Core Viewpoint - The company *ST Huamei (600360.SH)* projects a profit total for 2025 ranging from 166 million to 199 million yuan, indicating a positive outlook for future earnings [1] Financial Projections - The expected net profit attributable to shareholders for 2025 is estimated to be between 145 million and 175 million yuan [1] - The projected net profit after deducting non-recurring gains and losses is forecasted to be between 131.16 million and 161.16 million yuan [1] - The anticipated operating revenue for 2025 is estimated to be between 2.21 billion and 2.3 billion yuan [1] - After excluding revenue unrelated to the main business and income lacking commercial substance, the operating revenue is expected to be between 2.19 billion and 2.28 billion yuan [1]

Core Insights - The application of large models in government services is rapidly increasing, with a projected 593% growth in the number of projects and a 275% increase in disclosed amounts by 2025 [1] - The government sector ranks second in project quantity and first in project value among all industries for large model applications [1] Group 1: Government Sector Developments - The core driver for the growth of large models in the government sector is policy guidance, highlighted by the State Council's directive on advancing AI applications in government [1] - The introduction of the "Guidelines for the Deployment and Application of Large Models in the Government Sector" marks a significant policy framework for AI in government [1] Group 2: Technological Advancements - The rapid improvement in domestic large model performance and cost optimization, particularly through open-source models, has lowered the technical barriers for government departments [1] - The integration of large models into various government functions, such as internal operations and decision-making, is accelerating the transition to intelligent governance [2] Group 3: Practical Applications - Local governments are leveraging AI large models to enhance governance capabilities, with examples including the collaboration between Zhongguancun KJ and multiple cities in Sichuan to create specialized knowledge bases for public services [2] - The Hefei Government Service Center is utilizing AI to streamline processes, achieving significant efficiency gains by reducing reliance on human services through intelligent systems [2] Group 4: Industry Participation - Over 300 entities in China have initiated applications related to government large models, expanding from simple Q&A to core areas like service processing and urban management [3] - Major players in the large model market, including Alibaba Cloud and Huawei, are actively engaging in the government sector, indicating a robust competitive landscape [3]

Core Viewpoint - *ST Huamei (600360.SH) announced the election of Li Chunfeng as the employee director of the ninth board of directors during the first employee representative meeting of the fifth session, effective from January 14, 2026 [1] Group 1 - The company held its fifth employee representative meeting to make important governance decisions [1] - Li Chunfeng was elected as the employee director, indicating a focus on employee representation in the board [1] - The term of the employee director will last until the end of the ninth board's term [1]

Group 1 - The core competition in the instant retail sector is intensifying, with major players like Hema and Xiaoxiang Supermarket engaging in a battle for market share across various channels, from community corners to high-end supermarkets [1][3] - Hema is facing operational challenges due to increased online orders and delivery delays, exacerbated by a shortage of manpower and inventory issues, particularly in popular products [3][6] - To address these challenges, Hema plans to implement a dual expansion strategy of "Super Box Calculation Stores + Front Warehouses" in key markets like Beijing, focusing on high-frequency essential products to differentiate itself from Xiaoxiang Supermarket [3][6] Group 2 - Xiaoxiang Supermarket has established a strong competitive advantage through a high-density front warehouse network and effective online-offline collaboration, allowing for significant market penetration [3][6] - Both companies are leveraging their mini-programs as critical competitive tools, with Hema's program helping to manage traffic and orders, while Xiaoxiang's program optimizes delivery scheduling [3][6] - The competition is shifting towards self-owned brands, with both Hema and Xiaoxiang Supermarket adapting their strategies to include self-branded products to enhance market presence and profitability [5][8] Group 3 - The growth of pure online models is facing limitations, highlighting the importance of offline store presence for brand recognition and customer engagement [6][8] - Hema's organizational coordination capabilities are currently lagging behind Xiaoxiang Supermarket, impacting its competitiveness in nationwide operations [6][8] - The future competitive landscape in the instant retail sector remains uncertain, with self-owned brands and offline stores becoming key elements in the ongoing battle [8]

致：香港交易及結算所有限公司 公司名稱: 新焦點汽車技術控股有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00360 | 說明 - | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 17,216,948,349 | | 0 | | 17,216,948,349 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 17,216,948,349 | | 0 | | 17,216,948,349 | 第 2 頁 共 10 頁 v 1.1.1 ...

Core Insights - The Latin American e-commerce market is experiencing significant growth, with a total transaction value projected to reach $633 billion in 2024 and a consistent year-on-year growth rate exceeding 20% for six consecutive years [1][2] - E-commerce in Latin America is expected to have a compound annual growth rate (CAGR) of 9.43% from 2025 to 2029, potentially surpassing $1 trillion by 2027 [2] Group 1: Market Dynamics - Latin America's e-commerce market is characterized by diverse cultures, regulations, and consumer preferences, necessitating unique operational strategies [3] - Deep localization is crucial, as consumers prioritize reviews and have specific aesthetic and functional needs [3] - Compliance and fulfillment challenges remain significant, with cross-border customs, multi-country taxation, and last-mile delivery efficiency posing barriers for sellers [3] Group 2: Solutions and Tools - A mature cross-border e-commerce ERP, such as 易仓ERP, can provide a comprehensive solution for sellers, addressing challenges from market entry to financial reconciliation [4] - 易仓ERP supports integrated management of orders and inventory across over 70 e-commerce platforms, enabling efficient coordination and dynamic allocation of inventory [4] - The ERP system offers precise profit calculation by automatically aggregating order data and distributing costs accurately across each order and SKU [4][5] Group 3: Strategic Approach - Entering the Latin American e-commerce market requires a long-term commitment to brand integration rather than a one-time sales effort [6] - Successful sellers are shifting from price competition to value competition, focusing on deep localization to build brand recognition and customer loyalty [6] - The rapid growth of platforms like 美客多 signals a clear entry point for businesses, and utilizing comprehensive ERP solutions can help convert market opportunities into sustainable profits [6]

在具体投资方向上，晨星首席市场策略师David Sekera提出，2026年市场的关注点可能转向应用人工智 能技术提升效率与营收的企业。他列举了包括高乐氏、亿滋国际在内的公司作为例子。Carson Research 首席市场策略师Ryan Detrick则预计，尽管劳动力市场存在疲软迹象，但2026年美国经济表现可能超出 预期，大宗商品领域的繁荣有望延续。他建议在投资组合中增加大宗商品的配置。 双线资本首席执行官杰弗里·冈拉克因准确预测2025年黄金价格大幅上涨而被列入榜单。他在去年3月就 预测金价将超过每盎司4000美元，远高于当时华尔街多数策略师约3000美元的上限预期。冈拉克认为， 投资者对地缘政治动荡和政府债务增长的担忧，支撑了黄金作为"真正货币资产"的吸引力。 与此同时，其他机构也发布了针对2026年的经济预测，显示出不同的侧重点。先锋领航集团经济学家 Joseph Davis的团队预测，2026年美国GDP将增长约2.25%，主要由投资增长和"大而美"法案中的财政刺 激措施驱动。该团队预计就业市场将反弹，失业率从2025年11月的4.6%降至4.2%，但核心PCE物价指数 年增率可能保持在2.6% ...

Group 1 - The company New Focus (00360) announced that its non-wholly owned subsidiary, New Focus Technology (Shanghai), won the land use rights for a plot in Qingpu District, Shanghai, through a public tender for RMB 46.34 million on December 30, 2025 [1] - The land plot, identified as QPC1-0011 unit H-27-13, covers an area of approximately 38,600 square meters and is located in the Xianghuajiao Street area of Qingpu District, Shanghai [1] Group 2 - The group received a notice of expropriation from the Qingpu Industrial Park Expropriation Compensation Office in May 2024, and on November 22, 2024, entered into a compensation agreement with the Qingpu Industrial Park Group for the expropriation of its core operational and production site [2] - The expropriation will impact the continuity and stability of New Focus Optoelectronics (Shanghai)'s production operations, necessitating the acquisition of new land to deploy relevant production and operational facilities [2] - The acquisition of the new land will also help fulfill the requirements outlined in the supplemental agreement of the capital increase agreement disclosed on December 30, 2025, which stipulates that New Focus Optoelectronics (Shanghai) must maintain its production base in Shanghai, China [2]

Core Viewpoint - The company New Focus (00360) has successfully acquired land use rights in Shanghai for RMB 46.34 million, which is essential for its operational continuity following a recent land expropriation affecting its core manufacturing site [1][2]. Group 1: Land Acquisition - New Focus's subsidiary, New Focus Technology (Shanghai), won a public tender for land use rights in Qingpu District, Shanghai, with a total area of approximately 38,600 square meters [1]. - The acquisition contract was signed with the Shanghai Qingpu District Planning and Natural Resources Bureau on December 30, 2025 [1]. Group 2: Impact of Expropriation - The company received a land expropriation notice from the Qingpu Industrial Park Compensation Office in May 2024, which will affect the continuity and stability of its operations at New Focus Optoelectronics (Shanghai) [2]. - The acquisition of new land is critical for the company to establish production and operational facilities, ensuring normal business operations [2]. - This acquisition also aligns with the supplementary agreement of the capital increase agreement disclosed on December 30, 2025, which requires New Focus Optoelectronics (Shanghai) to maintain its production base in Shanghai [2].

格隆汇12月30日丨新焦点(00360.HK)公告，于2025年12月30日，公司非全资附属公司纽福克斯科技(上 海)已透过公开招标以代价人民币4634万元赢得位于中国上海市青浦区的该土地(地块编号：QPC1-0011 单元H-27-13)的土地使用权的竞标。纽福克斯科技(上海)已于2025年12月30日与上海市青浦区规划和自 然资源局就收购事项订立土地使用权出让合同。 ...