Market Overview - The digital media sector experienced a decline of 3.85% on February 4, with ZhiDeMai leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - *ST Fanli (600228) closed at 6.04, up 5.04% with a trading volume of 161,100 shares and a transaction value of 95.06 million [1] - Sanliu Wu Wang (300295) closed at 11.78, up 2.52% with a trading volume of 96,200 shares and a transaction value of 112 million [1] - Other notable declines include ZhiDeMai (300785) down 11.55% to 67.65, and XinHua Net (603888) down 6.29% to 24.29 [2] Capital Flow Analysis - The digital media sector saw a net outflow of 1.039 billion from institutional investors, while retail investors contributed a net inflow of 919 million [2] - The table of capital flow indicates that major stocks like *ST Fanli and Shengyi Bao experienced mixed capital movements, with significant outflows from institutional investors [3] Detailed Stock Capital Flow - *ST Fanli had a net inflow of 15.74 million from major investors, but a net outflow of 9.61 million from speculative investors [3] - Shengyi Bao saw a net inflow of 3.15 million from major investors, but also faced outflows from both speculative and retail investors [3] - The largest net outflow was observed in Mango Super Media (300413) with 40.88 million from major investors, while retail investors contributed a net inflow of 10.68 million [3]

Summary of the Conference Call on AI Annual Report Analysis Industry Overview - The conference focused on the analysis and outlook of AI annual reports, particularly in the TMT (Technology, Media, and Telecommunications) sector, with a specific emphasis on domestic and international AI companies [1][2][4]. Key Points and Arguments General Market Sentiment - The period from October 31 to March is characterized as a performance vacuum, where the focus is on thematic investments rather than immediate earnings results [2][3]. - The spring market is expected to see a resurgence, with significant activity anticipated around March [3][4]. North American Companies - North American companies, particularly those involved in AI and cloud computing, have reported earnings that exceeded expectations, indicating strong capital expenditure in AI [4][6]. - Companies like Microsoft and Meta have shown robust spending on AI infrastructure, reflecting a positive outlook for the sector [4][6]. - Despite some domestic companies underperforming, their stock prices have rebounded, suggesting that market sentiment is more focused on thematic trends rather than immediate earnings [5][6]. Domestic AI Companies - Domestic AI companies are experiencing a supply-demand imbalance, with strong demand for AI-related products and services, despite some companies reporting earnings below expectations [6][7]. - The industry is characterized by a shortage of materials and components, which is driving prices up and creating a favorable environment for growth [6][7][10]. Future Growth Projections - There is a consensus that the growth trajectory for AI companies will continue to be strong, with expectations for significant growth in 2026 and beyond [8][9]. - Many companies are currently undervalued, trading at price-to-earnings (P/E) ratios between 15x to 20x, which presents a potential investment opportunity [8][9]. Specific Company Insights - Companies like Wan, Tianfu Communication, and others are highlighted for their potential despite recent earnings misses, as the overall industry outlook remains positive [4][6][7]. - The demand for GPUs and AI chips is expected to remain high, with domestic companies like Cambrian facing challenges but still showing potential for recovery [9][10]. Application and Innovation - The conference emphasized the importance of AI applications, particularly in gaming and media, with companies like Tencent and ByteDance leading the charge [14][15]. - The emergence of AI-driven applications is seen as a significant growth area, with expectations for increased investment and innovation in this space [14][15]. Regulatory and Market Concerns - There are concerns regarding potential regulatory impacts on the gaming industry, but these are largely viewed as unfounded and not likely to affect the overall market significantly [15][16]. - The market is currently experiencing volatility, but analysts suggest that this presents buying opportunities for fundamentally strong companies [21][22]. Additional Important Insights - The conference highlighted the importance of monitoring capital expenditure trends among major tech companies, as this will influence the demand for AI infrastructure and services [36][37]. - The potential for new technologies, such as diamond-based cooling materials for semiconductors, was discussed as a future growth area [24][25]. - Analysts recommend focusing on companies with strong fundamentals and growth potential, particularly in the AI and semiconductor sectors, as the market continues to evolve [22][23][39].

Group 1 - The data factor index experienced a decline of 2% during intraday trading [2] - The stock "Zhidaimai" saw a significant drop of over 8% [2] - Both Xinhua News and People's Daily stocks fell by more than 6% [2]

Core Viewpoint - The announcement details the change of the continuous supervision sponsor representative for Xinhua Net Co., Ltd. due to a personnel change at China International Capital Corporation (CICC) [1] Group 1: Change of Sponsor Representative - The original continuous supervision sponsor representatives were Sun Chenghao and Li Yunfei, with Li Yunfei no longer serving due to a job change [1] - Yang Linna is appointed to replace Li Yunfei and will continue to fulfill the responsibilities and obligations related to the company's continuous supervision [1] - After this change, the continuous supervision sponsor representatives for the company will be Sun Chenghao and Yang Linna [1] Group 2: Acknowledgment of Contributions - The company's board expresses sincere gratitude to Li Yunfei for his contributions during his tenure as a continuous supervision sponsor representative [1] Group 3: Yang Linna's Background - Yang Linna is a manager in the investment banking department at CICC, holds a master's degree from Tsinghua University, and is a qualified sponsor representative [1] - She has participated as a core member in various domestic and international IPOs, refinancing, and merger and acquisition projects, indicating her substantial experience in investment banking [1]

Group 1 - Hailanxin (300065) benefits from the collaborative development of the capital urban area port cluster and the intelligent upgrade of shipping, leading to strong growth momentum for the company [1][34] - The company specializes in marine electronic information systems and marine engineering equipment, with a leading position in domestic navigation technology [1][34] - The demand for technology support is expected to increase due to the acceleration of intelligent transformation at key ports like Tianjin and Tangshan [1][34] Group 2 - Jingtou Development (600683) focuses on the development of rail transit properties, leveraging the construction of a cross-regional rail transit network to unlock land value along the routes [2][36] - The company has developed a mature "rail + property" model and holds multiple patents in core technologies related to rail property [2][36] - The ongoing construction in key areas like Beijing's sub-center and Xiong'an New Area aligns with the demand for residential and industrial support due to population relocation [2][36] Group 3 - Chengjian Development (600266) is positioned to benefit from the accelerated urban renewal and non-capital function relief, which creates sustained demand for urban development and infrastructure projects [3][37] - The company has extensive experience in old city renovation and affordable housing construction, participating deeply in the quality upgrade projects of core cities [3][37] - The company’s land reserves and project resources in key areas can directly meet the housing and industrial space needs arising from population relocation [3][37] Group 4 - Langfang Development (600149) is strategically positioned in the land development business in the Beijing area, benefiting from the integration of Tongzhou and the North Three Counties [4][38] - The company can leverage local resource advantages to undertake land consolidation and infrastructure construction projects [4][38] - The demand for land development is expected to be rigidly released due to the implementation of cross-regional demonstration policies [4][38] Group 5 - Julisi (002342) sees a surge in demand for engineering equipment and rigging due to large-scale infrastructure projects in the urban area [5][39] - The company specializes in engineering rigging and lifting equipment, widely used in construction scenarios such as bridges and ports [5][39] - The integration of transportation in the Beijing-Tianjin-Hebei region is expected to drive significant growth in the company's product demand [5][39] Group 6 - Huasheng Tiancai (600410) focuses on cloud computing and digital services, capitalizing on the digital infrastructure upgrade and industrial digital transformation in the urban area [6][40] - The company has a comprehensive digital technology system and rich industry service experience [6][40] - The demand for digital services is expected to grow as the region develops smart transportation and digital governance applications [6][40] Group 7 - Jinyu Group (601992) is a leading supplier of building materials in the Beijing-Tianjin-Hebei region, benefiting from the ongoing construction boom and urban renewal [7][41] - The company’s product offerings include cement, concrete, and aggregates, with a strong supply chain advantage [7][41] - The demand for building materials is expected to rise significantly due to large-scale infrastructure and housing projects [7][41] Group 8 - Jidong Equipment (000856) is positioned to benefit from the upgrade of traditional industries and the demand for equipment renewal in the building materials sector [8][42] - The company specializes in cement equipment manufacturing and engineering services, with a strong technical capability [8][42] - The demand for high-end cement equipment and environmental renovation technology is expected to grow as the region pushes for green upgrades [8][42] Group 9 - Fushi Holdings (300071) focuses on brand marketing and public relations, benefiting from the growing demand for brand promotion in the urban area [9][43] - The company has a full-chain marketing service capability and serves clients across multiple industries [9][43] - The demand for customized marketing solutions is expected to rise as many enterprises establish and upgrade their brands [9][43] Group 10 - Huaxia Happiness (600340) specializes in the development and operation of industrial new towns, benefiting from the influx of industries due to non-capital function relief [10][44] - The company has a mature operational model that integrates industrial introduction and urban support [10][44] - The value of industrial new towns is expected to increase as the region enhances transportation and public services [10][44] Group 11 - Hongqiang Co., Ltd. (002809) sees a rigid growth in demand for concrete additives due to large-scale infrastructure projects [11][45] - The company specializes in concrete additives and new building materials, with stable product performance [11][45] - The demand for concrete is expected to rise significantly, driving the growth of the additives market [11][45] Group 12 - Siwei Tuxin (002405) is positioned to benefit from the rapid development of smart transportation and the growth of the connected vehicle and autonomous driving industries [12][46] - The company specializes in navigation maps and connected vehicle services, with leading technology in high-precision mapping [12][46] - The demand for smart transportation solutions is expected to grow as the region promotes intelligent upgrades in transportation systems [12][46] Group 13 - Leike Defense (002413) focuses on radar systems and electronic countermeasures, benefiting from the dual growth in defense and civilian security demands [13][48] - The company has core technologies and intellectual property rights in the defense and civilian security sectors [13][48] - The demand for security solutions is expected to increase as the region enhances its security capabilities [13][48] Group 14 - Aerospace Technology (000901) is involved in the aerospace equipment manufacturing sector, benefiting from the integration of innovation resources and the upgrade of high-end manufacturing [14][49] - The company leverages its aerospace technology advantages to participate in regional aerospace projects [14][49] - The demand for aerospace technology applications is expected to grow as the region develops its aerospace industry [14][49] Group 15 - Keri International (300662) focuses on human resources services, benefiting from the accelerated flow of talent and the growing demand for high-end talent in the urban area [15][50] - The company provides comprehensive human resources services, covering various industries [15][50] - The demand for customized human resources solutions is expected to rise as enterprises upgrade and expand [15][50] Group 16 - Tanshijia (300005) is positioned to benefit from the growth in outdoor leisure demand and the development of ecological tourism resources [16][51] - The company specializes in outdoor apparel and equipment, with a strong brand presence in the outdoor products industry [16][51] - The demand for outdoor products is expected to grow as consumer awareness of outdoor activities increases [16][51] Group 17 - Gangyan Gaona (300034) focuses on high-temperature alloy materials, benefiting from the rapid development of aerospace and new energy sectors [17][52] - The company specializes in the research and production of high-end alloy materials, with leading technology in the field [17][52] - The demand for high-temperature alloys is expected to grow as the region promotes high-end manufacturing upgrades [17][52] Group 18 - Electronic City (600658) focuses on the development and operation of technology parks, benefiting from the demand for innovation resources and the establishment of tech enterprises [18][53] - The company has extensive experience in park operation and enterprise incubation [18][53] - The demand for technology parks is expected to grow as the region promotes innovation and collaboration [18][53] Group 19 - Shangda Co., Ltd. (301522) specializes in the processing of special steel materials, benefiting from the growing demand for high-end materials in traditional industries [19][54] - The company focuses on the deep processing of special steel, with significant advantages in material processing technology [19][54] - The demand for special steel products is expected to rise as the region promotes the upgrade of manufacturing industries [19][54] Group 20 - Jikai Co., Ltd. (002691) focuses on mining equipment and intelligent upgrades, benefiting from the demand for efficient resource development [20][55] - The company specializes in mining machinery and technical services, with a strong service network [20][55] - The demand for intelligent mining equipment is expected to grow as the region promotes equipment renewal [20][55] Group 21 - Xinhua News (603888) focuses on news dissemination and digital content services, benefiting from the growing demand for media and cultural industries [21][56] - The company has authoritative information channels and strong content creation capabilities [21][56] - The demand for customized media solutions is expected to rise as the region promotes cultural integration and digital transformation [21][56]

本次变动后，公司持续督导保荐代表人为孙成昊先生和杨琳娜女士。 公司董事会对李云飞先生在公司持续督导期间所做出的贡献表示衷心感谢！ 特此公告。 新华网股份有限公司 证券代码：603888 证券简称：新华网 公告编号：2026-006 新华网股份有限公司 关于更换持续督导保荐代表人的公告 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、准确性和完整性承担法律责任。 新华网股份有限公司（以下简称"公司"）于近日收到中国国际金融股份有限公 司（以下简称"中金公司"）《关于更换新华网股份有限公司持续督导保荐代表人的 报告》，具体情况如下： 中金公司原委派的持续督导保荐代表人为孙成昊先生和李云飞先生，现因李云 飞先生工作变动原因，不再担任公司的持续督导保荐代表人。为不影响公司持续督 导工作的正常进行，根据《证券发行上市保荐业务管理办法》等法规的规定，中金 公司决定拟委派杨琳娜女士（简历附后）接替李云飞先生继续履行对本次公司持续 督导的相关职责和义务。 董 事 会 2026 年 2 月 3 日 附件： 杨琳娜女士简历 杨琳娜女士，中金公司投资银行部经理，毕业于清华大学， ...

Market Performance - The digital media sector increased by 3.73% on February 3, with Vision China leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Individual Stock Performance - Vision China (000681) closed at 27.77, up 5.47%, with a trading volume of 772,900 shares and a transaction value of 2.108 billion [1] - Mango Super Media (300413) closed at 26.84, up 5.42%, with a trading volume of 466,100 shares and a transaction value of 1.232 billion [1] - People's Daily Online (603000) closed at 25.19, up 5.09%, with a trading volume of 775,400 shares and a transaction value of 1.931 billion [1] - Xinhua Net (603888) closed at 25.92, up 5.07%, with a trading volume of 429,200 shares and a transaction value of 1.104 billion [1] Capital Flow Analysis - The digital media sector saw a net inflow of 383 million from institutional investors, while retail investors experienced a net outflow of 296 million [2][3] - Major stocks like Mango Super Media had a net inflow of 237 million from institutional investors, but a net outflow of 152 million from retail investors [3] - Vision China experienced a net inflow of 114 million from institutional investors, with a net outflow of 84 million from retail investors [3]

Market Overview - The digital media sector experienced a decline of 1.16% on February 2, with Sanliu Wu leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable stock performances include: - *ST Fanli (600228)*: Closed at 6.04, up 5.04% with a trading volume of 46,000 shares [1] - Zhidema (300785): Closed at 75.05, up 0.74% with a trading volume of 293,800 shares [1] - Mango Super Media (300413): Closed at 25.46, down 0.04% with a trading volume of 272,900 shares [1] - Visual China (000681): Closed at 26.33, down 0.08% with a trading volume of 681,200 shares [1] - Sanliu Wu (300295): Closed at 11.31, down 10.02% with a trading volume of 321,700 shares [2] Capital Flow - The digital media sector saw a net inflow of 11.99 million yuan from institutional investors and a net inflow of 92.81 million yuan from retail investors, while individual investors had a net outflow of 105 million yuan [2][3] - Key stocks with significant capital flow include: - Xinhua Net (603888): Net inflow of 38.73 million yuan from institutional investors [3] - Mango Super Media (300413): Net inflow of 37.08 million yuan from institutional investors [3] - Sanliu Wu (300295): Net inflow of 16.55 million yuan from institutional investors [3]

新华网北京2月2日电 题：零下30℃狂飙！这座城凭什么成车企"打卡"地 新华网记者赵宇娇 在黑龙江省黑河市，气温骤降至零下30℃，湖面凝结成冰原。这片土地并未因此沉寂——相反，它正迎来一年中最繁忙的 时节。 冰面上，十余台作业车辆正紧锣密鼓地维护专用冰道。随后，一辆辆测试车相继驶入，在冰层上疾驰、急刹、甩尾转向， 场面蔚为壮观。 这个冬季，我国寒地试车产业持续升温。作为车辆极限性能的"试金石"，高寒测试已成为新车上市前的必要环节。 寒地试车试什么？ 在黑河小乌斯力测试基地，车辆进行寒区试验（无人机照片）。新华社记者 谢剑飞 摄 "汽车研发阶段都要进行'三高试验'，即高温试验、高原试验和高寒试验。"北京越野销售公司总经理助理陆荣铧告诉记者， 完整的寒地测试周期在4个月左右，单车测试里程约2万公里。重点验证的核心性能包括车辆的冷启动能力、车内软硬件功能 性、橡胶件与塑料件的耐寒性、除霜除雾性能、以及低温下的充电速率。 "我国的高寒测试开始于20世纪70年代末，解放牌卡车、桑塔纳乘用车都曾陆续在黑河进行测试。"黑龙江红河谷汽车测试 股份有限公司总经理赵鑫宏表示，最早的寒地试车以传统燃油汽车为主，随着新能源汽车的发展 ...

上汽通用五菱智能工厂"质量岛"内，三维测量系统正在高速扫描白车身。新华网 东子寒 摄来自一个"创新小岛"的提问， 不仅承载着生产流程的再造，更凝聚着产业协同与人才培育的智慧，而这正是中国制造向"中国智造"演进的内在驱动 力。当无数这样的"创新之岛"星罗棋布、串联成网，中国制造业迈向高质量发展的图景将愈发清晰与壮阔。（参与报 道：王小骥 东子寒 于子茹） 一辆汽车的生产路径不再是一条笔直向前的传送带，而是由系统实时计算出的、穿梭于不同"岛屿"之间的优化解决方 案。新华网 王小骥 摄"前两次汽车工业革命由国外发起，第三次汽车工业革命终于看到中国人主导的新范式"。在"领航 级智能工厂"的评审现场，多位权威专家做出了如此评价。这也说明，继福特流水线定义的规模化制造、丰田精益生产 奠定的高质量低成本模式之后，由上汽通用五菱引领的智能岛制造体系，正被视为破解大规模与个性化定制矛盾的第三 次汽车制造革命的核心范式。北京航空航天大学教授陶飞明确指出："全球第三次汽车制造变革，就是我们五菱人、中 国人引领的这种岛式智能制造模式。"一场由中国人定义并引领的汽车制造新纪元，正在从理念走向现实。 新华网柳州1月31日电题："岛"上造 ...