香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容 概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Zhejiang HuaRay Technology Co., Ltd. 浙江華睿科技股份有限公司 （「本公司」） 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）╱ 證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。您閱覽本文件，即代 表您知悉、接納並向本公司、其獨家保薦人、保薦人兼整體協調人、獨家整體協調人、顧問或 包銷團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處 長登記前，本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要 約或邀請，準投資者務請僅依據將呈交香港公司註冊處註冊的本公司招股章程作出投資決定； 有關文本將於發售期內向公眾刊發。 (i) 本文件僅為向香港公眾人士提供有 ...

Core Viewpoint - Anji County's Huxi River has been recognized as an excellent case in the Ministry of Water Resources' 2025 Happy Rivers and Lakes initiative, promoting green and high-quality development through innovative water ecological value transformation models [1] Group 1: Water Ecological Development - Huxi River, a primary tributary of the Xitiaoxi River basin, has been pivotal in connecting urban and rural areas, driving local development [1] - The "Happy Rivers and Lakes Action Plan (2023-2027)" was released in 2023, leading to multiple governance nodes along the river, enhancing water quality [6] - The introduction of new tourism activities such as camping and educational trips has stimulated economic growth in surrounding villages [8] Group 2: Economic Impact - By 2025, four projects with an investment exceeding 20 million yuan are expected to generate over 3.9 million yuan in collective income for the village, with an average dividend of approximately 4,700 yuan per resident [10] - The innovative use of clear river water for creating artificial snow has attracted numerous tourists, boosting local businesses [4][6] Group 3: Technological Integration - The implementation of the "AI River Chief" system has enhanced river management efficiency, allowing for automated inspections and real-time monitoring of the river's condition [11][13] - The system has improved inspection efficiency by over 70% and increased problem detection accuracy to over 90% [19] - A total of 20 base stations and 4 drones have been established for continuous monitoring, with plans for full coverage of major rivers by 2026 [21]

Core Insights - The Chinese laser and optoelectronics industry is experiencing significant personnel changes at the beginning of 2026, with multiple companies announcing important adjustments in their management teams [1][3] Group 1: Company Announcements - Five listed companies, including Dazhu Laser, Huaray Laser, Lianying Laser, Jieput, and Lianchuang Optoelectronics, have reported changes such as resignations of independent directors and appointments of new executives [1][3] - Dazhu Laser's independent director Wang Tianguang resigned for personal reasons, leading to a need for a supplementary election to maintain compliance with regulations [4][6] - Huaray Laser completed a management transition, appointing He Lidong as chairman and general manager, ensuring strategic continuity and emphasizing technical talent [7][9] - Lianying Laser's vice president Yin Dong resigned but will remain with the company in another capacity, indicating an internal restructuring rather than a complete departure [10][12] - Jieput appointed Liu Meng, a technical expert, as vice president, reflecting a strategic focus on enhancing product development and competitiveness in the high-power laser market [13][15] - Lianchuang Optoelectronics appointed Gu Hongwu as a non-independent director, transitioning from a supervisory role to a decision-making position within the board [16][18] Group 2: Strategic Implications - The personnel changes across these companies highlight a focus on strategic succession and the importance of technical expertise in the laser industry, particularly in the context of AI integration and high-end transformation [3] - The new management teams are characterized by stability and a strong technical background, which is crucial for driving innovation and maintaining competitive advantages in the rapidly evolving market [9][15] - The adjustments in leadership roles are seen as efforts to optimize governance structures and enhance strategic decision-making capabilities within the companies [18]

Core Viewpoint - The company, Guanglian Da (002410), has adopted an ALLINAI strategy in 2023, integrating AI capabilities across its business operations [1] Group 1: AI Strategy Implementation - The company prioritizes the integration of AI based on various factors such as knowledge attributes, process standardization, and feasibility of implementation [1] - The focus on cost management is due to the existence of clear national standards and norms in the cost domain, which allows for a more structured and process-oriented approach [1] Group 2: Application and Results - By 2025, the company has conducted pilot applications of its AI products in industrial parks and highway infrastructure, achieving positive results [1]

Core Viewpoint - The company is implementing a dual-track model that combines AI empowerment of existing business for quality enhancement and the introduction of new AI-native products with separate charges, clearly distinguishing between existing and new businesses without affecting the original annual fee system [1] Group 1: AI Empowerment Strategy - The company aims to enhance the core value of traditional construction quantity takeoff and pricing services through AI empowerment [1] - The strategy focuses on strengthening customer engagement and loyalty by creating higher value for clients [1] - The company plans to optimize pricing strategies reasonably to improve customer renewal willingness and new purchase conversion efficiency [1]

Summary of Tianrongxin Conference Call Company Overview - **Company**: Tianrongxin - **Industry**: Hyper-converged infrastructure, cloud computing, and network security Key Points and Arguments Industry and Market Trends - The hyper-converged infrastructure market is expected to grow at a compound annual growth rate (CAGR) of 9.2% over the next five years, reaching a market size of approximately $3.3 billion by 2029, with an estimated market size of around 15 billion yuan in 2024, reflecting a CAGR of about 12% [2][4] - The demand for software-defined storage and hyper-converged systems is on the rise, driven by the increasing need for integrated IT solutions [2][4] Company Strategy and Product Development - Tianrongxin has developed a comprehensive product matrix since 2015, including hyper-converged systems, desktop cloud, enterprise cloud, and intelligent computing cloud, covering all IT infrastructure scenarios [3] - The company plans to launch its intelligent computing cloud platform and integrated computing machines in 2025 to meet the needs of large model construction and private deployment [2][3] Competitive Advantages - Tianrongxin's technology architecture supports a wider range of CPU types, including domestic platforms, and is compatible with various operating systems, providing higher reliability, flexibility, and openness compared to VMware [7] - The company has obtained over 586 compatibility certificates and has completed adaptations with more than 60 domestic manufacturers, ensuring rapid response services [7] Transition Strategy from VMware - Tianrongxin has proposed a three-step strategy to simplify the transition from VMware to its hyper-converged solutions, starting with establishing a data center for backup or non-core operations, gradually expanding usage, and ultimately achieving full replacement [8][10] Achievements in Domestic Product Development - Since 2012, Tianrongxin has developed 372 domestic products across 83 categories, covering over 80% of its product lines, and has obtained over 3,900 compatibility certificates in the network security field [11] Challenges and Responses - The transition from VMware presents challenges such as technical difficulties and customer acceptance. Tianrongxin addresses these by starting with non-disruptive scenarios to gain customer trust and gradually moving to core business replacements [12] Future Development Trends - The company aims for full-stack development and intelligent empowerment, focusing on AI integration to enhance efficiency and service platform construction [13][14] Market Demand for Domestic Alternatives - There is an increasing urgency among customers for domestic alternatives, particularly in sectors like education and healthcare, which have smaller IT scales and simpler needs [15][16] Cost and Delivery Models - The cost for deploying a hyper-converged system can start from around 200,000 to 300,000 yuan for a minimal setup, with flexible expansion options available [17] Intelligent Computing Cloud Developments - Starting in 2025, Tianrongxin will offer intelligent computing cloud solutions tailored for private deployment, including integrated servers and software for secure data handling [18] Quantum Technology Initiatives - Tianrongxin is exploring quantum technology, focusing on quantum communication and post-quantum encryption algorithms, collaborating with various companies to develop related products [22][23] Additional Important Insights - The shift towards domestic products is becoming a default strategy in many industries, with large enterprises showing a marked increase in demand for domestic solutions despite economic pressures [21]

Group 1 - The core point of the article is the appointment of Xu Yongke as the First Secretary of the Nanning Garrison District Party Committee, emphasizing the importance of strengthening military and political responsibilities in national defense and military preparedness [1] - The meeting was chaired by Colonel Fan Jiangwen, the Commander of the Nanning Garrison District, with attendance from key military officials including Political Commissar Pu Yi and others [2] Group 2 - General Xiong Ming, the Political Commissar of the Guangxi Military Region, highlighted the need to implement Xi Jinping's strong military thought and focus on combat readiness and mobilization preparation [1] - Xu Yongke expressed full support for the decision made by the Guangxi Military Region Party Committee and outlined his commitment to enhancing military training, national defense mobilization, and civil-military integration [1]

Core Insights - Beisen has partnered with Logitech to advance the digital transformation of Logitech's training system, utilizing Beisen's AI Learning platform for personalized learning [1][5] - The collaboration focuses on training blue-collar employees, enhancing job skills, and compliance training, marking a significant breakthrough for Beisen in the talent development sector of global manufacturing [1][5] Group 1: Partnership Details - Logitech, a leader in consumer electronics and digital collaboration solutions, has a significant presence in the global market with products spanning various sectors [1] - The partnership aims to address challenges in Logitech's training management, which has faced bottlenecks due to reliance on manual processes and paper-based operations [5][6] - Beisen's AI Learning platform will create a complete digital learning ecosystem, covering course management, training projects, assessments, and feedback [5][6] Group 2: Functional Benefits - The AI Learning platform offers practical support for Logitech, including automated exam generation and intelligent grading, which reduces the training management burden [6] - The platform features an AI learning assistant that helps employees quickly identify key course content, enhancing learning efficiency [6] - Personalized learning recommendations based on job and skill tags will provide tailored training paths for employees, aligning development with actual business needs [6] Group 3: Compliance and System Design - Beisen's platform includes a rigorous design for permissions and compliance management, ensuring that employees access only authorized information based on their roles [6] - This deep support for compliance aligns with Logitech's requirements for multiple audits as a global enterprise [6] - The choice of Beisen's AI Learning platform is driven by its integrated functionality, system extensibility, and adaptability to business processes [6]

Group 1 - The core viewpoint emphasizes the importance of political training and military readiness in the context of the 14th Five-Year Plan and the centenary goals of the military [1][2] - The military aims to enhance its political advantages and overall capabilities, focusing on national defense mobilization and the construction of a robust military organization [2] - The meeting highlighted the need for strong party organization and leadership to ensure effective implementation of military and defense strategies at all levels [2] Group 2 - The military's commitment to political integrity and discipline is underscored, with a focus on maintaining a strong political stance and addressing issues of military conduct [2] - The leadership aims to foster a culture of accountability and continuous improvement within the military ranks, aligning with the directives from the central government [2] - The meeting included participation from various military leaders and units, indicating a comprehensive approach to military governance and operational readiness [2]

Group 1 - The core viewpoint emphasizes the importance of political training and military readiness in the context of the 14th Five-Year Plan and the centenary goals of the military [1][2] - The military aims to enhance its political advantages and overall capabilities, focusing on national defense mobilization and the construction of a robust military organization [2] - The meeting highlighted the need for strong party organization and leadership to ensure effective implementation of military and defense strategies at all levels [2] Group 2 - The military's commitment to political integrity and discipline is underscored, with a focus on maintaining a strong political foundation to guide military operations [2] - The leadership calls for a cultural shift towards integrity and discipline within the military, reflecting the central government's ongoing efforts in these areas [2] - The meeting included participation from various military leaders and units, indicating a comprehensive approach to military governance and strategy [2]