Group 1 - The company, Hongfa Technology, stated that its production and operations are normal [2] - The company emphasized that performance should be based on publicly released announcements [2]

Group 1 - The China Securities 500 Growth ETF (562340) opened down 1.00% at 1.388 yuan [1] - Major stocks in the ETF include Giant Network up 1.55%, Western Mining down 10.00%, Tianshan Aluminum down 7.27%, and Xiamen Tungsten down 4.99% [1] - The ETF's performance benchmark is the return of the CSI 500 Quality Growth Index multiplied by 100% [1] Group 2 - The fund is managed by Yinhua Fund Management Co., Ltd., with Zhang Yichi as the fund manager [1] - Since its establishment on April 25, 2024, the fund has returned 40.67%, with a return of 9.44% over the past month [1]

Group 1 - The core viewpoint of the article is that Hongfa Co., Ltd. (600885) acknowledges the impact of raw material price fluctuations on its costs and is actively working on cost reduction strategies while communicating with customers to mitigate the effects of these price changes [1] Group 2 - The company is continuously promoting cost reduction plans to address the challenges posed by raw material price volatility [1] - The company emphasizes the importance of communication with customers to lessen the impact of related material price fluctuations [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Industrials - **Key Insights**: Strong export growth observed, but concerns are rising due to material price hikes and soft infrastructure investment [2][3] Core Points and Arguments 1. **Export Growth**: December 2025 and January 2026 saw resilient sales in construction machinery and heavy-duty trucks (HDT), with a notable increase in shipbuilding orders aligning with 2026 full-year guidance [2][3] 2. **Infrastructure Investment**: Infrastructure fixed asset investment (FAI) excluding utilities fell by 12.2% YoY in December, leading to a total YoY decline of 2.2% for 2025 [3] 3. **Excavator Sales**: January excavator sales are projected at around 9,000 units, reflecting a YoY increase of approximately 70%, influenced by base effects and Chinese New Year distortions [3][12] 4. **Automation Sector**: A moderate recovery in automation demand is expected in 2026, with companies cautious about downstream capital expenditures in the automotive sector [4] 5. **Lithium Battery Equipment**: Companies in the lithium battery sector anticipate a continued CAPEX upcycle in 2026, with indices for PV and battery equipment up 12% and 23% YTD, respectively [4] 6. **Shipbuilding Orders**: New shipbuilding orders showed a 79% YoY growth in December, despite a 24% YoY decline in 2025 [3] Additional Important Insights 1. **HDT Sector Performance**: The HDT sector's shipments rose 27% YoY to 1.14 million units in 2025, with domestic sales up 31% and exports up 17% [11] 2. **Risks**: Investment downsizing at the macroeconomic level poses a significant risk to the industrial sector, potentially leading to reduced demand for industrial goods [14] 3. **Valuation and Price Targets**: Various companies in the industrial sector have been assigned buy ratings, with price targets set for Hongfa at Rmb 45.00, Sinotruk at HK$ 45.00, and Sungrow at Rmb 225.00 [8][31] 4. **Emerging Technologies**: Chinese OEMs are expected to dominate global humanoid robot shipments, with significant growth anticipated in 2026 [5] 5. **Market Size Projections**: The global market for solid-state batteries is projected to grow from approximately US$100 million in 2030 to over US$30 billion by 2050, although earnings impact visibility remains low [5] Conclusion The China industrial sector is experiencing a mix of strong export performance and rising concerns over material costs and infrastructure investment. Key sectors such as construction machinery, automation, and lithium battery equipment are poised for growth, while risks related to macroeconomic conditions and competition remain significant.

Investment Overview - Hongfa Technology Co., Ltd. (the "Company") announced that its subsidiary, Xiamen Hongfa Electronics Co., Ltd. ("Hongfa"), signed a joint venture agreement with VinFast Trading and Production Joint Stock Company ("VinFast") on January 23, 2026 [1][2] - The joint venture will establish Hongfa VinFast Electronics Co., Ltd. ("HFVF") in Vietnam with a total investment of 1,350 billion VND, where Hongfa contributes 1,080 billion VND (80%) and VinFast contributes 270 billion VND (20%) [2][4] Joint Venture Details - The joint venture will be located in Hai Phong City, Vietnam, and will focus on manufacturing and selling vehicle control modules and other electronic/electrical equipment [3][10] - The registered capital of the joint venture is 135 billion VND, with Hongfa's cash contribution being 108 billion VND and VinFast's cash contribution being 27 billion VND [11][12] Organizational Structure - The joint venture will have a member council, a legal representative (general manager), and other key personnel appointed by the member council [5][12] - Each member is responsible for the joint venture's debts and obligations only up to their respective contributions [9] Agreement Provisions - The agreement is governed by Vietnamese law, and any disputes will be resolved through arbitration at the Singapore International Arbitration Centre (SIAC) [15]

证券代码：600885 证券简称：宏发股份 公告编号：2026- 003 宏发科技股份有限公司关于控股子公司 对外投资进展暨签署相关协议的公告 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、准确性和完整性承担法律责任。 （1）新设公司基本情况 合资公司名称： 一、对外投资概述 宏发科技股份有限公司（以下简称"公司"）的控股子公司厦门宏发电声股 份有限公司（以下简称"宏发电声"或"宏发"）于 2026 年 1 月 23 日与 VinFast 贸易与生产股份有限公司（英文名称:VinFast Trading and Production Joint Stock Company., 以下简称"VinFast"）签署了《合资协议》。 根据《合资协议》，宏发电声将与 VINFAST 共同出资，在越南合资设立宏 发 VinFast 电子有限公司（英文名称: HONGFA VINFAST ELECTRONICS CO., LTD.，以下简称"合资公司"或"HFVF"）（暂定名，最终以越南当地政府核准登 记为准）。投资总额为 1350 亿越南盾，其中厦门宏发电声股份有限 ...

Group 1 - The company Hongfa Co., Ltd. announced that its 11th Board of Directors' 13th meeting was held on January 20, 2026, to discuss various documents, including the proposal for its subsidiary Xiamen Hongfa Electronics Co., Ltd. to acquire 17.45% equity stake in Zhoushan Jindu Technology Co., Ltd. from He Zhenglin [1] Group 2 - The meeting reflects the company's strategic moves in expanding its investment portfolio through acquisitions in the technology sector [1]

股票代码：600885 公司简称：宏发股份 公告编号：临 2026-002 宏发科技股份有限公司 第十一届董事会第十三次会议决议公告 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 和完整性承担法律责任。 一、董事会会议召开情况 宏发科技股份有限公司（以下简称"公司"）于 2026 年 1 月 14 日以电子邮件和电话通 知的方式向公司全体董事发出召开第十一届董事会第十三次会议的通知，会议于 2026 年 1 月 20 日以通讯方式在公司会议室召开。本次会议应到董事 9 名，实到董事 9 名。会议由董 事长郭满金先生主持。会议的召集和召开符合《公司法》、《证券法》及《公司章程》的有关 规定，会议决议合法有效。 二、董事会会议审议情况 经双方协商，确定本次贺正林持有金度科技 20.45%股权的转让总价为人民币 500 万元， 因此宏发电声收购贺正林持有金度科技 17.45%股权的转让价格为人民币 426.65 万元。 转让完成后，金度科技股权结构如下所示： | 股东名称 | 转让前持股比例 | 转让后股权比例 | | --- | --- | --- ...

Group 1 - The core viewpoint of the article is that Hongfa Technology (600885) is actively involved in the smart automotive sector, providing various products that contribute to its performance growth [1] Group 2 - The company offers products including relays, film capacitors, and automotive electronic modules, which are essential for multiple areas such as the three-electric system, body control, and intelligent cockpit [1] - The advancement of automotive intelligence is identified as a significant driver for the company's performance growth [1]

Group 1 - The core viewpoint of the article is that Hongfa Technology's revenue from the European region accounts for approximately 10% of its total income, primarily generated through direct sales by its subsidiary in Xiamen [2] Group 2 - The company engages in direct sales in Europe through its subsidiary, indicating a strategic approach to market penetration in that region [2]