Core Points - The company, Hongfa Technology Co., Ltd., has maintained its credit rating for its convertible bonds and corporate entity at "AA" with a stable outlook [1][2] - The previous rating results were also "AA" for both the corporate entity and the convertible bonds, indicating no change in the creditworthiness assessment [1][2] Summary by Sections - **Rating Results** - The current credit rating for Hongfa Technology Co., Ltd. is "AA" for both the corporate entity and the convertible bonds, with a stable outlook [1][2] - The rating agency, Shanghai New Century, conducted a comprehensive analysis of the company's operational status and industry conditions before issuing the report [2] - **Previous Ratings** - The previous ratings were also "AA" for both the corporate entity and the convertible bonds, with a stable outlook, showing consistency in the company's credit profile [1][2] - **Rating Agency** - The credit rating was conducted by Shanghai New Century Credit Rating Agency, with the latest report dated May 23, 2025 [2]

宏发科技股份有限公司 关于可转换公司债券跟踪评级结果的公告 | 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 2025-024 | | --- | --- | --- | | 转债代码：110082 | 转债简称：宏发转债 | | 评级机构上海新世纪在对公司经营状况、行业等其他情况进行综合分析与评 估的基础上，于 2025 年 5 月 23 日出具了《宏发科技股份有限公司公开发行 可转换公司债券定期跟踪评级报告》【新世纪跟踪（2025）100022 】，本次公 司主体信用评级结果为：AA；宏发转债评级结果为：AA；评级展望：稳定。本次 评级结果较前次没有变化。 本次信用评级报告《宏发科技股份有限公司公开发行可转换公司债券定期跟 踪评级报告》详见上海证券交易所网站（www.sse.com.cn）。 特此公告。 ● 前次宏发转债评级："AA" 主体评级："AA" 评级展望：稳定 ● 本次宏发转债评级："AA" 主体评级："AA" 评级展望：稳定 ● 本次评级结果较前次没有变化 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 ...

内部编号:2025050065 宏发科技股份有限公司 公开发行可转换公司债券 定期跟踪评级报告 项目负责人:张智慧 张指锡 zhangzhihui@shxsj.com 因為了平 zhoujiayi@shxsj.com 项目组成员 周嘉伊 82-167 评级总监： 张明海 联系电话: (021)63501349 联系地址:上海市黄浦区汉口路 398 号华盛大厦 14 层 公司网站：www.shxsj.com 新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Inwestors Service Co., Ltd. 本报告并非是某种决策的结论、建议。本评级机构不对发行人使用或引用本报告产生的任何后果承担责任，也不 对任何投资者的投资行为和投资损失承担责任。本报告的评级结论及相关分析并非对评级对象的鉴证意见。鉴于 信用评级工作特性及受客观条件影响,本报告在资料信息获取、评级方法与模型、未来事项预测评估等方面存在 局限性。 本次跟踪评级的信用等级自本跟踪评级报告出具之日起至被评债券本息的约定偿付日有效。在被评债券存续期 内，本评级机构将根据《跟踪评级安排》，定期或不 ...

Group 1 - The smart connected vehicle ETF (159872.SZ) increased by 0.33%, with its associated index CS Vehicle Networking (930725.CSI) rising by 0.09% [1] - Major component stocks such as BYD rose by 2.05%, Aerospace Science and Technology by 2.22%, and CATL by 0.88%, reflecting a positive market sentiment towards the new energy vehicle and smart connected industry chain [1] - According to the latest survey by the China Passenger Car Association, the narrow passenger car retail market is expected to reach approximately 1.85 million units this month, representing a year-on-year growth of 8.5% and a month-on-month increase of 5.4% [1] Group 2 - Galaxy Securities noted that satellite communication is being integrated into high-level autonomous driving emergency link systems, particularly in western and high-speed scenarios, complementing 5G and vehicle-road collaboration [2] - The domestic policy continues to support "smart connected vehicles" and "vehicle-road collaboration," accelerating the construction of national smart connected vehicle demonstration zones and driving demand for vehicle communication [2] - The battery swap model, represented by CATL, enhances efficiency by reducing vehicle energy consumption and battery replacement costs, with applications in vehicle networking infrastructure such as NIO's battery swap stations [2]

Group 1 - The Shanghai Composite Index increased by 0.38%, while the CSI New Energy Vehicle Industry Index rose by 0.82%, reaching 2040.3 points with a trading volume of 31.779 billion yuan [1] - The CSI New Energy Vehicle Industry Index has seen an increase of 8.05% over the past month, a decrease of 5.56% over the past three months, and a year-to-date increase of 4.07% [1] - The index includes 50 listed companies involved in various aspects of the new energy vehicle industry, reflecting the overall performance of leading companies in this sector [1] Group 2 - The top ten weighted companies in the CSI New Energy Vehicle Industry Index are BYD (14.35%), Huichuan Technology (11.18%), CATL (10.0%), Sanhua Intelligent Control (4.86%), Yiwei Lithium Energy (4.65%), Huayou Cobalt (3.86%), Ganfeng Lithium (2.85%), Greenmeadows (2.6%), Tianqi Lithium (2.46%), and Hongfa Technology (2.25%) [1] - The market share of the index's holdings is predominantly from the Shenzhen Stock Exchange at 82.98%, while the Shanghai Stock Exchange accounts for 17.02% [1] Group 3 - In terms of industry composition, the index's sample holdings are comprised of 55.56% in industrials, 25.54% in consumer discretionary, 17.74% in materials, and 1.16% in information technology [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Public funds tracking the new energy vehicle sector include several ETFs, such as Ping An CSI New Energy Vehicle Industry ETF and Huatai-PineBridge CSI New Energy Vehicle ETF [2]

从中证新能源汽车指数持仓的市场板块来看，深圳证券交易所占比82.92%、上海证券交易所占比 16.47%、北京证券交易所占比0.60%。 从中证新能源汽车指数持仓样本的行业来看，工业占比56.00%、可选消费占比25.30%、原材料占比 17.56%、信息技术占比1.15%。 据了解，中证新能源汽车指数选取涉及锂电池、充电桩、新能源整车等业务的上市公司证券作为指数样 本，以反映新能源汽车相关上市公司证券的整体表现。该指数以2011年12月31日为基日，以1000.0点为 基点。 从指数持仓来看，中证新能源汽车指数十大权重分别为：比亚迪（14.17%）、汇川技术（11.21%）、 宁德时代（9.88%）、三花智控（4.84%）、亿纬锂能（4.45%）、华友钴业（3.85%）、赣锋锂业 （2.8%）、格林美（2.56%）、天齐锂业（2.41%）、宏发股份（2.2%）。 金融界5月19日消息，A股三大指数收盘涨跌不一，中证新能源汽车指数 (CS新能车，399976)下跌 0.51%，报2993.65点，成交额265.68亿元。 数据统计显示，中证新能源汽车指数近一个月上涨8.56%，近三个月下跌3.03%，年至今上 ...

Core Viewpoint - The high-voltage direct current relay market is experiencing significant growth driven by the increasing demand in the power industry, industrial automation, and the rapidly expanding electric vehicle sector. The market size in China is projected to reach approximately 3.288 billion yuan in 2024, with continued growth expected due to the development of renewable energy, smart grids, and electric vehicles [1][16]. Group 1: Industry Overview - High-voltage direct current relays are essential electrical devices used to control current in high-voltage direct current circuits, featuring advantages such as high voltage resistance and impact resistance. They are primarily applied in the power, industrial automation, and electric vehicle industries [3][11]. - The demand for high-voltage direct current relays is increasing due to the rapid growth of the electric vehicle industry, which requires these relays for battery management systems and motor control systems [1][11]. Group 2: Market Demand and Growth - The market for high-voltage direct current relays is projected to grow significantly, with the global market size expected to reach approximately 3.521 billion USD in 2024, driven by the increasing sales of electric vehicles [14]. - In China, the production and sales of new energy vehicles have seen substantial growth, with production increasing from 340,500 units in 2015 to 12.888 million units in 2024, reflecting a compound annual growth rate of 49.74% [11][14]. Group 3: Technical Requirements - High-voltage direct current relays used in electric vehicles must meet various technical requirements, including high voltage resistance, load endurance, impact resistance, strong arc extinguishing capability, and high breaking capacity [5][6]. - The relays must withstand high working voltages and currents, with electric vehicles typically requiring relays that can handle voltages significantly higher than traditional vehicles [5][6]. Group 4: Industry Chain and Key Materials - The upstream of the high-voltage direct current relay industry includes the supply of core raw materials and key components, such as precious metals for contacts and copper for coils, which are crucial for performance and manufacturing costs [7][9]. - The production of copper materials in China is projected to grow from 18.62 million tons in 2017 to 23.503 million tons in 2024, providing a solid raw material foundation for high-voltage direct current relays [9]. Group 5: Competitive Landscape - The global high-voltage direct current relay market exhibits an oligopolistic structure, with major players including Panasonic, Tyco, Gigavac, Omron, and Denso, while domestic manufacturers like Hongfa and Aerospace Electric hold significant market shares [18][20]. - In the domestic market, Hongfa Technology holds approximately 40% of the market share, with other players like BYD and Panasonic also contributing to the competitive landscape [18][20]. Group 6: Future Trends - The demand for high-voltage direct current relays is expected to grow due to the upgrade of high-voltage platforms in electric vehicles, requiring higher voltage ratings and safety standards [24]. - There is a trend towards lightweight design in high-voltage direct current relays, aiming to reduce weight by over 30% while maintaining performance, which is crucial for enhancing the range of electric vehicles [25]. - The integration of smart technologies in high-voltage direct current relays is anticipated to enhance safety and efficiency, with features like real-time monitoring and adaptive protection mechanisms [27][28].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown solid growth in its main relay business and steady development in its electrical products, with revenue and profit growth of 17.09% and 15.47% year-on-year for 2024 and Q1 2025 respectively [3][8] - The company is solidifying its market share and is actively advancing its overseas manufacturing capabilities, including the establishment of a factory in Germany and land acquisition in Indonesia [8] Financial Summary - The company’s revenue for 2024 is projected to be RMB 141.02 billion, with a year-on-year growth rate of 9.07% [9] - The net profit for 2024 is expected to reach RMB 16.31 billion, reflecting a growth of 17.09% [9] - For Q1 2025, the company achieved a revenue of RMB 39.83 billion, a year-on-year increase of 15.35% [10] - The earnings per share (EPS) for 2025 is adjusted to RMB 1.84, with corresponding price-to-earnings ratios of 18.2, 15.9, and 13.9 for 2025-2027 [5][11] Market Position - The company holds the largest market share in the relay product sector, with a 40% share in high-voltage direct current relays, and has seen a 1.7 percentage point increase in overall market share compared to 2023 [8] - The electrical products segment reported a revenue of RMB 7.92 billion in 2024, although it experienced a slight decline of 3.24% year-on-year [8] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of RMB 16.27 billion, RMB 18.79 billion, and RMB 21.71 billion for 2025, 2026, and 2027 respectively, indicating a compound annual growth rate of approximately 15.4% [7][11] - The overseas business is anticipated to grow, supported by the establishment of new manufacturing facilities [5][8]

Group 1 - The core viewpoint of the news is that the China Securities New Energy Vehicle Index has shown mixed performance, with a recent decline despite a positive trend over the past month and year-to-date [2][1]. - The China Securities New Energy Vehicle Index has increased by 7.73% in the last month, decreased by 2.33% in the last three months, and has risen by 5.46% year-to-date [2]. - The index includes companies involved in lithium batteries, charging piles, and new energy vehicles, reflecting the overall performance of related listed companies [2]. Group 2 - The top ten weighted companies in the index are BYD (13.83%), Huichuan Technology (11.28%), CATL (9.99%), Sanhua Intelligent Control (4.83%), Yiwei Lithium Energy (4.55%), Huayou Cobalt (3.81%), Ganfeng Lithium (2.84%), Greeenme (2.58%), Tianqi Lithium (2.45%), and Hongfa Technology (2.25%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (83.07%), followed by the Shanghai Stock Exchange (16.31%) and the Beijing Stock Exchange (0.62%) [2]. - The industry composition of the index holdings includes 56.48% in industrials, 24.71% in consumer discretionary, 17.65% in materials, and 1.15% in information technology [2]. Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]. - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3].

Group 1 - The report highlights that Meta's capital expenditure (CapEx) for Q1 2025 has doubled to $13.7 billion, reflecting a year-on-year increase of 103.90% and an upward revision of the 2025 full-year CapEx forecast to between $64 billion and $72 billion, driven by increased investments in AI and data centers [2] - Several national-level computing center projects in China are expected to be launched, with companies like Alibaba planning to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years, marking the largest investment in this sector by a private company in China [2] - The semiconductor industry is projected to continue its optimistic growth trajectory in 2025, with strong demand from data centers and consumer electronics, leading to increased orders for major companies like Nvidia and Qualcomm [3][4] Group 2 - The report indicates that Henggong Precision has achieved a compound annual growth rate (CAGR) of 14.5% in revenue and 10.9% in net profit from 2018 to 2023, although a significant decline in performance is expected in 2024 due to asset impairment [4][6] - The company is leveraging its technical advantages in ductile iron materials and continuous casting processes to improve product quality and yield, positioning itself for growth in the machinery sector [4][6] - Zhejiang Dingli has reported a significant improvement in its Q1 2025 performance, with revenue of 1.898 billion yuan, a year-on-year increase of 30.72%, and a net profit of 429 million yuan, reflecting a 41.83% increase [18][30] Group 3 - The report notes that the gold industry achieved total revenue of 291.588 billion yuan in 2024, with a year-on-year increase of 2.83%, and a significant rise in net profit by 51.56% to 12.305 billion yuan [9] - Copper supply and demand remain tight, with high production levels maintained by smelters, and the report suggests monitoring companies like Zijin Mining and China Nonferrous Mining for potential investment opportunities [9] - The report emphasizes the importance of the semiconductor sector, particularly in AI and data center applications, as a key area for growth and investment in the upcoming quarters [3][11]