Core Insights - The development conference for specialized and innovative small and medium-sized enterprises (SMEs) highlighted significant growth in China's specialized SMEs, with over 14,000 such enterprises and more than 17,600 "little giant" companies established to date [1][2]. Group 1: Growth of Specialized SMEs - During the 14th Five-Year Plan, the number of specialized and innovative SMEs increased from less than 40,000 to over 140,000, while "little giant" enterprises grew from over 5,000 to 17,600 [2]. - Currently, there are over 60 million SMEs in China, accounting for 99.9% of all enterprises, 84.3% of employment, and 78% of total assets [2]. Group 2: Innovation Capabilities - In 2024, 75.3% of effective invention patents were independently developed by SMEs, with "little giant" companies averaging 26.6 invention patents each and over 30 million yuan in R&D investment [3]. - More than 3,000 "little giant" enterprises have participated in national major science and technology projects [3]. Group 3: Industry Distribution - Over 60% of "little giant" enterprises focus on industrial foundational sectors, with nearly 80% located in key industry chain segments [4]. - 90% of these enterprises directly support at least three well-known domestic or international companies, with around 6,000 "little giant" firms operating in future industries such as quantum technology and artificial intelligence [4]. Group 4: AI Applications in SMEs - The conference introduced 238 typical AI application scenarios for SMEs, aimed at enhancing business processes and product innovation [5][6]. - These applications focus on R&D design, production operations, and management, promoting technological innovation and business model upgrades [6][8]. Group 5: Digital Transformation Initiatives - The Ministry of Industry and Information Technology launched a national digital transformation service platform for SMEs, providing reference paths for digital upgrades across 50 sub-industries [10]. - Local governments are actively promoting the emergence of more specialized and innovative SMEs, with Chongqing aiming to double its specialized SMEs and "little giant" enterprises by the end of the 15th Five-Year Plan [12]. Group 6: Policy Support - Numerous policies supporting specialized SMEs have been introduced this year, totaling over 20 initiatives from national to local levels, covering funding, innovation support, and digital transformation [15]. - The central government has allocated support for over 4,200 "little giant" enterprises to enhance innovation capabilities and has initiated programs to connect large and small enterprises for technology innovation needs [17].

Core Insights - The securities industry is entering a new phase of cultural development, with technology becoming the core engine for reshaping the industry ecosystem and strengthening professional foundations [1] - East Wu Securities is actively responding to national strategies such as "technological self-reliance" and is committed to deepening the integration of technology and culture [2][11] - The company aims to build a modern securities holding group characterized by standardization, marketization, technological advancement, and internationalization [3] Group 1: Digital Transformation Strategy - East Wu Securities has launched a digital transformation strategy focused on "business-technology integration" to create a four-layer digital transformation system [3][4] - The company emphasizes the integration of resources across various lines to ensure that digitalization permeates every aspect of business processes and management operations [4] - The digital transformation aims to evolve the organization from a "control-type" to a "platform-enabled" model, fostering a data-driven and collaborative mechanism [3] Group 2: Technological Innovations and Achievements - In October 2023, East Wu Securities released the industry's first fully self-innovated core trading system, A5, which utilizes domestic software and hardware technology [6] - The company has developed its own large model, "Dongwu Xiucai GPT," which is the first self-developed model in the domestic securities industry to complete algorithm filing [6] - East Wu Securities has launched various AI-driven products and services, enhancing the personalization and efficiency of financial services [6] Group 3: Cultural Integration and Talent Development - The company promotes a culture of innovation by integrating technology into its core values and operational practices [8][11] - East Wu Securities has organized training programs to enhance employees' understanding and application of AI technology, fostering a learning-oriented organization [8] - The company encourages participation in industry competitions to establish professional value benchmarks and recognize technological breakthroughs [10] Group 4: Compliance and Risk Management - East Wu Securities has developed a comprehensive anti-money laundering system and a risk management platform to meet regulatory requirements [7] - The company aims to create a real-time dynamic compliance and risk management tracking process, supporting its business operations [7] Group 5: Future Directions and Goals - East Wu Securities is committed to enhancing its professional investment research capabilities and expanding its overseas business presence [11] - The company aims to leverage technology and culture to drive internal motivation and resilience, contributing to the high-quality development of the financial sector [11]

中国电建 20251113 摘要 中国电建 2024 年营收 6,336 亿元，净利润 120 亿元，位列《财富》世 界 500 强第 100 位。2025 年前三季度营收同比增长 3%，但净利润同 比下降 17%，受建筑行业竞争和电价市场化影响，经营性现金流为负 370 亿元，预计四季度回款将改善。 公司主营业务包括水利水电、能源电力、城市基础设施建设和数字化转 型。水利水电业务占全球一半以上，能源板块涵盖火电、风电、太阳能 和核电，重点发展新能源和抽水蓄能。截至 2025 年 6 月，投运装机总 量约 3,500 万千瓦，其中光伏 13GW，风电 11GW。 2025 年前三季度，水利水电订单同比增长 60%-70%，风电订单大幅 增长，光伏订单增速放缓至 4%。新签合同计划完成率仅为 5%，预计年 底提升，有望实现全年 10%目标。预计 2026 年风电和水电保持增长， 光伏可能继续下降。 抽水蓄能领域，中国电建每年新签订单约 1,000 亿，自投项目核准开工 节奏较快，承担全国 90%以上已核准项目选点规划与勘测设计工作，自 投项目装机接近 2000 万千瓦。公司还涉足压缩空气储能、电化学储能 等新型 ...

Core Viewpoint - The Zhejiang province emphasizes the importance of the private economy as a key driver for high-quality development, showcasing its commitment to supporting private enterprises and entrepreneurs [2][3]. Group 1: Recognition and Support for Private Enterprises - The Zhejiang provincial government awarded 50 individuals from the non-public economic sector the title of "Outstanding Builders of Socialism with Chinese Characteristics," highlighting the significance of private enterprises in the region [2][4]. - Zhejiang has consistently provided support for private enterprises, implementing policies such as the "32 Measures for Private Economy" and various regulations to alleviate challenges faced by businesses [2][3]. Group 2: Economic Contributions of Private Sector - In the first half of 2025, the private economy contributed over 67% of the province's GDP, more than 70% of tax revenue, over 80% of imports and exports, 85% of employment, and 90% of the total number of enterprises [3]. Group 3: Innovation and Industry Transformation - The list of award recipients reflects the increasing innovation within Zhejiang's private enterprises, spanning various sectors such as biomedicine, integrated circuits, and green low-carbon industries [5]. - Zhejiang's private enterprises are leading in R&D investment and patent applications, with 95 companies listed in the "2025 Private Enterprises R&D Investment 500" and 115 in the "2025 Private Enterprises Invention Patents 500," both ranking first in the nation [6]. Group 4: Entrepreneurial Spirit and Future Outlook - A new generation of private entrepreneurs is emerging, characterized by their willingness to innovate and adapt to changing economic conditions, aiming to enhance international competitiveness through increased R&D investment and digital transformation [7]. - The provincial government is committed to creating a favorable business environment, ensuring the implementation of supportive policies, and fostering a strong relationship between the government and private enterprises [7].

Core Insights - The article emphasizes the significance of traditional Chinese brands, known as "Chinese Time-honored Brands," which embody the essence of Chinese culture and have evolved through innovation over centuries [1][2]. Group 1: Current Status of Chinese Time-honored Brands - The Ministry of Commerce has recognized a total of 1,450 Chinese Time-honored Brands [2]. - Recent events, such as the International Exchange Activity and the Fifth Innovation Development Conference, have brought together representatives from various brands to explore new paths for innovation and collaboration [2]. Group 2: Commitment to Craftsmanship - The enduring success of Time-honored Brands is attributed to their commitment to craftsmanship and cultural heritage, which are closely linked to the nation's economy and people's livelihoods [3]. - Brands like Liu Bi Ju and Tong Ren Tang exemplify this commitment through their dedication to quality and ethical practices [3]. - Dong'e Ejiao has maintained its unique production techniques for nearly 3,000 years, emphasizing the importance of preserving traditional methods while modernizing [3]. Group 3: Innovation and Market Adaptation - Time-honored Brands are actively adapting to market demands by embracing innovation, targeting younger consumers, and leveraging digital technologies [4][5]. - Dong'e Ejiao has successfully transformed its image from an "elderly brand" to a trendy national brand by collaborating with popular tea brands and launching products that appeal to younger audiences [5][6]. - China Tea Company has focused on optimizing product flavors and modernizing packaging to attract younger consumers [6]. Group 4: Digital Transformation - The digital transformation of Time-honored Brands is crucial for their evolution, with Dong'e Ejiao achieving a digitalization level that meets the highest standards [6]. - The online business of Dong'e Ejiao now accounts for nearly 30% of its overall operations, showcasing the impact of digital strategies [6]. - China Tea Company is implementing digital controls across the entire supply chain, from cultivation to processing [7]. Group 5: Cultural Export and Global Reach - Time-honored Brands are becoming important vehicles for cultural export, with Tong Ren Tang expanding its presence globally since the 1990s [7]. - Dong'e Ejiao has participated in international conferences to promote traditional Chinese medicine, indicating a growing acceptance of Chinese culture abroad [7]. - China Tea Company aims to share Chinese culture through tea, enhancing global consumer experiences with Chinese lifestyle and values [7].

投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 其他 （中信证券 2026 年资本市场年会） 参与单位名称及 人员姓名 中信证券股份有限公司陆昊先生，建信基金管理有限责任公司 曾文琦先生，富国基金管理有限公司徐健荣先生 时间 2025 年 11 月 13 日 13:30-14:30 地点及形式 深圳福田香格里拉大酒店 上市公司 接待人员姓名 董事会秘书董曼女士，董事会办公室投资者关系工作人员 投资者关系活动 主要内容介绍 1.请介绍一下公司 2025 年前三季度经营情况。 答：2025 年以来，公司坚持以"三一五三"战略为引领， 聚焦主责主业，扎实做好金融"五篇大文章"，积极把握市场 机遇，加快业务模式转型升级，全力推进大财富、大投行、大 投资三大业务条线优化举措加速落地，强化数字赋能和科技引 领，提升资产配置效率，打造差异化核心竞争优势，为经营业 绩的稳步提升奠定了坚实基础。2025 年前三季度，公司实现营 业收入 38.61 亿元，同比增长 38.83%；实现归母净利润 10.67 亿元，同比增长 125.21%，主要是公司 ...

（文章来源：人民日报） "十五五"时期，我们将继续发力，拓展共建"一带一路"国家市场；加大数字化转型力度，提升供应链服 务，提高管理效率；加强与本地产业的合作，探索"跨境电商+边境仓"模式，为外贸企业做好服务。 贸易流程优化、信息流通加快、交易效率提升，数字化正深刻改变贸易形式。随着中国与东盟贸易往来 日益密切，我们充分利用自身数字化能力实现仓储、物流、通关等外贸综合服务的平台化、智能化发 展，为更多合作伙伴提供国际供应链一站式解决方案。 ...

Core Viewpoint - The Dalian Commodity Exchange (DCE) is committed to serving the real economy by implementing practical measures to enhance the efficiency of the futures market and support high-quality industrial development [1] Group 1: Innovation in Guarantee Mechanisms - DCE introduced an innovative mechanism allowing warehouse enterprises to use bank acceptance bills as collateral, simplifying the process and improving capital efficiency [2] - This change reduces the financial costs associated with collateral and enhances the flexibility of capital allocation for enterprises [2] Group 2: Optimization of Delivery Rules - DCE adjusted the registration time limit for standard warehouse receipts of polyvinyl chloride (PVC) futures from 120 days to 180 days, accommodating the actual logistics and sales cycles of enterprises [3] - Since the implementation, 4,052 PVC warehouse receipts exceeding 120 days have been registered, accounting for 16% of the total PVC warehouse receipts during the same period [3] Group 3: Enhancing Delivery Services - DCE has expanded its delivery service network in Shanxi by adding two coal warehouses and one coke warehouse, increasing the participation of local enterprises in the futures market [5] - The delivery volume from Shanxi increased from 16% to 24% compared to the previous year, with a 2.7-fold increase in delivery volume [5] Group 4: Upgrading "Silver Futures Insurance" Service Model - The "Silver Futures Insurance" model has been upgraded to include a comprehensive risk-sharing mechanism, extending its service to five provinces and enhancing support for agricultural producers [7][8] - In Xinjiang, a new corn "Silver Futures Insurance" project was launched, covering 30,000 acres with an insurance amount of 48 million yuan, providing low-interest loans to farmers [7] Group 5: Digital Transformation and Monitoring - DCE launched the second phase of the digital warehouse receipt system, enhancing real-time monitoring capabilities for delivery warehouses and quality inspection institutions [9] - The system has supported over 530 delivery warehouses in completing nearly 1,500 business operations, improving regulatory efficiency and risk management [9] Group 6: Commitment to Service Improvement - Since the initiation of the "I Serve the People" initiative, DCE has completed 184 practical projects aimed at enhancing service quality for the real economy [10] - DCE plans to continue expanding the scope and depth of its service initiatives to address market challenges and meet expectations [10]

Core Insights - Vietnam ranks second globally in wooden furniture exports, trailing only China, with products shipped to 166 countries and regions [1] - The wooden industry in Vietnam has seen rapid growth, with export values expected to reach $20 billion by 2025, up from less than $200 million in 1999 [1] - Ho Chi Minh City plays a crucial role in the supply chain, accounting for nearly 50% of the national wooden product export value [1] Group 1 - The chairman of the Ho Chi Minh City Wood Processing and Handicrafts Association (HAWA) suggests that the city should develop policies to establish itself as a global hub for wooden furniture production and exports [1] - The chairman of the Ho Chi Minh City People's Committee emphasizes the need for enterprises to engage in the global supply chain and produce products with a "Made by Vietnam" identity [1] - The chairman of AA Corporation highlights the necessity for Ho Chi Minh City to create its own furniture brands, as current products are often associated with low prices, making them less competitive compared to China [1] Group 2 - The vice chairman of the Vietnam Timber and Forest Products Association points out that the wooden industry, particularly in Ho Chi Minh City, faces challenges related to green transformation, digital transformation, and deeper integration into the global supply chain [2] - Recommendations include establishing a support center for green and digital transformation in the timber industry, providing expert and technical consulting services [2] - Initiatives proposed include implementing low-emission wood factory plans, pilot measuring and reducing carbon dioxide emissions, and striving for low-carbon factory certification [2]

Group 1 - The Africa Tech Festival held in Cape Town from November 11 to 13, 2025, showcases the potential for digital transformation in Africa, with over 300 exhibitors, including numerous Chinese companies presenting their latest technologies [1][2] - China Mobile International's participation highlights the importance of collaboration with African operators to enhance digital infrastructure, particularly through projects like the 2Africa submarine cable [1][2] - The shift from feature phones to smartphones in Africa, particularly in South Africa where smartphone penetration reached approximately 85%, indicates significant growth potential in the digital market [2][3] Group 2 - Honor's market share in South Africa's smartphone sector has risen to second place, with ambitions to become the market leader by 2028, reflecting the increasing acceptance of Chinese products in the region [3] - The demand for digital communication solutions in Africa is growing, with companies like Hytera providing competitive products that cater to local needs, thus accelerating the digital transformation process [3][4] - Jiangsu Hengtong Optic-Electric emphasizes the dual benefits of Chinese companies entering Africa, which include not only technology and investment but also job creation, fostering a mutually beneficial relationship [4]