Core Points - Recent leadership changes at Taiping Fund with both the General Manager and Deputy General Manager resigning simultaneously, leading to the Chairman Liu Dong taking over as General Manager [1] - Taiping Fund is the first public fund company in China to be fully controlled by the insurance industry through mergers and acquisitions, established in 2013 [1] Company Overview - Taiping Fund's equity business accounts for less than 9% of its total operations [1] - The company has experienced significant management turnover in recent years, with multiple changes in leadership roles since 2021 [1] Fund Performance - As of mid-2023, Taiping Fund's 19 bond funds have a total scale of approximately 45.2 billion, accounting for nearly 80% of the fund's total, with a quarter-on-quarter decline of nearly 14% and a year-on-year decline of 9.21% [2] - The two money market funds have a combined scale of 7.139 billion, with a quarter-on-quarter decline of 14.18% and a year-on-year decline of 12.95% [2] - The only FOF (Fund of Funds) has a scale of 230 million, showing a slight quarter-on-quarter growth of 7% but a year-on-year decrease of 13% [2]

近年来，深圳不断加大总部企业招引力度，围绕重点产业发展方向，持续引进世界500强、行业龙头企 业等优质外资企业，吸引更多跨国公司总部在深圳集聚。沃尔玛中国、华润微科技、思谋信息、百胜餐 饮、金拱门、雅兰实业、星巴克、杜邦中国等跨国公司总部企业在深圳蓬勃发展。 深圳持续打造市场化、法治化、国际化一流营商环境，全力打造全球投资首选地。数据显示，今年1月 至8月，全市新设高技术产业企业2378家，同比增长104.3%，高技术产业实际使用外资84.6亿元，占全 市实际使用外资总量三分之一。目前，全球共有180个国家和地区来深投资，累计在深投资世界500强企 业超340家；全市有活跃的外资研发中心超200个，拥有研发人员超3万人。 跨国公司总部企业，是指跨国公司设立的地区总部、总部型机构及事业部总部，申报企业应为具有独立 法人资格的外商投资企业或其分支机构。此次名单公布之前，深圳已累计认定九批跨国公司总部企业。 据悉，深圳市第十一批跨国公司总部企业认定申报工作于10月17日至11月15日展开。 【深圳商报讯】（首席记者 刘琼）深圳市跨国公司总部企业新一批成员"出炉"。近日，深圳市投资促 进局发布深圳市第十批跨国公司总部 ...

一部荣耀手机连接上汽车，导航与音乐在屏幕间无缝流转；一句"YOYO"，即可远程查看烹饪进度并获 得提醒——在AI的赋能下，人、车、家的边界正被打通。 10月23日，以"智联无界·生态共创"为主题的荣耀首届全球开发者大会暨AI终端生态大会在深圳坪山启 幕。作为荣耀从智能手机制造商迈向全球领先AI终端生态公司的关键节点，本次大会全面展示了荣耀 的AI生态布局，携手全球开发者与合作伙伴，共绘万物智联、生态共赢的新蓝图。 三方合力为终端智能化演进按下快进键 "1×3×N"构建AI终端生态图景 荣耀终端股份有限公司董事长吴晖表示，荣耀正与深圳这座"AI先锋城市"同频共振，政策、技术与市场 三方合力，为终端智能化演进按下快进键。他指出，"AI+"浪潮正以前所未有的力量重塑终端生态，荣 耀将以更加开放的姿态，与伙伴共建融合、无缝的智慧生活体验。 在本次发布会上，面对AI终端生态碎片化的挑战，荣耀发布了"1×3×N"生态战略，打造跨品牌、跨场 景、跨设备的智能互联生态。其中，"1"代表HONOR AI Connect平台，可将荣耀的AI能力开放给所有的 生态合作伙伴；"3"代表通过"生态赋能""渠道赋能""技术与品牌赋能"三 ...

据介绍，日本爱思专利事务所于1956年在日本大阪成立，如今已成长为日本规模领先的知识产权服务机 构。随着中国创新主体的国际参与度显著提升，该所敏锐把握中国的政策与发展机遇，决定在华设立首 家代表机构，并将深圳前海片区作为其深耕中国市场的首选落户地。 【深圳商报讯】（记者 李佳佳）近日，深圳知识产权服务领域迎来标志性突破，市市场监管局向日本 爱思专利事务所（弁理士法人R＆C）颁发了深圳市首张外国专利代理机构驻华代表处登记证。 据了解，这是深圳市首家获国家知识产权局批准设立的外国专利代理机构驻华代表机构，标志着市场监 管部门深入推进深圳综合改革试点工作，联动前海在知识产权服务业对外开放取得新的成果。深圳知识 产权服务业向国际化迈出关键一步，进一步完善了前海国际科技服务生态，为深耕海外市场的深圳创新 主体和服务机构搭建起跨境知识产权服务桥梁。 ...

Core Viewpoint - The launch of the "date liquor" series by Kweichow Moutai aims to enhance consumer engagement and potentially boost sales amidst a challenging market environment for the liquor industry [1][2]. Group 1: Product Launch and Market Strategy - Kweichow Moutai has introduced the "date liquor" series, allowing consumers to select their preferred production dates for the 53% vol 500ml Guizhou Moutai liquor, starting from October 20 [1]. - The "date liquor" concept is designed to create emotional value for consumers by packaging "time" as a high-end consumable, which could lead to increased sales and brand premiumization [2]. - The company has not disclosed the specific quantity of products available for this launch, nor confirmed whether the limited strategy of "one bottle per day" will continue [1]. Group 2: Market Conditions and Financial Performance - The liquor industry is currently experiencing a downturn, with a slowdown in consumer demand and significant fluctuations in the wholesale prices of Moutai's core products [1]. - Kweichow Moutai set a growth target of 9% for the year, achieving a revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89% [2]. - However, the company's contract liabilities, seen as a future performance indicator, have significantly decreased, with advance payments dropping from 9.592 billion yuan to 5.507 billion yuan, reflecting a decline in distributors' willingness to stock products [2]. Group 3: Consumer Perception and Criticism - Some consumers have expressed concerns over the pricing strategy, noting that the market price for the "snake Moutai" is around 2,000 yuan, while it is being sold for 2,499 yuan on the i Moutai platform, raising questions about the value of the personalized service [2]. - Critics argue that Kweichow Moutai should focus on practical market strategies rather than flashy marketing gimmicks in light of the industry's changing dynamics [3].

Core Insights - TOP TOY, a潮玩 brand incubated by Miniso, is advancing its IPO project in Hong Kong, but has not yet produced a breakout self-owned IP in its five years of existence, highlighting a significant gap compared to industry leaders [1] - Miniso's founder, Ye Guofu, announced plans to close and reopen 80% of its stores over the next two years to shift from retail to cultural creativity, aiming to become a leading global IP operation platform [1] Financial Performance - TOP TOY reported a revenue of 742 million yuan in the first half of this year, a 73% year-on-year increase, but nearly half of this revenue came from Miniso, indicating a high dependency [1] - In 2024, TOP TOY's self-owned IP revenue was only 6.8 million yuan, accounting for less than 0.4% of total revenue [1] - Miniso's revenue for the first half of this year reached 9.393 billion yuan, a 21.1% year-on-year increase, with operating profit of 1.546 billion yuan, up 3.4% year-on-year; however, net profit decreased by 23.1% due to losses from investments in Yonghui Supermarket [1] Strategic Outlook - Analysts believe that Miniso's optimization of its large store strategy will improve store structure and operational efficiency, leading to gradual improvement in same-store sales [2] - The strengthening of the IP strategy is expected to enhance global competitiveness and drive the development of overseas business and the TOP TOY brand [2]

Core Insights - Shenzhen Guanghetong Wireless Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the second "A+H" listed company in Nanshan District this year [1] - The company raised a total of HKD 2.9 billion through the global offering of approximately 135 million shares at an issue price of HKD 21.50 per share [1] - The funds raised will primarily be used for research and development in robotics and edge AI, debt repayment, and to supplement working capital [1] Company Overview - Guanghetong was founded in 1999 and is recognized as the first listed wireless communication module company in China, having previously listed on the Shenzhen Stock Exchange in 2017 [1] - The company reported projected revenues of CNY 5.203 billion, CNY 5.652 billion, and CNY 6.971 billion for the years 2022, 2023, and 2024, respectively [1] - Projected annual profits for the same years are CNY 365 million, CNY 565 million, and CNY 677 million [1] Industry Context - Nanshan District currently has 218 listed companies, making it one of the regions with the highest density of listed companies in the country [1] - This year, five companies from Nanshan District, including Fengcai Technology and Kangzhe Pharmaceutical, have successfully listed overseas [1]

Core Insights - The three major telecom operators in China reported revenue and net profit growth for the third quarter, despite a slowdown in revenue growth [2] Group 1: Financial Performance - China Mobile reported a total revenue of 794.67 billion yuan for the first three quarters, a year-on-year increase of 0.41%, with a net profit of 115.35 billion yuan, up 4.03% [1] - China Telecom's revenue for the first three quarters was 394.27 billion yuan, a 0.59% increase year-on-year, with a net profit of 30.77 billion yuan, up 5.03% [1] - China Unicom achieved a revenue of 292.99 billion yuan for the first three quarters, a 1% increase year-on-year, with a net profit of 8.77 billion yuan, up 5.2% [1] Group 2: Daily Earnings - In the first three quarters, China Mobile earned an average of 427 million yuan per day, leading the sector [2] - China Telecom's daily earnings were 114 million yuan, while China Unicom's daily earnings stood at 33 million yuan [2] Group 3: User Growth - As of September 30, China Mobile had a total of 1.009 billion mobile customers, with a net increase of 4.56 million, and 622 million 5G customers, netting an increase of 23 million [3] - China Unicom's mobile customer base reached 356 million, with a net increase of 12.48 million, including 225 million 5G customers and 129 million fixed broadband users [3] - China Telecom reported a total of 437 million mobile customers, with a net increase of 12.67 million, and 292 million 5G customers, with a penetration rate of 66.9% [3]

Core Viewpoint - Dongtu Technology is planning to acquire 100% equity of Gaoweike Electric Technology through share issuance, indicating a strategic move to expand its business in the automation sector [1] Company Overview - Gaoweike operates in a wide range of areas including technology development, consulting, and services, and is a significant agent for well-known automation product manufacturers such as Mitsubishi, Schneider, SMC, Siemens, and ABB [1] - The acquisition involves 43 shareholders, including actual controllers Zhang Xun and Liu Xinping [1] Financial Performance - Gaoweike's revenue from 2019 to the first half of 2023 was as follows: 1.107 billion, 1.315 billion, 1.635 billion, 1.524 billion, and 739 million yuan respectively [1] - The net profit attributable to the parent company during the same period was: 18.15 million, 37.05 million, 47.28 million, 58.60 million, and 31.04 million yuan [1] - Gaoweike's major suppliers are relatively concentrated, with the top five suppliers accounting for 78.13%, 78.09%, and 78.89% of total procurement from 2020 to 2022 [1] Recent Performance of Dongtu Technology - In the first half of the year, Dongtu Technology reported revenue of 390 million yuan, a year-on-year decrease of 7% [1] - The company incurred a net loss of 88.80 million yuan during the same period [1]

Core Insights - The three major telecom operators in China reported revenue and net profit growth for the third quarter, despite a slowdown in revenue growth [2][3] - Total revenue for the three operators in the first three quarters reached 14,819.26 billion yuan, with a combined net profit of 1,549 billion yuan [2] Group 1: Financial Performance - China Mobile's revenue for the first three quarters was 7,946.66 billion yuan, a year-on-year increase of 0.41%, with a net profit of 1,153.53 billion yuan, up 4.03% [1] - China Telecom reported revenue of 3,942.70 billion yuan, a 0.59% increase, and a net profit of 307.73 billion yuan, up 5.03% [1] - China Unicom's revenue was 2,929.9 billion yuan, growing by 1%, with a net profit of 87.7 billion yuan, an increase of 5.2% [1] Group 2: User Growth - As of September 30, China Mobile had a total of 1.009 billion mobile customers, with a net increase of 4.559 million, and 622 million 5G network customers, netting an increase of 23 million [3] - China Unicom's mobile customer base reached 356 million, with a net increase of 12.48 million, including 225 million 5G network customers and 129 million fixed broadband users [3] - China Telecom had 437 million mobile customers, a net increase of 12.67 million, with 292 million 5G network customers and a penetration rate of 66.9% [3]