3、中指研究院报告显示，2025年，餐饮收入增速放缓，叠加优质购物中心的冲击，多数商业街经营承压，租金下行。根据全国15个重点城市主要商业街商 铺样本的调查数据，由重点城市100条商业街商铺为样本标的，构成百大商业街（百街）商铺租金指数。2025下半年，百街商铺平均租金为24.05元/平方米/ 天，环比下跌0.47%，跌幅较2025上半年扩大0.12个百分点，全年累计下跌0.81%，跌幅较2024年累计跌幅扩大0.39个百分点。 登录新浪财经APP 搜索【信披】查看更多考评等级 导读：智通财经2月24日投资避雷针，近日，A股及海外市场潜在风险事件如下。国内经济信息方面包括：1）财通证券指出，春节后首周流动性缺口显著扩 张；2）2026年春节档总票房突破57亿元，2025年春节档票房为95.10亿元；公司方面重点关注包括：1）正元智慧实控人陈坚犯操纵证券市场罪，被判处有 期徒刑三年；2）创识科技控股股东、实控人张更生犯单位行贿罪，被判处有期徒刑二年；海外市场重点关注包括：1）美股三大指数收盘均跌超1%，IBM 创2000年以来最大跌幅；2）美联储理事沃勒表示，若2月就业数据强劲，可能倾向于暂停降息。 经济信息 ...

Group 1 - The core point of the news is that Zhengyuan Wisdom's actual controller, Chen Jian, has been sentenced to three years in prison with a probation period of three and a half years for manipulating the securities market, along with a fine of 6.5 million RMB [1] - The company has stated that Chen Jian is currently not holding any position as a director or senior management and that the daily operations of the company are normal and unaffected by the judgment [1] - The company will continue to monitor the situation and fulfill its information disclosure obligations in accordance with relevant laws and regulations [1] Group 2 - Zhengyuan Wisdom Group Co., Ltd. aims to become a leading provider of smart campus and smart park solutions in China, focusing on making technology enhance work, study, and life [2] - The company has faced declining performance, with net profits decreasing consecutively in 2023 and 2024, and revenue also expected to shrink in 2024 [2] - In the first three quarters of 2025, the company reported revenue of 768 million RMB, a year-on-year increase of 2.35%, while the net profit attributable to shareholders decreased by 31.99% to 6.83 million RMB [2]

Core Viewpoint - Several companies disclosed significant events on the same day, involving legal issues surrounding their actual controllers, which may impact investor sentiment and company operations. Group 1: Legal Issues of Actual Controllers - Zhengyuan Zhihui's actual controller, Chen Jian, was sentenced to three years in prison (suspended for three and a half years) and fined 6.5 million RMB for manipulating the securities market [1][3]. - Chuangshi Technology's actual controller, Zhang Gengsheng, was sentenced to two years in prison (suspended for two years) and fined 300,000 RMB for unit bribery [1][4]. - Jialinjie reported that its actual controller, Li Zhaoting, has been detained by the Shijiazhuang Public Security Bureau, with ongoing investigations [1][6]. Group 2: Company Operations and Impact - Zhengyuan Zhihui stated that Chen Jian does not hold any director or senior management positions, and the company's operations remain normal despite the legal issues [3]. - Chuangshi Technology indicated that Zhang Gengsheng's case is an old one, with prior announcements regarding his investigation and detention [4]. - Jialinjie confirmed that Li Zhaoting's detention has not affected the company's control or operations, and all management personnel are functioning normally [6]. Group 3: Background Information on Li Zhaoting - Li Zhaoting, born in 1965, co-founded Dongxu Group in 1997 and was once the richest person in Shijiazhuang with a wealth of 23.5 billion RMB [6]. - Dongxu Group faced severe penalties totaling approximately 1.7 billion RMB due to violations related to information disclosure and fraudulent issuance [6][7]. - Investigations revealed that from 2015 to 2019, Dongxu Group inflated revenues by 47.825 billion RMB and profits by 13.001 billion RMB through fraudulent accounting practices [7].

Core Viewpoint - The actual controller of Zhengyuan Wisdom, Chen Jian, has been sentenced to three years in prison with a probation period of three and a half years for manipulating the securities market, which has raised concerns but the company asserts that its operations remain unaffected [1]. Group 1: Legal Issues - Chen Jian, the actual controller of Zhengyuan Wisdom, was convicted of manipulating the securities market and sentenced to three years in prison, with a fine of 6.5 million yuan [1]. - The company has confirmed that Chen Jian does not hold any positions as a director or senior management personnel, and daily operations are proceeding normally [1]. - The company will continue to monitor the situation and fulfill its information disclosure obligations as required by law [1]. Group 2: Financial Performance - For the first three quarters of 2025, Zhengyuan Wisdom reported revenue of approximately 768 million yuan, reflecting a year-on-year increase of 2.35% [3]. - The net profit attributable to shareholders for the same period was approximately 6.83 million yuan, showing a year-on-year decline of 31.99% [3]. - The company has approved a plan to repurchase shares, allowing for the sale of up to 2% of its total share capital within a specified timeframe [3]. Group 3: Share Buyback Activity - On December 9, 2025, the company executed its first share reduction through a buyback, selling 11,000 shares, which is 0.01% of the total share capital, generating approximately 203,500 yuan [4]. - The shares were sold at an average price of 18.5 yuan per share, with the highest and lowest prices being 18.53 yuan and 18.45 yuan, respectively [4]. - As of January 31, 2026, the company has not conducted any further reductions of its repurchased shares, with a total of 11,000 shares already reduced [4].

Group 1 - The actual controller of Zhengyuan Wisdom, Chen Jian, was sentenced to three years in prison with a probation period of three and a half years for manipulating the securities market, along with a fine of 6.5 million yuan [2][6][7] - Chen Jian is currently not serving as a director or senior management personnel in the company, and the company's daily operations are reported to be normal and unaffected by the judgment [2][6][7] - The company has been actively disclosing information regarding the legal situation of its actual controller, including announcements on November 9, 13, and 20, 2023, about the measures taken against Chen Jian [2][6][7] Group 2 - Zhengyuan Wisdom reported a revenue of approximately 768 million yuan for the first three quarters of 2025, representing a year-on-year increase of 2.35%, while the net profit attributable to shareholders decreased by 31.99% to approximately 6.83 million yuan [3][8] - The company focuses on educational information technology and provides comprehensive solutions for smart campuses, utilizing emerging ICT technologies [3][8] - On February 2, 2025, the company approved a plan to repurchase shares, allowing for a maximum reduction of 2% of the total share capital through centralized bidding [3][8] Group 3 - On December 9, 2025, the company executed its first share reduction through centralized bidding, selling 11,000 shares, which accounted for 0.01% of the total share capital, generating approximately 203,500 yuan [4][9] - The shares were sold at an average price of 18.5 yuan per share, with the highest and lowest prices being 18.53 yuan and 18.45 yuan, respectively [4][9] - As of January 31, 2026, the company had not conducted any further reductions of repurchased shares, with a total of 11,000 shares already reduced [4][9]

Core Insights - The company, Zhengyuan Wisdom (300645), is positioned to benefit from the ongoing digital transformation in China, leveraging its mature technology and standardized operational model to capitalize on the digital economy's growth [1][2] - The "14th Five-Year Plan" emphasizes advancing digital China construction and accelerating AI innovation, which aligns with the company's strategic focus on AI applications in various sectors [1][2] Industry and Company Positioning - Zhengyuan Wisdom is a leading supplier in the smart campus, smart park, and industry intelligence construction sectors, having established itself as a benchmark enterprise in digital transformation [1][2] - The company has developed a standardized operational service model that is portable and scalable, enhancing its competitive edge in the education information sector [2][4] AI and Digital Transformation Initiatives - The company has successfully implemented AI technology in educational settings, exemplified by the Beijing University of Posts and Telecommunications' student growth intelligent platform, which has been recognized as a model project in ideological education [2][3] - The global digital transformation investment is projected to reach $4.4 trillion by 2028, with China's share expected to be $733 billion, indicating a significant market opportunity for companies like Zhengyuan Wisdom [3] Financial Performance - In Q3 2025, Zhengyuan Wisdom reported a cash inflow from operating activities of 994 million yuan, a year-on-year increase of 15.58%, and a net profit attributable to shareholders of 25.56 million yuan, reflecting a substantial growth of 37.2% [4][5] - The company's ability to integrate software and hardware solutions has enhanced its business model, contributing to improved profitability and operational quality [4][5] Strategic Collaborations and Ecosystem Development - Zhengyuan Wisdom is expanding its market reach beyond smart campuses by collaborating with major enterprises like Huawei, Alibaba, and Tencent, creating a robust ecosystem for digital transformation [5][6] - The dual strategy of "public rotation and self-rotation" has strengthened the company's position in the smart campus sector, enabling it to capture opportunities in various industries [6]

Group 1 - The actual controller of Zhengyuan Zhihui, Chen Jian, was sentenced for manipulating the securities market, receiving a three-year prison term with a probation period of three and a half years, along with a fine of 6.5 million yuan [1][2] - Zhengyuan Zhihui stated that Chen Jian is currently not holding any position as a director or senior management personnel in the company [1][2] - The company confirmed that its daily operations are normal and that the judgment will not impact its production and business activities [1][2]

Core Insights - The Chinese AI sector is witnessing a surge in collaboration between industry giants and enterprises, with Zhengyuan Wisdom (300645) forming deep partnerships with major players like Huawei, leading to a dual increase in profitability and valuation [1][5] - Zhengyuan Wisdom has signed a strategic cooperation agreement with Hainan Chip Education Technology Co., a subsidiary of Geely Talent Development Group, focusing on smart campus construction, AI teaching scenarios, and cross-border education resource expansion [1][2] Company Overview - Zhengyuan Wisdom is a leading digital service provider in China, specializing in smart campuses, smart parks, and industry intelligence construction, leveraging emerging ICT technologies to create a comprehensive product system [2][3] - The company has established a national presence, serving over 5,000 users, including 1,400 universities, and has a user base exceeding 50 million, primarily targeting the student demographic [3] Strategic Collaborations - Zhengyuan Wisdom has formed deep partnerships with major technology and telecommunications companies, including Huawei, Tencent, Alibaba, and the three major telecom operators, creating a robust industry ecosystem [3][4] - The collaboration with Huawei has led to the launch of a joint smart campus solution, integrating core technologies to enhance the educational sector's AI capabilities [4] Market Position and Growth Potential - The company is positioned to capitalize on the ongoing digital transformation trend, supported by policy incentives and deepening industry collaboration, aiming for significant growth in both scale and profitability [5]

Core Viewpoint - Zhengyuan Zhihui (300645) announced that its actual controller, Chen Jian, was sentenced to three years in prison with a probation period of three and a half years for manipulating the securities market, along with a fine of 6.5 million yuan [1] Group 1 - Chen Jian is currently not holding any position as a director or senior management in the company [1] - The company's daily operations are normal, and all work is proceeding in an orderly manner [1] - The judgment is not expected to impact the company's production and operational activities [1]

Macro Dynamics - In January 2026, the social financing scale increased by 7.22 trillion yuan, which is 166.2 billion yuan more than the same period last year [2] - The increase in RMB loans to the real economy was 4.9 trillion yuan, a decrease of 317.8 billion yuan year-on-year [2] - Net financing of corporate bonds was 503.3 billion yuan, an increase of 57.9 billion yuan year-on-year [2] - Government bonds net financing reached 976.4 billion yuan, an increase of 283.1 billion yuan year-on-year [2] Financial Institutions - The People's Bank of China and the National Financial Regulatory Administration have identified 21 systemically important banks in China, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [3] Market Data - On February 13, A-shares saw all three major indices drop over 1%, with the Shanghai Composite Index falling 1.26% to below 4100 points [10] - The Hong Kong stock market closed with the Hang Seng Index down 1.72% and the Hang Seng Tech Index down 0.9% [11] Company Dynamics - Zhengyuan Wisdom's actual controller, Chen Jian, was sentenced to three years in prison for manipulating the securities market, but the company's operations remain normal [12] - CATL, Luoyang Molybdenum, and Laopu Gold will be included in the Hong Kong Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [13] - Sinopec announced the resignation of Li Yonglin from his positions as executive director and senior vice president [14][15] - Zongshen Power plans to swap its motorcycle engine business with Longxin General's general machinery business, which is expected to constitute a major asset restructuring [16]