全景导图绘就"数字丝路"出海新路径 江苏(中东)贸易对接会迪拜启幕 为进一步深化江苏与中东地区在共建"一带一路"倡议下的经贸合作，推动江苏制造高质量"走出去"、精准"引进来"，日前，由江苏省商务厅主办的"江苏优 品行全球.江苏(中东)贸易对接会"在阿联酋迪拜成功举行。 本次活动吸引了中国驻迪拜总领馆、迪拜工商会等机构代表，以及南京海关、江苏省设区市代表及江苏企业家代表参与，共同探索双边贸易新空间。焦点科 技（002315）旗下中国制造网(以下简称"MIC国际站")受邀出席，并重磅发布"江苏省跨境电商产业带全景导图"。 中东市场"年轻多金" 平台数据印证商机 中东主要国家经济开放程度较高，贸易发达。随着关系不断深化，目前中国已经成为多个中东国家最大的贸易伙伴国。而阿联酋更是中国企业在阿拉伯世 界"最大的孵化器"，约60%的中国贸易商品经由阿联酋港口转口至中东和北非的400多个城市，使其成为中国最重要的战略贸易目的地之一。 谈及本次活动在阿联酋举办的重要意义，江苏省商务厅负责人表示："中东是共建'一带一路'倡议的重要节点，也是江苏企业拓展新兴市场的战略要地。我 们希望通过此次对接会，进一步打通江苏与中东的贸易通道 ...

焦点科技所属申万行业为：商贸零售-互联网电商-跨境电商。所属概念板块包括：AIGC概念、在线教 育、AIAgent（智能体）、ERP概念、ChatGPT概念等。 截至9月30日，焦点科技股东户数3.57万，较上期增加5.04%；人均流通股5665股，较上期减少4.80%。 2025年1月-9月，焦点科技实现营业收入14.09亿元，同比增长16.20%；归母净利润4.16亿元，同比增长 16.38%。 12月2日，焦点科技盘中下跌2.01%，截至11:07，报44.38元/股，成交1.45亿元，换手率1.60%，总市值 140.79亿元。 资金流向方面，主力资金净流出607.28万元，特大单买入581.14万元，占比4.01%，卖出1236.39万元， 占比8.54%；大单买入1922.09万元，占比13.28%，卖出1874.12万元，占比12.94%。 焦点科技今年以来股价涨9.50%，近5个交易日跌6.47%，近20日跌7.94%，近60日跌14.75%。 资料显示，焦点科技股份有限公司位于江苏省南京市江北新区丽景路7号，成立日期1996年1月9日，上 市日期2009年12月9日，公司主营业务涉及全链路外 ...

本次对接会现场汇聚了50多家来自建材、机械、食品、汽配、家电、纺织等行业的江苏企业代表， 与阿联酋及周边地区的近百位优质采购商进行了高效、精准的对接。 作为本次对接会的一大亮点，MIC国际站正式发布"江苏省跨境电商产业带全景导图"（以下简 称"导图"）。该导图是平台依托二十余年技术积累与资源整合能力，深度融合江苏省产业优势打造的数 字化贸易基础设施，旨在为全球买家提供"一键直达"江苏产业源头的便捷通道，极大提升采购效率与精 准度。 曹睿在发布仪式上介绍，该导图以可视化地图形式在MIC国际站上呈现江苏省13个地市的产业概 览，突出核心产业带，支持海外采购商一键发送询盘并下单，极大便利了海外买家的采购流程。此外， 导图还创新融入了企业访谈、生产线实录等视频内容，以沉浸式体验提升买家信任。 谈及本次活动在阿联酋举办的重要意义，江苏省商务厅负责人表示："中东是共建'一带一路'倡议 的重要节点，也是江苏企业拓展新兴市场的战略要地。我们希望通过此次对接会，进一步打通江苏与中 东的贸易通道，推动双方在产业互补、数字贸易等领域的深度合作。" 焦点科技副总裁、MIC国际站总裁曹睿则以平台数据进一步解读中东市场的巨大潜力，以及中 ...

Core Insights - The "Jiangsu Quality Products Global · Jiangsu (Middle East) Trade Matching Conference" was successfully held in Dubai, UAE, organized by the Jiangsu Provincial Department of Commerce, with MIC International Station, a subsidiary of Focus Technology, in attendance [1] - China has become the largest trading partner for several Middle Eastern countries, with approximately 60% of Chinese trade goods transiting through UAE ports to over 400 cities in the Middle East and North Africa, highlighting the strategic importance of the region for Chinese trade [1] - The conference gathered over 50 representatives from Jiangsu enterprises across various industries, facilitating efficient connections with nearly 100 quality buyers from the UAE and surrounding regions [1] Industry and Market Potential - The Jiangsu Provincial Department of Commerce emphasized the significance of the Middle East as a key node in the "Belt and Road" initiative and a strategic area for Jiangsu enterprises to expand into emerging markets [1] - MIC International Station's President, Cao Rui, reported a 45% increase in platform traffic from the Middle East in Q3, indicating strong demand for Chinese manufacturing in the region, particularly from Saudi Arabia, Egypt, UAE, Iraq, and Lebanon [1] - MIC International Station has been serving notable Middle Eastern companies, including NMDC Energy, DP World, and Saudi Aramco, and has hosted a "special exhibition" in the region for three consecutive years to facilitate precise connections between platform enterprises and local demands [1] Digital Trade Infrastructure - A highlight of the conference was the release of the "Jiangsu Cross-Border E-commerce Industrial Belt Panorama Map," designed to provide global buyers with a convenient channel to access Jiangsu's industrial sources, significantly enhancing procurement efficiency and accuracy [1] - The map features a visual representation of the industrial overview of 13 cities in Jiangsu, allowing overseas buyers to send inquiries and place orders easily, thus streamlining the procurement process [2] - The map integrates video content such as enterprise interviews and production line recordings to enhance buyer trust and connects with existing global offline exhibitions and overseas industrial parks, creating a complete commercial loop of "content—traffic—orders" [2]

Core Insights - The "Jiangsu Quality Products Global · Jiangsu (Middle East) Trade Matching Conference" was successfully held in Dubai, UAE, organized by the Jiangsu Provincial Department of Commerce, with MIC International Station participating and releasing a "Panorama Map of Jiangsu's Cross-Border E-Commerce Industry Belt" [1] - China has become the largest trading partner for several Middle Eastern countries, with approximately 60% of Chinese trade goods transiting through UAE ports to over 400 cities in the Middle East and North Africa, highlighting the strategic importance of the region for Chinese trade [1] - The conference gathered over 50 representatives from Jiangsu enterprises across various industries, facilitating efficient and precise connections with nearly 100 quality buyers from the UAE and surrounding regions [1] Industry and Market Potential - The Middle East is a crucial node in the "Belt and Road" initiative, and the conference aimed to enhance trade channels and promote deep cooperation in industrial complementarity and digital trade between Jiangsu and the Middle East [1] - MIC International Station reported a 45% increase in platform traffic from the Middle East in Q3, indicating strong demand for Chinese manufacturing, with Saudi Arabia, Egypt, UAE, Iraq, and Lebanon being the top countries for traffic [1] - MIC International Station has been serving well-known Middle Eastern companies, including NMDC Energy, DP World, and Saudi Aramco, and has hosted "special exhibitions" in the region for three consecutive years to facilitate precise connections between platform enterprises and local demands [1] Product and Service Innovation - The "Panorama Map of Jiangsu's Cross-Border E-Commerce Industry Belt" is designed to provide a digital trade infrastructure that enhances procurement efficiency and accuracy for global buyers by offering a one-click access to Jiangsu's industrial sources [1] - The map features a visual representation of the industrial overview of 13 cities in Jiangsu, allowing overseas buyers to send inquiries and place orders easily, thus streamlining the procurement process [2] - The map integrates video content such as enterprise interviews and production line recordings to enhance buyer trust and connects with existing global offline exhibitions and overseas industrial parks, creating a complete commercial loop of "content—traffic—orders" [2]

Group 1 - The core opportunity in the internet and media sectors for 2025 is centered around AI revaluation, particularly in cloud computing, and the globalization and youth-oriented trends in self-consumption, such as trendy toys, music, and concerts [3][4] - AI cloud capital expenditure (capex) is expected to expand in its second year, with a focus on return on investment (ROI) from AI investments, making capex/operating cash flow a key metric for investors [3][4] - Major companies to watch in the AI cloud space include Alibaba, Baidu, and Kingsoft Cloud, which are focusing on domestic production and infrastructure [3][12] Group 2 - The AI application landscape is shifting from conceptual discussions to a focus on commercial viability, with significant developments in AI advertising and video monetization expected in 2026 [3][4] - Tencent, Bilibili, Meitu, Kuaishou, and Focus Technology are highlighted as key players in the AI application ecosystem, with a particular emphasis on the monetization of chatbot applications and the evolution of AI video tools into community platforms [3][4] - The gaming sector is seeing structural opportunities driven by Generation Z and international expansion, with a focus on companies like Giant Network, Century Huatong, and Xindong Company [3][4] Group 3 - The self-consumption trend is expected to continue, with gaming, music, and trendy toys being key areas of growth, particularly as the market adjusts post-2025 [3][4] - The video sector is anticipated to reach a turning point, with policy stabilization and diverse monetization strategies being crucial for growth [3][4] - Companies such as Mango Super Media, Shanghai Film, and Reading Group are positioned to benefit from these trends [3][4] Group 4 - The report indicates a recovery in companies like Focus Media, Vision Source, and educational publishing firms, suggesting a positive outlook for these sectors [3][4] - The report emphasizes the importance of continuous performance and valuation adjustments in the context of evolving market conditions [3][4] Group 5 - The domestic cloud computing market is witnessing increased capital expenditure from major internet companies, with Alibaba and Tencent leading the charge [18][19] - The report highlights the importance of measuring the health of cloud investments through the capex/operating cash flow ratio, with Tencent's ratio being notably lower than its peers [19][29] - AI-driven cloud services are expected to maintain higher profit margins compared to traditional cloud offerings, with a focus on internal workload efficiencies [29][30] Group 6 - The report outlines the competitive landscape of AI applications, noting that Chinese companies are making significant strides in the global market, particularly in productivity tools and content generation [34][35] - The emergence of ChatGPT as a multi-functional platform is reshaping the AI application ecosystem, with significant implications for user engagement and commercial applications [35][39] - Advertising remains a critical area for AI commercialization, with companies like Meta, Tencent, and Bilibili leveraging AI to enhance ad performance and efficiency [43][49]

Core Viewpoint - Focus Technology's stock has experienced fluctuations, with a current price of 46.53 CNY per share, reflecting a year-to-date increase of 14.80% and a recent decline over the past 60 days [1] Financial Performance - For the period from January to September 2025, Focus Technology reported a revenue of 1.409 billion CNY, representing a year-on-year growth of 16.20%, and a net profit attributable to shareholders of 416 million CNY, also showing a growth of 16.38% [2] - Cumulative cash dividends since the company's A-share listing amount to 2.745 billion CNY, with 1.136 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Focus Technology increased by 5.04% to 35,700, while the average circulating shares per person decreased by 4.80% to 5,665 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.8993 million shares, a decrease of 1.2665 million shares from the previous period [3]

Core Viewpoint - The China Securities 2000 Enhanced ETF (159552) opened with a gain of 0.47%, priced at 1.934 yuan, indicating positive market sentiment towards this fund [1] Group 1: ETF Performance - The China Securities 2000 Enhanced ETF (159552) has a performance benchmark based on the China Securities 2000 Index return [1] - Since its establishment on June 19, 2024, the fund has achieved a return of 92.92% [1] - Over the past month, the fund has experienced a return of -4.26% [1] Group 2: Top Holdings - Key holdings in the ETF include: - Haopeng Technology, which opened with a gain of 0.53% [1] - Asia-Pacific Shares, which increased by 0.08% [1] - Fuchun Environmental, which rose by 0.41% [1] - Fosda, which gained 0.69% [1] - Hailide, which increased by 0.55% [1] - Junya Technology, which saw a rise of 0.08% [1] - StarNet Ruijie, which increased by 0.80% [1] - New Asia Electronics, which rose by 0.61% [1] - Focus Technology, which decreased by 0.08% [1] - Spring Autumn Electronics, which fell by 0.06% [1]

Core Viewpoint - The internet healthcare sector experienced a rise of 1.26% on November 24, with Focus Technology leading the gains, while the overall market indices showed modest increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05%, and the Shenzhen Component Index closed at 12585.08, up 0.37% [1]. - Focus Technology (002315) saw a significant increase of 9.20%, closing at 48.30, with a trading volume of 224,800 shares and a transaction value of 1.053 billion [1]. - Other notable performers included Sichuang Medical (300078) with an 8.20% increase, closing at 4.88, and Jiahe Meikang (688246) with a 6.45% increase, closing at 24.42 [1]. Group 2: Capital Flow - The internet healthcare sector experienced a net outflow of 89.6577 million from institutional investors, while retail investors saw a net inflow of 763 million [2]. - The leading stocks in terms of net inflow from retail investors included Focus Technology with a net outflow of 97.1479 million, and Jiahe Meikang with a net inflow of 46.0728 million [3]. - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are actively participating [2][3].

Core Viewpoint - The medical information technology sector experienced a rise of 1.48% on November 24, with Hengyin Technology leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] - Hengyin Technology saw a closing price of 12.36, with a significant increase of 9.96% and a trading volume of 403,100 shares, amounting to a transaction value of 485 million [1] - Other notable performers included: - Jiao Dian Technology: closed at 48.30, up 9.20% with a transaction value of 1.053 billion [1] - Sichuang Medical: closed at 4.88, up 8.20% with a transaction value of 1.11 billion [1] - Hongjing Technology: closed at 63.49, up 8.16% with a transaction value of 740 million [1] Group 2: Capital Flow - The medical information technology sector saw a net inflow of 19.8573 million from institutional investors, while retail investors contributed a net inflow of 466.1 million [2] - Notable capital flows included: - Jiao Dian Technology: institutional net inflow of 2.32 billion, retail net outflow of 971.479 million [3] - Jishi Media: institutional net inflow of 172 million, retail net outflow of 1.96 billion [3] - Hengyin Technology: institutional net inflow of 1.62 billion, retail net outflow of 898.739 million [3]