Market Overview - The digital media sector experienced a decline of 0.86% on November 12, with *ST Fanli leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Mango Super Media (300413) closed at 26.92, up 0.19% with a trading volume of 120,300 shares and a transaction value of 324 million yuan [1] - ST Fanli (600228) closed at 6.97, down 2.38% with a trading volume of 207,900 shares and a transaction value of 146 million yuan [2] - Visual China (000681) closed at 21.47, down 2.14% with a trading volume of 321,100 shares and a transaction value of 691 million yuan [2] Capital Flow - The digital media sector saw a net outflow of 177 million yuan from institutional investors, while retail investors contributed a net inflow of 137 million yuan [2][3] - Major stocks like Mango Super Media and Xinhua Net experienced varying levels of net inflow and outflow from different investor categories [3] Investor Behavior - Institutional investors showed a significant net outflow from stocks like People's Daily (603000) and Guomai Culture (600640) [3] - Retail investors favored stocks such as Business Treasure (002095) and River Network Media (300987), showing positive net inflows [3]

Core Viewpoint - Domestic fuel prices in China have increased after two consecutive reductions, with gasoline and diesel prices rising by 125 yuan and 120 yuan per ton respectively, effective from November 10 [3][4]. Price Adjustment Details - The National Development and Reform Commission announced the price increase based on the average price of crude oil over the past ten working days, which was 62.44 USD per barrel, reflecting a change rate of 2.74% [4]. - This marks the 22nd price adjustment in 2025, with a total of seven increases, nine decreases, and six instances of no change throughout the year [4]. Impact on Consumers - The price increase will result in additional costs for consumers, with private car owners expected to pay approximately 5 yuan more for a full tank of 50 liters, and logistics companies facing an increase of about 177 yuan for heavy trucks over a month [5]. International Oil Market Trends - International crude oil prices have shown a weak and fluctuating trend, influenced by OPEC+ decisions to increase production and concerns over supply surplus [6][7]. - The U.S. government shutdown and rising oil inventories have further pressured oil prices, with forecasts suggesting a decline in Brent crude prices to an average of 62 USD per barrel in Q4 2025 and 52 USD in 2026 [7]. Future Price Expectations - Analysts predict a high probability of a price decrease in the next domestic fuel price adjustment due to ongoing supply pressures and weak global demand [8]. - The upcoming pricing cycle may start with a negative change rate, potentially leading to a reduction of around 60 yuan per ton [8][9].

Core Viewpoint - The new round of domestic refined oil price adjustment window will open at 24:00 on November 10, with expectations for the seventh price increase of the year [1] Group 1: Price Adjustment Details - According to Zhaochuang Information's data monitoring model, as of the close on November 6, the reference crude oil change rate for the 9th working day is 3.12% [3] - The expected increase for gasoline and diesel is approximately 135 yuan per ton, translating to an increase of 0.11 yuan for 92 gasoline, 95 gasoline, and 0 diesel [3] - Based on the current increase, after the adjustment is confirmed, filling a 50-liter tank of 92 gasoline will cost an additional 5.5 yuan for private car owners [3]

Core Viewpoint - The analysis from Zhaochuang Information indicates that during the current retail price adjustment cycle for refined oil (from October 27 to November 10), international crude oil prices have shown a narrow fluctuation and a downward trend in average values, leading to a significant decrease in the crude oil change rate after a high starting point. The probability of an increase in retail price for refined oil is high, but the expected increase is narrowing [1] Group 1 - The crude oil change rate as of November 6 is reported at 3.12%, suggesting an expected increase in gasoline and diesel prices by 135 CNY per ton [1] - The anticipated price adjustments for 92 gasoline, 95 gasoline, and 0 diesel are expected to rise by 0.11 CNY [1] - There is still one working day before the price adjustment window opens, indicating that the expected increase may further narrow [1]

Core Viewpoint - The analysis from Zhaochuang Information indicates that during the current retail price adjustment cycle for refined oil (from October 27 to November 10), international crude oil prices have shown a narrow fluctuation and a downward trend in average values, leading to a significant decrease in the crude oil price change rate, which is expected to result in a retail price increase for refined oil, although the anticipated increase is narrowing [1] Group 1 - The crude oil price change rate as of November 6 is reported at 3.12%, suggesting an expected increase in gasoline and diesel prices by 135 yuan per ton, translating to an increase of 0.11 yuan per liter for 92 gasoline, 95 gasoline, and 0 diesel [1] - The price adjustment window is set to open on November 10 at 24:00, with one working day remaining before the adjustment [1] - The probability of a price increase for refined oil is high, but the expected increase margin is likely to further narrow before the adjustment [1]

Core Insights - The stock price of Zhaochuang Information increased by 2.02% on November 5, reaching 57.54 CNY per share, with a total market capitalization of 3.474 billion CNY [1] - The company has seen a year-to-date stock price increase of 0.56%, with a 2.82% rise over the last five trading days [1] - Zhaochuang Information's main business segments include information services (57.19%), smart services (20.98%), exhibition services (12.08%), and consulting services (9.74%) [1] Financial Performance - For the period from January to September 2025, Zhaochuang Information reported a revenue of 263 million CNY, representing a year-on-year growth of 19.91% [2] - The net profit attributable to the parent company was 49.52 million CNY, showing a year-on-year decrease of 5.93% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Zhaochuang Information was 11,800, a decrease of 15.79% from the previous period [2] - The top ten circulating shareholders include new entrants such as Huatai-PB ZhiYuan Mixed A and Huatai-PB JinHua Bond A [3]

Group 1 - The company has approved the issuance of H-shares and plans to list on the Hong Kong Stock Exchange to enhance its competitiveness and international brand image [3][5][26] - The board meeting was held on November 4, 2025, with all six directors present, and the meeting was deemed legal and effective [2][4] - The issuance of H-shares will involve a maximum of 14% of the total share capital post-issuance, with an option for an additional 15% for over-allotment [13][20] Group 2 - The H-shares will be ordinary shares with a par value of RMB 1.00, and the issuance will be conducted through public offerings in Hong Kong and international placements [8][11] - The funds raised will be used for product and service upgrades, market expansion, strategic investments, and working capital [28][48] - The board has proposed a profit distribution plan for retained earnings prior to the H-share issuance, ensuring that both existing and new shareholders benefit [32][33] Group 3 - The board has authorized the management to handle all matters related to the H-share issuance, including the selection of intermediaries and the finalization of the issuance plan [35][36] - The effective period for the resolutions related to the H-share issuance is set for 24 months, extendable upon obtaining necessary regulatory approvals [30][48] - The company will revise its internal governance documents to comply with the requirements of the H-share issuance and listing [53]

Core Viewpoint - ZhuoChuang Information (301299) announced the nomination of Ms. Chen Yuehua as an independent director for the third board of directors [1] Company Summary - The board of directors of ZhuoChuang Information has approved the nomination of Ms. Chen Yuehua as an additional independent director [1]

山东卓创资讯股份有限公司 募集资金管理制度（草案） （H 股发行上市后适用） 第一章 总则 第一条 为规范公司募集资金的管理和使用，保护投资者利益，根据《中华 人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所创业板股票上 市规则》《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指 引第 2 号—创业板上市公司规范运作》《香港联合交易所有限公司证券上市规则》 （以下简称"《香港上市规则》"）等法律、行政法规、规范性文件及《山东卓 创资讯股份有限公司章程》（以下称"《公司章程》"），并结合本公司实际， 特制定本制度。 第二条 本制度所称募集资金是指公司通过发行股票或者其他具有股权性质 的证券，向投资者募集并用于特定用途的资金，但不包括公司为实施股权激励计 划募集的资金。 公司董事会应加强对募集资金使用情况的检查，确保资金投向符合募集资金 说明书承诺或股东会批准的用途，检查投资项目的进度、效果是否达到募集资金 说明书预测的水平。独立董事应对公司募集资金投向及资金的管理使用是否有利 于公司和投资者利益履行必要职责。公司审计机构应关注募集资金的存放和使用 是否与公司信息披露相一致。 第三条 公司应 ...

山东卓创资讯股份有限公司 董事会审计委员会工作细则（草案） （H 股发行上市后适用） 第一章 总则 第一条 为完善山东卓创资讯股份有限公司（以下简称"公司"）董事会审 计委员会的决策程序，完善公司治理结构，充分保护公司和公司股东的合法权益， 根据《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司治理准 则》《山东卓创资讯股份有限公司章程》（以下简称"《公司章程》"）、《山 东卓创资讯股份有限公司董事会议事规则》《香港联合交易所有限公司证券上市 规则》（以下简称"《香港上市规则》"）、公司股票上市地证券监管机构和证 券交易所的监管规则及其他有关规定，公司特设立董事会审计委员会（以下简称 "审计委员会"），并制定本细则。 第二条 审计委员会是董事会按照相应法律法规及《公司章程》规定设立的 专门委员会，负责审核公司财务信息及其披露、监督及评估内外部审计工作和内 部控制，行使《公司法》规定的监事会的职权，向董事会报告工作并对董事会负 责。 第三条 审计委员会根据《公司章程》和本细则规定的职责范围履行职责， 独立工作，不受公司其他部门干涉。审计委员会履行职责时，公司管理层及相关 部门须给予配合。 第二章 审计 ...