Group 1 - The company plans to establish a joint venture named Hongfa VinFast Electronics Co., Ltd. in Vietnam, with a total investment of 1,350 billion VND (approximately 37.67 million RMB) [2][5] - Xiamen Hongfa Acoustics Co., Ltd. will contribute 1,080 billion VND (approximately 30.13 million RMB), accounting for 80% of the total investment, while VinFast will contribute 270 billion VND (approximately 7.53 million RMB), accounting for 20% [5][9] - The investment aims to deepen international cooperation and localize production, responding to VinFast's strategy of localizing its supply chain [13] Group 2 - The investment has been approved by the boards of both the company and its subsidiary, and does not require further shareholder approval [6] - The funds will primarily be used for the construction, production, and operation of the joint venture, including leasing facilities, purchasing equipment, and working capital [5][11] - The joint venture will focus on local production of automotive components, enhancing the company's international business development and brand influence [13]

Investment Rating - The report rates the relay industry with a positive outlook, highlighting significant growth potential driven by various factors [4]. Core Insights - The relay industry is characterized by its cyclical nature, technological intensity, and flexible business models, with a projected market size growth from 361.09 billion to 606.10 billion from 2025 to 2029, reflecting a compound annual growth rate (CAGR) of 13.82% [4][53]. - Key growth drivers include advancements in new energy and grid sectors, policy support, export opportunities, and technological iterations [4][56]. Industry Definition - Relays are electronic control devices that can be categorized into electrical and non-electrical types, serving critical functions in various applications such as power protection and automation [5]. Industry Characteristics - **Cyclical Nature**: The relay industry is closely tied to macroeconomic trends, with demand fluctuations reflecting economic conditions [13]. - **Technological Intensity**: The industry requires high levels of technical integration across multiple disciplines, demanding advanced manufacturing technologies [14]. - **Flexible Business Models**: The prevalent operational model combines order-based production with appropriate inventory management to meet customer demands efficiently [15]. Development History - The relay industry in China has evolved through several phases: a nascent stage (1950-1979), a startup phase (1980-2000), a turbulent period (2001-2015), and a high-growth phase (2016-present), transitioning from a labor-intensive to a technology and capital-intensive industry [16][21]. Industry Chain Analysis - The relay industry chain consists of upstream raw material suppliers, midstream design and manufacturing, and downstream application sectors, with significant reliance on materials like copper and engineering plastics [23][24]. Market Size and Growth - The relay market size grew from 227.60 billion to 317.45 billion from 2019 to 2024, with a CAGR of 6.88%, and is expected to continue expanding significantly through 2029 [53][54]. Downstream Demand - The automotive and home appliance sectors are the largest consumers of relays, accounting for over 50% of total demand, with automotive applications projected to grow significantly due to the rise of electric vehicles [50][51].

智通财经APP讯，宏发股份(600885.SH)发布公告，为落实公司发展战略，深化国际合作、推进本地化 生产布局，公司控股子公司宏发电声拟与VinFast贸易与生产股份有限公司共同出资，在越南合资设立 宏发VinFast电子有限公司。 合资公司计划投资总额/注册资本为1350亿越南盾(折合人民币约为3766.5万元)(按照中国银行越南盾兑 人民币汇率卖出价计算，下同)，其中宏发电声出资1080亿越南盾(折合人民币约为3013.2万元)，占投资 总额/注册资本的80%;VinFast出资270亿越南盾(折合人民币约为753.3万元)，占投资总额/注册资本 20%。出资资金将主要用于合资公司的建设生产和营运，包括但不限于厂房租赁(含装修)、设备采购和 流动资金等。 ...

合资公司计划投资总额/注册资本为1350亿越南盾(折合人民币约为3766.5万元)(按照中国银行越南盾兑 人民币汇率卖出价计算，下同)，其中宏发电声出资1080亿越南盾(折合人民币约为3013.2万元)，占投资 总额/注册资本的80%;VinFast出资270亿越南盾(折合人民币约为753.3万元)，占投资总额/注册资本 20%。出资资金将主要用于合资公司的建设生产和营运，包括但不限于厂房租赁(含装修)、设备采购和 流动资金等。 宏发股份（600885）(600885.SH)发布公告，为落实公司发展战略，深化国际合作、推进本地化生产布 局，公司控股子公司宏发电声拟与VinFast贸易与生产股份有限公司共同出资，在越南合资设立宏发 VinFast电子有限公司。 ...

宏发科技股份有限公司关于控股子公司 对外投资设立境外子公司的公告 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。 重要内容提示： 投资标的名称：中文名称为宏发 VinFast 电子有限公司（暂定名，具体 名称以注册批复为准） 投资金额：投资总额为 1350 亿越南盾（折合人民币约为 3766.5 万元） （按照中国银行越南盾兑人民币汇率卖出价计算，下同），其中厦门宏发电声股 份有限公司出资 1080 亿越南盾（折合人民币约为 3013.2 万元），占投资总额的 80％。 证券代码：600885 证券简称：宏发股份 公告编号：2026- 001 投资类型 ☑新设公司 □增资现有公司（□同比例 □非同比例） --增资前标的公司类型：□全资子公司 □控股子公司 □参股公司 □未持股公司 □投资新项目 □其他：_________ 投资标的名称 宏发 VinFast 电子有限公司（暂定名） 2、本次交易的交易要素 | 投资金额 | 已确定，具体金额（万元）：3013.20 万元 ☑ | | --- | --- | | |  尚未确定 ...

Core Viewpoint - Hongfa Co., Ltd. announced that its subsidiary Hongfa Electronics plans to establish a joint venture, Hongfa VinFast Electronics Co., Ltd., with VinFast in Vietnam, with a total investment of 1,350 billion VND (approximately 37.665 million RMB) [1] Investment Details - Hongfa Electronics will contribute 1,080 billion VND (approximately 30.132 million RMB), holding an 80% stake in the joint venture [1] - VinFast will invest 270 billion VND (approximately 7.533 million RMB), holding a 20% stake [1] - The investment has been approved by the relevant board of directors but is still subject to approval from national authorities [1] Strategic Alignment - This investment aligns with the company's strategy to expand its market presence in Vietnam [1]

（英文名称: VinFastTrading and Production Joint Stock Company., 以下简称"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: HONGFAVINFASTELECTRONICSCO., LTD.，以下简 称"合资公司"或"HFVF"）（暂定名，最终以当地政府核准登记为准）。 合资公司计划投资总额/注册资本为1350亿越南盾（折合人民币约为3766.5万元）（按照中国银行越南 盾兑人民币汇率卖出价计算，下同），其中宏发电声出资1080亿越南盾（折合人民币约为3013.2万 元），占投资总额/注册资本的 80％；VinFast出资270亿越南盾（折合人民币约为753.3万元），占投资 总额/注册资本20%。出资资金将主要用于合资公司的建设生产和营运，包括但不限于厂房租赁（含装 修）、设备采购和流动资金等。 格隆汇1月12日丨宏发股份(600885.SH)公布，宏发电声为公司的控股子公司。为落实公司发展战略，深 化国际合作、推进本地化生产布局，宏发电声拟与VinFast贸易与生产股份有限公司 ...

Price Increases in the Chip Industry - The chip industry is experiencing a significant price increase trend, with various manufacturers announcing price hikes due to rising raw material costs and supply chain pressures [3][4] - Major companies such as TSMC, SMIC, Samsung, and Micron have implemented or are expected to implement price increases across their product lines [12][13][14][19] Raw Material and PCB Price Increases - Jiantek announced a second price increase in December, raising prices for its copper-clad laminates by 5% to 10% due to escalating raw material costs [9] - Nanya Plastics raised prices for all CCL products and PP by 8% starting November 20, citing increases in copper prices and other raw materials [10] Semiconductor Price Adjustments - TSMC has informed clients of a price increase for advanced technology nodes (5nm to 2nm) over the next four years, with expected increases of 8% to 10% for 5nm and up to 50% for 2nm wafers [12] - SMIC has raised prices for some of its production capacity by approximately 10% [13] Memory Chip Price Surge - Samsung has notified clients of a price increase for DRAM and NAND Flash products, with increases of 15% to 30% for certain DRAM types and 5% to 10% for NAND products [14] - Micron has announced a price increase of 20% to 30% for its storage products, effective from September 12 [16] Passive Component Price Increases - Multiple passive component manufacturers have joined the price increase trend, with companies like KEMET and Yageo announcing price hikes of 20% to 30% due to raw material cost pressures [30][33] - Panasonic has raised prices for certain tantalum capacitor models by 15% to 30% [35] Power Device Price Adjustments - China Resources Microelectronics confirmed a price increase for some IGBT products, driven by rising raw material costs and strong order performance [45] - Jingdao Microelectronics has raised prices for certain product series by 10% to 15% due to the increase in raw material prices [46] End-User Impact - Major PC manufacturers like Lenovo, Dell, and HP are planning to raise prices by up to 20% due to ongoing storage price increases [66] - Several smartphone manufacturers have paused procurement of storage chips, facing challenges with rising prices from suppliers [68]

Group 1 - The core point of the article is that Hongfa Technology (stock code: 600885) reported a total of 49,522 shareholders as of September 30, 2025 [1]

Group 1 - The core viewpoint of the news highlights the recent advancements in intelligent driving, particularly the introduction of L3 level conditional autonomous driving vehicles by Changan and BAIC, which are set to undergo trials in designated areas [1] - The approval of L3 level trials for companies like XPeng indicates a maturing landscape in technology, policy, and regulation, suggesting that intelligent driving is entering an accelerated development phase [1] - The potential for Robotaxi services is underscored by Elon Musk's announcement regarding the testing of driverless taxis without human safety operators, which could significantly advance the commercialization of fully autonomous driving [1] Group 2 - Changjiang Securities notes that the recent positive developments from L3 to Robotaxi, along with expectations for the continuation of vehicle trade-in policies next year, could lead to a recovery in Beta pressures, maintaining a positive outlook on the intelligent driving industry chain [1] - As of December 22, 2025, the CSI Internet of Vehicles Theme Index (930725) has seen a strong increase of 2.07%, with notable stock performances from Wanji Technology (300552) up 16.16%, Beidouxing (002151) up 9.99%, and Jingwei Hengrun (688326) up 9.49% [1] - The intelligent connected vehicle ETF (159872) has risen by 1.57%, with the latest price reported at 1.04 yuan [1] Group 3 - The intelligent connected vehicle ETF closely tracks the CSI Internet of Vehicles Theme Index, which includes companies related to content and service providers, software providers, hardware providers, and automotive manufacturers [2] - As of November 28, 2025, the top ten weighted stocks in the CSI Internet of Vehicles Theme Index include CATL (300750), Hongfa Technology (600885), Dahua Technology (002236), and others, collectively accounting for 51.03% of the index [2]