According to a research report from GLMS SEC, the development of dexterous hands originated in the 1970s, with significant industry progress accelerating over the past five years. Industry participants primarily include research institutions, which were dominant in the early stages and mainly consisted of universities, and corporations, whose numbers are increasing as the industry approaches规模化. The report expresses optimism for Tesla's role in leading industry development. While domestic humanoid robot manufacturers such as Yushu Technology, Zhiyuan, and Xingdong Jiyuan, along with dexterous hand specialists like Lingxin Qiaoshou and Lingqiao Zhineng, started later, they are expected to play important roles in the future规模化 process. The institution believes that with the accelerating industrialization of humanoid robots, the long-term incremental potential of the dexterous hand industry chain is promising.
Key viewpoints from GLMS SEC are as follows:
International leaders are guiding development while domestic newcomers are catching up, with Tesla at the forefront. Dexterous hand technology began in the 1970s, pioneered by Japan's Okada hand in 1974. The 1980s saw the US and Japan promoting technological integration, while the 21st century brought breakthroughs from Chinese universities. The industry has accelerated over the last five years. Tesla launched its Optimus series dexterous hand in 2022, featuring a more integrated design, and has continued iterating, gradually establishing it as an industry benchmark for humanoid robots. Domestic companies like Yushu Technology and Lingqiao Zhineng have also introduced their own dexterous hand products. Current evolution focuses on increasing degrees of freedom, integrating tactile sensing, and adopting tendon-driven transmission.
Dexterous hand technology is diverse, but technical pathways are gradually converging. The future of dexterous hands will center on an underactuated architecture for degree-of-freedom design, combined with high-efficiency motor drives, primarily brushless DC and coreless motors. Transmission will utilize a hybrid of tendon and linkage systems, supplemented by force and tactile sensors to enhance perception. This forms a technical system balancing flexibility, response speed, and reliability—a path validated by advanced dexterous hands like Tesla's Optimus and the Shadow Hand, poised to enable more natural fine manipulation and broader scenario adaptation for humanoid robots.
Market potential is estimated at hundreds of billions, with core component suppliers deepening their involvement. The third-generation Tesla Optimus is anticipated for release in Q1 2026, with full-year shipments expected to rise steadily. Elon Musk has projected the potential for million-unit mass production within the next 4-5 years, representing a market scale exceeding hundreds of billions of yuan. The dexterous hand is a critical end-effector for humanoid robots. Domestic listed companies are increasingly focusing on core components for dexterous hands, mainly in areas such as motors, tendon ropes, lead screws, sensors, and coverings.
Investment recommendations are provided along two dimensions: 1. Participant Dimension: Given the industry's acceleration, with Tesla leading and domestic players like Yushu Technology, Zhiyuan, Xingdong Jiyuan, Lingxin Qiaoshou, and Lingqiao Zhineng poised for significant roles despite later starts, focus is warranted on these entities. 2. Product Dimension: Evaluating comprehensive value, localization potential, and market size, key focuses should be: 1) Motors: The "power heart" of dexterous hands, providing direct drive; 2) Lead screws: High technical barriers and significant import substitution potential; 3) Tendon ropes: High technical barriers and wide application scenarios; 4) Sensors: A key upgrade direction amid trends toward flexibility. These sub-sectors generally exhibit high value content and strong growth characteristics. Companies with strategic positioning in the supply chain are likely to benefit first from the industrialization and volume increase of humanoid robots.
Companies involved in automotive parts, possessing strong customer relationships, mass production capabilities, and products highly analogous to robotics components, are recommended due to the high overlap expected between humanoid robot and automotive supply chains as major OEMs enter the field. Recommended companies focusing on dexterous hands within the auto parts and robotics sector include Tuopu Group, Joyson Electronics, Johnson Electric Holdings, Hengshuai Co., Ltd., Fuda Co., Ltd., Lingyun Industrial Corp., Rongtai Co., Ltd. Suggested companies to monitor include Zhejiang Rongtai, Fulai New Material, Daimei Co., Ltd., Riying Electronics, Rader Technology, New Coordinate, Xinzhi Group, Anpelon, Zhenghe Industry, Mingxin Xuteng, Nanshan Zhishang,恒辉安防, and Taili Technology.
Risk factors include potential shortfalls in AI technology development, delays in robot mass production schedules, failure to achieve anticipated hardware cost reductions, weaker-than-expected market demand, and changes in the prevailing technological roadmap.