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].

Market Performance - The CSI Cloud Computing and Big Data Theme Index increased by 1.2% [1] - The CSI Artificial Intelligence Theme Index rose by 0.5% [1] - The National Robot Industry Index decreased by 0.3% [1] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index fell by 1.2% [1] - The CSI New Energy Index dropped by 3.1% [1] Company Developments - Alibaba Health launched an AI medical assistant named "Hydrogen Atom," which integrates millions of core medical journal articles and supports authoritative guideline access, semantic search, AI summarization, full-text translation, and intelligent Q&A [1] - The AI assistant is designed to help clinical medical workers and researchers quickly find necessary information, enhancing medical learning and research efficiency [1] Index Overview - The Artificial Intelligence ETF tracks the CSI Artificial Intelligence Theme Index, which comprehensively covers the AI industry chain, including upstream infrastructure, midstream models, and downstream applications [2] - The Robot ETF tracks the National Robot Industry Index, which covers the entire robot industry chain, with humanoid robots making up 53% of the index [2] - The Cloud Computing ETF tracks the CSI Cloud Computing and Big Data Theme Index, focusing on the cloud computing industry and related services [3] - The Innovative Drug ETF tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Index, which includes stocks involved in innovative drug research, development, and production [3] - The New Energy ETF tracks the CSI New Energy Index, covering the new energy industry chain, including lithium batteries, photovoltaics, wind power, hydropower, and nuclear power [3]

金融界消息 截至2025年7月31日收盘，机器人（300024）报收于16.89元，下跌1.17%，换手率2.04%， 成交量31.28万手，成交金额5.35亿元。 资金流向方面，今日主力资金净流出3893.24万元，占比成交额7.28%。其中，超大单净流出1247.12万 元、占成交额2.33%，大单净流出2646.12万元、占成交额4.95%，中单净流出流入1346.69万元、占成交 额2.52%，小单净流入2546.55万元、占成交额4.76%。 来源：金融界 天眼查商业履历信息显示，沈阳新松机器人自动化股份有限公司，成立于2000年，位于沈阳市，是一家 以从事研究和试验发展为主的企业。企业注册资本156561.995万人民币，实缴资本9050万人民币。公司 法定代表人为张进。 通过天眼查大数据分析，沈阳新松机器人自动化股份有限公司共对外投资了29家企业，参与招投标项目 1932次，知识产权方面有商标信息91条，专利信息1875条，此外企业还拥有行政许可60个。 机器人最新一期业绩显示，截至2025一季报，公司营业总收入6.88亿元、同比减少6.14%，归属净利润 5026.64万元，同比减少24.51 ...

每经AI快讯，有投资者在投资者互动平台提问：华帝股份申请了厨房机器人诸多专利技术，为什么不 干机器人产品？ 华帝股份（002035.SZ）7月31日在投资者互动平台表示，您好，截至目前，公司暂无机器人等方面的产 品，公司近年来在厨电核心品类及智能化领域持续布局专利技术。公司将结合自身经营状况、市场需求 及行业发展趋势，审慎评估并考虑相关战略布局。 （文章来源：每日经济新闻） ...

尽管近几个交易日股价出现回调，但东方财富仍然入围了光大证券、国信证券、中泰证券3家券商的8 月"金股"名单。近期A股主要股指震荡走高，市场成交维持相对高位。中泰证券认为，对东方财富而 言，市场交投持续活跃将带动公司估值与业绩共振向上。 从券商8月"金股"名单看，大金重工、东鹏饮料、沪电股份、华友钴业、新易盛、中国化学、中芯国 际、卓易信息等8家公司均获得了两家券商的联合推荐，关注度相对较高，看好的券商包括财通证券、 光大证券、国信证券、华安证券、开源证券、中国银河、华龙证券、西部证券等。港股标的中，中国海 洋石油、泡泡玛特、中国宏桥等的投资价值获得券商看好。 回顾券商此前推荐的7月"金股"表现，Wind收录的35只券商金股指数中，万得开源证券金股指数7月表 现最好，累计涨幅达15.07%；万得平安证券金股指数、万得银河证券金股指数、万得招商证券金股指 数、万得长城证券金股指数、万得国元证券金股指数、万得华泰证券金股指数在7月均取得两位数涨 幅。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 券商8月"金股"名单近期陆续出炉。 据中国证券报·中证金牛座记者不完全统计，截至7月31日1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is a leading player in the domestic lithium battery precision structural components sector, achieving steady revenue and profit growth due to its strong technical foundation and scale advantages, solidifying its position as a cyclical leader. The company is proactively expanding into the robotics sector, focusing on harmonic reducers, modules, and dexterous hands to create a second growth curve [4][12][18]. Summary by Sections 1. Leading Position in Lithium Battery Structural Components - The company's structural components business continues to grow steadily, with a CAGR of 57.2% in precision structural component revenue from 2020 to 2024. The company benefits from economies of scale, with stable gross and net profit margins. With the ramp-up of production capacity in Europe and the establishment of factories in Malaysia and the USA, the company enhances its local supply capabilities, reducing logistics costs and strengthening supply chain relationships, which may lead to an increase in global market share [13][27][32]. 2. Robotics Sector Expansion - The company has initiated its robotics sector layout by establishing joint ventures focused on key components like harmonic reducers. The new harmonic reducers utilize lightweight PEEK materials, offering advantages such as high strength, high-temperature resistance (260℃), and wear resistance, significantly improving transmission accuracy and lifespan. This technology can also be applied in aerospace, medical devices, and semiconductor manufacturing, driving product upgrades towards higher value-added segments [14][21][62]. 3. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 144.81 billion, 174.62 billion, and 211.69 billion yuan from 2025 to 2027, with year-on-year growth rates of 20%, 21%, and 21% respectively. The net profit attributable to shareholders is projected to be 18.01 billion, 21.50 billion, and 26.51 billion yuan, with growth rates of 22%, 19%, and 23%. The EPS is expected to be 6.58, 7.86, and 9.69 yuan per share, with a 3-year CAGR of 21.68%. The corresponding PE ratios are projected to be 17, 14, and 12 times [20][30][31].

Group 1 - Zhongding Company is a global leader in automotive parts supply, established in 1980, primarily producing sealing products and has acquired several overseas companies to enhance its market position [1][2] - The company aims to enter the robotics sector by establishing a wholly-owned subsidiary with an investment of 50 million yuan and plans to invest 1 billion yuan in a smart robotics project headquarters and core component R&D center in Hefei [1][3] - The company has a diversified business model with significant orders in various sectors, including 11.7 billion yuan in thermal management systems, 14.2 billion yuan in lightweight chassis systems, and 15.2 billion yuan in air suspension systems [2][3] Group 2 - The robotics business is progressing well, leveraging existing automotive component expertise and strategic partnerships, including a collaboration with Chery for the development of core components for humanoid robots [3] - The company is expected to achieve net profits of 1.54 billion yuan, 1.81 billion yuan, and 2.06 billion yuan from 2025 to 2027, with growth rates of 23%, 18%, and 14% respectively, indicating a strong growth outlook [3] - The company is rated as a "buy" by multiple institutions, with a target price reflecting a favorable valuation and growth potential [4][6]

证券研究报告 2024 年 07 月 31 日 湘财证券研究所 债券研究 可转债研究 转债估值上升，挖掘结构性机会 相关研究： 核心要点： ❑ 7 月权益市场大幅上涨，转债表现弱于正股 根据 Wind 数据，7 月（7.1-7.30）中证转债指数上涨 3.83%，中证全指上涨 5.8%；年初至今，中证转债指数、中证全指分别上涨 11.11%、10.33%。由 于 7 月权益市场交投活跃，核心指数均明显上涨，转债整体表现弱于正股， 尤其是跑输中证 500 指数 2.92pct。 按价格分类看，7 月万得高价转债指数涨幅（+5.84%）大幅领先于低价 （+4.27%）和中价指数（+2.72%），主要得益于正股的持续上涨，高价转 债股性较强，具备更强的跟涨能力。年初至今，低价转债（+11.78%）与高 价转债（+11.76%）累计涨幅基本持平，均高于中价转债（+9.07%）。 ❑ 医疗保健板块表现强势，转债跟涨但仍弱于正股 根据 Wind 一级行业分类，7 月医疗保健、信息技术转债指数表现最佳，涨 幅分别为 7.82%、7.13%。这主要受医药板块正股的强势表现影响，Wind 医药保健指数上涨 14.3%，明显强于 ...

Core Viewpoint - The company is establishing a subsidiary for robotics and aerospace components to enhance its R&D capabilities in these fields [1] Company Development - The subsidiary will focus on developing products such as planetary gear reducers, screws, shafts, gears, and transmission gears, which are closely related to the company's existing forging processes [1] Industry Challenges - The robotics and aerospace industries are characterized by high technical barriers, long R&D cycles, and significant investment requirements, which may lead to risks of underperformance in technological breakthroughs or R&D failures [1] - The new market is highly competitive and subject to substantial uncertainties due to regulatory policies and market conditions [1]

格隆汇7月31日丨保隆科技(603197.SH)在互动平台表示，公司目前没有产品向机器人企业供货或验证。 ...