Group 1 - The core point of the news is that Hongfa Technology Co., Ltd. experienced a stock price increase of 5.08%, reaching 27.95 CNY per share, with a trading volume of 730 million CNY and a turnover rate of 1.81%, resulting in a total market capitalization of 40.8 billion CNY [1] Group 2 - Hongfa Technology Co., Ltd. is located in Xiamen, Fujian Province, and was established on December 21, 1990, with its listing date on February 5, 1996 [1] - The company's main business involves the production and sales of relays, with the revenue composition being 91.22% from relay products, 4.63% from electrical products, 3.81% from other supplementary products, and 0.34% from other products [1] Group 3 - From the perspective of fund holdings, one fund under Huatai Asset Management has a significant position in Hongfa shares, specifically the Huatai Zijin CSI 500 Index Enhanced Initiation A (016865), which held 6,820 shares, accounting for 0.94% of the fund's net value, ranking as the ninth largest holding [2] - The fund has a recent scale of 10.83 million CNY and has achieved a year-to-date return of 29.2%, ranking 1,763 out of 4,218 in its category, with a one-year return of 34.62%, ranking 1,619 out of 3,864 [2] - The fund manager, Mao Tian, has been in position for 7 years and 311 days, with a total asset scale of 291 million CNY, achieving the best fund return of 91.87% and the worst return of -34.21% during the tenure [2]

1、2023年10月16日有格投资将400万股股份质押给广发证券股份有限公司（以下简称"广发证券"），质 押到期日为2025年10月15日。2023年12月20日补质押60万股，2024年09月23日办理460万股展期至2025 年10月15日。2025年6月19日因公司实施2024年度权益分派，以资本公积金向全体股东每股转增0.4股， 转增后质押股份变更为644万股，本次办理展期业务，展期至2026年9月15日。 证券代码：600885 证券简称：宏发股份 编 号：临2025-043 债券代码：110082 债券简称：宏发转债 宏发科技股份有限公司 关于控股股东部分股份质押展期的公告 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: ● 公司控股股东有格创业投资有限公司直接持有本公司股票399,216,292股，占本公司总股本的27.35%。 本次办理办理展期股份 10,724,000 股，占其持股总数的 2.69%，占公司总股本的 0.73%。前述手续办理 后，有格投资累计质押股份为 69,172,000 股 ...

| 证券代码：600885 | 证券简称：宏发股份 | 编 | 号：临 | 2025-043 | | --- | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | | 宏发科技股份有限公司 关于控股股东部分股份质押展期的公告 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: 2、2023年9月23日有格投资将306万股股份质押给广发证券，质押到期日为 公司控股股东有格创业投资有限公司直接持有本公司股票 399,216,292 股， 占本公司总股本的 27.35%。本次办理办理展期股份 10,724,000 股，占其持 股总数的 2.69%，占公司总股本的 0.73%。前述手续办理后，有格投资累计 质押股份为 69,172,000 股，占其持股总数的 17.33%，占公司总股本的 4.74%。 宏发科技股份有限公司（以下简称"公司"或"本公司"）于 2025 年 10 月 10 日接到本公司控股股东有格创业投资有限公司（以下简称"有格投资"）关于 办理部 ...

| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 2025-042 | | --- | --- | --- | | 转债代码：110082 | 转债简称：宏发转债 | | 宏发科技股份有限公司 可转债转股结果暨股份变动公告 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： ● 累计转股情况：宏发转债自 2022 年 5 月 5 日进入转股期，截至 2025 年 9 月 30 日，累计有 528,000 元宏发转债转换为公司普通股股票，累计转股数 8,653 股，占可转债转 股前公司已发行股份总额的 0.001%。 ● 未转股可转债情况：截至2025年9月30日，尚未转股的可转债金额为1,999,472,000 元，占可转债发行总量的 99.9736%。 ● 2025 年度第三季度转股情况：本季度可转债转股的金额为 7000 元，因转股形成的 股份数量为 308 股。 3、因公司实施 2023 年年度利润分配方案，自 2024 年 6 月 20 日起，转股价格调整为 50.52 元/股，详见《关 ...

Summary of Key Points from the Research Report Industry Overview - The report focuses on the **humanoid robot industry** and its developments showcased at the **China Industrial Industry Fair (CIIF)** held in Shanghai on **24 September 2025** [3][4]. Core Insights - **Hardware vs. Software**: Hardware is not seen as a bottleneck for humanoid robots, with significant cost reductions in components. The price for dexterous hands has decreased from **RMB50-100k** to **RMB10-60k** per hand, with Linkerbot's offering at **RMB8.8k** per hand [3]. However, software remains underdeveloped, with key AI models still in training [3]. - **Cost Reduction**: Overseas companies like Nidec are relocating supply chains to China, which is expected to further reduce costs in components as mass production of humanoid robots begins [3]. - **Software Development**: Unitree's recent open-sourcing of its world model aims to enhance the software ecosystem for humanoid robots, particularly benefiting educational institutions [3]. Company Highlights - **Inovance**: Unveiled new humanoid robot products, including a robotic arm and various actuators. The company plans to start commercial production in **2026**, with an estimated actuator value of **RMB34k/unit** by **2030**. The global humanoid robot market is projected to reach **1.1 million shipments** by **2030**, indicating a market size of approximately **RMB37 billion** [4]. - **Preferred Picks**: Inovance, Hongfa, and Shuanghuan are highlighted as preferred investment choices due to their strong market positions and growth potential [5][9]. Stock Ratings and Valuations - **Inovance (300124 CH)**: Current price **RMB86.33**, target price **RMB96.00**, with an upside of **11.2%**. The company is expected to benefit from a recovery in factory automation [6][10]. - **Hongfa (600885 CH)**: Current price **RMB25.74**, target price **RMB39.10**, with an upside of **51.9%**. Strong earnings momentum is anticipated due to new car model launches [6][10]. - **Shuanghuan (002472 CH)**: Current price **RMB51.31**, target price **RMB58.00**, with an upside of **13.0%**. Growth in smart drive units and robotic reducers is expected to drive future performance [6][10]. Risks and Considerations - **Inovance Risks**: Weaker-than-expected demand in automation and intense competition could impact margins [10]. - **Hongfa Risks**: Potential risks include slower-than-expected relay demand and cost declines [10]. - **Shuanghuan Risks**: Risks include slower commercialization of humanoid robots and lower-than-expected market share gains [10]. Additional Insights - The report emphasizes the importance of software development in the humanoid robot sector, indicating that while hardware costs are decreasing, the maturity of software solutions is critical for future growth [3][9]. - The anticipated growth in the humanoid robot market presents significant investment opportunities, particularly for companies that can innovate in both hardware and software [4][5].

Report Title - Local Boom in Convertible Bond Gold Mining (1) [2] Report Date and Analysts - Report Date: September 28, 2025 - Analysts: Luo Yunfeng (SAC No.: S1050524060001), Yang Feiran (SAC No.: S1050524070001) [3] Core Views - The core driving force of the market in this round has been the improvement of risk appetite, which is an endogenous variable of profitability. Since September, considering the decline in equity trading volume, the narrowing gap between the growth and value of equities, and the increase in the proportion of the same - direction movement of stocks and bonds, it is believed that the repair of risk appetite is basically in place. In the future, risk appetite will fluctuate within a range along with profitability, with the upper and lower limits corresponding to the levels in early January (the week of January 6) and early September (the week of September 8) respectively. On September 25, 2025, it approached the lowest level in recent years on October 12, 2024 [4]. - The recent shift of the market from "banks + micro - cap stocks" to technology has a profit foundation, that is, the overall economy is bottoming out but there are local upturns. The private - sector debt growth rate is used as a proxy variable for profitability, and its downward bottom appeared in October 2024 and has not reached a new low as of July 2025 [4]. - The long - term cycle of convertible bonds is synchronized with equities. The periodic recovery of convertible bond valuations provides signals for left - hand side position - adding and profit - taking. Therefore, short - term fluctuations may be leading and amplifying signals of equities. Recently, although convertible bond valuations have been actively adjusted, they are still at a relatively high level. After the holiday, attention should be paid to locally booming industries and performance - realizing targets [6]. 01 Risk Appetite Will Follow Profitability in Range - bound Fluctuations - The repair of risk appetite in this round may be basically in place. The highest point of risk appetite since data became available was in 2007, and the lowest point was on April 7, 2025. Excluding the impact of event - driven factors, the lowest point was in January 2025. The private - sector debt growth rate, as a proxy variable for profitability, reached its bottom in October 2024 and has not set a new low as of July 2025. The risk appetite may enter a range - bound fluctuation, and on September 25, 2025, it approached the lowest level in recent years on October 12, 2024 [8]. - The overall economic fundamentals are still in the bottom - grinding stage. In the second quarter, the real GDP grew by 5.2% year - on - year, 0.2 percentage points lower than in the first quarter. Investment has been sluggish due to the real estate sector, and infrastructure investment has declined at an accelerating pace since mid - year. Consumption has been affected by the high - then - low national subsidies at the beginning of the year, and the CPI has been in a slump. Industrial product prices have shown a trend of price increases with volume contraction. From the perspective of Wind All - A earnings data, the overall economic fundamentals are still bottoming out [11][14]. 02 Fundamental Local Boom Corresponds to the Double - Innovation Market - In terms of revenue, the improvement of the Science and Technology Innovation 50 and the ChiNext Index is leading, while the Micro - cap and Dividend Indexes have the most obvious decline. In 2025Q2, the revenue growth rate of the ChiNext Index increased by 5 percentage points to 9.3%, and the Science and Technology Innovation 50 ended its relative disadvantage for three consecutive quarters. The revenue of the Micro - cap and Dividend Indexes decreased by 7.8% and 5.9% respectively in 2025Q2 [18]. - In terms of gross profit margin, compared with 2024Q2, the Science and Technology Innovation 50 and the SSE 50 had the most significant increase in gross profit margin in 2025Q2, up 2.5 and 2.0 percentage points respectively. The ChiNext Index had a gross profit margin of 24.5% in 2025Q2, still the highest among broad - based indexes [21]. - Most indexes' year - on - year growth rate of net profit attributable to shareholders in 2025Q2 declined quarter - on - quarter. The Science and Technology Innovation Board had a significant improvement in net profit in 2025Q2, and the ChiNext Index continued to lead other broad - based indexes in terms of growth rate [24]. - In terms of specific industries, in 2025Q2, the industries with the highest year - on - year growth rate of net profit attributable to shareholders were gaming (104%), steel (82%), precious metals (76%), etc. The industries with the largest decline were real estate (- 132%), coal (- 37%), etc. The industries with positive growth in 2025Q2 and an improvement compared with 2025Q1 were banks, insurance, etc. Combining the historical percentile of valuation, the industries with high performance growth and still some room for valuation are power equipment, new energy, gaming, and consumer electronics [29][30] 03 Convertible Bonds Follow Equities to Explore Locally Booming Sectors - The long - term cycle of convertible bonds is synchronized with equities. The short - term periodic recovery of convertible bond valuations provides signals for left - hand side position - adding and profit - taking. Short - term fluctuations may be leading and amplifying signals of equities. Recently, although convertible bond valuations have been actively adjusted, they are still at a relatively high level. After the holiday, attention should be paid to locally booming industries and performance - realizing targets. Convertible bond targets with good performance in 2025Q2 are concentrated in power equipment, electronics, etc. [45] - The All - A Index can basically explain most of the long - term fluctuations of convertible bonds. The regression results show that the performance of convertible bonds mainly follows the equity market, and the equity market trend can explain 91.4% of the price fluctuations of the convertible bond market. The convertible bond market follows equities in this round, and is less affected by the bond market [48][59] - The short - term fluctuations of convertible bond valuations provide signals for left - hand side position - adding and profit - taking. From June 23 to August 25, the active increase in convertible bond valuations was greater than that of the underlying stocks. Therefore, the convertible bond market entered the downward - oscillation cycle earlier than the equity market on August 27 and had a larger decline due to the return of valuations [61] - ETF share fluctuations have a relatively small impact on the price fluctuations of underlying convertible bond targets. Since September, the growth rate of convertible bond ETF shares has decreased significantly, which may mainly reflect sentiment and valuation [64] - Convertible bonds with good profitability have larger increases and are more resistant to declines. From June 23 to August 25, convertible bonds followed the underlying stocks in a sharp rise, with the growth sector leading. Some convertible bonds in individual sectors outperformed the underlying stocks, mainly concentrated in industries and targets with excellent performance. From August 25 to September 23, convertible bonds led the All - A Index in decline, and their subsequent performance was weaker than that of equities, mainly due to the periodicity of convertible bond valuation fluctuations [70][77] - The new energy sector under the goal of carbon peaking by 2030 may be one of the most certain trading directions in the next five years. The new energy vehicle penetration rate continues to increase, and the energy storage market has an important turning point. The report focuses on Keli Convertible Bonds and Hongfa Convertible Bonds in the new energy field [83] - Keli Convertible Bonds: Kodal Precision is the global leader in precision structural parts. The company's performance has been growing steadily. The convertible bond has a relatively large issuance scale, and the current price is around 140 yuan, with a conversion premium rate of 18.6%. It is an offensive convertible bond with high - quality underlying stocks and has no risk of forced redemption for the time being [87][89][92] - Hongfa Convertible Bonds: Hongfa Co., Ltd. is the world's largest relay manufacturer. The company's performance has been growing steadily. The convertible bond has a large issuance scale, and the current price is around 134 yuan, with a conversion premium rate of 18.2%. The downward - adjustment clause is relatively loose [95][98][101]

Core Viewpoint - Hongfa Technology Co., Ltd. has shown a stable performance in stock price and financial growth, with a notable increase in revenue and net profit year-on-year, indicating a positive outlook for the company in the electric equipment industry [1][2]. Financial Performance - As of June 30, 2025, Hongfa achieved a revenue of 8.347 billion yuan, representing a year-on-year growth of 15.43% [2]. - The net profit attributable to shareholders was 964 million yuan, reflecting a year-on-year increase of 14.19% [2]. - The company has distributed a total of 2.987 billion yuan in dividends since its A-share listing, with 1.370 billion yuan distributed in the last three years [3]. Stock Market Activity - On September 25, 2023, Hongfa's stock price increased by 2.02%, reaching 26.26 yuan per share, with a trading volume of 372 million yuan [1]. - The stock has seen a year-to-date increase of 17.44%, with a slight decline of 0.15% over the last five trading days [1]. - The company had a market capitalization of 38.333 billion yuan as of the latest trading session [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 29,700, up by 17.81% from the previous period [2]. - The average number of circulating shares per shareholder rose to 49,214, an increase of 18.83% [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 297 million shares, an increase of 6.986 million shares from the previous period [3].

宏发科技股份有限公司关于控股股东部分股份质押解除及部分质押展期的公告 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: ● 公司控股股东有格创业投资有限公司直接持有本公司股票399,216,292股，占本公司总股本的27.35%。 本次办理解押股份 2,508,000 股，占其持股总数的0.63%，占公司总股本的 0.17%；办理展期股份 29,314,000 股，占其持股总数的 7.34%，占公司总股本的 2.01%。前述手续办理后，有格投资累计质押 股份为 69,172,000 股，占其持股总数的 17.33%，占公司总股本的4.74%。 宏发科技股份有限公司（以下简称"公司"或"本公司"）于2025年9月23日接到本公司控股股东有格创业 投资有限公司（以下简称"有格投资"）关于办理部分股份质押解除及部分质押展期手续的通知，现将有 关情况公告如下： 一、股份被解除质押情况 （1）2023年12月5日有格投资将695万股股份质押给光大证券股份有限公司（以下简称"光大证券"）， 质押到期日为2024年12月4日。 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——报价太低遭严防，投标企业还得"解释清楚"，一场国家组织的大型采购， 为何引发全行业关注 每经AI快讯，宏发股份9月23日晚间发布公告称，公司控股股东有格创业投资有限公司直接持有公司股 票约3.99亿股，占公司总股本的27.35%。本次办理解押股份约251万股，占其持股总数的0.63%，占公司 总股本的0.17%；办理展期股份约2931万股，占其持股总数的7.34%，占公司总股本的2.01%。前述手续 办理后，有格投资累计质押股份约为6917万股，占其持股总数的17.33%，占公司总股本的4.74%。 ...

| 证券代码：600885 | 证券简称：宏发股份 | 编 | 号：临 | 2025-041 | | --- | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | | 宏发科技股份有限公司 关于控股股东部分股份质押解除 及部分质押展期的公告 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: 公司控股股东有格创业投资有限公司直接持有本公司股票 399,216,292 股， 占本公司总股本的 27.35%。本次办理解押股份 2,508,000 股，占其持股总 数的 0.63%，占公司总股本的 0.17%；办理展期股份 29,314,000 股，占其 持股总数的 7.34%，占公司总股本的 2.01%。前述手续办理后，有格投资累 计质押股份为 69,172,000 股，占其持股总数的 17.33%，占公司总股本的 4.74%。 宏发科技股份有限公司（以下简称"公司"或"本公司"）于 2025 年 9 月 23 日接到本公司控股股东有格创业投资有限公司（以下简 ...