Core Insights - The professional services sector saw a rise of 0.75% on November 10, with Shijian Testing leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Professional Services Sector Performance - Shijian Testing (301228) closed at 28.14, up 7.24% with a trading volume of 64,700 shares and a transaction value of 181 million [1] - Xince Standard (300938) closed at 29.25, up 2.81% with a trading volume of 114,400 shares and a transaction value of 334 million [1] - Keri International (300662) closed at 29.04, up 2.54% with a trading volume of 62,900 shares and a transaction value of 181 million [1] - Other notable performers include Miao Exhibition (300795) up 1.56%, Beijing Human Resources (600861) up 1.54%, and Lihua Science and Technology (002243) up 1.43% [1] Capital Flow Analysis - The professional services sector experienced a net outflow of 60.56 million from institutional investors, while retail investors saw a net inflow of 20.84 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Lihua Science and Technology (002243) had a net outflow of 20.49 million from institutional investors, while retail investors contributed a net inflow of 2.09 million [3] - Xince Standard (300938) saw a net inflow of 17.06 million from retail investors, despite a net outflow of 4.12 million from institutional investors [3] - Other stocks like Xigao Institute (688334) and Shijian Testing (301228) also showed varied capital flows, reflecting differing investor sentiments [3]

人民财讯11月10日电，企查查APP显示，近日，湖北省力合长江科技创新供应链投资基金合伙企业(有 限合伙)成立，出资额5亿元，经营范围包含：创业投资(限投资未上市企业)；以私募基金从事股权投 资、投资管理、资产管理等活动。企查查股权穿透显示，该企业由力合科创（002243）、湖北省投资引 导基金有限公司等共同出资。 ...

Core Insights - The article discusses the transformation of Lihua Science and Technology during the "14th Five-Year Plan" period, emphasizing its shift from a traditional incubator to a comprehensive enabler of technological innovation and industrial development [2][3]. Strategic Development - Lihua Science and Technology has clarified its strategic path, completing a restructuring that led to a "double first-class" development strategy and a model combining "technology innovation service industry + strategic emerging industries" [3]. - The company has exceeded its three-year performance commitments post-restructuring, evolving from a basic service provider to a systemic enabler of the national innovation system [3]. Industry Chain Enhancement - The company has improved the integration of innovation incubation, technology investment, and industrial cultivation, creating a closed-loop system [3]. - It has established the first concept verification and pilot test fund in the country, along with the first seed fund in Shenzhen, providing early-stage funding for innovative projects [4]. Focus on Hard Technology - Lihua Science and Technology has concentrated on hard technology sectors such as new-generation information technology, advanced manufacturing, new energy materials, and biomedicine, incubating nearly 2,000 companies and nurturing 8 listed companies during the "14th Five-Year Plan" [4][5]. Differentiation in Technology Investment - The company distinguishes its technology investment from general financial investment by focusing on the technology sector, employing scientific methods for investment, and providing systematic support post-investment [5]. - It aims to lock in and excavate the value of technology achievements through collaboration with research teams, forming a community of shared interests [5]. Evaluation Criteria for Early-stage Projects - When assessing early-stage hard technology projects, the company prioritizes the originality and barriers of technology, the comprehensive capabilities of the team, market feasibility of products, and synergy with its industrial ecosystem [6][9]. Overcoming the "Valley of Death" - Lihua Science and Technology has a high project survival rate and significant growth multiples due to its deep understanding of the internal rules of technology achievement transformation and a mature methodology [7][8]. - The company has built a professional team with expertise in technology, industry, investment, and enabling capabilities [7]. AI and Robotics Initiatives - The company has proactively engaged in early investments and explorations in AI and robotics, establishing the Shenzhen Moli AI Ecological Community to accelerate technology commercialization [9][10]. - It has partnered with top universities to recruit elite AI entrepreneurial teams and plans to set up a specialized industry fund for AI and robotics [9]. Future Growth Potential - The company sees potential in the batch and scale transformation of technology achievements, aiming to expand its business model and increase the number of projects receiving investment and incubation [11]. - It also aims to foster a proprietary industrial system in emerging fields such as AI, embodied robotics, and new materials through technology achievement transformation and innovation services [11].

Core Viewpoint - The article emphasizes the importance of transforming scientific and technological achievements into productive forces, highlighting the role of Lihua Science and Technology in this process during the "14th Five-Year Plan" period [2]. Group 1: Company Development and Strategy - During the "14th Five-Year Plan" period, Lihua Science and Technology has undergone significant changes, focusing on strategic clarity, improved industrial chains, and precise industry focus [5][6]. - The company has transitioned from a basic service provider to a comprehensive industry innovation ecosystem builder, exceeding its three-year performance commitments post-restructuring [5]. - Lihua Science and Technology has incubated nearly 2,000 companies and invested in over 100 new enterprises during this period, establishing a virtuous cycle centered on the transformation of scientific achievements [6]. Group 2: Investment Approach - Lihua Science and Technology differentiates its "technology investment" from general financial investments by focusing on the technology sector and employing a scientific approach to investment and enterprise cultivation [7][8]. - The company emphasizes the importance of original technology, team capabilities, market feasibility, and synergy with its industrial ecosystem when evaluating early-stage hard technology projects [10][11]. Group 3: Overcoming Challenges in Technology Transfer - Lihua Science and Technology has developed a mature methodology for technology transfer, which has resulted in a high survival rate and significant growth for individual projects [12]. - The company collaborates with several universities and innovation platforms to ensure a steady supply of high-quality research outcomes for technology transfer projects [12]. Group 4: Future Growth Areas - The company identifies two key growth areas post-"14th Five-Year Plan": the mass and scalable transformation of scientific achievements and the cultivation of proprietary industrial systems in emerging fields such as artificial intelligence and robotics [15].

国信证券股份有限公司 关于《深圳市力合科创股份有限公司收购报告书》之 持续督导意见 国信证券股份有限公司（以下简称"国信证券"、"财务顾问"）接受深圳市投 资控股有限公司（以下简称"深投控"、"收购人"）委托，担任深投控因无偿划转 间接收购深圳市力合科创股份有限公司（以下简称"力合科创"、"上市公司"、 "被收购人"）事项的财务顾问。根据《中华人民共和国证券法》《上市公司收 购管理办法》（以下简称"《收购管理办法》"）《上市公司并购重组财务顾问业 务管理办法》等法律法规，自公告上市公司收购报告书至收购完成后 12 个月内， 国信证券对收购人及被收购人履行持续督导职责。国信证券通过日常沟通、定期 回访等方式，结合力合科创披露的定期报告和临时公告，对本次收购相关股权过 户情况、上市公司经营情况、收购人承诺履行等情况进行了检查，出具持续督导 意见（以下简称"本意见"），具体情况如下： 一、交易资产的交付或过户情况 （一）本次免于发出要约收购情况 1、本次交易情况概述 基于支持将力合科创打造成深圳市国资系统综合性创新平台，推动战略新兴 产业融合发展，以巩固深圳国资"一体两翼"发展战略，深圳市人民政府国有资 产监督管理 ...

Core Insights - The professional services sector experienced a decline of 0.91% on November 4, with Zhongfangbiao leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Sector Performance - Key stocks in the professional services sector showed mixed performance, with notable gainers including: - Kaipu Testing (Code: 003008) up 1.72% at 23.03 [1] - Lansheng Co. (Code: 600826) up 1.52% at 66.11 [1] - Weirong Testing (Code: 301289) up 1.11% at 63.60 [1] - Conversely, Zhongfangbiao (Code: 920122) led the decline, down 3.85% at 39.71 [2] - Other significant decliners included: - Guangdian Jizhong (Code: 002967) down 3.48% at 20.51 [2] - Fengshang Culture (Code: 300860) down 3.12% at 27.94 [2] Capital Flow - The professional services sector saw a net outflow of 91.21 million yuan from institutional investors, while retail investors contributed a net inflow of 9.71 million yuan [2] - Notable capital movements included: - Xince Standard (Code: 300938) with a net inflow of 62.56 million yuan from institutional investors [3] - Ancha Testing (Code: 300572) with a net inflow of 22.83 million yuan from institutional investors [3] - Retail investors showed a net outflow in several stocks, including: - Ancha Testing with a net outflow of 28.78 million yuan [3] - Guojian Group (Code: 603060) with a net outflow of 54.95 thousand yuan [3]

Core Viewpoint - Lihua Science and Technology is a leading provider of technology innovation services in China, focusing on a full industry chain service model and technological resource advantages to offer diversified innovation services to enterprises [1] Group 1: Business Performance - In Q3 2025, Lihua Science and Technology achieved a revenue of 1.665 billion yuan, ranking second among five companies in the industry, with the industry leader, Anbang Guard, reporting 2.016 billion yuan [2] - The company's net profit for the same period was 71.2447 million yuan, placing it third in the industry, while Anbang Guard led with a net profit of 191 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Lihua Science and Technology's debt-to-asset ratio was 50.01%, higher than the previous year's 48.93% and above the industry average of 30.12% [3] - The company's gross profit margin was 22.82%, an increase from 20.09% year-on-year, but still below the industry average of 36.11% [3] Group 3: Executive Compensation - The chairman, He Zhen, received a salary of 2.2742 million yuan in 2024, a decrease of 434,000 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.66% to 37,900, while the average number of circulating A-shares held per shareholder increased by 2.74% to 31,800 [5]

Core Points - The stock price of Lihua Technology increased by 2.07% on October 31, reaching 9.35 CNY per share, with a market capitalization of 11.319 billion CNY [1] - The company has seen a year-to-date stock price increase of 17.02%, but a decline of 2.20% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Lihua Technology reported a revenue of 1.665 billion CNY, representing a year-on-year growth of 4.46%, while the net profit attributable to shareholders decreased by 13.09% to 118 million CNY [2] - Cumulative cash dividends since the company's A-share listing amount to 719 million CNY, with 291 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 2.66% to 37,900, while the average number of circulating shares per person increased by 2.74% to 31,764 shares [2] - The sixth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 7.8685 million shares, a decrease of 2.4934 million shares from the previous period [3]

Market Overview - The professional services sector declined by 0.5% on the previous trading day, with Zhonggang Tianyuan leading the decline [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Key gainers in the professional services sector included: - Kexi International (300662) with a closing price of 28.95, up 6.04% [1] - Xince Standard (300938) with a closing price of 27.24, up 2.60% [1] - Guoji Testing (301289) with a closing price of 67.13, up 1.59% [1] - Notable decliners included: - Zhonggang Tianyuan (002057) with a closing price of 10.87, down 3.38% [2] - Lihua Kechuang (002243) with a closing price of 67.6, down 3.06% [2] - Steel Research Nake (300797) with a closing price of 17.90, down 2.51% [2] Trading Volume and Capital Flow - The total trading volume for the professional services sector showed a net outflow of 151 million yuan from institutional investors, while retail investors saw a net inflow of 72.07 million yuan [2][3] - The top stocks by net inflow from institutional investors included: - Kexi International with a net inflow of 41.92 million yuan [3] - Lihua Kechuang with a net inflow of 27.02 million yuan [3] - Guoji Testing with a net inflow of 20.65 million yuan [3]

Core Insights - Lihe Technology is gaining attention in the market due to its strategic positioning in future industries and the reform of state-owned enterprises in Shenzhen [1][6] - The establishment of the "AI Fund Group" with a scale of 3 billion yuan demonstrates Lihe Technology's commitment to enhancing its influence and capabilities in the AI sector [1][4] Group 1: Lihe Technology and AI Innovation - The Moli Ying AI ecosystem community is the first vertical large model ecosystem community in the Nanshan District, aiming to provide 100,000 square meters of industrial space, incubate 100 innovative entities, and generate a trillion-level economic increment [3] - Moli Ying offers a comprehensive service chain, including two years of rent-free support and access to seven public service platforms, addressing the pain points of AI startups and allowing them to focus on technology development [3][4] - Over 500 companies have applied to join Moli Ying, with 102 successfully settled, indicating strong market recognition of its ecological value [3] Group 2: Financial Support and Ecosystem Development - The recent "X-Day" event gathered experts from various fields to discuss AI projects, while the Nanshan District announced a 3 billion yuan AI fund group to support AI innovation at different development stages [4] - The Lihe Artificial Intelligence and Embodied Robotics Industry Fund, co-established with Huitong Financial Holdings, aims for a target scale of 500 million yuan, focusing on technology transfer and talent acquisition [4] - Lihe Technology provides platforms to support AI companies in commercializing their innovations, creating a closed-loop value realization from "technology strong" to "industry strong" [4] Group 3: Strategic Positioning and Future Opportunities - The Shenzhen government is actively promoting the integration of state-owned enterprises and market vitality, positioning itself at the forefront of the new technology cycle [5][7] - The "14th Five-Year Plan" emphasizes the importance of state-owned capital in emerging industries, indicating a potential surge in technological breakthroughs led by central and state-owned enterprises [7][8] - Lihe Technology's focus on AI and other future industries aligns with national strategic directions, suggesting significant growth opportunities and the potential for enhanced market influence [8]