1. Report's Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The Grid Equipment ETF (159326.SZ) managed by Huaxia Fund tracks the CSI Grid Equipment Theme Index (931994.CSI). From May 1, 2025, to December 12, 2025, the best convergent stock of the Grid Equipment ETF is Hongfa Co., Ltd. (600885.SH), selected by considering the trend deviation and research coverage between component stocks and the grid equipment index [3][9]. - From November 2024 to June 2025, Hongfa Co., Ltd.'s bottom - valuation based on 2024 EPS was close to 19.5 times PE. As of December 12, 2025, its stock price fluctuations did not exceed the value range defined by the fundamental value of T - 1 year and the expected fundamental value of T+2 year. Based on December 12, 2025, data, the expected per - share fundamental values from 2025 to 2027 were 24.25, 28.09, and 32.38 yuan respectively, and the closing price was 30.42 yuan/share. The rebound in December started near 28 yuan/share, and the current stock price is still lower than the 2027 per - share fundamental value [3][9]. - According to the position of Hongfa Co., Ltd.'s closing price in the expected per - share fundamental value range from 2025 to 2027, the closing position on December 12, 2025, was 52.81%. From October 9, 2025, to December 12, 2025, the Sharpe ratio and return - drawdown ratio of the Grid Equipment ETF based on Hongfa Co., Ltd.'s dynamic position allocation were better than those of the buy - and - hold strategy. The allocation strategy achieved a 11.60% terminal return with a maximum drawdown of 4.45%, while the buy - and - hold strategy of the Grid Equipment ETF achieved a 9.28% terminal return with a maximum drawdown of 14.03% [4][10]. 3. Summary by Relevant Catalog 3.1 Grid Equipment ETF Configuration Value Analysis - The Grid Equipment ETF (159326.SZ) is managed by Huaxia Fund and tracks the CSI Grid Equipment Theme Index (931994.CSI) [3][9]. - The best convergent stock of the Grid Equipment ETF from May 1, 2025, to December 12, 2025, is Hongfa Co., Ltd. (600885.SH) [3][9]. - Hongfa Co., Ltd.'s bottom - valuation from November 2024 to June 2025 was close to 19.5 times PE, and its stock price did not exceed the defined value range as of December 12, 2025 [3][9]. - The expected per - share fundamental values of Hongfa Co., Ltd. from 2025 to 2027 are 24.25, 28.09, and 32.38 yuan respectively, and the closing price on December 12, 2025, was 30.42 yuan/share [3][9]. - The closing position on December 12, 2025, was 52.81%. The dynamic position allocation strategy outperformed the buy - and - hold strategy in the period from October 9, 2025, to December 12, 2025 [4][10].

债券代码：110082 债券简称：宏发转债 股票代码：600885 公司简称：宏发股份 公告编号：临 2025-063 宏发科技股份有限公司 关于调整 2025 年度日常关联交易预计额度 及预计 2026 年度日常关联交易额度的公告 | 向关联人 销售产品 | 厦门彼格科技 有限公司 | 销售材料 | 市场价格 | 25 | 0 | 25 | 9.68 | 14 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 向关联人 | 厦门彼格科技 | 检测费、 | 市场价格 | 15 | 60 | 75 | 69.51 | 2 | | 提供劳务 | 有限公司 | 培训费等 | | | | | | | | | 厦门彼格科技 | 房租、水 | 市场价格 | 2 | 0 | 2 | 0.71 | 9 | | 其它 | 有限公司 | 电费等 | | | | | | | | | 漳州豪悦体育 | 其他 | 市场价格 | 8 | 0 | 8 | 1.02 | 3 | | | 管理有限公司 | | | | | | | | | 合计： | | | | 4050 | ...

股票代码：600885 公司简称：宏发股份 公告编号：临 2025-062 债券代码：110082 债券简称：宏发转债 宏发科技股份有限公司 关于"宏发转债"赎回结果暨股份变动的公告 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： 一、可转债发行上市概况 宏发科技股份有限公司经中国证券监督管理委员会《关于核准宏发科技股份 有限公司公开发行可转换公司债券的批复》（证监许可【2021】3145号）核准， 于 2021 年 10 月 28 日公开发行了 2,000万张可转换公司债券，每张面值 100 元，发行总额200,000万元, 发行期限 6 年。可转债的票面利率为第一年 0.3%、 第二年 0.5%、 第三年 1.0%、第四年 1.5%、 第五年 1.8%、 第六年 2.0%。 经上海证券交易所同意，公司 200,000万元可转换公司债券于 2021 年 11 月 23 日起在上海证券交易所挂牌交易，债券简称"宏发转债"，债券代码 赎回数量：3,558,000 元（35,580 张） 赎回兑付总金额：3,56 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the power grid sector, with notable stock increases for companies such as TBEA, which rose over 6%, and others like Chint Electric and XJ Electric, which increased by over 4% [1] - The related ETFs for the power grid sector also saw gains, with an approximate increase of 3% [1] - A brokerage firm anticipates a continued positive trend in the electric new industry through 2026, driven by increased offshore wind power development efforts as outlined by the National Energy Administration [2] Group 2 - The overseas demand growth, combined with increased domestic investment in power grids, is expected to boost the volume of power equipment, maintaining a high level of prosperity in the power grid equipment sector [2] - Specific ETF performance includes the Power Equipment ETF (code 159326) at a price of 1.483, up by 0.049 or 3.42%, and other related ETFs also showing positive movements [2]

Core Insights - The article discusses the transformation of the electric grid as a strategic asset in the context of increasing electricity demand driven by AI and renewable energy integration [2][3][4] Group 1: Electric Grid Development - The China Electric Grid Equipment Theme Index has seen a significant increase, rising from a low of 1762.54 points in June to 2702.89 points, marking an approximate 40% increase as of December 9 [2] - The unique ETF focused on electric grid equipment has experienced substantial net inflows, with a recent five-day net inflow of 413 million yuan, growing from under 100 million yuan at the end of September to 2.585 billion yuan by December 9, representing over a 20-fold increase [2][8] Group 2: Electricity Demand and Supply - In July and August, China's monthly electricity consumption exceeded 1 trillion kilowatt-hours, equivalent to Japan's annual consumption, largely due to the implementation of ultra-high voltage transmission lines [3] - The global demand for electricity is at a 30-year high, with AI's exponential growth in computing power contributing to this surge, as training a large AI model can consume over 100 million kilowatt-hours annually [4][5] Group 3: Global Context and Opportunities - Many countries in Europe and North America are facing electricity shortages due to extreme weather and aging infrastructure, while China's electric grid construction is leading globally [4] - The global investment in electric grids is projected to exceed 400 billion USD, with AI significantly driving the growth in electricity demand and related electrical equipment needs [5][11] Group 4: Technological and Policy Drivers - Key drivers for the new electric power system include policy support for renewable energy, technological breakthroughs in energy transmission, and the need for smart grid upgrades to manage the variability of renewable sources [11][12] - The penetration of smart meters in North America and Northern Europe exceeds 60%, while other regions are just beginning to adopt these technologies, presenting opportunities for Chinese companies [6][11] Group 5: Investment Opportunities - The electric grid equipment ETF is positioned as a vital investment vehicle for participating in the energy transition, focusing on ultra-high voltage and smart grid construction [12] - The ETF tracks a precise index of 80 listed companies involved in the electric grid equipment sector, with the top ten companies accounting for 54% of the index weight [9]

| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 | 2025-061 | | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | 宏发科技股份有限公司 关于实施"宏发转债"赎回暨摘牌的 最后一次提示性公告 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。 截至 2025 年 12 月 10 日收市后，距离 12 月 11 日（"宏发转债"最后 转股日） 仅剩 1 个交易日，12 月 11 日为"宏发转债"最后一个转股日。 宏发科技股份有限公司（以下简称"公司"）股票自 2025 年 10 月 31 日 赎回登记日：2025 年 12 月 11 日 赎回价格：100.2219 元/张 赎回款发放日：2025 年 12 月 12 日 最后交易日：2025 年 12 月 8 日 自 2025 年 12 月 9 日起，"宏发转债"停止交易。 最后转股日：2025 年 12 月 11 日 本次提前赎回完成后，"宏发转债"将自 2025 年 12 月 12 ...

Core Viewpoint - The company announces the redemption and delisting of its convertible bonds, "Hongfa Convertible Bonds," effective December 12, 2025, following the completion of the early redemption process [1][4][13]. Group 1: Redemption Details - The last trading day for "Hongfa Convertible Bonds" is December 8, 2025, and trading will cease on December 9, 2025 [6][12]. - The final conversion date for the bonds is December 11, 2025, which is the last opportunity for bondholders to convert their bonds into shares at a conversion price of 22.72 CNY per share [3][12]. - The redemption price is set at 100.2219 CNY per bond, which includes the face value and accrued interest of 0.2219 CNY [9][11]. Group 2: Conditions for Redemption - The conditional redemption clause has been triggered as the company's stock price has been above 130% of the conversion price (29.536 CNY) for at least 15 trading days from October 31, 2025, to November 20, 2025 [5][8]. - The redemption will apply to all bondholders registered by the redemption registration date of December 11, 2025 [8][10]. Group 3: Tax Implications - Individual investors are subject to a 20% personal income tax on the interest income from the bonds, resulting in a net redemption amount of 100.1775 CNY per bond after tax [14][15]. - The company will handle the tax withholding and payment responsibilities for individual investors [14].

Group 1 - The core announcement is that Hongfa Co., Ltd. has stated that the last conversion date for "Hongfa Convertible Bonds" is December 11, 2025, with only two trading days remaining until this date [1] - After the early redemption is completed, "Hongfa Convertible Bonds" will be delisted from the Shanghai Stock Exchange starting December 12, 2025 [1] - Investors holding "Hongfa Convertible Bonds" can either convert their bonds at a conversion price of 22.72 CNY per share within the specified time or face mandatory redemption at a price of 100 CNY per bond plus accrued interest of 0.2219 CNY per bond, totaling 100.2219 CNY per bond [1]

| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 2025-060 | | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | 宏发科技股份有限公司 关于实施"宏发转债"赎回暨摘牌的 第七次提示性公告 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： 截至 2025 年 12 月 9 日收市后，距离 12 月 11 日（"宏发转债"最后 转股日） 仅剩 2 个交易日，12 月 11 日为"宏发转债"最后一个转股日。 宏发科技股份有限公司（以下简称"公司"）股票自 2025 年 10 月 31 日 赎回登记日：2025 年 12 月 11 日 赎回价格：100.2219 元/张 赎回款发放日：2025 年 12 月 12 日 最后交易日：2025 年 12 月 8 日 自 2025 年 12 月 9 日起，"宏发转债"停止交易。 最后转股日：2025 年 12 月 11 日 ②当本次发行的可转债未转股余额不足 3,000 万元时。 本次提前赎回完成后 ...

Group 1 - The core announcement indicates that "Hongfa Convertible Bonds" will stop trading from December 9, 2025, and will be delisted from the Shanghai Stock Exchange on December 12, 2025 [2][4][14] - The last conversion date for the bonds is December 11, 2025, with only three trading days remaining until this date [3][13] - The redemption price for the bonds is set at 100.2219 CNY per bond, which includes accrued interest of 0.2219 CNY [4][10] Group 2 - The company has triggered the conditional redemption clause for the bonds, as the stock price has been above 130% of the conversion price for 15 trading days [5][8] - The redemption registration date is December 11, 2025, and the redemption payment date is December 12, 2025 [6][12] - The bonds will be forcibly redeemed at the specified price if not converted by the last conversion date, which may lead to significant investment losses for holders [4][19] Group 3 - The total share capital of the company increased from 1,481,599,738 shares to 1,539,291,420 shares due to the conversion of the bonds [24][26] - The holding percentage of the controlling shareholder, Hege Venture Capital Co., Ltd., has been diluted from 26.94% to 25.94% as a result of the bond conversion [22][24] - This dilution does not trigger a mandatory bid and will not change the controlling shareholder or actual controller of the company [22][24]