1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - This week, the equity market declined across the board, with the large - cap value style being relatively resilient and the North - Star 50 index experiencing a significant decline. Among industries, the banking sector had the smallest decline, while the power equipment & new energy and comprehensive sectors had larger declines [1][2][6]. - The average return of all - market active equity funds was - 4.83%. Funds with better performance were heavily invested in the automobile and banking industries. Among industry - themed funds, financial and real estate funds had relatively leading average returns, while pharmaceutical sector funds had relatively lagging average returns [2][11]. - In the bond market, the interest - rate bond market declined, the credit - bond market rose, and the convertible - bond market declined. The average returns of short - term and medium - to - long - term bond funds were 0.02%, while the average returns of equity - linked bond funds and convertible - bond funds were negative [1][2]. - As of November 19, 2025, the average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were - 0.43%, - 1.12%, and - 1.55% respectively [2]. - During the statistical period, the average declines of equity - oriented, index - type, other - type, and bond - type QDII funds were 2.96%, 3.45%, 1.89%, and 0.20% respectively. This week, REITs declined by an average of 1.20% [2]. 3. Summary According to Relevant Catalogs 3.1 Market Review - The equity market declined across the board this week. The Shanghai - Shenzhen 300 Index closed at 4454 points, down 3.77%; the Shanghai Composite Index closed at 3835 points, down 3.9%; the Shenzhen Component Index closed at 12538 points, down 5.13%; and the ChiNext Index closed at 2920 points, down 6.15%. In the Hong Kong stock market, the Hang Seng Index declined by 5.09% and the Hang Seng Tech Index declined by 7.18% [6]. - In terms of industries, the banking sector declined the least, by 0.87%, while the power equipment & new energy and comprehensive sectors declined by 9.41% and 9.47% respectively [9]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of all - market funds in the sample this week was - 4.83%. Funds with better performance were heavily invested in the automobile and banking industries. Among industry funds, financial and real estate funds had relatively leading average returns, while pharmaceutical sector funds had relatively lagging average returns [11][12]. - **Position Estimation**: This week, the positions of common stock - type and partial - stock hybrid funds both decreased. Compared with the previous week, the position of common stock - type funds decreased by 0.31 percentage points, and that of partial - stock hybrid funds decreased by 0.05 percentage points. Actively managed partial - stock funds increased their allocation to consumption, finance, and cyclical sectors and reduced their allocation to stable and growth sectors [17]. 3.2.2 Bond - Type Funds - **Bond Market Performance**: The credit - bond market rose this week. The ChinaBond Total Wealth Index closed at 246.39, down 0.01% from last week; the ChinaBond Treasury Bond Index closed at 246.64, down 0.05% from last week; and the ChinaBond Credit Bond Index closed at 225.09, up 0.04% from last week. The convertible - bond market declined, with the CSI Convertible Bond Index closing at 482.94, down 1.78% week - on - week, and the trading volume was 318 billion yuan, a decrease of 31.316 billion yuan from last week [20][22]. - **Fund Performance Overview**: The average return of short - term bond funds this week was 0.02%, and the median was 0.03%; the average return of medium - to - long - term bond funds was 0.02%, and the median was 0.02%. The average returns of first - tier and second - tier bond funds were - 0.16% and - 0.77% respectively. The average return of partial - bond hybrid funds was - 1.1%, and the median was - 0.99%; the average return of low - position flexible - allocation funds was - 0.84%, and the median was - 0.67%. The average return of convertible - bond funds was - 2.41%, and the median was - 2.4% [25][27][29]. 3.2.3 FOF As of November 19, 2025, the average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were - 0.43%, - 1.12%, and - 1.55% respectively [2][32]. 3.2.4 QDII During the statistical period, the average declines of equity - oriented, index - type, other - type, and bond - type QDII funds were 2.96%, 3.45%, 1.89%, and 0.20% respectively [2]. 3.2.5 REITs This week, REITs declined by an average of 1.20%. Among them, CICC Yizhuang Industrial Park REIT had a relatively high increase, rising 0.96% in the past week. China Asset Management CR Land Ucommune REIT had the highest liquidity, with a trading volume of 128.2851 million yuan in the past week [36][37].

Group 1 - The core viewpoint of the news is that Hongjing Technology has shown significant stock performance and financial growth, with a notable increase in share price and revenue in recent periods [1][2]. - As of November 20, Hongjing Technology's stock price increased by 2.01% to 61.49 CNY per share, with a total market capitalization of 9.44 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 207.90%, although it has seen a decline of 4.53% in the last five trading days [1]. Group 2 - Hongjing Technology, established on March 7, 1997, focuses on providing smart city solutions across three main areas: smart healthcare, urban management, and smart parks, with a revenue composition of 91.28% from computing services and 8.72% from smart city business [2]. - For the period from January to September 2025, the company reported a revenue of 1.55 billion CNY, reflecting a year-on-year growth of 595.49%, and a net profit of 108 million CNY, up 448.91% year-on-year [2]. - As of November 10, the number of shareholders decreased by 15.75% to 27,800, while the average number of circulating shares per person increased by 18.70% to 2,737 shares [2]. Group 3 - Since its A-share listing, Hongjing Technology has distributed a total of 57.02 million CNY in dividends [3]. - As of September 30, 2025, Hongjing Technology's fourth-largest circulating shareholder is Hong Kong Central Clearing Limited, which holds 1.3893 million shares as a new shareholder [3]. - Notably, two funds, Yongying Digital Economy Selected Mixed Fund and GF Technology Innovation Mixed Fund, have exited the list of the top ten circulating shareholders [3].

（文章来源：证券日报） 证券日报网讯宏景科技11月17日在互动平台回答投资者提问时表示，截至2025年11月10日，公司持有人 总户数为27，790户。 ...

Core Viewpoint - The company, Hongjing Technology, confirmed that its computing power project is progressing normally as per the project timeline [1] Group 1 - The company is actively engaging with stakeholders through its interactive platform [1] - The announcement indicates a positive outlook on the company's project execution [1]

Core Viewpoint - Hongjing Technology (301396) announced that neither the company nor its subsidiaries provide guarantees to entities outside the consolidated financial statements, do not have overdue guarantees, and are not involved in any litigation related to external guarantees or losses due to guarantee judgments [1] Summary by Relevant Categories - **Company Guarantees** - The company and its subsidiaries do not provide guarantees outside of the consolidated financial statements [1] - There are no overdue guarantees reported [1] - **Litigation and Legal Matters** - The company is not involved in any litigation concerning external guarantees [1] - There are no losses incurred due to guarantee-related judgments against the company [1]

证券代码：301396 证券简称：宏景科技 公告编号：2025-096 宏景科技股份有限公司 关于对外担保的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、担保情况概述 宏景科技股份有限公司（以下简称"公司"）于2025年7月24日召开第四届 董事会第八次会议、第四届监事会第八次会议、2025年8月13日召开2025年第二 次临时股东大会，审议通过了《关于增加2025年度担保额度及担保对象的议案》， 同意公司为控股子公司深圳宏景纵横科技有限公司（以下简称"宏景纵横"）提 供不超过人民币500,000万元的担保额度，用于宏景纵横向银行及其他金融机构 申请综合授信（包括但不限于办理银行承兑汇票、银行保函、流动资金贷款等各 种银行业务）及日常经营（包括但不限于相关业务合同的担保）。具体内容详见 公司于2025年7月28日刊登在巨潮资讯网（http://www.cninfo.com.cn）上的《关于 增加2025年度担保额度及担保对象的公告》（公告编号：2025-048）。 二、担保进展情况 被保证人：深圳宏景纵横科技有限公司 保证方式：连带责任保证 最高保证 ...

数据中心板块走弱，速达股份触及跌停，佰维存储、顺钠股份、宏景科技、大为股份、麦格米特、欧陆 通等跟跌。 ...

Core Points - Hongjing Technology announced the completion of its share reduction plan, with the deadline set for November 12, 2025 [2] - Lin Shanchu reduced his holdings by 1,528,800 shares, representing 0.9958% of the total share capital [2] - Xu Chi reduced her holdings by 1,534,800 shares, representing 0.9998% of the total share capital [2]

Core Viewpoint - The announcement reveals that executives of Hongjing Technology Co., Ltd. have completed their share reduction plan, with a total of 3.0636 million shares sold, representing approximately 1.9956% of the company's total share capital [1][2]. Summary by Sections Reduction Plan Implementation Overview - The reduction plan was initially disclosed on July 22, 2025, with executives Lin Shanchu and Xu Chi planning to reduce up to 1.535 million shares (1.00% of total share capital) from August 13 to November 12, 2025 [2]. - By the end of the reduction period on November 12, 2025, Lin Shanchu had reduced 1.5288 million shares (0.9958%), while Xu Chi had reduced 1.5348 million shares (0.9998%), totaling 3.0636 million shares [2]. Specific Reduction Details - The announcement provides detailed information on the reduction methods, price ranges, and quantities: - Lin Shanchu primarily used after-hours pricing for most of his reduction (1.44 million shares), with a price range of 76.69 to 84.79 CNY per share [3]. - Xu Chi completed his entire reduction through competitive bidding, with a price range of 59.15 to 80.69 CNY per share [3]. Changes in Shareholding Before and After Reduction - Following the reduction, both executives saw their shareholding percentages decrease by approximately 1 percentage point, with no large amounts of unrestricted shares remaining [4]. - Lin Shanchu's total shares decreased from 9,519,794 (6.20%) to 7,990,994 (5.21%), while Xu Chi's shares decreased from 7,933,162 (5.17%) to 6,398,362 (4.17%) [4]. Announcement Clarification - Hongjing Technology emphasized that the implementation of the reduction plan complies with relevant laws and regulations, and it does not lead to changes in the controlling shareholder or the company's governance structure [5].

证券代码：301396 证券简称：宏景科技 公告编号：2025-095 宏景科技股份有限公司 关于公司董事、高级管理人员减持期限届满的公告 公司董事、高级管理人员林山驰、许驰保证向本公司提供的信息内容真实、 准确和完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 宏景科技股份有限公司（以下简称"公司"）于 2025 年 7 月 22 日在巨潮资 讯网（www.cninfo.com.cn）披露了《关于公司董事、高级管理人员减持股份预披 露公告》（公告编号：2025-045）。公司董事、总经理林山驰先生拟拟通过集中 竞价、大宗交易方式减持股份数量合计不超过 1,535,000 股，即不超过公司总股 本的 1.00%；公司董事、副总经理许驰女士拟通过集中竞价、大宗交易方式减持 股份数量合计不超过 1,535,000 股，即不超过公司总股本的 1.00%；减持期间自 减持计划公告披露之日起 15 个交易日后的 3 个月内，即 2025 年 8 月 13 日至 2025 年 11 月 12 日。 2025 年 8 月 29 日至 ...