Investment Rating - Industry investment rating is "Overweight" [1] Core Viewpoints - The report highlights a new round of market momentum driven by advancements in robotics, particularly in humanoid robots, with a projected global demand of approximately 2 million units by 2030 [4][19] - Key recommended stocks include Xinjie Electric, Beite Technology, Hanwei Technology, Zhaowei Electromechanical, Hengli Hydraulic, and Nuwei Co., among others [2][4] - The report emphasizes the importance of tracking the humanoid robot sector, which is entering a critical growth phase [3][4] Summary by Sections Humanoid Robots - The humanoid robot industry is expected to see significant growth, with major projects and partnerships emerging, such as the procurement project by China Mobile for humanoid biped robots worth 124 million [9][19] - Companies like Tesla and Figure are ramping up production, with Figure planning to increase its humanoid robot output by three times in the upcoming months [10][19] Photovoltaic Equipment - The report notes an accelerated penetration of N-type technology, enhancing the competitive edge of leading companies in the sector [20] - It suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [20] Energy Storage - The energy storage sector is poised for growth due to favorable policies and increasing demand from both generation and user sides [20] - Key players in this space include companies involved in lithium battery systems and integrated storage solutions [20] Semiconductor Equipment - The semiconductor equipment market is projected to reach 140 billion by 2030, with a growing share from domestic manufacturers [4][20] Automation - The automation market is expected to grow significantly, with a market size of approximately 40 billion, projected to reach 55.7 billion by 2026 [4][20] Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that have integrated hydrogen production capabilities [21] Engineering Machinery - The report suggests monitoring leading companies in the engineering machinery sector, emphasizing those with product, scale, and cost advantages [4][20]

Core Viewpoint - The trend of lightweight humanoid robots is becoming increasingly prominent, with a focus on raw materials and process design to address issues such as insufficient endurance, low flexibility, and poor heat dissipation [2][7]. Group 1: Lightweight Trend in Humanoid Robots - The lightweight trend is evident from the perspective of downstream manufacturers, with notable reductions in weight across various models, such as the 20 kg reduction in the UBTECH Walker C and the 10 kg reduction in Tesla's Optimus from Gen 1 to Gen 2 [13][21]. - Lightweight solutions can resolve critical issues for humanoid robots, including enhancing flexibility and extending battery life, as demonstrated by a 40% weight reduction leading to a 6-hour operational time for certain models [21][17]. Group 2: Material Replacement and Cost Efficiency - Magnesium alloy is highlighted for its superior weight reduction capabilities compared to aluminum, with current prices favoring magnesium, making it a cost-effective choice [3][35]. - The semi-solid process addresses the corrosion resistance of magnesium alloys, which is crucial for humanoid robot components that are lighter than automotive parts, thus lowering barriers to entry [3][35]. Group 3: High-Performance Engineering Plastics - The shift towards high-performance engineering plastics like PEEK, PPS, and PPA is opening new market opportunities, with PEEK being particularly suitable for high-value applications in humanoid robots [4][75]. - The market value ranking for these materials indicates that PEEK has the highest potential, followed by PPA and PPS, with the humanoid robot sector expected to generate a market space in the billions [4][75]. Group 4: Investment Recommendations - Key companies to watch include leading magnesium alloy die-casting firms such as Baowu Magnesium and Xingyuan Zhuomai, as well as humanoid robot lightweight joint component manufacturers like Xusheng Group [5][62]. - Attention should also be given to leading engineering plastic companies such as Zhaomin Technology, Water Co., and Zhongyan Co. [5][62].

Core Viewpoint - As of July 11, 2025, the stock price of Xusheng Group (603305) increased by 3.71% to 13.13 CNY, with a market capitalization of 12.517 billion CNY, ranking 39th in the automotive parts sector and 1322nd in the A-share market [1] Company Announcements - The fourth board meeting of Xusheng Group approved two resolutions: the use of up to 1 billion CNY of temporarily idle convertible bond funds for cash management, and the use of up to 500 million CNY of temporarily idle self-owned funds for cash management, both valid for 12 months [2][3] - The supervisory board also approved the same resolutions regarding the use of idle funds for cash management, with unanimous support [2][3] Cash Management Plans - Xusheng Group plans to use up to 1 billion CNY of temporarily idle convertible bond funds for cash management, with a maximum investment period of 12 months, focusing on high-safety and high-liquidity financial products [3] - The cash management will involve the company and its subsidiary, ensuring that the investment does not affect the normal implementation of fundraising projects [3]

Investment Rating - The report suggests a focus on magnesium alloy die-casting leading companies such as Baowu Magnesium and Xingyuan Zhuomai, and recommends lightweight joint component companies in humanoid robots like Xusheng Group, as well as leading engineering plastic companies such as Zhaomin Technology, Water Co., and Zhongyan Co. [2] Core Viewpoints - The trend towards lightweight humanoid robots is driven by material and process design, addressing issues like insufficient endurance, low flexibility, and poor heat dissipation. The main paths for achieving this include structural optimization, component performance enhancement, and material replacement, with magnesium alloys and high-performance engineering plastics being key materials [2][4] - Magnesium alloys offer significant advantages, including better weight reduction compared to aluminum alloys, lower costs due to sustained low raw material prices, and improved electromagnetic shielding and heat dissipation efficiency. The semi-solid process addresses corrosion resistance issues, making magnesium alloys suitable for humanoid robot components [2][21] - High-performance engineering plastics like PEEK, PPS, and PPA are gaining traction in the lightweight revolution, with PEEK being particularly notable for its applications in high-value areas such as joint bearings and gear components, indicating a potential market space in the billions [2][67] Summary by Sections 1. Lightweight Trend in Humanoid Robots - The lightweight trend is evident in various humanoid robot models, with significant weight reductions achieved while increasing height [6][8] - Lightweight solutions address critical issues such as limited endurance and flexibility, with a notable example being a 40% weight reduction leading to a 6-hour operational time [13][14] - The main paths to achieve lightweight humanoid robots include structural optimization, component replacement, and material substitution, with a focus on magnesium alloys and high-performance engineering plastics [18][19] 2. Cost Down & Technological Breakthroughs for Magnesium Alloys - The report highlights that the cost of magnesium ingots has been decreasing since 2022, making magnesium alloys more economically viable compared to aluminum [27][28] - China is a major supplier of magnesium, with a significant increase in production capacity, ensuring stable pricing and supply [27][28] - The semi-solid forming technology is identified as a future trend for magnesium alloys, improving product quality and performance [36][40] 3. High-Performance Engineering Plastics Revolution - Engineering plastics like PEEK and PPS are positioned as superior alternatives to traditional materials, with a high concentration of production among a few key players [73][89] - PEEK is noted for its exceptional mechanical properties, making it comparable to metals, and is increasingly used in various high-value applications [78][84] - PPS is recognized for its excellent chemical resistance and cost-effectiveness, further solidifying its position in the market [90]

二、募集资金投资项目的基本情况 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意宁波旭升集团股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可[2024]764 号），公司 获准向不特定对象发行面值总额为人民币 280,000.00 万元的可转换公司债券，期 限 6 年。公司本次发行可转换公司债券应募集资金 280,000.00 万元，实际募集资 金 280,000.00 万元，扣除发行费用合计（不含税）人民币 833.93 万元后，实际 募集资金净额为人民币 279,166.07 万元。 上述募集资金已于 2024 年 6 月 20 日全部到位，中汇会计师事务所（特殊普 通合伙）已进行验资并出具了中汇会验[2024]8953 号《可转换公司债券募集资金 到位情况验证报告》。上述向不特定对象发行可转换公司债券募集资金，公司已 按照要求开立募集资金专户存储。 中信建投证券股份有限公司 关于宁波旭升集团股份有限公司使用部分暂时闲置可转换公司债券 募集资金进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐人"）作为 宁波旭升集团股份有限公司（以下简称" ...

| 证券代码：603305 | 证券简称：旭升集团 24 转债 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：113685 | 债券简称：升 | | 宁波旭升集团股份有限公司 关于使用部分暂时闲置自有资金进行现金管理的公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 现金管理金额：宁波旭升集团股份有限公司（以下简称"公司"）及子公 司拟使用最高额度不超过人民币 5 亿元（含 5 亿元）的闲置自有资金进行现金管 理。 现金管理受托方：具有合法经营资格的金融机构 现金管理产品名称：安全性高、流动性好、具有合法经营资格的金融机 构销售的理财产品。 现金管理投资期限：自董事会审议通过之日起 12 个月内有效。 履行的审议程序：公司于 2025 年 7 月 9 日分别召开第四届董事会第八次 会议及第四届监事会第五次会议，审议通过《关于使用部分暂时闲置自有资金进 行现金管理的议案》，该议案无需提交公司股东大会审议。 3、现金管理的额度 公司拟使用最高额度不超过人民币 ...

| 证券代码：603305 | 证券简称：旭升集团 | | | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 | 转债 | | | | 公告编号：2025-041 | 宁波旭升集团股份有限公司 关于使用部分暂时闲置可转换公司债券募集资金进 行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 现金管理金额：宁波旭升集团股份有限公司（以下简称"公司"）拟使用 最高额度不超过人民币 10 亿元（含 10 亿元）的暂时闲置可转换公司债券募集资 金进行现金管理。 现金管理受托方：具有合法经营资格的金融机构 现金管理产品名称：仅限于安全性高、流动性好、单笔期限不超过 12 个月的保本型理财产品（包括但不限于保本浮动收益型理财产品、结构性存款等）。 现金管理投资期限：自董事会审议通过之日起 12 个月内有效。 履行的审议程序：公司于 2025 年 7 月 9 日分别召开第四届董事会第八次 会议及第四届监事会第五次会议，审议通过《关于使用部分暂时闲置可转换公司 债券 ...

| 证券代码：603305 | 证券简称：旭升集团 | | 公告编号：2025-040 | | --- | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 | 转债 | | 宁波旭升集团股份有限公司 单位：万元 | | | | 认购 | 产品 | | 到期赎回情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序 号 | 受托方名称 | 产品名称 | 金额 | 起止日 | 收益率 | 本金 | 收益 | | | | | | | | 金额 | 金额 | | 1 | 中国银行股份 有限公司宁波 | 挂钩型结构性 存款 | 20,000 | 2024/7/15- 2025/7/7 | 0.30%或 | 20,000 | 545.77 | | | 大碶支行 | | | | 2.79% | | | | 2 | 宁波银行股份 | 单位结构性存 | 10,000 | 2024/7/16- | 1.50%-2. | 10,000 | 273.10 | | | 有限公司大碶 | 款 | | | | | | | | 支行 | ...

| 证券代码：603305 | 证券简称：旭升集团 | | 公告编号：2025-044 | | --- | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 | 转债 | | 二、监事会会议审议情况 （一）审议通过《关于使用部分暂时闲置可转换公司债券募集资金进行现 金管理的议案》 与会监事认为：公司使用部分闲置可转换公司债券募集资金进行现金管理的 决策程序符合《上市公司募集资金监管规则》和《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》及《募集资金管理制度》的规定，不会影 响募集资金投资项目的建设，也不存在改变或变相改变募集资金用途、损害公司 及全体股东特别是中小股东利益的情形。公司监事会同意公司在确保不影响募集 资金投资项目建设和募集资金使用的情况下，使用最高额度不超过 10 亿元（含 10 亿元）的闲置募集资金进行现金管理。 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）及指定媒 体的《旭升集团关于使用部分暂时闲置可转换公司债券募集资金进行现金管理的 公告》（公告编号：2025-041）。 表决结果：3 票赞成，0 票反对，0 ...

| 证券代码：603305 | 证券简称：旭升集团 | | | --- | --- | --- | | 转债 债券代码：113685 | 债券简称：升 | 24 | | | | 公告编号：2025-043 | 宁波旭升集团股份有限公司 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）及指定媒 体的《旭升集团关于使用部分暂时闲置可转换公司债券募集资金进行现金管理的 公告》（公告编号：2025-041）。 表决结果：6 票赞成，0 票反对，0 票弃权。 （二）审议通过《关于使用部分暂时闲置自有资金进行现金管理的议案》 一、董事会会议召开情况 宁波旭升集团股份有限公司（以下简称"公司"）第四届董事会第八次会议 通知于 2025 年 7 月 4 日以专人送达方式发出，会议于 2025 年 7 月 9 日在公司会 议室以现场结合通讯方式召开。本次会议应到董事 6 人，实到董事 6 人，公司董 事长徐旭东先生召集和主持本次会议，公司监事及高级管理人员列席了本次会议。 本次会议的召集和召开符合《中华人民共和国公司法》和《公司章程》的有关规 定。 二、董事会会议审议情况 （一）审议通过《关于使用部分暂 ...