证券日报网讯12月29日，良信股份（002706）在互动平台回答投资者提问时表示，良信股份专注于低压 电器市场的研发、生产与销售，核心产品包括断路器、接触器、继电器、终端配电等系列产品，主要应 用于新能源、数字能源、基础设施、电力、工控等行业。关于互感器、电度表、电压表及转换开关，主 要由公司控股子公司广州汉光电气股份有限公司负责开展相关业务，目前该类产品未纳入良信股份母公 司的主营业务范围。未来，公司将持续聚焦低压电器主业，围绕客户需求不断优化产品与解决方案。 ...

内容概况：进入21世纪以来，断路器在工业、电力与智能家居等领域始终发挥着不可替代的关键作用。 然而，传统断路器功能单一、维护复杂、响应效率有限等局限性日益凸显。在此背景下，智能断路器应 运而生，通过集成传感、通信与智能控制技术，为行业注入新的发展动力，成为电气保护领域升级的必 然方向。智能断路器能够实时监测电路中的电流、电压、功率等多种参数，并借助传感器将数据上传至 控制系统进行分析与处理。当检测到电流超过设定阈值或出现其他异常状态时，设备可自动执行分闸操 作，有效保护用电设备与电力系统安全；待异常消除后，又能自动恢复供电，大幅提升系统的连续性与 可靠性。此外，智能断路器普遍具备网络连接能力，支持远程监控与控制。用户可通过手机应用或其他 终端设备，随时查看电路状态、调整运行参数并执行远程操作，极大提升了管理便捷性。近年来，持续 增长的用电需求与电力系统升级改造进程，推动了对更智能、更可靠断路器的市场需求；同时，智能家 居普及与工业自动化深入发展，也进一步拉动了智能断路器在各场景中的应用。数据显示，中国智能断 路器行业市场规模从2018年的40亿元增长至2024年的153.33亿元，年复合增长率为25.1%。预 ...

Investment Rating - The credit risk outlook for the power and electrical equipment manufacturing industry in 2026 is overall controllable, with structural differentiation continuing, highlighting the stability of leading enterprises while remaining cautious about the operational and debt pressures faced by small and medium-sized enterprises [8][50]. Core Insights - The power and electrical equipment manufacturing industry is a crucial part of the national economy, closely linked to macroeconomic growth and electricity investment demand. Since 2024, electricity consumption has steadily increased, and the industry is accelerating the construction of a new energy system and power grid [8][9]. - In 2025, industry policies focus on growth stabilization, market reform, industrial integration, and rural electricity support, with attention needed on the execution of growth targets and the participation of private capital [8][11]. - The industry is characterized by a pyramid structure, with a large number of small and medium-sized enterprises facing intense competition. The ability to negotiate with upstream and downstream partners is weak, and there is significant capital occupation from accounts receivable and inventory [8][21]. - Profitability in the industry is under pressure from upstream and downstream factors, but there was a slight recovery in operating profit in the first half of 2025, with overall profitability remaining stable compared to the previous year [8][27]. - The industry maintains a good credit status, with no new defaults reported in 2025, although there is a need to monitor potential concentrated repayment pressures in the future [8][39]. Industry Fundamentals - The power and electrical equipment manufacturing industry is significantly influenced by national economic growth and electricity investment demand. In 2024, the total electricity consumption in China reached 9.85 trillion kWh, a year-on-year increase of 6.8% [10]. - The investment in power generation and grid construction has seen substantial growth, with a focus on renewable energy installations becoming the mainstay [19][18]. Industry Policies and Regulatory Environment - Numerous policies have been introduced to support the power and electrical equipment industry, emphasizing growth targets, market reforms, and rural electrification [11][13]. - Key policies include the "Power Equipment Industry Growth Stabilization Work Plan (2025-2026)" which sets revenue growth targets for traditional power equipment at around 6% annually [13][15]. Industry Operating Conditions - In the first three quarters of 2025, investment growth in power generation and grid construction continued, with a notable increase in the construction of new energy systems [17]. - The total installed power generation capacity reached 3.72 billion kW by the end of September 2025, a year-on-year increase of 17.5% [18]. Industry Competitive Landscape - The industry exhibits a pyramid-shaped competitive structure, with a high degree of marketization and significant pressure on capital occupation. The number of enterprises in the power and electrical equipment manufacturing sector exceeds ten thousand, with small and medium-sized enterprises making up a large proportion [21][22]. - The competition is particularly fierce in the low and medium voltage cable sectors, while high voltage and ultra-high voltage cable production is dominated by a few key players due to high technical barriers [21]. Industry Financial Status - The profitability of the industry is affected by the dual pressures of upstream raw material costs and downstream customer pricing. In the first half of 2025, sample enterprises saw a slight increase in operating profit, with overall revenue growth of 1.07% [27][28]. - The financial leverage of sample enterprises decreased slightly by mid-2025, remaining at a moderate level, with an average asset-liability ratio of around 58% [33][36]. Industry Bond Market Performance - The credit status of the power and electrical equipment industry remains stable, with no defaults reported in 2025. The majority of bonds issued are short-term financing bonds and general corporate bonds [39][40]. - As of the first nine months of 2025, 37 bonds were issued, primarily by local state-owned enterprises with AAA ratings, indicating a preference for short-term flexible financing [41][43].

Core Insights - China's economy is demonstrating resilience and innovation, with significant growth in foreign trade and foreign investment despite external challenges [1][5][8] - The transformation of China's foreign trade structure is evident, with a shift from labor-intensive products to high-tech and high-value-added goods [3][5] - Foreign companies are increasingly viewing China not just as a market but as a vital part of their global supply chain and innovation ecosystem [8][9] Group 1: Trade and Economic Growth - In the first three quarters, China's total goods trade value increased by 4% year-on-year, with new foreign-funded enterprises rising by 4.1% in the first half of the year [1][5] - High-tech product exports grew by 11.9% year-on-year, contributing over 30% to overall export growth [5][6] - The export of electromechanical products now accounts for 60% of total exports, indicating a significant shift in trade composition [3][5] Group 2: Company Innovations and Developments - Huakin, a leading company in smart product manufacturing, plans to produce 230 million smart products in 2024, with over 100 million units destined for international markets [2] - The company has invested over 5 billion yuan annually in technology development, employing over 19,000 R&D personnel [2] - Shanghai's Qinglong Intelligent Technology has produced 100,000 service robots, which have collectively traveled over 40 million kilometers, equivalent to over 1,000 times around the Earth [5][6] Group 3: Foreign Investment and Market Dynamics - Over 5,700 new foreign-funded enterprises were established annually in Shanghai since the 14th Five-Year Plan, with a total of 33,000 new foreign-funded enterprises nationwide in the first half of the year [8][9] - Schneider Electric has established China as a key supply chain and R&D base, emphasizing the collaborative advantages of the industrial chain [8] - Foreign companies express confidence in investing in China, viewing it as a strategic market for future growth [9]

Core Insights - China's economy is demonstrating resilience and innovation, with significant growth in foreign trade and foreign investment despite external challenges [1][5][10] Group 1: Innovation and Product Development - Huakin has evolved from mobile phone motherboard design to producing 2.3 billion smart products, with over 100 million units exported globally, achieving revenue exceeding 100 billion yuan [1][2] - The company invests over 5 billion yuan annually in technology development, employing more than 19,000 R&D personnel and expanding into new industries like robotics [2][4] - The export structure of China's foreign trade is shifting from labor-intensive products to high-tech and high-value-added products, with electromechanical products accounting for 60% of exports [4][5] Group 2: Market Dynamics and Collaboration - High-tech product exports increased by 11.9% year-on-year, contributing over 30% to overall export growth, with industrial robots seeing a 54.9% increase [5][6] - The robotics industry is characterized by a complex ecosystem, with local companies producing service robots that have been deployed in over 60 countries [6][8] - Schneider Electric views China as a key supply chain base and innovation hub, emphasizing the collaborative advantages of the industrial chain [8][10] Group 3: Foreign Investment and Economic Confidence - China has seen a steady increase in foreign investment, with over 3.3 million new foreign enterprises established in the first half of the year, reflecting confidence in the Chinese market [10][11] - Foreign companies, such as Dassault Systèmes, have experienced significant growth in China, highlighting the supportive policies and responsiveness of the government [10][11] - The financial sector's openness is attracting international players, with Standard Chartered Bank recognizing China as a strategic market contributing significantly to its global revenue [11]

Core Insights - China's economy is demonstrating resilience and innovation, with significant growth in foreign trade and foreign investment despite external challenges [1][10] - The transformation of China's foreign trade structure is evident, with a shift from labor-intensive products to high-tech and high-value-added goods [4][5] Group 1: Trade and Economic Growth - In the first three quarters, China's total import and export value increased by 4% year-on-year, with new foreign-funded enterprises rising by 4.1% in the first half of the year [1][10] - High-tech product exports grew by 11.9% year-on-year, contributing over 30% to overall export growth [5] Group 2: Company Innovations and Developments - Huakin, a leading company in mobile phone motherboard design, is set to produce 230 million smart products in 2024, with over 100 million units exported, achieving revenue exceeding 100 billion yuan [2][4] - The company invests over 5 billion yuan annually in technology development and employs more than 19,000 R&D personnel, expanding into new industries like robotics [2] Group 3: Robotics Industry Growth - The robotics sector is experiencing rapid growth, with a 54.9% increase in industrial robot production, and over 100,000 service robots produced by local companies [5][6] - These robots have collectively traveled over 40 million kilometers, equivalent to more than 1,000 times around the Earth's equator [6] Group 4: Foreign Investment and Market Dynamics - Shanghai has seen an average of over 5,700 new foreign-funded enterprises annually since the 14th Five-Year Plan, with a total of 33,000 new foreign-funded enterprises established nationwide in the first half of the year [10] - Foreign companies express confidence in investing in China, citing favorable policies and a supportive business environment [10]

Core Points - The company held its first extraordinary shareholders' meeting of 2025 on August 22, 2025, where it approved the proposal to change its registered capital and revise the Articles of Association [1] - As of June 30, 2025, the total number of shares increased from 1,042,676,146 to 1,459,746,940 due to the implementation of the 2024 annual profit distribution and capital reserve conversion into share capital, as well as the conversion of convertible bonds [1] - The registered capital changed from 1,042,676,146 yuan to 1,459,746,940 yuan [1] - The company will no longer have a supervisory board, and its functions will be transferred to the audit committee under the board of directors [1] Company Information - The company has completed the registration capital change and the filing of the revised Articles of Association, obtaining a new business license from the Wuhan Market Supervision Administration [2] - The new business license includes the following information: - Unified Social Credit Code: 914201001776660197 - Name: Hongfa Technology Co., Ltd. - Type: Other joint-stock company (listed) - Legal Representative: Guo Manjin - Address: No. 21, Jiefang Avenue, Qiaokou District, Wuhan - Registered Capital: 1.45974694 billion yuan - Established Date: December 21, 1990 - Business Scope: Research, production, and sales of relays, low-voltage electrical appliances, contactors, automation equipment, and related electronic components and modules, as well as import and export of goods or technologies [2]

宏发科技股份有限公司章程 宏发科技股份有限公司章程 （2025 年 7 月） 第一章 总则 第一条 为维护宏发科技股份有限公司（下称"公司"或"本公司"）、股东、职工和 债权人的合法权益，规范公司的组织和行为，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》）和其他有关规定，制定 本章程。 第二条 公司系依照《股份有限公司规范意见》和其他有关规定成立的股份有限公司。 公司经武汉市体改委（武体改[1992]12 号文）批准，以募集方式设立；在武汉市市场 监督管理局注册登记，取得营业执照，统一社会信用代码 914201001776660197。 第三条 公司于一九九六年元月十五日经中国证券监督管理委员会（以下简称"中国证 监会"）批准，首次向社会公众发行人民币普通股 1800 万股，该部分股票于一九九六年二 月五日在上海证券交易所上市。 第四条 公司注册名称 中文名称：宏发科技股份有限公司 英文名称：Hongfa Technology Co.，Ltd. 第五条 公司住所：武汉市硚口区解放大道 21 号汉正街都市工业区 A107-131；邮政编 码为：430030。 ...