机械设备行业：“结构件”与“手套”：特斯拉OPTIMUS机器人轻量化的“关键一环”

开源证券股份有...2025-12-22

“结构件”与“手套”：特斯拉Optimus 机器人轻量化的“关键一环”12 月3 日，特斯拉 Optimus 机器人于 NeurIPS 2025 公开亮相，可明显看见其最新展示内容中，头部、躯干等外观及主要承载结构中已采用嵌塑件与注塑件方案；机器人在动态演示中实现的奔跑“飞行相”突破，亦从侧面验证了结构件在轻量化与强度平衡方面取得的阶段性进展。同时，Optimus Gen2.5 展示的手部包覆材料...

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关节支架”的基础性功能，其设计与性能直接决定机器人能否实现类人运动学结构、完成多自由度协同动作，并适应工业、仓储及日常生活等复杂应用场景。以特斯拉 Optimus 为代表的头部厂商，在结构件设计上高度强调运动适配性、轻量化与强度平衡、长期可靠性。从 Optimus 的迭代路径看，其躯干、四肢等主承载结构件，以及各类连接与辅助结构件，对材料体系和加工工艺均提出了显著高于传统工业机器人的要求。一方面，头部厂商在全球化供应链背景下，对产品性能、制造精度与量产稳定性、以及成本均设有标准；另一方面，人形机器人的材质体系正经历从“单一材料功能化”向“多材料系统化集成”的结构性升级。面向未来百万台级量产，Optimus 结构件制造路径有望向冲压、一体化压铸、精密锻造及注塑等高效率工艺迁移。我们认为含以下特点的公司或将脱颖而出：（1）配合本体厂商进行持续的迭代，同步推进国内资本开支和海外产能建设；（2）产品性能达到要求的同时，必须具备大规模制造和降本能力；（3）结构件等无需新增大额资本开支即可量产推进的环节更具确定性，企业需依靠强大的模具能力和自身基地快速形成产能。受益标的：模塑科技、蓝思科技、拓普集团等。手套：Optimus 机器人精细操作的“下一个突破口”手部是人形机器人完成精细操作的核心末端执行单元，而手部包覆材料（“手套”）则是覆盖件中技术集成度最高、工程挑战最集中的环节之一。在 Optimus 机器人的设计目标下，手套不仅承担防护功能，更直接影响触觉反馈、抓取稳定性以及人机交互安全性，其核心技术要求包括：（1）超薄与高贴合度，尽量降低对传感层灵敏度的影响；（2）高摩擦系数与类人触感，以适应多种材质和形态的物体；（3）优异的耐磨、抗撕裂与耐疲劳性能；（4）对触觉、力觉等传感功能的潜在集成能力。从特斯拉 Optimus 的产品演进来看，“手套式织物包覆方案”正成为当前阶段较为理想的工程选择。该方案通过为机器人灵巧手佩戴特制织物手套，在磨损后可快速更换，显著降低维护成本，并为后续大规模部署提供可行路径。同时，织物结构本身具备较强的材料扩展性，可通过编织导电纤维、力敏材料等方式，实现触觉传感功能的集成。在 Optimus Gen2.5 于 NeurIPS 2025 亮相的V2.5 版本中，手套配置首次成为外观与功能层面的明确特征之一。我们认为，基础材料与工艺能力是该环节的核心壁垒，在纺织材料、浸渍、涂层及复合工艺等领域具备深度积累，并能够与下游整机厂协同开发的企业，有望在 Optimus及后续人形机器人放量过程中率先受益。相关标的（1）结构件：受益标的：模塑科技、拓普集团、蓝思科技；（2）电子皮肤及覆盖材料：受益标的：日盈电子、恒辉安防、汉威科技。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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