重要内容提示： 证券代码：688629 证券简称：华丰科技 公告编号：2025-029 四川华丰科技股份有限公司 关于 2025 年度向特定对象发行 A 股股票摊薄即期回报 与填补措施以及相关主体承诺的公告 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、准确性和完整性依法承担法律责任。 本公告中关于四川华丰科技股份有限公司（以下简称"华丰科技"或"公 司"）本次向特定对象发行 A 股股票后其主要财务指标的分析、描述均不构成 公司的盈利预测，投资者不应仅依据该等分析、描述进行投资决策，如投资者 据此进行投资决策而造成任何损失的，公司不承担任何责任。公司郑重提示投 资者，制定填补回报措施不等于对公司未来利润做出保证。 本公告中关于本次发行的 A 股股票数量和发行完成时间均为预估和假设。 本次发行尚需上海证券交易所审核通过以及中国证券监督管理委员会（以下简 称"中国证监会"）同意注册，能否完成注册、何时完成注册及发行时间等均 存在不确定性。敬请投资者关注。 华丰科技拟向特定对象发行 A 股股票，根据《国务院关于进一步促进资本 市场健康发展的若干意见》（国发[2 ...

四川华丰科技股份有限公司 证券代码：688629 证券简称：华丰科技 公告编号：2025-031 关于暂不召开股东大会的公告 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"）于2025年7月21日召开第 二届董事会第十四次会议、第二届监事会第十次会议，审议通过了《关于2025 年度向特定对象发行A股股票方案的议案》等相关议案，内容详见公司同日披露 的《四川华丰科技股份有限公司2025年度向特定对象发行A股股票预案》等文件。 鉴于本次向特定对象发行股票的相关准备工作尚在进行中，公司决定暂不召 开股东大会审议本次发行相关事项，待必要工作完成后，公司董事会将另行发布 股东大会的通知，并将董事会审议通过的相关议案提交公司股东大会审议。 特此公告。 四川华丰科技股份有限公司董事会 2025年7月22日 ...

第二届监事会第十次会议决议公告 本公司监事会及全体监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。 证券代码：688629 证券简称：华丰科技 公告编号：2025-025 四川华丰科技股份有限公司 经与会监事认真审议，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》 经与会监事审议，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》"）等有关法律法规和规范性文件的规 定，结合公司实际运营情况，经认真逐项自查和论证，公司符合现行法律、法 规和规范性文件关于上市公司向特定对象发行股票的规定和要求，具备向特定 对象发行股票的资格和条件。 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 监事会第十次会议于 2025 年 7 月 21 日 15:00 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监事。 本 ...

5、根据《关于首发及再融资、重大资产重组摊薄即期回报有关事项的指导 意见》，公司就本次发行对即期回报摊薄的影响进行了认真分析并提出了具体的 填补回报措施，相关主体对公司填补回报拟采取的措施得到切实履行做出了承诺， 有利于保障投资者合法权益，不存在损害公司或全体股东利益的情形。 四川华丰科技股份有限公司监事会 关于公司向特定对象发行股票的书面审核意见 四川华丰科技股份有限公司（以下简称"公司"）拟向特定对象发行 A 股股 票（以下简称"本次发行"）。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》"）等有关法律、法规及规范性文件的 规定，我们作为公司监事，在全面了解和审核公司本次发行的相关文件后，基于 独立判断的立场，现就本次发行的相关事项发表如下书面审核意见： 1、公司符合《公司法》《证券法》《注册管理办法》等有关法律、法规及规 范性文件中关于向特定对象发行 A 股股票的有关规定，具备向特定对象发行 A 股股票的资格和条件。 2、本次发行的发行方案、发行预案符合《公司法》《证券法》《注册管理 ...

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].