屈膝、甩臂、起跳、落地——这是再寻常不过的跳远动作；不寻常的则是参赛选手——一台人形机器 人。近日，世界人形机器人运动会期间，数百台人形机器人在26个比赛项目中一展身手。 一同变得更"热闹"的还有产业核心零部件的供应链。 "今年的订单量相较于往年大概是八倍的增长。"近日，帕西尼感知科技联合创始人聂相如现场接受《每 日经济新闻》记者采访时表示，该公司主要提供多维度机器人触觉传感器，"没有触觉的话，机器人去 做各种精细化的操作，其实都是没有办法完成的"。 最新数据显示，我国人形机器人核心部件国产化率已经突破70%，预计今年产业规模将突破379亿元。 中国科协企业创新服务中心主任、研究员张清在2025企创融通汇具身智能机器人核心部件专场活动上指 出，实现核心部件的自主可控与性能突破，是具身智能机器人产业行稳致远、攀登高峰的关键所在。 成本下探和需求高涨的另一面，则是本体厂商与应用端企业的"不满足"，产品稳定性以及应用落地的速 度，逐渐在企业心中占据更重分量。 受益于汽车产业链 人形机器人热度走高首先离不开产业链的日趋成熟。 聂相如坦言，其作为从业者感到欣喜的是，"每一家厂商相较于半年前、一年前、两年前都取得了长足 ...

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]

Core Insights - The event highlighted the significance of embodied intelligence as a frontier in artificial intelligence, emphasizing its potential to transform various industries [3]. Group 1: Embodied Intelligence - Embodied intelligence is closely related to the physical environment, with core capabilities including perception, decision-making, action, learning, and application [3]. - This technology allows robots to not only perceive the present but also to "imagine the future," which is seen as a breakthrough for industrial transformation [3]. - The integration of embodied intelligence is expected to enhance automation across manufacturing, logistics, and healthcare, transitioning factories to flexible production spaces [3]. Group 2: Design and Functionality - The design of embodied intelligent systems should not be limited to humanoid forms but should be function-driven and vary by application scenario [3]. - In industrial contexts, specialized robotic arms may offer greater efficiency than humanoid robots [3]. - Future embodied intelligent systems are anticipated to exhibit more diverse forms and characteristics [3]. Group 3: Collaboration and Development - The event included an interactive session where industry representatives engaged with experts on key technologies such as embodied intelligence, perception chips, tactile sensors, and underwater robots [5]. - Over 40 companies, universities, and research institutions participated in discussions aimed at fostering collaboration in joint laboratories, technical challenges, and talent development [5].

Group 1 - The humanoid robot financing market showed significant improvement in July, with a total of 24 financing events, 23 of which were domestic, and a total disclosed financing amount of approximately 7.094 billion RMB, representing a month-on-month increase of about 137.02% [1] - Major companies such as JD.com, Haier, Didi, Meituan, Lenovo, and SenseTime are actively participating in the embodied intelligence sector, indicating a competitive landscape among large enterprises [1] - Six companies in the core component sector received financing, with sensor companies leading the way, collectively raising about 200 million RMB [2] Group 2 - The transition from technology-driven to commercially-driven development in the humanoid robot industry is seen as a critical turning point, where players that can quickly convert technological advantages into market value will gain a competitive edge [2] - The rapid growth of body companies has significantly stimulated the upstream market, particularly in the sensor sector, which is crucial for the perception, decision-making, and execution capabilities of humanoid robots [2] - The financing of sensor companies is expected to lead to technological breakthroughs that will enhance the environmental perception and motion control capabilities of humanoid robots, creating a virtuous cycle of "technological breakthroughs - capital investment - industrial upgrading - market expansion" [3]

Summary of Sensor Industry Conference Call Industry Overview - The sensor industry is experiencing rapid growth driven by the increasing demand for humanoid robots, with Tesla's humanoid robot having a sensor value of approximately 24,000 yuan per unit, where vision, six-dimensional force, and touch account for 30%, 25%, and 16% respectively [2][5][4] - The Chinese market is growing quickly and shows significant potential for expansion [2] Key Points and Arguments - **Sensor Functionality and Types**: Sensors convert external changes into electrical signals and can be categorized into various types such as force, vision, and touch, as well as by working principles like resistive and capacitive [2][6] - **Vision Sensors**: Contribute about 70% of the perception information in robots, with the mainstream configuration being three 3D cameras and one LiDAR. Leading companies in this field include Orbbec and Intel, with Orbbec showing rapid revenue growth and profitability [2][12][11] - **Touch Sensors**: Mimic human skin to detect pressure or vibration signals, with capacitive sensors favored for their sensitivity, while resistive sensors remain the mainstream for mass production [2][13][15] - **Six-Dimensional Force Sensors**: Used in robot joints for controlling six-dimensional forces, facing challenges in structural design and calibration precision [2][18] - **Market Growth Factors**: The industry is expected to grow due to the continuous iteration of large models, maturing supply chains, and increasing application scenarios requiring high-performance sensors [2][10] Important but Overlooked Content - **Market Size and Growth**: The global smart sensor market is valued at $52 billion with an annual growth rate of about 10%, while the Chinese market is growing even faster [3] - **Future Demand**: The humanoid robot market is projected to create an additional demand of 10%-20% for 3D vision sensors, with the market expected to reach 20 billion yuan by 2030 [11][12] - **Challenges in Vision-Touch Technology**: This technology aims to combine visual and tactile capabilities but faces challenges such as high data volume and energy consumption [2][16] - **Industry Risks**: The sensor industry is subject to high volatility, including intense market competition and potential supply chain risks, necessitating continuous monitoring of industry dynamics [2][25] Recommended Companies - **Vision Sector**: Orbbec is recommended due to its stable market position and rapid growth [2][24] - **Six-Dimensional Force Sector**: Companies like Koli Sensor and Lingyun Co. are highlighted for their cost reduction efforts and technological advancements [2][24] - **Touch Sector**: Hanwei Technology and Fule New Materials are noted for their strong performance in technology expansion and process understanding [2][24]

Investment Rating - The report rates the industry as "Outperforming the Market" [4] Core Insights - The electronic skin market is projected to reach 15.5 billion yuan by 2030, driven by advancements in technology and cost reductions [4][37] - The core barriers to entry in the tactile sensor market include materials, algorithms, semiconductor-level manufacturing processes, and customer channels [3][4] - The report highlights the competitive landscape as relatively fragmented, with various manufacturers specializing in different types of tactile sensors [3][4] Summary by Sections Tactile Sensor Technology - Tactile sensors are categorized into layered tactile sensors and other types, with layered sensors including resistive, piezoelectric, and capacitive sensors [15][16] - The key performance indicators for tactile sensors include sensitivity, detection range, linearity, and response time [15][24] Market Potential - The humanoid robot market is expected to see significant growth, with projected sales reaching 1.24 million units by 2025 and 1 million units by 2030, leading to a market size of 155 billion yuan [37][38] - The report estimates that the market for dexterous hand electronic skin will grow from 0.15 million yuan in 2025 to 5 billion yuan by 2030 [37][38] Competitive Landscape - The report identifies several key players in the tactile sensor market, including companies specializing in resistive, capacitive, and magnetic sensors [3][4][42] - The core materials used in electronic skin include PDMS and other flexible substrates, which are crucial for the performance of tactile sensors [45][49] Application Areas - Tactile sensors are increasingly being integrated into various sectors, including automotive, industrial automation, healthcare, and consumer electronics, reflecting a growing demand for intelligent and digital solutions [40][41]

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the humanoid robot industry, highlighting ongoing technological iterations and the trend towards lightweight materials such as PEEK and magnesium alloys to replace traditional steel, enhancing energy efficiency [1][4]. Core Insights and Arguments - **Technological Innovations**: The humanoid robot industry is experiencing significant technological advancements, particularly in lightweight design, which is being applied to key components like lead screws and reducers. This trend is expected to expand to motors and structural components in the future [3]. - **Motor Developments**: Two major innovations in the motor sector include structural optimization to reduce size and enhance integration, and upgrades in magnetic materials and winding techniques to improve power density while maintaining or reducing volume. Axial motors are emerging as a key development direction, although supply chain issues and high costs remain challenges [5]. - **Lead Screw Pricing**: The price of lead screws has significantly decreased, dropping from the thousand-yuan range to the hundred-yuan range, with micro ball lead screws priced around 500 yuan each. This price reduction is attributed to domestic technological breakthroughs in processing efficiency [6]. - **Reducer Advancements**: New cycloidal reducers are being applied in high-load areas of humanoid robots, boasting a lifespan two to three times that of traditional harmonic reducers. The use of PEEK materials in reducers can reduce weight by 50%, although they are priced 10%-15% higher than traditional products [7][8]. - **Balancing Performance and Cost**: Future humanoid robots must balance lifespan, performance, and cost. Current mainstream solutions include link structures, cable structures, and direct drive structures, with various advantages and disadvantages [9]. Market Dynamics - **Domestic vs. International Demand**: The domestic market predominantly features low-degree-of-freedom dexterous hands, while the international market favors high-degree-of-freedom options. The price of dexterous hands in the domestic market is declining, influenced by the competitive landscape [10]. - **Future Focus Areas for Dexterous Hands**: Key areas of focus for the future development of dexterous hands include algorithm capabilities, core components, and data collection abilities. The demand for dexterous hands is expected to grow, particularly as orders from leading companies increase [11]. Sensor Technology - **Tactile Sensor Market**: Tactile sensors are viewed as a promising growth area, with new entrants focusing on pressure-based technology. A83 Technology holds a significant market share in capacitive tactile sensors, while Shanghai Weitai specializes in visual-tactile solutions [12]. - **3D Vision Sensors**: 3D vision technology is gaining traction, with domestic manufacturers showing a high acceptance of solutions from companies like Orbbec, which offers excellent depth performance. The pricing for 3D vision sensors can vary significantly based on purchase volume [14]. Special Robot Innovations - **Exhibitor Highlights**: The conference showcased numerous local manufacturers, including UB, which presented five humanoid robots and demonstrated group intelligence technology. Other companies displayed advancements in industrial applications, indicating progress in both technological breakthroughs and practical implementations [15]. Supply Chain Insights - **Zhisheng Technology's Market Position**: Zhisheng Technology has a substantial market share in the supply of robotic dogs, catering to sensitive sectors that require special qualifications for suppliers [16][17]. This summary encapsulates the key points discussed during the conference, providing insights into the humanoid robot industry's current trends, technological advancements, market dynamics, and future directions.

《商道创投网》2025年8月5日从官方获悉：帕西尼近日完成了由京东战略领投，浦耀信晔、宏兆基金、 张科垚坤、新国都、北京昌平先进能源制造产业直投基金、财鑫资本、复琢投资联合跟投的10亿元A轮 融资；湖南财信产业基金、钧犀资本、TCL创投、毅达资本等老股东持续加码，庚辛资本中国继续担任 独家战略财务顾问。 《商道创投网》创业家会员·单位简介： 《商道创投网》创业家会员·本轮融资用途是什么？ 帕西尼创始人兼CEO许晋诚表示："本轮资金将主要用于三方面：一是继续加大霍尔阵列芯片与触觉传 感器的迭代研发投入，突破更高集成度与更低功耗；二是扩建Super EID Factory，提升数据采集规模与 质量，夯实具身智能数据底座；三是携手京东、比亚迪等产业伙伴，加速在智能物流、汽车制造、医疗 康养等场景的规模化落地，推动触觉感知成为机器人标配。" 《商道创投网》创投家会员·本轮投资原因是什么？ 京东集团副总裁、京东战投负责人胡宁峰表示："京东坚定布局未来实体智能，帕西尼拥有全球领先的 触觉感知技术与稀缺的全模态数据闭环，其传感器已率先在仓储拣选场景验证显著降本增效。团队兼具 芯片、算法与产业落地经验，与京东生态高度协同，我 ...

Core Viewpoint - The humanoid robot industry is transitioning from a technological explosion to commercial validation, with significant developments expected by 2025 [1] Research Reports - The humanoid robot industry is entering the "1 to 100" phase, where manufacturers are tested on their ability to implement scenarios, and the hardware outsourcing model is emerging [1][29] - The market for tactile sensors is projected to reach a scale of 1 trillion yuan as humanoid robot production increases [5][7] - The bearing market is expected to see significant growth due to the rising demand from humanoid robots, with a focus on domestic replacement opportunities [9][10] Conference Reviews - Various forums and conferences have been held to discuss the advancements and confidence in the humanoid robot industry, highlighting the collaboration across multiple sectors [3] Deep Report Excerpts - Tactile sensors are crucial for the functionality of humanoid robots, with the market for these sensors expected to grow significantly as production scales up [5][7] - The bearing market is poised for growth, with domestic manufacturers focusing on replacing imported high-end bearings [9][10] - The development of dexterous hands is essential for humanoid robots, with a focus on reducing costs and enhancing functionality [14][15] Industry Trends - The tactile sensor market is projected to grow from $15.33 billion in 2024 to $35.59 billion by 2031, with a CAGR of 12.8% [7] - The global bearing market is expected to exceed $2430.3 billion by 2030, with significant opportunities for domestic manufacturers [10] - The 3C supply chain is well-positioned to enter the humanoid robot market, leveraging its rapid iteration and innovation capabilities [18][19] Investment Recommendations - Focus on companies that can produce dexterous hands and tactile sensors, as these components are critical for the commercial viability of humanoid robots [14][15] - The domestic bearing industry is encouraged to accelerate technological advancements to meet the growing demand from the humanoid robot sector [9][10] Market Outlook - The humanoid robot market is expected to see substantial growth, driven by advancements in technology and increasing production volumes [1][29] - The tactile sensor market could reach approximately 1.3 trillion yuan when humanoid robot production hits 100 million units [7] - The bearing market is projected to benefit from the increasing demand for high-end bearings in humanoid robots, with significant potential for domestic replacements [9][10]

Summary of Key Points from Conference Call Records Industry Overview - The humanoid robot industry is experiencing rapid iteration with a research and development cycle of approximately two months, indicating short-term investment opportunities within the sector [1][3] - The supply chain structure is evolving, with clear opportunities for secondary and tertiary suppliers, particularly in the motor sector, including high-density motors, slope reducers, and tactile sensors [1][3] Company Insights Zhiyuan Technology - Zhiyuan is recognized as the fastest commercializing company in China, adopting a business model similar to Apple's ODM model, which is expected to create investment opportunities in the resource chain by 2025 [1][3] Jack Co., Ltd. - Jack Co. has a unique position in the apparel industry, with equipment covering nearly all workstations, showcasing significant advantages in automation upgrades [1][4] - The company aims to enhance equipment efficiency from 30% to over 50% or even 60%, driven by strong demand for automation in labor-intensive industries, particularly in coastal regions [6][7] - Jack's main revenue is approximately 6 billion, with the template machine market space estimated at 30 to 40 billion, indicating substantial growth potential [8] Hengli Hydraulic - Hengli Hydraulic is currently at a cyclical low but is expected to see accelerated growth in the third quarter, with profit growth projected to exceed 30% [9] - The company is positioned to benefit from increased market share in excavators and aerial work platforms, which are also at cyclical lows [9] Suochen Technology - Suochen Technology is the only private asset in China with a foothold in the physical AI simulation platform, targeting revenue of 30 to 50 million yuan by 2025 and 2026 [2][23] - The company has made strategic acquisitions to enhance its capabilities and expand industry channels, with a projected compound growth rate of 25% [2][26] Market Dynamics - The apparel industry is under pressure due to rising labor costs, leading to a strong demand for automation solutions [7] - The domestic market is expected to gradually recover, with overall performance improving in the second half of the year [11] Technological Trends - The humanoid robot sector is advancing faster than traditional manufacturing and new energy vehicles, primarily due to challenges in "smart brain" development rather than hardware R&D cycles [2] - There are ongoing debates regarding the paths of reinforcement learning and large models in AI development, which could impact the future of humanoid robots [2][16] Investment Recommendations - Focus on core companies within the supply chain and technology iterations in the humanoid robot sector, particularly companies like Hengli Hydraulic and Jack Co. [3][9] - Monitor the developments of Suochen Technology, given its unique market position and growth potential in the physical AI domain [24][29] Conclusion - The humanoid robot industry presents significant investment opportunities driven by rapid technological advancements and evolving supply chains. Companies like Jack Co. and Suochen Technology are positioned for strong growth, while Hengli Hydraulic is expected to rebound from cyclical lows.