证券研究报告|宏观研究报告 [Table_Date] 2025 年 09 月 18 日 [Table_Title] 人形机器人转债大盘点 [Table_Title2] 2025 转债行业梳理之二 [Table_Summary] ► 政策与产业双轮驱动，人形机器人进入产业化前夜 2025 年以来，人形机器人产业进入政策与应用场景双重驱动 阶段。顶层政策将具身智能与智能机器人纳入战略重点，地 方政府亦密集出台专项行动方案。与此同时，海外特斯拉加 速量产布局，国内厂商融资扩张并逐步实现技术突破，板块 由概念驱动迈向产业化落地，具备长期关注价值。映射到转 债市场，相关标的主要集中于轻量化、丝杠、减速器、传感 器等核心零部件与材料环节，本体及软件相关标的仍较为稀 缺。 ►本体：探索进行时，关注银轮转债、道通转债 人形机器人核心价值量高度集中在零部件环节，执行器、灵 巧手与传感器是最关键赛道，其他零部件亦不可或缺。 执行器板块，丝杠（艾迪转债、锋工转债、光力转债、金钟 转债）、电机（精达转债、恒帅转债、英搏转债）和减速器 （科利转债、崧盛转债、锋工转债）价值占比较高，其中科 利转债关注度相对较高。灵巧手壁垒高、标的稀缺， ...

Report Industry Investment Rating - The industry rating is "Overweight", indicating an expected increase of over 10% compared to the benchmark index in the next 6 - 12 months [27] Core Viewpoints - The current adjustment of convertible bonds still harbors potential investment opportunities. After the valuation pressure of some high - price/equity - like convertible bonds is cleared, they may offer returns to investors. The market's equity nature is stronger than its debt nature. Amid the strong performance of the equity market this year, the reversal of enhanced products may be a key factor influencing the configuration sentiment of the liability side. It is recommended to respond actively based on the actual participation time of subscription funds and the ability to withstand drawdowns [6][23] Summary by Directory When "Fear of High Prices" Meets Equity Resonance - On August 27, the convertible bond market adjusted, with the CSI Convertible Bond Index closing at 476.94, a decline of 2.82%. The declines of the Guozheng 2000 and the Equal - weighted Index of Convertible Bond Underlying Stocks were 2.01% and 2.44% respectively, while the ChiNext 50 Index rose 0.13%. There was no obvious differentiation in the structure [6][10] - The reasons for the adjustment include: directly, the rapid decline of convertible bond ETFs in the afternoon might have triggered investors' judgment of the market; in the equity market, industry performance was more differentiated, and some investors focused on the logic of switching between high - and low - value stocks or small - and large - cap stocks; actively, the long - standing "fear of high prices" in the convertible bond market led to the adjustment when the price reached a critical level [6][13][16] - The logic of the internal supply - demand mismatch in convertible bonds remains unchanged. The overall scale of the convertible bond market may continue to shrink, and there is a short - term demand gap. The logic of the equity market rally driven by incremental funds has not reversed, and there is still support from the underlying stocks for convertible bonds [6][20][21] Which Convertible Bond Varieties Are Oversold? - In the bullish equity market, it is recommended to diversify across multiple themes, such as consumer electronics, T - chain robots, chemical products, domestic computing power chips, and innovative drugs [7][25] - Pay attention to convertible bond elastic varieties and appropriately relax the drawdown limit. High - volatility products attract incremental funds during market transitions, so focus on elastic varieties with reasonable prices and cost - effectiveness [7][25] - With increased fluctuations in clause games and enhanced market pricing efficiency, keep an eye on individual bond clause changes, including high - price, low - premium convertible bonds with arbitrage opportunities and those approaching maturity with conversion incentives [7][25] - Look for oversold convertible bond varieties, including those that have declined more than the average of underlying stocks and convertible bonds, and those with significant valuation compression [7][25] - Low - price convertible bonds with improving fundamentals still have cost - effectiveness, such as Shouhua Convertible Bonds and Lepu Convertible Bonds 2 [7][25]

Group 1 - The company has issued convertible bonds amounting to RMB 57 million, with a maturity of 6 years and a tiered interest rate starting from 0.30% in the first year to 2.50% in the sixth year [2][3] - The initial conversion price for the convertible bonds was set at RMB 23.19 per share, which has been adjusted multiple times, currently standing at RMB 11.98 per share [4][5] - The company has the right to redeem the convertible bonds under certain conditions, including if the stock price remains above 130% of the conversion price for a specified number of trading days [7][8] Group 2 - As of the period from July 25, 2025, to August 15, 2025, the company's stock has already met the condition of closing prices being above RMB 15.57 for 10 trading days, indicating a potential trigger for the redemption of the convertible bonds [8]

Core Viewpoint - The announcement details the reduction of convertible bonds by shareholders of Wuhu Fuchun Dyeing and Weaving Co., Ltd., indicating significant shareholder activity in the company's financial instruments [1][2][3]. Group 1: Convertible Bond Issuance - The company issued 5.7 million convertible bonds on June 23, 2022, with a total value of RMB 57 million, each with a face value of RMB 100 [1]. - Major shareholders, including controlling shareholders He Peifu, He Biying, and He Biyu, received significant allocations, with He Peifu receiving 2,572,130 bonds, accounting for 45.13% of the total issuance [1]. Group 2: Shareholder Reduction Activities - From February 21, 2023, to August 8, 2025, shareholders reduced their holdings by a total of 619,920 bonds, representing 10.88% of the total issuance [1]. - Specific reductions included 62,100 bonds from February 21 to June 20, 2023, and 557,820 bonds from July 17 to August 8, 2025 [1]. - Previous reductions included 610,000 bonds from January 9 to January 11, 2023, and 570,000 bonds from January 12 to January 13, 2023, among other transactions [2][3].

Core Viewpoint - The announcement details the reduction of convertible bonds held by shareholders of Wuhu Fuchun Dyeing and Weaving Co., Ltd., indicating a total reduction of 619,920 bonds, which accounts for 10.88% of the total issuance [1]. Shareholder Convertible Bond Distribution - The company issued convertible bonds on June 23, 2022, with major shareholders including: - He Peifu: 2,572,130 bonds (45.13%) - He Biying: 321,520 bonds (5.64%) - He Biyu: 321,520 bonds (5.64%) - Fuchun Investment: 298,130 bonds (5.23%) - Qinhui Investment: 286,440 bonds (5.03%) [1][2]. Convertible Bond Reduction Details - The reduction occurred from February 21, 2023, to August 8, 2025, with specific reductions including: - 62,100 bonds reduced from February 21, 2023, to June 20, 2023, representing 9.79% of the total issuance [1]. - A total of 610,000 bonds were reduced through block trading, accounting for 10.70% of the total issuance [2]. - Additional reductions included 570,000 bonds (10%) and 600,000 bonds, with further details available in previous announcements [2][3]. Post-Reduction Holdings - After the reductions, the remaining holdings of major shareholders are as follows: - He Peifu: 926,000 bonds (16.25%) - He Biying: 0 bonds - He Biyu: 0 bonds - Fuchun Investment: 0 bonds - Qinhui Investment: 0 bonds - Total remaining: 926,000 bonds (16.25%) [4]. Conclusion - The announcement reflects significant shareholder activity in the convertible bond market, with a notable reduction in holdings by major shareholders, impacting the overall structure of the company's debt instruments [5].

Summary of Key Points - The convertible bonds of Jiao Jian increased by 7.8% [1] - The convertible bonds of Da Zhong and Ou Tong rose by over 4% [1] - The convertible bonds of Fu Chun decreased by over 9% [1] - The convertible bonds of Xin Ce fell by over 8% [1] - The convertible bonds of Long Hua dropped by over 2% [1]

Core Viewpoint - The bond market is experiencing a return to range consolidation with noticeable pullbacks in gains, while the monetary policy remains in a "comfortable zone" with balanced growth, exchange rates, prices, and financial risks [1][7]. Market Performance - The closing performance of government bond futures showed divergence, with the 30-year main contract down 0.07% at 119.040, and the 10-year main contract down 0.02% at 108.435 [2]. - The interbank major interest rate bonds exhibited mixed performance, with the 30-year government bond yield rising by 0.25 basis points, while the 10-year policy bank bond yield fell by 0.15 basis points [2]. International Bond Market - In North America, U.S. Treasury yields showed mixed results, with the 2-year yield rising by 1.24 basis points to 3.953% and the 10-year yield falling by 0.20 basis points to 4.366% [3]. - In Asia, Japanese bond yields declined across the board, with the 10-year yield down by 0.6 basis points to 1.549% [3]. - In the Eurozone, 10-year bond yields for France, Germany, Italy, and Spain all decreased, with the Spanish yield down by 1.7 basis points to 3.270% [3]. Primary Market - The Ministry of Finance reported weighted average winning yields for 2-year and 50-year government bonds at 1.3844% and 2.0187%, respectively, with bid-to-cover ratios of 3.26 and 5.42 [4]. - The Export-Import Bank's 2-year fixed-rate bond had a winning rate of 1.3746% with a bid-to-cover ratio of 3.24 [5]. Liquidity Conditions - The central bank conducted a 1260 billion yuan 7-day reverse repo operation at a rate of 1.40%, resulting in a net withdrawal of 663.3 billion yuan for the day [6]. - The Shibor short-term rates mostly declined, with the overnight rate down by 7.7 basis points to 1.315% [6]. Institutional Perspectives - According to China International Capital Corporation, the recent economic meeting downplayed real estate concerns and emphasized the prohibition of new hidden debts, indicating a potential weakening of fiscal support for economic growth in the second half of the year [7]. - Huatai Securities noted the importance of maintaining ample liquidity and promoting a reduction in comprehensive financing costs, with no strong expectations for rate cuts or reserve requirement ratio reductions [8].

Core Viewpoint - The announcement details the adjustment of the conversion price for the company's convertible bonds due to the implementation of the 2024 annual profit distribution plan, which includes cash dividends and capital reserve transfers to shareholders [1][4][5]. Group 1: Securities Information - The company issued 5.7 million convertible bonds with a total value of RMB 570 million on June 23, 2022, with an initial conversion price of RMB 23.19 per share [3]. - The conversion price was adjusted to RMB 19.29 per share on December 23, 2022, and further adjusted to RMB 15.85 per share on May 23, 2023, following the completion of the 2022 annual profit distribution [3][4]. - The conversion price will be adjusted to RMB 15.70 per share starting from May 23, 2024, after the 2023 annual profit distribution [3][4]. Group 2: Profit Distribution Plan - The 2024 profit distribution plan includes a cash dividend of RMB 1.80 per 10 shares (before tax) and a capital reserve transfer of 3 shares for every 10 shares held [4][5]. - The record date for the profit distribution is set for June 25, 2025, with the ex-dividend date to be announced [4]. Group 3: Conversion Price Adjustment - The conversion price will be adjusted from RMB 15.70 per share to RMB 11.98 per share, effective June 26, 2025 [5][7]. - The adjustment formula considers the cash dividend and the capital increase ratio due to the profit distribution [6][7]. - The company will suspend the conversion of the bonds from June 18, 2025, to June 25, 2025, and will resume conversion on June 26, 2025 [8].

Core Viewpoint - The company has announced adjustments to its 2024 profit distribution cash dividend total and capital reserve transfer to increase share capital due to changes in the number of shares eligible for distribution following a share buyback [1][2]. Summary of Adjustments - Cash Dividend Total: The company plans to distribute a cash dividend of 1.80 yuan (including tax) per 10 shares, with the total cash dividend amount adjusted from 26,730,613.80 yuan (including tax) to 26,585,865.00 yuan (including tax) [1][5]. - Capital Reserve Transfer: The company intends to transfer 3 shares for every 10 shares held, with the total number of shares to be transferred adjusted from 44,551,023 shares to 44,309,775 shares, resulting in a total share capital increase to 194,076,105 shares [1][5]. Reason for Adjustments - The adjustments were made due to a share buyback that altered the number of shares eligible for profit distribution. The company maintained the per-share distribution and transfer ratios while adjusting the total amounts accordingly [2][3]. Share Buyback Details - As of June 3, 2025, the company completed a share buyback of 2,067,080 shares, which are held in a special account and do not participate in profit distribution or capital reserve transfers [4][5].

Core Viewpoint - Fuchun Dyeing and Weaving (605189) has seen a stock price increase, reaching a recent high, and has announced a profit distribution plan for 2024, which includes cash dividends and stock bonuses for shareholders [1][2]. Company Announcements - The company reported a stock price of 15.51 yuan as of June 13, 2025, up 1.91% from the previous week, with a market capitalization of 2.323 billion yuan, ranking 25th in the textile manufacturing sector [1]. - The profit distribution plan for 2024 includes a cash dividend of 1.80 yuan (tax included) for every 10 shares and a capital reserve bonus of 3 additional shares for every 10 shares held, approved by the 2024 annual general meeting [1]. - The "Fuchun Convertible Bonds" will suspend conversion from June 18, 2025, until the record date for the profit distribution, with conversion resuming on the first trading day after the record date [1]. - The company will announce the implementation details of the profit distribution and the adjustment of the convertible bond conversion price on June 19, 2025 [1]. - The third-year interest payment for the "Fuchun Convertible Bonds" will occur on June 23, 2025, with a payment amount of 1.00 yuan (tax included) for each 100 yuan face value bond [2][3].