According to Zhitong Finance APP, China Great Wall Securities Co.,Ltd. (002939) has released a research report stating that the incremental growth of the humanoid robot industry is mainly driven by frameless torque motors and miniature dexterous hand motors, which respectively determine the overall motion performance and hand operation capability. The rapidly growing demand for dexterous hands is driving miniature motors into a new blue ocean market. Leveraging the mature migration of automotive-grade technology, deep accumulation in large-scale production, and collaborative breakthroughs in the domestic upstream supply chain, Chinese companies possess natural advantages over overseas manufacturers in responding to robot makers' industrialization needs for low cost, large volume, and strong coordination, and are becoming the core driving force behind the industrialization of humanoid robot motors. The key viewpoints of China Great Wall Securities Co.,Ltd. (002939) are as follows:
Mass production of humanoid robots opens new space for motors, with frameless torque and miniature motors as core incremental drivers
Motors account for approximately 25% of the total cost of humanoid robots, undertaking the core functions of joint actuation and precision grasping, and serving as the "power heart" for overall motion control and fine operations. 2025 is regarded as the pivotal first year for humanoid robots transitioning from laboratories to industrialization, with global shipments reaching approximately 18,000 units. Entering 2026, the industrialization process of humanoid robots has accelerated significantly: data from the Ministry of Industry and Information Technology shows that domestic production in the first half of 2026 has exceeded 40,000 units, and full-year production is expected to surpass 100,000 units. Leading companies such as Tesla, XPeng, and Unitree are accelerating mass production deployment, which will directly drive explosive demand for motors. The industry's incremental growth is mainly driven by frameless torque motors and miniature dexterous hand motors, which respectively determine overall motion performance and hand operation capability.
Frameless torque motors: vast expansion space, with heat dissipation as the core bottleneck for mass production
The large-scale deployment of humanoid robots will bring substantial incremental demand for frameless torque motors. Heat dissipation under high-load conditions in confined spaces has become the biggest constraint on mass production, with three major technological pathways achieving breakthroughs: (1) adhesive iron cores reduce iron loss by 10%-15%, simultaneously improving heat dissipation and power density; (2) rare-earth permanent magnets can withstand high temperatures and prevent demagnetization while shortening thermal conduction paths, and the industry is simultaneously developing rare-earth-free solutions to hedge against raw material control risks; (3) lightweight structural material innovation reduces weight while optimizing thermal performance.
Miniature motors welcome a new blue ocean market, with "miniaturization" as the key
The rapidly growing demand for dexterous hands is driving miniature motors into a new blue ocean market. With limited internal space in dexterous hands, miniaturization is the core for enhancing fine operation capabilities, and the industry has begun upgrading from coreless motors to highly integrated, high-torque-density miniature frameless torque motors. Currently, miniature motors mostly rely on manual production, and automatic winding and dynamic balancing equipment can accelerate miniaturized mass production, with equipment localization being the key to improving product precision.
Domestic humanoid robot motors: overcoming miniaturization and heat dissipation bottlenecks, building competitive advantages through large-scale manufacturing
Pioneers in motor miniaturization and efficient heat dissipation technology are expected to build insurmountable technological moats and seize industry opportunities first; as humanoid robots enter a new stage of large-scale mass production, the competitive landscape will be reshaped—shifting from single-point technological breakthroughs to comprehensive competition in engineering implementation capability and large-scale manufacturing strength. In this race, the domestic supply chain, combining underlying technological innovation with large-scale manufacturing DNA, is the key foundation driving motors toward mass production. Leveraging the mature migration of automotive-grade technology, deep accumulation in large-scale production, and collaborative breakthroughs in the domestic upstream supply chain, Chinese companies possess natural advantages over overseas manufacturers in responding to robot makers' industrialization needs for low cost, large volume, and strong coordination, and are becoming the core driving force behind the industrialization of humanoid robot motors.
Investment recommendations and stocks to watch
Three types of core companies are recommended for focus: first, innovative enterprises that have broken through miniaturization and heat dissipation technologies; second, motor manufacturing enterprises with large-scale mass production capabilities; and third, upstream supporting enterprises supplying core key materials. Key stocks to watch: (1) Motor manufacturing: Jindi Co., Zhenyu Technology, Hengshuai Co., Tuopu Group, Weichuang Electric, Leadshine Technology; (2) Automation equipment: Jizhi Co., Tanaka Seiki; (3) Core materials: Longsheng Technology, Veken Technology, JL MAG Rare-Earth. Risk warnings: macroeconomic fluctuation risk; humanoid robot industry development progress falling short of expectations; domestic manufacturers' progress in entering robot supply chains falling short of expectations; raw material price fluctuation risk; and calculated data being inconsistent with actual conditions.
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