形机器人为代表的具身智能异军突起，有望带来视触觉传感器市场爆发。但视触觉传感 器成"香饽饽"背后，市场尚未形成绝对龙头。 天使轮和A轮便抢先出手，京东、小米的入资，掀开了视触觉传感器领域融资潮一角。 一个月内，纬钛机器人、戴盟机器人、帕西尼，三家布局视触觉技术的国内企业，相继宣布获得融资。 8月19日，纬钛机器人关联公司上海纬钛科技有限公司发生工商变更，新增小米旗下瀚星创投等为股 东。此前4月，纬钛机器人完成近亿元天使及天使+轮融资，其中天使轮由小米战投领投。 8月12日，戴盟机器人宣布完成亿元级天使++轮融资，由招商局创投领投。2023年9月和2024年11月， 该公司已分别完成数千万元的天使轮和亿元级天使+轮，叠加此次天使++轮，三次累计融资金额达数亿 元，刷新触觉传感领域天使轮融资的最高纪录。 帕西尼融资进度更快。8月，帕西尼完成数亿元的A++++轮，由京东战略领投。值得一提的是，这已经 是该公司今年内第三次A系列融资，同一轮融资周期相对较长。天眼查显示，该公司自2021年4月进入 天使轮融资，其后三年每年分别斩获Pre-A轮、A轮、A+轮。进入2025年后，4月、6月、8月分别获 A++轮、A++ ...

Core Insights - The report highlights the advancements in tactile sensing technology in China, indicating that the domestic industry has made significant progress in material design, thinning processes, calibration technology, and deep learning models, with a minimal gap compared to overseas counterparts. However, there is still a need for time to catch up in high-end optical materials and international brand recognition [1][4]. Group 1: Tactile Sensing Technology - Tactile sensors are crucial for Tesla's Optimus humanoid robot, with the development of dexterous hands being a key focus area, as noted by Elon Musk, who stated that the engineering effort for this component accounts for half of the overall development [2]. - The core principle of tactile sensing technology involves capturing microscopic deformations when elastic materials contact objects, converting this into high-resolution tactile information, which is essential for robots to operate in unmarked and complex environments [2]. - Tactile sensing can perceive multiple dimensions of information, including normal force, shear force, relative sliding, object pose, texture, and hardness, closely mimicking human tactile capabilities, thus enhancing robots' interaction with their environment [2]. Group 2: Cost and Integration - GelSight's tactile sensors are priced at $350 each, significantly lower than six-dimensional force sensors, and can be quickly integrated and redeveloped within five minutes, making them compatible with various robotic platforms and operating systems [3]. - The optical signals used in these sensors are resistant to temperature, magnetic fields, and electromagnetic interference, allowing stable operation in extreme environments such as metallurgy, low-temperature storage, and dynamic factory settings [3]. Group 3: Domestic Companies and Collaboration - Domestic companies are leveraging local supply chain advantages and practical applications to accelerate their development in tactile sensing technology, with notable collaborations and investments from established firms [4][5]. - Companies like 隆盛科技 (Longsheng Technology) and others are forming strategic partnerships to enhance their capabilities in tactile sensing and robotics, with Longsheng Technology already utilizing self-developed dexterous hands in factory production lines [5]. - Other notable companies include 帕西尼感知 (Paxini Technology), 一目科技 (Yimu Technology), and 戴盟机器人 (Daimeng Robotics), each focusing on various aspects of tactile sensing and robotics, contributing to the overall growth of the industry [5].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the significance of tactile sensors in optimizing Tesla's Optimus robotic hand, emphasizing that the engineering effort for the hand constitutes half of the overall development [16][18] - Vision-tactile technology is identified as a key method for enhancing robotic interaction with the physical world, providing high-resolution tactile information through optical imaging and tactile perception [5][18] - Domestic companies are rapidly catching up with international leaders in tactile technology, leveraging local supply chains and application scenarios [7][47] Summary by Sections Section 1: Vision-Tactile Sensing - Tactile sensors are crucial for the optimization of Tesla's Optimus robotic hand, which features 22 degrees of freedom and tactile sensors on all fingers [16][17] - Vision-tactile technology captures microscopic deformations during contact with objects, converting them into high-resolution tactile data, enabling robots to perform delicate operations [18][22] - The technology allows for the simultaneous perception of normal force, shear force, object pose, and texture, closely mimicking human tactile capabilities [33] Section 2: Domestic Companies Catching Up - GelSight is recognized as the global leader in vision-tactile sensors, with significant advancements made by domestic startups in material design and deep learning models [7][47] - Notable companies include: - **叠动科技 (Diedong Technology)**: Innovated the integration of MEMS technology with vision-tactile sensing, receiving strategic investment from 隆盛科技 (Longsheng Technology) [49][50] - **帕西尼 (Paxini)**: A leader in multi-dimensional tactile technology, has received over 100 million yuan in strategic investment from BYD [56][61] - **一目科技 (Yimu Technology)**: Developed the world's first full-stack tactile system designed for precise operations, supported by 松霖科技 (Songlin Technology) [62] Section 3: Investment Recommendations - Recommended stocks include 隆盛科技 (Longsheng Technology) as a beneficiary of the advancements in vision-tactile technology [8]

Core Insights - The article highlights the rapid development and competitive landscape of humanoid robotics, focusing on the emergence of Lumos Robotics, which has made significant strides in a short time frame [3][21] - Lumos Robotics has introduced the LUS2, a full-sized humanoid robot capable of standing up in one second, showcasing advanced dynamic balance and control technologies [10][12] Company Overview - Lumos Robotics was founded in September 2022 and has quickly completed what other humanoid manufacturers take years to achieve [3] - The founder, Yu Chao, has a strong academic background and extensive experience in robotics, having previously led projects for Xiaomi and other companies [6][21] - The team includes members from the original core team of a previous robotics venture, contributing to a robust research and development capability [6] Product Development - Lumos Robotics has launched multiple products within a year, including the LUS series humanoid robots, the MOS robot for industrial logistics, and the NIX robot for home and entertainment [15][21] - The LUS2 robot is designed at a height of 160 cm and can perform long-range actions with a two-hour high-intensity operation time, suitable for various applications [10][21] - The MOS robot features a dual-arm design with a load capacity of 50 kg, significantly higher than the current market standard [15][18] Technological Advancements - The LUS2 utilizes a high-speed dynamic balance control system and advanced algorithms for posture adjustment, achieving a response time significantly faster than human reflexes [10][12] - The robot's modular design allows for technology reuse across different applications, enhancing its versatility [11][12] Market Position and Strategy - The humanoid robotics market is currently in a critical development phase, with many companies vying for position, but Lumos Robotics stands out due to its comprehensive technology stack and rapid product iteration [3][12] - The company has formed strategic partnerships with leading firms in logistics and manufacturing to co-create solutions, which is essential for generating real-world data and scaling operations [16][18][20] - Predictions indicate a significant growth trajectory for the humanoid robotics market, with Lumos Robotics positioned to capitalize on this trend due to its early maturity and technological capabilities [21]

Group 1 - The core concept of the article revolves around the development and significance of vision-based tactile sensors (VBTS) in robotics, highlighting their ability to provide multi-dimensional tactile information similar to human touch [4][6][12] - VBTS technology has evolved from theoretical concepts to practical applications, demonstrating its effectiveness in precise object manipulation and recognition in robotic systems [7][11] - The article discusses two main technological pathways for VBTS: one based on trichromatic light and the other on monochromatic light, each with its own advantages and challenges [10][11] Group 2 - The market for vision-based tactile sensors is expanding, with applications in industrial automation, medical robotics, and consumer electronics, indicating a growing interest from capital markets [12][11] - Companies like DaiMeng Robotics are pioneering advancements in sensor technology, achieving significant improvements in sensor density and resolution, which enhances robotic tactile capabilities [11][10] - The future of VBTS is promising, with expectations for further miniaturization, cost reduction, and increased durability, leading to a transformative impact on human-robot interaction [16][15]

Industry Overview - The Shenzhen robot industry is rapidly forming a cluster effect, with a significant number of enterprises showcasing their innovations at the first Robot Industry Chain Conference (FAIR plus 2025) [1] - The total output value of Shenzhen's robot industry chain is projected to exceed 201.2 billion yuan in 2024, marking a year-on-year growth of 39.64% with 14,534 new robot companies established [5] Key Companies and Products - Notable participants at the conference included leading firms such as UBTECH, Yujin Robot, and others, showcasing advanced products like humanoid robots and collaborative robots [2] - Tencent's "Xiao Wu" robot features a hybrid design with wheels and legs, designed for complex environments, particularly in elder care scenarios [3] - UBTECH's "Tian Gong Xing Zhe" humanoid robot is the first research-grade full-size humanoid robot priced below 300,000 yuan, capable of navigating various terrains [3] Technological Innovations - The conference highlighted advancements in sensory technology, such as the high-resolution "visual tactile sensor" developed by Daimeng Robotics, which can accurately capture three-dimensional force distributions [5] - Shenzhen's companies are also innovating in robotic arms and mobility systems, with products designed for diverse applications, including security inspections and industrial automation [6][7] Ecosystem and Supply Chain - Shenzhen has established a complete ecosystem for robot manufacturing, encompassing core components like tactile sensors, laser radars, and servo electronics, facilitating efficient supply chain interactions [7] - The industry is characterized by a strong integration of hardware and software capabilities, with local firms excelling in both manufacturing and technological services [7]

核心观点 市场表现： 本周（4.14-4.18）我们构建的国信人形机器人指数下跌0.07%，弱于沪深300指数0.65pct，弱于上证综合指数1.26pct，年初至今上涨6.5%。拓普集团下跌5.23%，三 花智控下跌3.87%，中鼎股份下跌1.04%，银轮股份下跌4.97%，北特科技上涨2.82%，双林股份上涨1.38%，贝斯特上涨0.5%，浙江荣泰上涨2.72%，祥鑫科技下跌4.18%，双环 传动下跌4.25%，斯菱股份下跌5.13%，豪能股份下跌0.99%，精锻科技下跌1.65%，蓝黛科技上涨2.8%，凌云股份下跌2.98%，旭升集团下跌0.17%，肇民科技上涨4.29%，爱柯 迪下跌2.97%。均胜电子下跌2.86%。征和工业下跌5.1%，美力科技下跌7.69%。 行业动态 ： 1）特斯拉发布新一代人形机器人概念图Mr.Roboto；2）北京亦庄半程马拉松暨人形机器人半程马拉松举行；3）众擎机器人正式量产上市；4）视触觉传感器厂商 戴盟机器人发布产品；5）小鹏宣布其人形机器人将于2026年实现量产；6）腾讯增持智元机器人；7）乐聚夸父人形机器人进一汽红旗打工；政府新闻：1）工信部：将全力推 进人工智能 ...