证券代码：688629 证券简称：华丰科技 公告编号：2025-024 四川华丰科技股份有限公司 第二届董事会第十四次会议决议公告 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、准确性和完整性依法承担法律责任。 四川华丰科技股份有限公司（以下简称"公司"、"华丰科技"）第二届 董事会第十四次会议于 2025 年 7 月 21 日 14:00 在公司会议室以现场结合通讯 的方式召开。会议通知已于 2025 年 7 月 18 日以书面或邮件的方式送达各位董 事。本次会议应出席董事 7 人，实际出席董事 7 人。会议由董事长杨艳辉主持， 监事、高级管理人员列席。会议召开符合有关法律、法规、规章和《四川华丰 科技股份有限公司章程》（以下简称"《公司章程》"）的规定。 经与会董事认真审议，以记名投票方式表决通过了如下决议： 一、 审议通过《关于公司符合向特定对象发行股票条件的议案》 经与会董事审议，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司证券发行注册管 理办法》（以下简称"《注册管理办法 ...

Group 1 - The core viewpoint of the article highlights the performance and management of Changsheng Fund's Changsheng State-Owned Enterprise Reform Mixed Fund, which has seen a net asset increase of 5.72% to 386 million yuan as of June 30, 2025 [1] - The fund manager, Dai Yi, has a background in research and has held various positions within Changsheng Fund since 2010, currently managing multiple funds including the Changsheng Urbanization Theme Mixed Fund [1] - The fund's recent share scale changes indicate a total share of 0.02 billion with a net asset of 20 million yuan, reflecting a significant decrease in net asset value over recent periods [2] Group 2 - The fund's performance metrics show a 3-month return of 17.79%, a 1-year return of 34.88%, and a since inception return of -56.3%, indicating volatility and challenges in long-term performance [2] - The top ten stock holdings of the fund account for a combined 47.49% of the portfolio, with notable companies including Shengyi Technology and Huafeng Technology [2] - Changsheng Fund Management Co., Ltd. was established in March 1999 and is based in Shenzhen, with a registered capital of 206 million yuan [2]

Group 1 - The A-share copper cable sector experienced significant upward movement, with New Asia Electronics rising over 7% [1] - Zhongfu Circuit increased by more than 5%, indicating strong market interest [1] - Other companies such as Taicheng Light, Huafeng Technology, Ruikeda, and Zhaolong Huitong also saw gains, reflecting a broader trend in the sector [1]

Core Viewpoint - China Chengxin International has assigned an "AA+" rating to Sichuan Changhong Electric Holding Group Co., Ltd, highlighting its strong position in the home appliance industry and potential challenges ahead [1][2]. Group 1: Company Overview - Sichuan Changhong Electric Holding Group Co., Ltd, originally known as Sichuan Changhong Electronic Group Co., Ltd, was restructured in June 1995 and renamed in June 2015 [2]. - The company has evolved into a diversified multinational enterprise with business segments including home appliances, IT, communications, military industry, and new energy [2]. - As of 2024, the company achieved a total operating revenue of 111.503 billion yuan [2]. Group 2: Rating and Strengths - The "AA+" rating reflects the company's comprehensive layout in the home appliance industry, high degree of business diversification, strong technical reserves, and brand influence in the terminal field [1]. - The company leads globally in compressor sales and technology, and has made significant contributions to the industrial development and tax revenue of Mianyang City, indicating strong government support [1]. Group 3: Challenges and Risks - The company faces challenges such as low profitability in its main business, intense competition in the home appliance industry, and complex global trade policies affecting business expansion [1]. - Additional concerns include a slowdown in accounts receivable turnover, risks related to customer payments, asset and credit impairment, and the need to reduce financial leverage [1].

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights that copper interconnect technology has become a key factor in enhancing data center performance, with a growing market share due to its low cost and low power consumption advantages in short-distance connections [4][13] - The demand for high-speed copper cables is significantly driven by the AI boom, particularly with the increasing computational needs of data centers and the adoption of NVIDIA's GB200 solutions [22][41] - The report emphasizes the rapid growth of the AEC (Active Electrical Cable) sector, which is expected to achieve a compound annual growth rate (CAGR) of 45% from 2023 to 2028, indicating a robust market opportunity [26][84] Summary by Sections Section 1: Copper Interconnect Technology - Copper interconnect technology is crucial for improving data center performance, with various connection solutions available [13] - The report discusses the advantages of copper cables over fiber optics in specific applications, particularly in short-distance connections within data centers [17][18] Section 2: AI and Copper Cable Demand - The rise of generative AI models like ChatGPT has led to an exponential increase in computational power requirements, driving demand for copper interconnect solutions [22][29] - NVIDIA's GB200 architecture utilizes copper interconnects extensively, enhancing performance and reducing power consumption compared to previous solutions [41][50] Section 3: Data Center Growth and Copper Demand - Global data center energy consumption is projected to rise significantly, with copper interconnects offering low power consumption advantages [60][67] - The report notes that the increasing operational costs of data centers necessitate efficient transmission solutions, where copper interconnects provide a cost-effective alternative [63][67] Section 4: High-Speed Copper Cable Market - The high-speed copper cable market is characterized by strong internal and external demand, with diverse application scenarios [75][76] - The AEC supply chain is detailed, highlighting the importance of upstream components like chips and cables, and the involvement of major players in the industry [88][89] Section 5: Investment Recommendations - The report suggests focusing on leading companies in the copper cable connector industry, including Huafeng Technology, Ruikeda, and Lixun Precision, among others, which are well-positioned to benefit from the growing demand [6][75]

Investment Rating - The report initiates coverage on Huafeng Technology with an "Accumulate" rating and a target price of 59.86 RMB per share, based on a 75x PE valuation for 2026 [6][5]. Core Views - Huafeng Technology is positioned as a leader in high-speed connectors in China, benefiting from the increasing demand for short-distance interconnects driven by AI and domestic computing power expansion. The company is gradually releasing production capacity for high-speed line modules developed for major clients, which is expected to lead to sustained performance growth [1][15]. - The report highlights the growth potential in the communications sector, driven by the demand for high-speed interconnects in AI clusters, with a projected market size of 24.1 billion RMB by 2029, growing at a CAGR of 45% from 2025 to 2029 [2][16]. - In the defense sector, the company is expected to benefit from the "14th Five-Year Plan" military budget increase, with a projected 7.2% year-on-year growth in military spending in 2025, enhancing the outlook for defense orders [3][17]. - The industrial segment is anticipated to see stable growth due to the rising penetration of new energy vehicles and the trend towards 800V high-voltage systems, with the high-voltage connector market projected to reach 33.7 billion RMB by 2026, growing at a CAGR of 42% from 2022 to 2026 [3][18]. Summary by Sections Company Overview - Established in 1958, Huafeng Technology is a leading supplier of optical connectors and interconnection solutions in China, focusing on high-speed connectors and system interconnection solutions across communications, defense, and industrial sectors. The company has achieved significant milestones in developing high-speed backplane connectors, breaking the monopoly of foreign leaders in the domestic market [15][25]. Communications Sector - The company is deeply collaborating with major clients to meet the growing demand for high-speed interconnects in AI clusters. The increasing GPU computing power and bandwidth requirements are driving the need for higher signal transmission rates. The domestic high-speed backplane connector market is projected to reach 24.1 billion RMB by 2029, with a CAGR of 45% from 2025 to 2029 [2][16]. Defense Sector - The defense segment focuses on defense connectors and related system interconnection products. With the military budget expected to reach 1.78 trillion RMB in 2025, a 7.2% increase year-on-year, the company is well-positioned to capture growth in defense orders [3][17]. Industrial Sector - The industrial connectors primarily serve the new energy vehicle and rail transportation sectors. The market for high-voltage connectors in new energy vehicles is projected to reach 33.7 billion RMB by 2026, with a CAGR of 42% from 2022 to 2026. The company is also expanding its applications in drone and eVTOL systems [3][18].

Core Viewpoint - The rapid growth of the battery swapping connector market is driven by the increasing popularity of the battery swapping model in the electric vehicle sector, with the market expected to reach 5 billion yuan in 2024, a year-on-year increase of 35.7%, and further grow to approximately 6.42 billion yuan in 2025 [1][15][22]. Industry Overview - Battery swapping connectors are high-voltage connectors that facilitate the rapid transfer of energy and data signals from battery swapping station equipment to electric vehicle battery packs, ensuring stable and reliable connections during the battery swapping process [3][11]. - The battery swapping connector market in China is experiencing significant growth, with applications extending beyond passenger and commercial vehicles to energy and industrial sectors [1][15]. Market Size and Growth - The market size of the battery swapping connector industry in China is projected to reach 5 billion yuan in 2024, reflecting a 35.7% year-on-year increase, and is expected to grow to around 6.42 billion yuan by 2025 [1][15]. - The demand for battery swapping connectors is anticipated to continue rising due to the increasing number of battery swapping stations, which are expected to reach 4,819 by May 2025, an increase of 376 from the end of 2024 [13][15]. Competitive Landscape - The battery swapping connector industry features competition from both international brands, such as TE Connectivity and Amphenol, and domestic brands like AVIC Optoelectronics and Yonggui Electric, with the latter gaining traction in the mid-to-high-end market [17][18]. Policy Support - The Chinese government has introduced several policies to promote the development of the battery swapping connector industry, including guidelines to enhance the resilience of the supply chain and support the construction of battery swapping stations [8][9]. Industry Chain - The battery swapping connector industry consists of an upstream segment involving raw materials like metals and plastics, a midstream segment focused on manufacturing, and a downstream segment that includes applications in battery swapping stations and electric vehicles [9][11]. Future Trends - The industry is expected to see advancements in technology and materials, with a focus on introducing new conductive materials and smart monitoring systems to enhance user experience [22][23]. - Standardization and unification of battery swapping connectors will be crucial for compatibility across different brands and models, reducing production costs and maintenance challenges [23]. - The industry will increasingly emphasize environmental sustainability by utilizing low-carbon materials and improving energy efficiency [25].

Investment Rating - The report provides a "Buy" recommendation for the technology sector, specifically highlighting key stocks in electronics, computing, communications, and media [4][7]. Core Insights - The report identifies key stocks in the technology sector for July 2025, including East Mountain Precision, Shenghong Technology, iFlytek, Dameng Data, Huafeng Technology, Wolong Nuclear Materials, Giant Network, and Shanghai Film [4][7]. - The report emphasizes the growth potential in various segments, driven by technological advancements and market demand, particularly in AI and renewable energy [9][10][11][12][14][15]. Summary by Category Electronics - **East Mountain Precision**: Focuses on FPC and renewable energy, with expected growth driven by Apple's new iPhone models and a strategic acquisition in optical communication [9]. - **Shenghong Technology**: Positioned to benefit from AI computing and data center upgrades, with significant advancements in PCB manufacturing technology [10]. Computing - **iFlytek**: A leading player in AI with strong growth in education, healthcare, and enterprise solutions, leveraging a comprehensive business model [11]. - **Dameng Data**: Positioned as a leader in the domestic database market, benefiting from the acceleration of the domestic software industry [12]. Communications - **Huafeng Technology**: Anticipates growth from AI applications and high-performance connectors, with projected net profits increasing from 278 million to 486 million yuan from 2025 to 2027 [12]. - **Wolong Nuclear Materials**: Maintains a strong position in traditional materials while expanding into new energy products [12]. Media - **Giant Network**: Expected to see growth from new game releases and AI integration in gaming, with positive performance indicators [14]. - **Shanghai Film**: Anticipates growth driven by successful IP management and film releases, with a focus on monetizing popular content [15].

Core Viewpoint - The military industry sector is experiencing significant growth, with multiple stocks reaching their daily limit up, driven by upcoming events and positive performance forecasts [1]. Group 1: Market Performance - On June 25, the military sector saw strong performance, with stocks such as Zhongbing Hongjian, Hangfa Technology, and Beifang Navigation hitting their daily limit up [1]. - The upcoming grand military parade on September 3 is expected to further boost market sentiment [1]. Group 2: Profit Forecasts - According to data from Dongfang Caifu Choice, the net profit of AVIC Chengfei is projected to increase by 2971.29% by 2025 [1]. - Other companies like Huafeng Technology, Beimo Gaoke, and Ligong Navigation are also expected to see their net profits increase by over ten times by 2025 [1]. Group 3: Strategic Opportunities - Guangfa Securities emphasizes the importance of the first quarter financial report disclosures as a critical allocation window, highlighting a strategic opportunity period characterized by both domestic and foreign demand [1]. - CITIC Securities notes that global military spending is expected to rise for the tenth consecutive year in 2024, particularly in Europe and the Middle East, which may benefit Chinese military exports [1].

Market Performance - The Sci-Tech Innovation Board (STAR Market) index fell by 0.57%, closing at 989.97 points, with a total trading volume of 3.251 billion shares and a turnover of 114.114 billion yuan, resulting in a weighted average turnover rate of 1.84% [1] - Among the tradable stocks on the STAR Market, 149 stocks closed higher, with 5 stocks rising over 10%, including Xinan Century and Huachuang Technology, which hit the daily limit [1] - A total of 429 stocks closed lower, with 1 stock declining over 10% [1] Turnover Rate Analysis - The distribution of turnover rates shows that 2 stocks had turnover rates exceeding 20%, 19 stocks had rates between 10% and 20%, and 62 stocks had rates between 5% and 10% [1] - The highest turnover rate was for Huasheng Lithium Battery at 23.52%, closing up by 6.09%, with a transaction amount of 512 million yuan [1] - Other notable stocks with high turnover rates include Xinyu Ren at 22.71% (closing down 0.63%) and Shengke Nano at 19.29% [1] Sector Performance - Among stocks with turnover rates exceeding 5%, 46 stocks rose, with the highest increases from Xinan Century (20.02%), Huachuang Technology (19.99%), and Nanmo Biology (10.53%) [2] - The sectors with the most stocks exceeding a 5% turnover rate were electronics (20 stocks), followed by computer and defense industries with 17 and 11 stocks, respectively [2] Capital Flow - In terms of capital flow, 44 stocks with high turnover rates saw net inflows from main funds, with significant inflows into Xinan Century (78.4476 million yuan), Huachuang Technology (62.4199 million yuan), and Haooubo (62.1777 million yuan) [2] - Conversely, stocks with the largest net outflows included Guokai Military Industry (134 million yuan), Liyuanheng (127 million yuan), and Yingshi Innovation (124 million yuan) [2] Leverage Fund Movements - A total of 46 stocks with high turnover rates received net purchases from leveraged funds, with notable increases in financing balances for Juxin Technology (128 million yuan), Yingshi Innovation (84.5376 million yuan), and Huafeng Technology (70.1917 million yuan) [2] - Stocks with the largest decreases in financing balances included Zhongwu Drone (69.032 million yuan), Lais Information (49.6791 million yuan), and Changyang Technology (43.9972 million yuan) [2]