Core Viewpoint - The event held in Nanning focuses on leveraging patents and AI technology to enhance heavy metal pollution prevention and promote high-quality development in the critical metals industry, transitioning from "end-of-pipe treatment" to "source prevention" [1][2] Group 1: Event Highlights - The event facilitated the signing of 20 key projects with a total contract value exceeding 20 billion yuan, covering areas such as technology research and development, achievement transformation, and industrial implementation [1] - China Bank's Guangxi branch established credit cooperation with several key enterprises in the critical metals sector, amounting to over 10 billion yuan [1] - The first national "Heavy Metal (including Critical Metals) + AI Patent Pool" was officially launched, integrating core patent technologies from universities, research institutions, and enterprises, utilizing AI algorithms for intelligent matching of technology supply and demand [1] Group 2: Reports and Initiatives - The event released the "Critical Metals Industry Patent Technology Situation Report" and the "Heavy Metal Pollution Prevention Patent Technology Analysis Report," which systematically outlined industry frontier technology dynamics and intellectual property layout, providing precise navigation for industrial innovation [1] - An initiative for cross-regional cooperation in intellectual property to empower the high-quality development of the critical metals industry was announced, along with the unveiling of the Heavy Metal Pollution Prevention and Resource Recycling Engineering Center and the Critical Metals Industry Intellectual Property Innovation Consortium [2]

静悄悄的市场，在今日突然迎来了复苏。 就在今晨，比特币收回11万关口，回升突破11.2万美元，以太坊重回4100美元上方，BNB更是强势，再 度突破1000美元。而就在3日前，加密市场还迎来了闪崩，比特币最低下探至108631美元，ETH跌破 4000美元警戒线，一度插针至3815美元，导致市场持续恐慌。 从现有数据而言，复苏的原因似乎也颇有趣味，很可能是苹果CEO库克的一段采访。 昨日中午，一段库克的采访遭到疯传。在采访中，库克被问到"你持有比特币或以太坊这类加密货币 吗？你会尝试吗？"，给出的回答是"个人将加密货币作为多元化投资组合的一部分是合理的，顺便说一 句，这可不是在给任何人提供投资建议。我对加密感兴趣有一阵子了，一直在做研究。所以，我觉得这 挺有意思的。" 一时间，社媒上迅速将此句解读为苹果支持加密货币，更有甚者，认为苹果或将接受加密货币购买 iPhone和Mac，以及效仿财库策略，有意公司资产投入比特币。当然，前一句或许还有所呼应。在今年 5月份，苹果对其美国应用商店指南进行了更新，允许应用程序与外部支付系统相连接，在当时，这一 更新受到加密社区的一致好评，认为该举措可为NFT、钱包以及DeFi ...

精实测控已向香港交易所提交上市申请。中金公司（601995）、浦银国际为联席保荐人。 公司在工业领域拥有十余年的测控技术研发和集成能力，服务于消费电子、汽车、家电等行业，提供全 流程的测控与工艺装备及数据增值服务。 按2024年收入计，精实测控是中国国内第二大的消费电子PCBA功能及性能测试装备与服务提供商。公 司致力于构建智能化柔性制造技术平台，结合测控技术与AI技术，并积极拓展消费领域的第二增长曲 线，打造"创作即定制"的新消费体验。 精实测控在全球设有六大研发中心和五个制造基地，客户遍布约20个国家和地区，并获得多项国家级和 省级荣誉。 ...

Core Viewpoint - Micro Medical Holdings is advancing its IPO process on the Hong Kong Stock Exchange, with a significant focus on AI medical services, which now account for 92.2% of its revenue in the first half of the year [1][3]. Financial Performance - The company has shown rapid revenue growth, with continuous operating business revenues projected to reach 1.368 billion, 1.863 billion, and 5.496 billion yuan from 2022 to 2024, reflecting a compound annual growth rate of over 100%. In the first half of this year, revenues increased by 69.4% to 3.08 billion yuan compared to the same period in 2024 [2]. - AI medical services have become the core growth engine, with revenues increasing from 628 million yuan in 2022 to 4.806 billion yuan in 2024. In the first half of this year, AI medical service revenues surged by 97.3% to 2.841 billion yuan [3]. Business Model and Services - The rapid growth in AI medical service revenue is primarily driven by the expansion of health management membership services, which generated 3.893 billion yuan in 2024, nearly a tenfold increase from 354 million yuan in 2023. In the first half of 2025, this segment further increased by 131.4% to 2.389 billion yuan [3]. - The company has developed an AI-driven value-based medical service model that enhances patient health while optimizing costs and improving the capabilities of grassroots medical institutions. This model covers the entire medical process, including pre-diagnosis, diagnosis, and post-diagnosis services [3]. AI Capabilities and Impact - Micro Medical Holdings possesses industry-leading self-developed AI medical models and applications, including AI doctors, pharmacists, health managers, and smart control systems. The company has successfully implemented these technologies in the Tianjin health community, improving cost-effectiveness and member retention [4]. - Significant improvements in disease management metrics have been observed, such as an increase in blood pressure control rates for hypertension patients from 70.04% to 79.55% and for diabetes patients from 13.71% to 23.98% between June 2024 and June 2025 [4]. Expansion and Future Plans - The AI health community model is being replicated in multiple cities, including Shanghai, Hangzhou, and Shenzhen. The operational efficiency of Micro Medical Holdings has improved, with adjusted operating loss rates narrowing from 7.0% in 2024 to 4.2% in the first half of 2025, and the company achieved positive operating cash flow for the first time [5]. - The funds raised from the IPO will primarily be used for expanding the health community in Tianjin and other regions, enhancing AI technology applications, improving medical service levels, and general corporate purposes [5].

Core Viewpoint - The company, Zhonghan Software, has completed the intelligent transformation of its data governance product system, establishing a new generation of data governance platform based on AI technology, marking a transition from the "mature stage" to a new "intelligent stage" in data governance [1] Group 1: Company Development History - Zhonghan Software was founded in 2006, coinciding with the early stages of enterprise financial digitization, and launched the UMC material coding management platform, initiating the "starting stage" of data governance [2] - The company introduced the concept of Master Data Management (MDM) around 2010, addressing the "data silo" issue and promoting data quality governance, marking the "transition stage" [2][3] - From 2014 to 2016, Zhonghan Software deepened its concepts and launched various data governance solutions, establishing itself as a leader in the industry by forming the China Enterprise Data Governance Alliance in 2016 [3][4] Group 2: Intelligent Transformation and AI Integration - In 2021, Zhonghan Software developed a data control platform that emphasizes business-driven data management, achieving a full lifecycle quality transformation and leading the industry into the "mature stage" [4] - The company has introduced a new generation of data governance platform based on AI technology, transforming governance from "passive response" to "proactive intelligence," enabling comprehensive governance of both structured and unstructured data [5][6] - The platform features various intelligent assistants, such as the "Smart Inquiry" assistant and the "Smart Cleaning" assistant, which enhance data governance efficiency and reduce the burden on businesses [6][7] Group 3: Industry Impact and Future Outlook - Zhonghan Software has achieved multiple "firsts" in the data governance industry, showcasing its technical strength and deep industry insights, with over 300 successful service experiences among large domestic enterprises [4] - The integration of AI technology allows enterprises to leverage Zhonghan's extensive data governance expertise, significantly improving knowledge transfer efficiency and enabling more sustainable data quality management [7] - The company's evolution through five stages of data governance—starting, transitioning, breaking through, maturing, and now intelligent—demonstrates its commitment to continuous innovation and support for the release of data value in the digital economy [7]

Report Industry Investment Rating No relevant information provided. Core View of the Report The report analyzes the macro - economic situation at home and abroad, as well as the market conditions of aluminum, zinc, and tin in the fourth quarter of 2025. Overseas, the US economic growth momentum is weakening, and the eurozone shows a mild recovery. Domestically, the economy is in a state of fluctuating recovery, and domestic demand needs policy support. In the non - ferrous metals market, the prices of different metals are affected by various factors such as supply, demand, and macro - policies, and each has different price trends and investment outlooks [4][55][56]. Summary by Relevant Catalogs Macro: Fed Restarts Preventive Rate Cut, Domestic Economy Awaits Policy Drive Market Operation Logic - **US**: Economic growth momentum is weakening, with the manufacturing sector in a contraction zone and the service sector being the main economic support. The labor market is deteriorating, inflation is showing a slight rebound, and the Fed cut interest rates in September. The market expects a high probability of a rate cut in October, but future policies will depend on employment and inflation data [19][20][21]. - **Eurozone**: The manufacturing sector is under pressure again, while the service sector drives a mild economic recovery. Inflation is stable, and the ECB kept interest rates unchanged in September [28][29][30]. - **Domestic**: Investment growth momentum is insufficient, with infrastructure, manufacturing, and real estate investment facing challenges. Consumption shows weakening recovery momentum, but may pick up in the fourth quarter. Exports and imports maintain stable growth, and prices are expected to gradually recover [35][40][45]. Market Trend Judgment - Overseas: The US economic growth momentum is weakening, and the eurozone is in a mild recovery. The Fed may cut interest rates in October, and the ECB will be cautious about further rate cuts [55]. - Domestic: Investment growth momentum is declining, but infrastructure and manufacturing investment may stabilize and grow in the fourth quarter. Consumption may recover mildly, and exports and imports are expected to continue to grow. Prices are expected to gradually recover [56]. Later Concerns/Risk Factors Overseas economic trends, monetary policy changes, US tariff policy evolution, overseas geopolitical risks, domestic incremental policies, and terminal demand conditions [59]. Aluminum: Peak Season Drives Inventory Reduction, Focus on the Strength of "Silver October" Market Operation Logic - **Price Trend in Q3 2025**: The price of Shanghai aluminum fluctuated. In July, it first rose and then fell; in August, it remained high; in September, it rose first and then fell [61][62]. - **Cost Side**: Bauxite prices may show a weak - oscillation trend in the short term, and alumina prices are expected to continue to decline. The cost of electrolytic aluminum is expected to decline slightly [66][72][76]. - **Electrolytic Aluminum**: The operating capacity remains high, and the import loss is expanding [78][80]. - **Scrap Aluminum**: The price difference between refined and scrap aluminum has narrowed, and the industry is greatly affected by policies [82]. - **Demand Side**: The processing end shows a phased recovery, and the terminal demand is differentiated. The real estate market is still in adjustment, while the power, automotive, and other industries support demand [87][90][94]. - **Supply - Demand Balance and Inventory**: Inventory has decreased, providing support for aluminum prices [96]. Market Trend Judgment In the short term, aluminum prices are strongly supported at high levels during the peak season, but there is room for adjustment after the peak season. The price range in the fourth quarter is expected to be between 19,800 - 20,000 for support and 21,000 - 21,500 for resistance [100]. Later Concerns/Risk Factors Macro - policy games, overseas event disturbances, mine resumption and shipping conditions, inventory trends, and actual terminal demand performance [102]. Zinc Ingot: High Supply Meets Structural Demand, Inventory Pressure Needs to be Verified in Peak Season Market Operation Logic - **Price Trend in Q3 2025**: Zinc prices first rose and then fell. In the off - season, supply pressure was high, and demand was weak. In September, prices were supported by the peak season and interest - rate cut expectations but then adjusted [104][106][107]. - **Zinc Concentrate**: New production capacity is being released, and the resource shortage is gradually easing. Domestic and foreign processing fees are expected to diverge, and the import loss is expanding [108][112][116]. Market Trend Judgment In October, zinc prices are expected to continue to fluctuate, with a reference range of 21,500 - 22,500 yuan/ton [8]. Later Concerns/Risk Factors No specific information provided in the given text. Tin Ingot: Probability of Overseas Supply Increase, Risk of Price Center Decline Market Operation Logic - **Supply Side**: The resumption of production in Myanmar's Wa State is the key factor. The delay in mining progress has affected smelter operations, and processing fees are at a low level [9]. - **Demand Side**: The semiconductor, automotive, and home appliance industries support tin demand, but the growth rate may slow down in the fourth quarter [9]. Market Trend Judgment Tin prices may decline from high - level oscillations in the fourth quarter, mainly depending on the increase in production in Myanmar's Wa State [9]. Later Concerns/Risk Factors No specific information provided in the given text.

据港交所9月29日披露，深圳市晶存科技股份有限公司(简称"晶存科技")向港交所主板提交上市申请书，招商国际证券和国泰君安国际为其联席保荐人。 据招股书，晶存科技是全球领先的嵌入式存储产品独立厂商，主要专注于嵌入式存储产品及其他存储产品的研发、设计、生产和销售。晶存科技的嵌入式存 储产品包括基于DRAM的产品(DDR、LPDDR)、基于NAND Flash的产品(eMMC、UFS)、以及多芯片封装(MCP) 嵌入式存储产品(eMCP、uMCP, ePOP)。晶 存科技的其他产品主要包括固态硬盘和内存条。除了产品销售外，晶存科技还为部分客户提供测试及存储技术服务，作为存储解决方案的补充。 晶存科技的核心技术团队在嵌入式存储器领域深耕约二十年，打造了获得客户广泛认可的RAYSON 和ARTMEM 品牌。晶存科技产品的终端应用覆盖了消费 电子，包括，智能手机、笔记本计算机、平板计算机、教育电子、智能家居、可穿戴设备、智能机器人，以及，包括工业领域和智能座舱系统等多元化场 景，并为上述终端提供高性能、高可靠性及高耐用性的数据存取能力。 在往绩记录期间内，晶存科技运营了两个智能制造中心，分别位于深圳及中山。深圳智能制造中 ...

Core Viewpoint - Shenzhen Jincun Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CMB International Securities and Guotai Junan International as joint sponsors [1] Company Overview - Jincun Technology is a leading independent manufacturer of embedded storage products, focusing on the R&D, design, production, and sales of embedded storage and other storage products [5] - The company's embedded storage products include DRAM-based products (DDR, LPDDR), NAND Flash-based products (eMMC, UFS), and multi-chip packaging (MCP) embedded storage products (eMCP, uMCP, ePOP) [5] - Other products include solid-state drives and memory modules, and the company also provides testing and storage technology services to some clients [5] Market Position and Growth - The global semiconductor storage product market is large and rapidly growing, with an expected market size of 13.8 billion units by 2024, projected to grow to 19.4 billion units by 2029, representing a compound annual growth rate (CAGR) of 7.1% from 2024 to 2029 [6] Financial Performance - For the fiscal years 2022, 2023, and 2024, the company's revenues were approximately 2.096 billion, 2.401 billion, and 3.714 billion RMB, respectively [6] - The net profits for the same periods were approximately 44.42 million, 37.01 million, and 88.89 million RMB, respectively [6] - For the six months ending June 30, 2025, the revenue was approximately 2.060 billion RMB, with a net profit of approximately 114.78 million RMB [6][7]

Core Insights - The dynamic animation drama (漫剧) market is experiencing significant growth, with nearly 2000 new titles projected for August 2025, marking a 15% month-over-month increase and a total of 95 billion views [1][2] - The market is expected to reach a scale of 15 billion yuan this year, driven by a core demand from the 300 million Generation Z audience, who have a natural preference for two-dimensional content [1][2] - The industry is witnessing a shift from traditional live-action dramas to dynamic animation dramas due to lower production costs and a more favorable monetization model [2][3] Supply and Demand Dynamics - The supply of dynamic animation dramas has been expanding rapidly, with a compound growth rate of 83% from April to July 2025, while viewership and engagement metrics have also seen substantial increases of 92% and 105% respectively [3] - The demand side is robust, with a significant increase in viewership, as evidenced by multiple titles surpassing 100 million views in August 2025 [2][3] Market Structure and Competition - The market is becoming increasingly concentrated, with a few key players dominating the landscape, such as Jiangxi Guajiao Cultural Media, Zhengzhou Qixiang Cultural Communication, and Beijing Youhe Zhuoyi Information Technology, which collectively hold a significant share of the top titles [3] - Publicly listed companies like Zhongwen Online and NetEase are also entering the dynamic animation drama space, indicating a growing interest from established firms [3] Future Outlook and Challenges - The market is projected to exceed 20 billion yuan, with the number of related enterprises expected to grow exponentially [3] - However, the industry faces challenges such as the risk of content homogenization and the potential for low-quality content driven by a focus on viewership metrics [4][5]

Core Viewpoint - Hefei Jinghe Integrated Circuit Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the exclusive sponsor, while currently being listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1] Group 1: Company Overview - The company is a global leader in 12-inch pure wafer foundry services, focusing on advanced process research and application, providing wafer foundry services across process nodes from 150nm to 40nm, and steadily advancing the 28nm platform [4][5] - The company has established mass production capabilities for technology nodes from 150nm to 40nm and has a diverse process platform covering DDIC, CIS, PMIC, Logic IC, and MCU, which supports its leading position in key market segments [5][6] Group 2: Market Position and Growth - According to Frost & Sullivan, from 2020 to 2024, the company has the fastest capacity and revenue growth among the top ten global wafer foundry companies, and by 2024, it is projected to be the ninth largest globally and the third largest in mainland China by revenue [4] - The company is expected to be the largest DDIC wafer foundry globally and the fifth largest CIS wafer foundry globally by 2024, as well as the third largest CIS wafer foundry in mainland China [5] Group 3: Financial Performance - The company's revenue for the years ending December 31 for 2022, 2023, and 2024, as well as for the six months ending June 30, 2024, and 2025, were RMB 10.026 billion, RMB 7.183 billion, RMB 9.120 billion, RMB 4.331 billion, and RMB 5.130 billion respectively [6] - The company's attributable profit for the same periods were RMB 3.045 billion, RMB 119 million, RMB 482 million, RMB 195 million, and RMB 232 million respectively [6][7] Group 4: R&D and Future Plans - The company has a high-quality R&D team with 1,924 members, accounting for 35% of total employees, with 64.8% holding a master's degree or higher, reflecting its academic depth and professional strength [6] - The funds from the upcoming financing will be used for R&D and optimization of a new generation 22nm technology platform, AI-based intelligent R&D and production planning, establishing a R&D and sales center in Hong Kong, and general corporate purposes [9]