Summary of Key Points Core Viewpoint - As of November 21, 14 stocks reached their 52-week highs, with Hengfa Optical (01134), Chaowei Holdings (08059), and Cassava Resources (00841) leading the gains at 42.11%, 30.56%, and 22.49% respectively [1]. 52-Week Highs - Hengfa Optical (01134) closed at 0.375, with a peak price of 0.540, marking a 42.11% increase [1]. - Chaowei Holdings (08059) closed at 0.030, reaching a high of 0.047, reflecting a 30.56% rise [1]. - Cassava Resources (00841) closed at 0.200, with a maximum price of 0.207, indicating a 22.49% increase [1]. - Other notable stocks include Sibor Systems (08319) at 15.04%, MOS HOUSE (01653) at 11.46%, and Tianjin Jianfa (02515) at 5.19% [1]. 52-Week Lows - China Pengfei Group (03348) reached a low of 1.100, down 20.09% from its peak [1]. - China Information Technology (08178) closed at 0.285, reflecting a 19.35% decrease [1]. - XL Ernan Strategy - U (09799) saw a decline of 14.27% [1]. - Other significant declines include Hesai - W (02525) at -10.54% and MBC Bitcoin - U (03425) at -9.09% [1]. Additional Notable Stocks - Stocks like MBC Bitcoin (03430) and Tongyuan Kang Pharmaceutical - B (02410) also experienced declines of 6.64% and 6.62% respectively [2]. - The overall trend indicates a mix of significant gains in certain stocks while others are facing substantial losses, reflecting a volatile market environment [1][2].

11月19日，港股公司汇通达网络（09878.HK）发布公告称，解聘副总裁及董事会秘书倪娟。解聘理由一是倪娟隐瞒了在证监会新疆监管局及上海证券交易 所的违规记录，二是倪娟任职期间未达成绩效目标。 随后，11月20日凌晨，倪娟向媒体发布书面署名声明，反驳汇通达网络说法，称自身无隐瞒且绩效合格，并指汇通达网络单方面修改考核指标设置障碍。目 前倪娟已向南京市玄武区人民法院提起诉讼。 从过往履历来看，倪娟曾是资本市场的"金牌"董秘。 2012-2023年，倪娟担任广汇能源董事、副总经理及董事会秘书，长期负责资本市场与投资者关系工作。2021年，她获评新浪财经第七届"金麒麟·金牌董 秘"，2022年，以广汇能源董秘、副总经理身份在多场论坛发言。2023年7月，倪娟正式加入汇通达网络，出任副总裁及董事会秘书，负责公司治理、资本市 场沟通。 公开资料显示，汇通达网络是中国领先的利用数字化技术和供应链能力赋能服务乡镇夫妻店的产业互联网公司，2022年2月18日在香港联交所主板上市。 财务方面，2025年上半年，汇通达网络收入为243.42亿元；经营利润为3.56亿元，同比增长15.9%；归母净利润为1.39亿元，同比增长10 ...

Core Insights - The acquisition of "Cognitive Boundary" by Huitongda Network is a strategic move to enhance its "industry empowerment" capabilities, particularly in the "5+ empowerment" system and "BI+AI" integration, expected to create significant synergistic value [1][6] Group 1: Acquisition Details - Huitongda Network signed a share acquisition agreement with Cognitive Boundary, which will become a subsidiary, integrating its financial statements into the listed company [1] - The acquisition is valued at 456 million yuan for a 57% stake in Cognitive Boundary, with performance commitments ensuring net profits of no less than 85 million, 100 million, and 115 million yuan over the next three years [6] Group 2: Empowerment Model - The "5+ empowerment" model includes technology, data, training, products, and marketing, which will be enhanced by the acquisition [2] - The integration of Cognitive Boundary's AI and BI systems with Huitongda's existing AI model is expected to significantly improve operational efficiency for 251,000 member stores [2][3] Group 3: Strategic Benefits - The acquisition will provide Huitongda with a comprehensive AI empowerment system, enhancing its competitive edge in the retail industry [4] - The collaboration is anticipated to deepen the competitive barriers, making it difficult for competitors to challenge Huitongda's market position [4] Group 4: Future Growth Potential - The acquisition aligns with Huitongda's strategic focus on empowering member stores and upstream partners, showcasing strong execution capabilities [5] - The integration is expected to accelerate the commercialization of AI products, capitalizing on growth opportunities in the lower-tier market [6]

Core Insights - The acquisition of "Cognitive Boundary" by Huitongda Network is a strategic move to enhance its "industry empowerment" capabilities, integrating its "5+ empowerment" system with Cognitive Boundary's expertise in "BI+AI" to create significant value [1][5] Group 1: Acquisition Details - Huitongda Network signed a share purchase agreement with Cognitive Boundary, which will become a subsidiary, allowing its financials to be consolidated into Huitongda's reports [1] - The acquisition is valued at 456 million RMB for a 57% stake in Cognitive Boundary, with performance commitments ensuring net profits of no less than 85 million, 100 million, and 115 million RMB over the next three years [5] Group 2: Empowerment Model - The "5+ empowerment" model includes technology, data, training, products, and marketing, which will be enhanced by the acquisition, transitioning from basic digitalization to a full-stack AI empowerment system [1][2] - Cognitive Boundary's AI and BI systems will integrate with Huitongda's "Qiancheng Cloud AI Model," improving operational efficiency for 251,000 member stores [1][2] Group 3: Data Integration - Cognitive Boundary manages over 16,000 e-commerce stores with annual sales exceeding 140 billion RMB, which will be integrated with Huitongda's offline data to create a unique "online + offline + community" data platform [2] Group 4: Training and Support - The acquisition will bring in over 150 e-commerce experts from Cognitive Boundary to provide practical training for more than 250,000 rural stores and brand factories [2] Group 5: Product and Marketing Synergies - The integration of Cognitive Boundary's brand resources with Huitongda's supply chain will enhance product offerings in lower-tier markets, while advanced marketing tools will improve digital marketing efficiency [2][3] Group 6: Competitive Advantage - The strategic fit between Huitongda and Cognitive Boundary will create a robust competitive barrier in the "retail industry internet + AI" sector, enhancing operational capabilities and market insights [3][4] Group 7: Strategic Execution - Huitongda's strategic moves throughout the year, including partnerships and product development, demonstrate a clear path towards becoming a comprehensive AI empowerment platform for the retail industry [4][5] Group 8: Future Outlook - The acquisition is expected to significantly enhance Huitongda's profitability and growth potential, with substantial valuation recovery opportunities as the AI product commercialization accelerates [5]

Core Insights - The acquisition of 57% stake in AI SaaS leader Cognition Boundary for 456 million yuan marks a significant strategic move for Huitongda, enhancing its AI capabilities and positioning in the retail sector [1][2] Group 1: Strategic Continuity - The acquisition aligns with Huitongda's ongoing AI strategy initiated in 2025, which includes the development of proprietary AI models and partnerships with major tech firms [2][3] - The deal reflects a dual drive of continuity and complementarity in Huitongda's AI strategy, enhancing its technological foundation and ecosystem integration [3] Group 2: Value Restructuring - The acquisition is expected to enhance customer stickiness, financial performance, and market valuation for Huitongda [5][6] - Huitongda aims to improve its operational capabilities through the integration of Cognition Boundary's resources, which will help member stores optimize inventory and pricing strategies [5][6] - Financially, the integration will boost Huitongda's service revenue and profitability, with Cognition Boundary projected to contribute a minimum net profit of 85 million yuan in 2026 [6][7] Group 3: Investment Value Enhancement - The AI attributes of Huitongda are anticipated to trigger a revaluation in the capital markets, as AI capabilities become a key valuation driver for SaaS and industrial internet companies [8][9] - The company plans to utilize 2.065 billion yuan of capital reserves to offset accumulated losses, which will strengthen its financial foundation and enhance its market valuation [8][9]

责任编辑：李思阳 据《科创板日报》，11月20日，汇通达前高管倪娟提供的书面署名声明称，反驳公司同日解聘公告中 "隐瞒违规入职""未达绩效" 等内容，称自身无隐瞒且已汇报监管措施、绩效合格，指公司改考核设 障，已向法院起诉，斥公司公告侵权，保留追究其法律责任的权利。 对此，新浪科技以投资者身份致电汇通达，其表示，会将问题反馈到相关部门，一切以官方公告为准。 11月20日消息，近日，汇通达发布公告称于2025年6月30日与前副总裁及董事会秘书倪娟女士解除劳动 关系。公告表示，其隐瞒在新疆证监局及上交所的违规事实，此外，倪娟于本公司任职期间内未达成绩 效目标，不能胜任岗位工作。 公告称，本公司近日发现，在解除劳动关系后，倪娟女士曾以本公司副总裁、董事会秘书的名义发表相 关言论。 ...

Group 1: Company Updates - Sinovac Biotech received a delisting notice from NASDAQ due to the failure to submit its 2024 annual report by the extended deadline of November 11, 2025. The company has appointed a new independent auditing firm to meet compliance requirements and is actively communicating with NASDAQ regarding the situation [4][5] - Faraday Future's founder, Jia Yueting, has established a second creditor trust to expedite the repayment of domestic debts, emphasizing his commitment to returning to China [6] - DJI clarified that its recent internal product experience event for the Avata 360 was not an investor meeting, countering media reports that misrepresented the event [8] - GAC Toyota confirmed that there are no plans to discontinue its main fuel vehicles by 2026, despite market rumors [8] - NIO has begun external supply of its self-developed high-level autonomous driving chip, indicating potential revenue opportunities in the automotive chip market [18] Group 2: Financial Performance - Kuaishou reported Q3 total revenue of 35.554 billion RMB, a year-on-year increase of 14.2%, with core business revenue growing by 19.2%. Adjusted net profit reached 4.986 billion RMB, up 26.3% year-on-year [9] - Nvidia's Q3 revenue growth exceeded 60%, driven by strong demand for AI infrastructure, with expectations for continued growth in the upcoming quarter [9] Group 3: Market Trends - As of October 2025, China's electric vehicle charging infrastructure reached 18.645 million units, a 54% year-on-year increase, indicating robust growth in the EV market [24] - From November 1 to 16, 2025, retail sales of new energy vehicles in China reached 554,000 units, a 2% year-on-year increase, reflecting ongoing growth in the sector [24]

格隆汇11月19日丨汇通达网络(09878.HK)宣布，因个人工作原因，许迪辞任非执行董事，自2025年11月 19日起生效。 ...

（股份代號：9878） 自願性公告 解聘本公司高級管理人員 匯通達網絡股份有限公司（「本公司」）自願作出解聘本公司副總裁及董事會（「董事 會」）秘書倪娟女士的公告。 本公司發現相關事實如下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Huitongda Network Co., Ltd. 匯通達網絡股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 本公司於2025年6月30日與倪娟女士解除勞動關係。董事會於2025年9月15日， 審議通過解聘本公司副總裁及董事會秘書倪娟女士的議案。本公司近日發現，在 解除勞動關係後，倪娟女士曾以本公司副總裁、董事會秘書的名義發表相關言論。 鑒於上述情形，本公司作出本自願性公告，特此說明倪娟女士不再擔任本公司任 何高級管理人員職務，董事會已同意並確認解聘倪娟女士相關事項。 承董事會命 匯通達網絡股份有限公司 董事長 汪建國 1 (i) 倪娟女士於2023年9月20日經董事會任命為本公司副總裁及董事會秘書， ...

董事名單與其角色及職能 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 及完整性亦不發表任何聲明，並明確表示概不就因本公告全部或部分內容產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 Huitongda Network Co., Ltd. 匯通達網絡股份有限公司董事（「董事」）會（「董事會」）成員載列如下： 董事長兼非執行董事 匯通達網絡股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9878） 獨立非執行董事 虞麗新 劉向東 刁揚 1 汪建國 執行董事 徐秀賢 （首席執行官） 趙亮生 孫超 非執行董事 蔡仲秋 董事會設立五個專門委員會。下表為各董事會成員在該等專門委員會中所擔任的 職位資料。 | 成員 | 成員 | 主席 | | | | | | | 薪酬與考核 | 董事會專門委員會 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 主席 | 成員 | | | | 成員 | | 委員會 | | | | | 成員 | 主席 | | | | 成員 | | ...