积极寻找结构性机会系列：人形机器人产业链相关转债梳理-20250604

Report Industry Investment Rating - The report is optimistic about the long - term prospects of the humanoid robot industry and suggests actively seeking structural opportunities in the convertible bond market [2][29] Core Viewpoints - The convertible bond market is expected to remain at a high level. Due to factors such as reduced new bond issuance and increased forced redemptions since 2023, the supply - demand imbalance in the convertible bond market is difficult to change in the short term. With the continuous activity of the stock market, investors should increase their risk appetite and actively seek structural opportunities [1][24] - The humanoid robot industry has broad prospects. Although the concept has been popular for some time, its industrialization is just beginning. In 2025, it is regarded as the mass - production year of humanoid robots, with high growth potential and policy support [3][29] Summary by Directory I. Humanoid Robot - Related Convertible Bond List - There are about 480 convertible bonds in the market, and 28 of them are related to humanoid robots. The report provides detailed information on these bonds, including code, name, market price, conversion premium rate, bond balance, remaining term, rating, and remarks [11][12] II. Expected High - Level Operation of the Convertible Bond Market 1. Convertible Bond Market Price and YTM Have Returned to the Upper Limit of the Reasonable Range - The median market price and YTM of the convertible bond market have returned to the upper limit of the reasonable range, indicating that the market has recovered from the trough [13] 2. Supply - Demand Relationship and Stock Market Conditions Drive the Convertible Bond Market to Remain High - Since 2023, the number of new convertible bonds issued has decreased significantly, and the number of forced - redemption bonds has increased. The total market value of the convertible bond market has dropped from nearly 1.1 trillion yuan in early September 2023 to about 800 billion yuan. Benefiting from the stock market recovery, the median conversion premium rate of the convertible bond market has fallen to the lower limit of the reasonable range, showing a stock - like characteristic. The combination of supply - demand imbalance and active stock market is expected to keep the convertible bond market at a high level [15][24][27] III. Actively Seek Structural Opportunities 1. Optimistic about the Long - Term Prospects of Humanoid Robots - High - end institutions predict that the global humanoid robot market will have significant growth in the future. By 2035, the global humanoid robot shipments will reach 1.4 million units, with a market size of about $38 billion. In China, the market size is expected to grow from about 2.76 billion yuan in 2024 to 75 billion yuan in 2029, with a compound annual growth rate of 93.57% [29] 2. Analysis of the Humanoid Robot Industry Chain: Mass - Production Year, Just Beginning - The breakthrough of humanoid robots is mainly concentrated in three aspects: software system integration optimization, core hardware technology breakthrough and low - cost mass production, and top - level policy support and resource integration by large enterprises. The single - unit value of humanoid robots is mainly concentrated in three core fields: precision transmission, drive, and perception systems [32][35] 3. List of Key Convertible Bonds in the Humanoid Robot Industry - After comprehensive consideration of bond terms, underlying stock fundamentals, valuation, and short - term price fluctuations, ten convertible bonds are recommended for key attention, including Hao 24 Convertible Bond, Guansheng Convertible Bond, etc. [36] 3.1 Hao 24 Convertible Bond - The company is a leader in the synchronizer industry and has a growing differential business. It is also actively involved in the humanoid robot core components, with its subsidiary focusing on high - precision planetary reducers and joint drive assemblies. The bond is suitable for the high - price and low - premium strategy [40][41] 3.2 Guansheng Convertible Bond - The company's automotive business is stable, and its stock valuation is relatively low. It is exploring the solid - state battery business and has started preliminary business negotiations with humanoid robot manufacturers. The bond has a small balance, a low conversion premium rate, and is suitable for the high - price and low - premium strategy [44][45] 3.3 Huitong Convertible Bond - The company has good performance and low PE valuation. It is one of the few domestic enterprises capable of mass - producing PEEK materials, which are used in the humanoid robot industry. The bond has a small balance, a low conversion premium rate, and is suitable for the high - price and low - premium strategy [47][48] 3.4 Lingyi Convertible Bond - The company is a global leader in consumer electronics precision manufacturing and has long - term experience in robot R & D and production. It is a core hardware supplier for Figure AI. The bond is a new high - rated bond with a small free - floating market value and is expected to benefit from the development of the humanoid robot industry [50][51] 3.5 Sheng 24 Convertible Bond - The company's business has returned to normal after the termination of the controlling - shareholder change plan. Although its performance was poor in 2024, it is expected to improve in the long term. It has strategically布局 the humanoid robot business. The bond has a long remaining term, a relatively low price, and a low conversion premium rate, making it a good balanced convertible bond [53][54] 3.6 Rong 23 Convertible Bond - The company is a component stock of the Yushu Robot Index through indirect investment. Its main business is relatively traditional but has stable performance and low valuation. The bond has a small balance and a low conversion premium rate, making it a good balanced convertible bond [56][57] 3.7 Keli Convertible Bond - The company is a leader in the power lithium - battery structural parts industry. It has chosen the robot business as its second development curve. The bond has a relatively low price, an acceptable conversion premium rate, and is a good balanced convertible bond [59] 3.8 Aidi Convertible Bond - The company is a leader in the hydraulic breaker industry and has forward - lookingly布局 the industrial robot business. It is also exploring the humanoid robot reducer business. The bond has a relatively low price, a small balance, and an acceptable conversion premium rate, making it a good balanced convertible bond [60][61] 3.9 Tai 21 Convertible Bond - The company has a complete industrial chain and high - tech barriers. Its performance has been growing rapidly. The bond has a relatively low price, a small balance, and may be subject to a downward revision in the future. The potential application of PA66 in humanoid robots may boost the stock valuation [63][64] 3.10 Kewuo Convertible Bond - The company is a leader in the service robot industry and benefits from consumer subsidies. It is also considered a humanoid robot concept stock due to its potential technological synergy. The bond has a relatively low price, a high conversion premium rate, and a short remaining term [66][67]