Daiwa has released a research report stating that actuators constitute the largest material cost component in humanoid robots, estimated to account for 40-50%. The firm believes that within the current humanoid robot supply chain, actuators for body joints and dexterous hands represent the hardware layer's most investable and actionable areas.

Investment in China's humanoid robot supply chain has accelerated in recent years. The report suggests the next phase of stock screening should focus on suppliers that have secured mass production contracts, are improving yield rates, and possess the capability for scaled cost reduction.

Within the humanoid robot supply chain, Daiwa is most optimistic about Ningbo Tuopu Group Co.,Ltd. (SH: 601689), MINTH GROUP (HKEX: 00425), and SANHUA (HKEX: 02050).

Report Analysis on Actuator Design

The report notes that humanoid robot actuator design is entering an early standardization phase, but architectural choices are not yet fully unified. Rotary actuators remain the mainstream solution due to their mature supply chain, compact structure, and relatively low cost. Linear actuators are gaining increasing attention for high-load joints, which prioritize force density, impact resistance, and static holding efficiency.

Daiwa believes humanoid robot designs may diverge. Lightweight service robots are likely to favor architectures dominated by rotary actuators, while industrial humanoids are increasingly adopting hybrid rotary + linear solutions.

Focus on Dexterous Hand Technology

The firm views dexterous hands as one of the most critical hardware bottlenecks for mass-producing humanoid robots. Fully actuated hands offer high flexibility but are costly, structurally complex, and difficult to deploy at scale. Underactuated hands achieve a better balance between cost, reliability, and manufacturability.

Daiwa anticipates that tendon-driven and linkage-driven hand designs will coexist long-term, with the optimal degrees of freedom depending on specific tasks.