Group 1 - The core point of the article is the announcement of a share reduction plan by a major shareholder of Beijing Jingwei Hengrun Technology Co., Ltd. [2] - The shareholder, Cui Wenge, held 12,627,502 shares, representing 10.5265% of the total shares before the reduction [2] - On November 20, 2025, Cui Wenge reduced his holdings by 600,000 shares through a block trade, which accounts for 0.5002% of the total shares [2]

Company Summary - Jingwei Hengrun (SH 688326) announced on November 20 that Mr. Cui Wenge reduced his shareholding by 600,000 shares through block trading, accounting for 0.5002% of the total shares, and the reduction plan has been completed [1] - As of the announcement, Jingwei Hengrun's market capitalization is 11.1 billion yuan [1] Industry Overview - For the year 2024, Jingwei Hengrun's revenue composition is as follows: manufacturing of computers, communications, and other electronic devices accounts for 99.81%, while other businesses contribute 0.19% [1]

Group 1 - The core point of the news is that Jingwei Hengrun executed a block trade of 600,000 shares on November 20, with a transaction amount of 45.3 million yuan, accounting for 28.42% of the total trading volume for that day [1] - The transaction price was 75.5 yuan, which represents an 18.26% discount compared to the market closing price of 92.37 yuan [1]

证券代码：688326 证券简称：经纬恒润 公告编号：2025-050 北京经纬恒润科技股份有限公司 持股 5%以上的股东兼监事减持股份结果公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： 持股 5%以上的股东兼监事持股的基本情况 本次减持计划实施前，北京经纬恒润科技股份有限公司（以下简称"公司"） 持股 5%以上的股东兼监事崔文革先生直接持有公司 12,627,502 股股份，占公司 股份总数的 10.5265%。上述股份均为公司首次公开发行前取得的股份，已于 2023 年 4 月 19 日上市流通。 | | 其他：无 | | --- | --- | | 持股数量 | 12,627,502股 | | 持股比例 | 10.5265% | | 当前持股股份来源 | IPO 前取得：12,627,502股 | 上述减持主体无一致行动人。 二、减持计划的实施结果 （一）大股东及董监高因以下事项披露减持计划实施结果： 减持计划实施完毕 减持计划的实施结果情况 公司于 2025 年 9 月 30 日披 ...

Core Viewpoint - The company announced a share reduction plan by a major shareholder due to personal funding needs, which was executed as planned [1] Group 1: Shareholder Actions - The shareholder, Mr. Cui Wenge, plans to reduce his holdings by up to 600,000 shares, representing 0.5002% of the company's total shares [1] - The reduction period is set from October 29, 2025, to January 28, 2026, starting 15 trading days after the announcement [1] - On November 20, 2025, Mr. Cui completed the reduction by selling 600,000 shares through block trading, fulfilling the reduction plan [1]

Core Viewpoint - The major shareholder and supervisor of Jingwei Hengrun, Cui Wenge, has completed a share reduction plan, selling 600,000 shares through a block trade on November 20, 2025, at a price of 75.5 yuan per share, totaling 45.3 million yuan [1] Summary by Relevant Sections - **Share Reduction Details** - Cui Wenge reduced his holdings by 600,000 shares, which represents 0.5002% of the company's total share capital [1] - The transaction price was 75.5 yuan per share, amounting to 45.3 million yuan [1] - **Post-Reduction Shareholding** - After the reduction, Cui Wenge holds 12.0275 million shares, accounting for 10.0263% of the total shares [1] - Prior to the reduction, his holdings were 12.6275 million shares, which represented 10.5265% of the total shares [1]

Core Viewpoint - The stock price of Jingwei Hirain Technologies (688326.SH) has declined, closing at 92.37 yuan, representing a drop of 2.01%, and is currently in a state of loss since its IPO [1] Summary by Relevant Sections Company Overview - Jingwei Hirain Technologies was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 19, 2022, with an initial offering price of 121.00 yuan per share [1] - The company issued 30 million shares during its IPO [1] Fundraising Details - The total amount raised from the IPO was 363 million yuan, with a net amount of 348.8 million yuan after deducting issuance costs [1] - The final net fundraising amount was 151.2 million yuan less than the original plan of 500 million yuan [1] Use of Proceeds - The funds were intended for several projects, including the establishment of a production base for automotive electronics in Nantong, a research and development center in Tianjin, enhancement of digital capabilities, and to supplement working capital [1] Issuance Costs - The total issuance costs amounted to 14.2 million yuan, with underwriting and sponsorship fees accounting for 10.4 million yuan [1]

证券代码：688326 证券简称：经纬恒润 公告编号：2025-049 北京经纬恒润科技股份有限公司 一、募集资金理财产品专用结算账户的开立情况 为满足部分暂时闲置募集资金现金管理的需要，北京经纬恒润科技股份有限 公司（以下简称"公司"）在上海银行北京朝阳支行开立了募集资金理财产品专用 结算账户。具体内容详见公司于 2022 年 9 月 20 日在上海证券交易所网站 （www.sse.com.cn）披露的《北京经纬恒润科技股份有限公司关于开立募集资金 理财产品专用结算账户的公告》（公告编号：2022-018）。 二、募集资金理财产品专用结算账户的注销情况 截至本公告披露日，公司在上海银行北京朝阳支行（账号：03005072904） 购买的理财产品均已全部到期赎回，且不再使用上述账户。根据《上市公司募集 资金监管规则》及《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》的相关规定，公司于近日办理完毕上述理财产品专用结算账户的注销手 续。具体账户信息如下： | 序号 | 主体 | 开户银行 | 账号 | | --- | --- | --- | --- | | 1 | 北京经纬恒润科技股份有限公司 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [8]. Core Insights - The report emphasizes that intelligence will be a key theme in the market for 2026, with investment opportunities extending beyond smart driving to areas like Robotaxi. A data closed loop is identified as the core starting point for achieving full-stack self-research, which differs fundamentally from mere data collection [1][3]. - The establishment of a data closed loop is crucial for filtering effective information from massive data, enabling machines to understand data, feedback to correct models, and perform OTA updates for secondary verification. This requires not only data ownership but also the ability to identify data gaps and utilize data to enhance models [1][3]. - The report suggests that the scale of the data closed loop team (e.g., whether it reaches a hundred members) and related investments should be key indicators for assessing a company's commitment and capability for self-research [1][3]. Summary by Sections Data Closed Loop - The report highlights that when algorithm models are truly driven by PB-level data, it will create a competitive barrier that is difficult to replicate. Even if competitors acquire model architectures or poach key personnel, lacking a substantial underlying data accumulation will hinder their ability to replicate similar algorithm capabilities in the short term [2][4]. - Building a solid data closed loop is expected to provide companies with a certainty of competitive advantage for six months to a year. Companies like Xiaopeng, Li Auto, and Huawei are noted to have established a leading advantage in the smart driving sector, with a high degree of technical moat [2][4]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies that represent the trend of intelligence like Huawei's HarmonyOS. Attention is also drawn to companies like JAC Motors and Seres, with specific recommendations for Li Auto, Kobot, Desay SV, and Jingwei Hengrun [2]. - For state-owned enterprise integration, the report suggests monitoring SAIC Motor, Dongfeng Motor Group, and Changan Automobile. Additionally, it highlights component companies with strong performance growth and capabilities for overseas expansion, recommending Fuyao Glass, New Spring, Fuda, Shuanghuan Transmission, and Yinlun [2].

Group 1 - The core point of the article highlights the performance of the Zhongzheng 1000 Enhanced ETF (561590), which opened at 1.327 yuan and experienced a slight decline of 0.23% [1] - The major holdings of the ETF include stocks such as Jucheng Co., which fell by 0.90%, and Jingwei Hengrun, which dropped by 1.05%, while Daikin Heavy Industries saw an increase of 0.87% [1] - The ETF's performance benchmark is the Zhongzheng 1000 Index return, managed by Huatai-PB Fund Management Co., with a return of 33.02% since its establishment on November 23, 2022, and a 2.02% return over the past month [1]