1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - In July, the equity market rose significantly, but convertible bonds underperformed underlying stocks. The CSI Convertible Bond Index rose 3.83% from July 1 - 30, while the CSI All - Share Index rose 5.8%. Year - to - date, the CSI Convertible Bond Index and the CSI All - Share Index increased by 11.11% and 10.33% respectively [4]. - The healthcare sector was strong, and convertible bonds followed the upward trend but still underperformed underlying stocks. The healthcare and information technology convertible bond indices had the best performance in July, with increases of 7.82% and 7.13% respectively. The financial convertible bond index only rose 0.47% this month, while the underlying stocks rose 3.69% [5]. - Due to the significant rise of underlying stocks, the double - low strategy significantly underperformed the high - price and low - premium strategy in July. The double - low strategy index only rose 2.36% in July and 9.12% year - to - date, while the high - price and low - premium strategy rose 7.29% in July and 13.75% year - to - date [41]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Monthly Market Tracking - **Overall Market Performance**: In July, the convertible bond market underperformed underlying stocks. The CSI Convertible Bond Index rose 3.83%, and the CSI All - Share Index rose 5.8%. The convertible bond market lagged behind the CSI 500 Index by 2.92 percentage points [4]. - **By Price Classification**: In July, the Wande high - price convertible bond index rose 5.84%, significantly outperforming the low - price (+4.27%) and medium - price (+2.72%) indices. Year - to - date, the low - price (+11.78%) and high - price (+11.76%) convertible bonds had similar cumulative increases, both higher than the medium - price convertible bonds (+9.07%) [4]. - **By Convertible Bond Stock Volume**: In July, the Wande small - cap (+4.47%) and mid - cap (+4.02%) convertible bond indices were strong, outperforming the large - cap convertible bond index (+3.11%). Year - to - date, the small - cap index (+15.97%) led the large - cap (+9.02%) and mid - cap (+9.81%) indices [23]. - **By Credit Rating**: In July, the AA+ (+5.13%) and AA (+5.44%) convertible bond indices had relatively large increases. The AA - and below convertible bond index rose 4.54%, while the AAA high - rating convertible bonds still underperformed. Year - to - date, low - rating convertible bonds significantly outperformed high - rating ones, with the AA - and below convertible bonds rising 17.53%, and AA and AA+ rising 11.62% and 10.36% respectively [26]. - **By Industry**: In July, the healthcare and information technology convertible bond indices performed best, with increases of 7.82% and 7.13% respectively. The financial convertible bond index only rose 0.47%, while the underlying stocks rose 3.69%. The performance of the public utilities convertible bond index was also better than that of the underlying stocks [5]. 3.2 Convertible Bond Monthly Investment Recommendations 3.2.1 Strategy Recommendation: The Double - Low Strategy Should Focus on the Valuation Elasticity of Underlying Stocks - **July Double - Low Portfolio Performance**: The double - low portfolio constructed in July consisted of 22 bonds ranked in the bottom 5% by the double - low value. From July 1 - 30, the portfolio's return was 1.78% (equal - weighted allocation, without active screening), underperforming the CSI Convertible Bond Index by 2 percentage points [44]. - **August Double - Low Portfolio Recommendation**: After screening out bonds with high delisting/redemption risks and weak underlying stock performance and valuation expectations, 15 bonds were selected. The industries with the most bonds were light manufacturing (3), machinery and equipment (2), and non - ferrous metals (2). The average convertible bond price, conversion value, and conversion premium rate of the portfolio were 124 yuan, 117 yuan, and 7% respectively [6][48]. 3.2.2 Allocation Recommendation: Focus on the More Growth - Oriented AI and Robotics Sectors As the market risk appetite has significantly recovered, high - price and low - premium convertible bonds can be used to replace underlying stocks to better capture the upside potential of underlying stocks. It is recommended to focus on the technology sector, especially AI and robotics, which have both thematic concepts and rapid performance growth [52].

格隆汇7月31日丨领益智造(002600.SZ)于投资者互动平台表示，公司具备MIM工艺布局，公司的MIM相 关精密件已大规模量产在手机、AI眼镜及XR可穿戴等各类终端领域，公司高度重视MIM在内的各项技 术在人形机器人应用。 ...

Core Insights - The company has signed strategic cooperation agreements with multiple leading companies in the field of embodied intelligence [1] - The company has received orders for components, dexterous hands, joint modules, and complete machine assembly [1] - The company has established multiple production lines for key components such as rolling ball screws, hollow cup motors, reducers, and dexterous hand structural parts, and provides complete machine assembly services to clients [1] - The dexterous hand assembly line has achieved mass production [1] - The company has provided application development and complete machine assembly services for several embodied intelligence enterprises [1]

（编辑 袁冠琳） 证券日报网讯 领益智造7月31日在互动平台回答投资者提问时表示，公司已获得多家人形机器人的硬件 服务订单，并开放机器人应用场景，供机器人开展场景化训练与测试、通用数据集建立等用途。此外， 数据资产正成为机器人产业的核心竞争力，公司正在完成真实训练场景搭建、数种应用落地开发数据采 集，集成多本体、多任务、高价值数据。 ...

证券日报网讯领益智造（002600）7月31日在互动平台回答投资者提问时表示，公司在工业机器人领域 已有长期积累，目前正在陆续展开与各方的合作。公司开发的工业机器人在单臂负载、重复定位精度、 轻量化设计、柔性运动等方面具备技术优势。公司凭借全面的工艺制程、自动化积累及全球化布局，有 望在工业生产领域率先实现落地，如货物搬运、AOI检测、精密电子组装、智能巡逻与物流打包等场 景。 ...

Core Insights - The company, Lingyi Zhizao, has confirmed that it currently has orders for humanoid robot components, including structural parts, core components, joints, and complete assembly and application development [2] Group 1 - The company is engaged in the machining of structural components for humanoid robots [2] - The company has developed modules and core components for humanoid robots [2] - The company is involved in the assembly and application development of humanoid robots [2]

证券日报网讯 领益智造7月31日在互动平台回答投资者提问时表示，领益智造与强脑科技的战略合作主 要围绕具身智能机器人领域。双方基于灵巧手等具身智能机器人关键硬件开展合作，围绕软硬件共研、 数据集构建、联合市场拓展等合作内容，建立战略合作伙伴关系，利用双方资源和优势为对方提供全方 位的支持，以推动双方技术实力、国内市场竞争力及海外市场影响力提升，共建行业良好发展生态。 （编辑 王雪儿） ...

Core Insights - The company, Lingyi Zhizao, aims to become a leading global manufacturer of embodied intelligent hardware in the robotics sector, focusing on humanoid robots and their components [2] Group 1: Company Developments - Lingyi Zhizao has confirmed that it currently holds orders for humanoid robot machining structural components, core parts, joints, and complete assembly applications [2] - The company is developing key components such as body structure parts, servo motors, drivers, reducers, and joint modules, along with high-power charging and cooling solutions [2] - Lingyi Zhizao is expanding its services to include OEM and assembly services for robotic bodies [2]

Core Insights - The company has signed a strategic cooperation agreement with the National Innovation Center, providing hardware services and opening up robot application scenarios for training and testing [2] - Both parties aim to integrate resources to promote the development of the robotics industry in terms of technological innovation, product development, and industrial application [2] - Recent agreements have been reached regarding intention orders, with the company supplying key components for robots to the National Innovation Center [2]

（编辑 王雪儿） 证券日报网讯 领益智造7月31日在互动平台回答投资者提问时表示，公司已与智元机器人、北京人形机 器人创新中心、强脑科技等海内外多家具身智能企业达成战略合作，并获得了海内外人形机器人客户的 硬件订单，公司部分客户及合作信息受到商业保密协议的约束不便披露。 ...