Open source securities: the weight reduction of humanoid robots is driving demand for structural parts and gloves, and the incremental market may exceed 10 billion yuan
The Zhitong Finance App learned that Open Source Securities released a research report stating that in the complete humanoid robot system, the structural parts assume the basic function of “bone+joint support”, and the hand covering material (“gloves”) is one of the parts with the highest degree of technical integration and the highest concentration of engineering challenges in the cover. The appearance of the Tesla Optimus robot showed that its structural components have made gradual progress in balancing weight reduction and strength. The bank estimates that the total incremental market space for mass production of structural parts and gloves for one million humanoid robots exceeds 10 billion yuan. Optimistic about the relevant targets, structural components: Beneficial targets: Molding Technology (000700.SZ), Tuopu Group (601689.SH), Lansi Technology (300433.SZ); (2) Electronic skin and covering materials: Beneficiary targets: Riying Electronics (603286.SH), Henghui Security (300952.SZ), and Hanwei Technology (300007.SZ).
The main views of Open Source Securities are as follows:
“Structural parts” and “gloves”: a “key part” of the lightweight Tesla Optimus robot
On December 3, the Tesla Optimus robot was publicly unveiled at NeurIPS 2025. It can be clearly seen that in its latest display, the head, torso, and other exterior and main bearing structures already use embedded parts and injection-molded parts solutions; the robot's breakthrough in running “flight phase” in dynamic demonstrations also verified the phased progress made by structural parts in terms of weight reduction and strength balance from the side. At the same time, the hand covering material displayed by Optimus Gen 2.5 further highlights the key role of the cover in improving safe interaction ability, environmental adaptability, and anthropomorphic performance. The bank estimates that the total incremental market space for mass production of structural parts and gloves for one million humanoid robots exceeds 10 billion yuan.
Structural components: the foundation for complex robot scenarios, the trend of multi-material systematic integration is clear
In the complete humanoid robot system, the structural components assume the basic function of “bone+joint support”. Their design and performance directly determine whether the robot can achieve human-like kinematic structures, complete multi-degree of freedom cooperative actions, and adapt to complex application scenarios such as industry, warehousing, and daily life. Leading manufacturers, represented by Tesla Optimus, place great emphasis on motion adaptability, weight and strength balance, and long-term reliability in structural component design.
Judging from Optimus's iterative path, its main bearing structural components such as the trunk and limbs, as well as various connecting and auxiliary structural parts, place significantly higher requirements on the material system and processing process than traditional industrial robots. On the one hand, leading manufacturers set standards for product performance, manufacturing accuracy, mass production stability, and cost in the context of a global supply chain; on the other hand, the material system of humanoid robots is undergoing a structural upgrade from “single-material functionalization” to “multi-material systematic integration”.
Facing future mass production of one million units, the Optimus structural parts manufacturing path is expected to migrate to high-efficiency processes such as stamping, integrated die casting, precision forging, and injection molding. The bank believes that companies with the following characteristics may stand out: (1) cooperate with in-house manufacturers to simultaneously promote domestic capital expenditure and overseas production capacity construction; (2) while product performance meets requirements, they must have large-scale manufacturing and cost reduction capabilities; (3) the process of promoting mass production without additional large capital expenses, such as structural parts, is more definitive, and enterprises need to rely on strong mold capabilities and their own bases to quickly form production capacity. Beneficiaries: Molding Technology, Lansi Technology, Tuopu Group, etc.
Gloves: “The Next Breakthrough” for Optimus Robotic Precision Manipulation
The hand is the core end execution unit for humanoid robots to complete fine operations, and the hand coating material (“gloves”) is one of the parts with the highest degree of technology integration and the highest concentration of engineering challenges in the cover. Under the design goals of the Optimus robot, gloves not only perform protective functions, but also directly affect tactile feedback, grip stability, and human-computer interaction safety. The core technical requirements include: (1) ultra-thin and high fit to minimize the impact on the sensitivity of the sensing layer; (2) high friction coefficient and human-like touch to suit objects of various materials and shapes; (3) excellent wear resistance, tear resistance and fatigue resistance; and (4) potential integration of sensing functions such as touch and force.
Judging from Tesla Optimus's product evolution, the “glove type fabric coating solution” is becoming the ideal engineering choice at this stage. By wearing special fabric gloves for the robot's dexterous hands, the solution can be quickly replaced after wear, significantly reducing maintenance costs, and providing a viable path for subsequent large-scale deployment. At the same time, the fabric structure itself has strong material expandability, and tactile sensing functions can be integrated by weaving conductive fibers, force-sensitive materials, etc.
In the v2.5 version of Optimus Gen 2.5 unveiled in NeurIPS 2025, the glove configuration became one of the clear features in terms of appearance and functionality for the first time. The bank believes that basic materials and process capabilities are the core barriers to this process. Companies that have deep accumulation in the fields of textile materials, impregnation, coating and composite processes, and can develop in collaboration with downstream machine manufacturers are expected to be the first to benefit from Optimus and subsequent humanoid robot deployment processes.
Risk warning: mass production of robots falls short of expectations; supply chain development falls short of expectations.