Core Viewpoint - The company has launched an AI operations assistant on its Xiaoxingyun Cloud Management Platform, aimed at enhancing network operations through intelligent automation [1] Group 1: Product Features - The AI operations assistant is a vertical application designed for the network operations field [1] - It can understand user natural language commands and autonomously plan task steps such as network diagnostics and policy configurations [1] - The assistant utilizes platform tools to execute tasks automatically, providing an intelligent experience of "dialogue equals operations" [1]

Group 1 - The company announced that its core technical personnel, Mr. Han Chuanjun, has recently resigned from his position due to personal reasons and has completed the departure procedures [2] - Following his resignation, Mr. Han Chuanjun will no longer hold any position within the company [2]

证券代码：688080 证券简称：映翰通 公告编号：2025-071 北京映翰通网络技术股份有限公司 关于公司核心技术人员离职的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： ●北京映翰通网络技术股份有限公司（以下简称"公司"）核心技术人员韩传 俊先生于近日因个人原因申请辞去所任职务并办理完成离职手续。离职后，韩传 俊先生不再担任公司任何职务。 ●韩传俊先生与公司签署了《竞业限制协议》《保密协议》，其工作期间参与 研发的知识产权均为职务成果，相关所有权均属于公司，不存在涉及职务发明专 利权属纠纷或潜在纠纷的情形，离任不影响公司专利权的完整性，不会对公司业 务发展和技术创新产生重大不利影响。 ●目前韩传俊先生未参加公司在研项目，其离职不会影响在研项目及核心技 术的推进和实施。公司其他关键核心技术人员未发生变化，整体研发实力不会因 韩传俊先生离职而产生重大不利影响，不存在对公司业务发展、技术研发、产品 创新等产生不利影响的情况。 韩传俊先生从事 M2M/物联网相关技术研究多年，曾作为负责人主导公司的 设备云 ...

Group 1 - The focus on the information technology self-controllable sector is highlighted by the active performance of the Xinchuang ETF fund (562030), which saw an intraday increase of 1.55% and is currently up 1.16%, marking a potential three-day winning streak [1] - Among the constituent stocks, Axin Security showed the strongest performance with a rise of 9.86%, followed by Jiangbolong and Geer Software with increases of 5.69% and 4.27% respectively [1] - Chengdu Huami experienced the largest decline at 1.63%, while Yonyou Network and Yuntian Lefeiy showed relatively weaker performances with drops of 0.38% and 0.21% respectively [1] Group 2 - The 8th GAIR Global Artificial Intelligence and Robotics Conference recently held in Shenzhen focused on the new decade of AI computing power development, emphasizing the critical role of heterogeneous computing software ecosystems in releasing computing power [3] - According to招商证券, the computer industry saw a performance turning point in Q3 2025, with a significant increase in per capita non-net profit, indicating a trend of improving industry efficiency [3] - The Xinchuang sector continues to exceed expectations, with its replacement scope extending from party and government to core government systems and key industry applications, further expanding the industrial chain [3] Group 3 - The Xinchuang ETF fund and its linked funds track the CSI Xinchuang Index, covering core segments of the Xinchuang industry chain, including basic hardware, software, application software, information security, and external devices, characterized by high growth and elasticity [5] - The investment logic for the Xinchuang industry is driven by four key factors: international geopolitical disturbances, urgent demand for self-controllability, government support, and accelerated corporate development [5] - The macroeconomic environment is seeing increased local debt efforts, with government procurement in the Xinchuang sector expected to recover [7] Group 4 - Key investment lines in the Xinchuang sector include leading players in the mainstream Xinchuang ecosystem, urgent demand in specific fields like domestic computing ecology and industrial software, and core participants in the Huawei supply chain benefiting from the expansion of Xinchuang logic [6] - The technological advancements represented by domestic manufacturers like Huawei are expected to lead to an increase in market share for domestic software and hardware [7] - The Xinchuang sector is at a critical time point for advancement, with procurement standards becoming more refined [7]

Group 1 - The A-share market saw a majority of semiconductor stocks rise, with Zhenlei Technology increasing by over 16% [1] - Hengshuo Co. experienced a rise of over 14% [1] - Fudan Microelectronics and Chengdu Huami both rose by over 13% [1] Group 2 - Changchuan Technology increased by nearly 9% [1] - Jingfeng Mingyuan saw an increase of over 7% [1] - Beijing Junzheng and Hongwei Technology both rose by over 6% [1] Group 3 - Juxin Technology increased by over 5% [1] - Hangyu Micro, Ruichuang Weina, Xindong Linke, Yandong Micro, and Yuanjie Technology all rose by over 4% [1]

Core Insights - The Internet of Things (IoT) gateway is a crucial hub in the IoT architecture, facilitating interconnectivity between the perception layer, network layer, and application layer, while performing key functions such as data collection, protocol conversion, and edge computing [1][2][3] - The global IoT market is experiencing rapid growth, with revenues expected to reach $1.016 trillion in 2024 and projected to rise to $2 trillion by 2030, with the Asia-Pacific region contributing 55% of the revenue, primarily driven by China [1][7] - The Chinese IoT industry is set to reach a market size of 4.01 trillion yuan in 2024, increasing to 4.55 trillion yuan in 2025, with a year-on-year growth rate of approximately 13.7% [1][7] - The IoT gateway market in China is expected to grow to 45 billion yuan in 2024 and surpass 51.8 billion yuan in 2025, with an annual compound growth rate of over 15% [1][8] Industry Overview - The IoT gateway serves as a key device for interconnecting various IoT terminal devices with different protocols, types, and transmission rates, while also performing data collection, protocol conversion, edge computing, data filtering, and secure transmission [2][3] - The IoT gateway can be categorized based on protocol type, deployment scenario, and functional characteristics, including wireless protocol gateways, wired protocol gateways, and multi-protocol fusion gateways [3][5] Market Dynamics - The industrial-grade gateway accounts for over 42% of the market, with significant demand from key industries such as automotive manufacturing and energy and chemical sectors [8] - The consumer-grade gateway market is driven by the proliferation of smart home devices, while the automotive IoT gateway is experiencing rapid growth due to the development of V2X infrastructure [8] - Edge computing gateways, although currently holding a market share of about 6%-10%, are seeing a penetration rate of 35% due to the demand for real-time industrial applications [8] Policy Environment - The Chinese government has implemented various policies to promote the high-quality development of the IoT industry, including the "Digital China Construction Overall Layout Plan" and local initiatives aimed at integrating new information technologies with vertical sectors [6][7] Industry Chain - The IoT gateway industry chain is clearly defined, with upstream focusing on hardware and core technology suppliers, midstream consisting of gateway manufacturers and integrators, and downstream involving users and service providers in various IoT application fields [6] Competitive Landscape - The industry is characterized by a competitive landscape dominated by local giants like Huawei and ZTE, which hold approximately 41% of the market share, while specialized companies like Yihantong focus on specific verticals [10] Future Trends - The IoT gateway industry is expected to evolve towards deeper technological integration, with a focus on edge computing and artificial intelligence, transforming gateways into intelligent decision-making terminals [11] - The market will shift towards customized solutions for vertical industries, with a focus on adapting gateways to specific scenarios [12] - The trend of domestic substitution will continue, with local companies building self-sufficient supply chains and innovative service models emerging, such as "device as a service" [13][14]

Group 1 - The commercial aerospace sector is experiencing a strong resurgence, with companies like Shenjian Co. achieving three consecutive trading limit increases, and Guojijiangong achieving two consecutive trading limit increases [1] - Beidouxingtong reached the trading limit, while other companies such as Taigang Stainless Steel, Mengsheng Electronics, Chengdu Huamei, Shanghai Port Bay, and Huali Chuantong saw their stock prices rise over 5% [1] - A significant event reported by CCTV News indicates that on December 20, 2025, at 20:30, China will successfully launch the Communication Technology Test Satellite No. 23 using the Long March 5 rocket from the Wenchang Space Launch Site, marking a successful mission with the satellite entering its designated orbit [1]

Core Viewpoint - The company, Yinghantong, focuses on a wide range of IoT products and solutions across various industries, emphasizing its commitment to innovation in the IoT sector [1] Group 1: Main Products and Solutions - The company's main products include industrial wireless routers, wireless data terminals, AI edge computers, vehicle gateways, edge routers, smart APs, and industrial Ethernet switches [1] - Additionally, the company offers innovative IoT solutions such as smart distribution network status monitoring systems, smart vending control systems, AI smart refrigerators, and intelligent vehicle networking systems [1] Group 2: Business Scope - The company does not currently engage in commercial aerospace-related business activities [1]

Core Viewpoint - The company, Yinghantong, has successfully applied its products in various smart city scenarios, enhancing urban operational efficiency and management levels through device networking, remote monitoring, and data aggregation [1] Group 1: Application Areas - The company's products are utilized in smart transportation, municipal public facilities, energy management, and government terminals [1] Group 2: Technological Features - The implementation involves device networking, remote monitoring, and data aggregation to support urban management [1]

Core Viewpoint - The stock price of Yinghantong has shown a significant increase of 44.96% year-to-date, but has recently experienced declines over various trading periods, indicating potential volatility in the stock performance [2]. Company Overview - Yinghantong Network Technology Co., Ltd. was established on May 29, 2001, and went public on February 12, 2020. The company is based in Beijing and specializes in the research and application of industrial IoT technology [3]. - The main revenue sources for Yinghantong include industrial IoT products (52.00%), smart vending control systems (16.17%), digital distribution network products (15.15%), enterprise network products (13.96%), and technical services and others (2.72%) [3]. Financial Performance - For the period from January to September 2025, Yinghantong achieved a revenue of 550 million yuan, representing a year-on-year growth of 34.61%. The net profit attributable to shareholders was 103 million yuan, reflecting a year-on-year increase of 23.00% [3]. - As of September 30, 2025, the company has distributed a total of 60.83 million yuan in dividends since its A-share listing, with 34.62 million yuan distributed over the past three years [4]. Stock Market Activity - As of November 24, the stock price of Yinghantong was 47.43 yuan per share, with a trading volume of 37.25 million yuan and a turnover rate of 1.08%. The total market capitalization stood at 3.494 billion yuan [1]. - The stock has seen a net outflow of 3.58 million yuan in principal funds, with large orders accounting for 19.28% of purchases and 28.90% of sales [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Yinghantong was 9,819, an increase of 44.72% from the previous period. The average number of circulating shares per person decreased by 31.08% to 7,501 shares [3].