Core Insights - The first 10G optical network smart community in Tibet has been established in Lhasa's Cismontang, showcasing advancements in smart technology integration [1] Group 1: Smart Community Features - The community is developed in collaboration with China Mobile Tibet, creating a "platform + AI + application" smart system that covers four main areas: security, health, network, and environment [1] - A total of 322 AI surveillance devices have been deployed in the security system, focusing on entrances and public areas, enabling stranger recognition and real-time alerts for abnormal behaviors [1] Group 2: Health and Safety Innovations - Smart health monitoring devices are provided to transmit data in real-time to community medical stations, along with smart location sticks for elderly residents with mobility issues, ensuring continuous health monitoring [1] - The environmental management innovation employs drone technology for aerial inspections, allowing for rapid identification of illegal constructions and parking, increasing response efficiency by three times [1] Group 3: Future Development Goals - The project team aims to continuously optimize the application scenarios of smart devices, with a focus on promoting the "wisdom dividend" to benefit the community, serving as a practical model for new urbanization in Tibet [1]

Group 1: Company Strategy and Future Plans - The company will continue to focus on real estate as its main business while actively exploring diversified layouts to create new growth points [2][10] - In 2025, the company aims to enhance its urban operations, centralized heating, commodity trade, cultural tourism, and industrial investment sectors [2][10] Group 2: Financial Performance - For the first half of 2025, the company achieved a revenue of CNY 598.05 million, representing a year-on-year growth of 9.85% [7] - The real estate revenue was CNY 337.59 million, while heating supply revenue was CNY 117.23 million [7] - The net profit attributable to shareholders was CNY 15.29 million, a decrease of 44.35% compared to the previous year [7] - As of June 30, 2025, the total assets amounted to CNY 7.31 billion, with equity attributable to shareholders totaling CNY 4.80 billion [7] Group 3: Legal Matters - The company is currently involved in an overseas lawsuit where a judgment has ordered a compensation of approximately CNY 2.2 billion [9][10] - The outcome of the lawsuit remains uncertain, and the company advises caution regarding investment risks [9][11] Group 4: Technological Development - The company is actively researching the application of cloud computing and big data in the construction industry, having obtained 3 invention patents and 42 utility model patents [6] - The company is committed to integrating technology into its operations to support the development of smart cities and communities [10]

Core Insights - The strategic partnership between Jieshun Technology and Tencent Cloud aims to leverage advanced cloud computing, audio-video technology, and AI capabilities to enhance urban mobility and community management, contributing to sustainable smart city development [1][2]. Group 1: Strategic Cooperation Focus - The collaboration emphasizes technological innovation and practical application across three main areas: upgrading cloud service infrastructure, integrating WeChat audio-video access control, and AI and edge computing collaboration [2]. - Jieshun Technology will fully integrate Tencent Cloud's high-performance PaaS platform to ensure stable and efficient operation of its smart gate systems and smart parking, community, and park platforms [2]. - The integration of Tencent Cloud's real-time audio-video technology will allow seamless communication between access control devices and WeChat, enhancing security and convenience for residents [2]. Group 2: Company Background and Statements - Jieshun Technology, founded in 1992, is one of the earliest entrants in the parking industry and has become a leading service provider in parking operations [3]. - The partnership is seen as a significant step for Jieshun Technology to deepen technological innovation and expand service boundaries, aiming to create a fully digital service chain for smart parks and communities [3]. - Tencent Cloud, as a leading cloud computing and AI service provider, will collaborate closely with Jieshun Technology to integrate innovative cloud technologies into practical applications for smart city development [3].

而就在半年前，燃气灶打不着，只会让张秀丽"干着急"。 随着城镇化速度的加快，从过去"有事找村委会"的乡村生活，到如今"居委会、业委会、物业公司'三驾 马车'"的治理模式，生活场景的转变一度让张秀丽有些无所适从，遇到问题只能去社区办公室咨询。 "我屋里的水龙头又在滴水了，能不能帮我报个修？"不久前的一天，在武汉市洪山区左岭街道五岭社区 活动室里，71岁的张秀丽对着手机用武汉话说。 几分钟后，手机传来回复："收到。维修师傅预计下午3点钟到您家。"张秀丽的眉头舒展开来。 而现在，中国地质大学（武汉）计算机学院"计科先锋"实践团开发的"智扶银龄"智慧社区系统，成了张 秀丽的"贴心帮手"：只需对着手机说出问题，系统就会自动识别并转发给对应部门；即便遇到无法识别 的情况，社区工作人员也会在后台联系相关部门解决。 这份便利的背后，是一群大学生持续两年的探索。 2023年4月，"计科先锋"师生团队第一次走进五岭社区。眼前，不少老人坐着马扎在楼下晒太阳，他们 大多是回迁村民，从熟悉的平房到陌生的高楼，从热闹的村口到冷清的楼道，老人们的生活轨迹"来了 个大拐弯"。 2024年春天，第一版系统在社区测试。效果却不尽如人意：方言识别 ...

Core Viewpoint - Jieshun Technology's stock price dropped by 5.04% to 11.49 CNY per share, with a trading volume of 264 million CNY and a turnover rate of 4.87%, resulting in a total market capitalization of 7.393 billion CNY [1] Company Overview - Jieshun Technology, established on June 17, 1992, and listed on August 15, 2011, is located in Longhua District, Shenzhen, Guangdong Province. The company specializes in smart parking and smart community platform operation services [1] - The revenue composition of Jieshun Technology includes: - Smart hardware: 39.18% - Parking asset operation: 27.81% - Software and cloud services: 16.79% - Smart parking operation: 10.69% - Property leasing: 5.11% - Others: 0.43% [1] Shareholder Analysis - Morgan Stanley's fund, specifically the Morgan Stanley Digital Economy Mixed A (017102), is among the top ten circulating shareholders of Jieshun Technology. In the second quarter, it increased its holdings by 1.2606 million shares, totaling 10.6326 million shares, which accounts for 2.31% of the circulating shares. The estimated floating loss today is approximately 6.4859 million CNY [2] - The Morgan Stanley Digital Economy Mixed A fund was established on March 2, 2023, with a latest scale of 2.386 billion CNY. Year-to-date returns are 52.01%, ranking 422 out of 8194 in its category; the one-year return is 110.5%, ranking 168 out of 7963; and since inception, the return is 109.01% [2] Fund Performance - The fund manager of Morgan Stanley Digital Economy Mixed A is Lei Zhiyong, who has been in the position for 6 years and 132 days. The total asset scale of the fund is 4.547 billion CNY, with the best return during his tenure being 126.99% and the worst return being -4.71% [3] Top Holdings - Another Morgan Stanley fund, the Morgan Stanley Technology Leading Mixed A (002707), is a major holding in Jieshun Technology. In the second quarter, it reduced its holdings by 178,600 shares, now holding 683,400 shares, which represents 5.91% of the fund's net value. The estimated floating loss today is about 416,900 CNY [4] - The Morgan Stanley Technology Leading Mixed A fund was established on December 13, 2017, with a latest scale of 127 million CNY. Year-to-date returns are 23.87%, ranking 3042 out of 8194; the one-year return is 63.98%, ranking 1378 out of 7963; and since inception, the return is 92.33% [4]

Financial Performance - Company reported a revenue of 105.3 billion and sales income of nearly 70 billion in the first half of the year, with over 45,000 high-quality deliveries and a sales collection rate exceeding 100% [1] - Operating cash flow has been positive for 16 consecutive years, with project opening absorption rates exceeding 90% in multiple locations [1] - New financing of 24.9 billion was secured in the first half, with a comprehensive financing cost reduced to 3.54%, alleviating short-term repayment pressure as there are no foreign public debts maturing before 2027 [1] Technological Innovation - Company has invested significantly in technology, leading to nearly 300 national invention patents and recognition at top international AI academic conferences [2] - The "Tuyun" product has served over a thousand internal and external projects, with its "AI drawing review" feature being a leading technology in the global architectural drawing field [2] - Digital management has been implemented in 310 construction sites using drones and 360-degree inspections, completing 325,000 intelligent inspections [2] Service Business Development - Company is advancing technology applications in property management, logistics, and long-term rental services [3] - In property management, the "Lingstone" system monitors equipment status with a 99.7% online rate and 15-minute fault response time, while the "Feige" platform covers over 3,000 residential projects for real-time work order responses [3] - The long-term rental management system "Xiaobo RMP" offers a paperless interaction experience throughout the rental process [3] - In logistics, the company has achieved full digitalization of cold chain storage and transportation, utilizing self-developed AI algorithms for supply chain optimization [3] Innovative Delivery Solutions - Company partnered with Shenzhen Metro to launch the world's first robot delivery system using the subway, significantly improving delivery efficiency for merchants [4] - The robot autonomously plans optimal routes and utilizes idle subway time to deliver goods, addressing previous challenges in ground transportation for metro shops [4]

Core Viewpoint - Shandong Unicom is significantly enhancing its network capabilities through technological innovation and efficient resource allocation, aiming to provide high-quality signal connectivity across various sectors and improve user experience by 2025 [1][3][10] Group 1: Network Expansion and Coverage - By July 2025, Shandong Unicom plans to have over 90,000 5G base stations, achieving full coverage in towns, industrial parks, and key scenic areas [1] - From April 2024 to June 2025, the coverage rate of administrative villages in Shandong Province is expected to increase by 13.7 percentage points, with a 4.64% year-on-year growth in rural internet users [3] - In Heze, the establishment of 127 5G stations has improved average signal strength by 6.16 dBm and average speed by 8.64 Mbps, facilitating the transformation of "Taobao villages" into "live streaming villages" [3] Group 2: Indoor Coverage Solutions - Shandong Unicom is implementing innovative coverage strategies such as "macro-micro collaboration" and "three-dimensional coverage" to address challenges in densely populated residential areas [5] - The "firework-style" coverage solution has been successfully applied in Jinan, ensuring excellent signal quality in high-rise buildings [5] Group 3: Enhanced User Experience - The company is focusing on high-density areas like universities and transportation hubs, improving complaint resolution rates by 20% since the initiation of the special action [7] - For high-speed rail services, Shandong Unicom is utilizing 5G-A technology to ensure seamless signal switching and prioritize critical business operations, enhancing user experience during travel [8] Group 4: Future Development Goals - Shandong Unicom aims to continue its network development strategy, focusing on nine key sectors including government services, cultural tourism, and healthcare, to support the digital transformation of Shandong Province [10]

Group 1 - The core viewpoint emphasizes that housing issues are both a livelihood and development concern, impacting the interests of many families and the overall well-being of the people [1] - The real estate industry is accelerating its transformation towards "safe, comfortable, green, and smart" housing as part of the national initiative for "good housing" [1] - China State Construction Engineering Corporation (CSCEC) is focusing on the Yangtze River Delta region, integrating new development concepts into the entire project lifecycle to enhance the quality of housing [1] Group 2 - The CSCEC project in Qingpu, Shanghai, has become a model for ultra-low energy consumption housing, achieving over 65% energy savings, 29% water savings, and 40% material savings compared to traditional buildings [2] - The project has received the EDGE green building certification and is expected to save 358,300 kWh of electricity and 34,000 m³ of natural gas annually [2] - The project has won multiple awards, including the 19th Jingrui Science and Technology Award and the "Green Project Management Excellence Award" from the Project Management Institute [2] Group 3 - The Suzhou project focuses on high-quality residential living, incorporating safety standards, quality materials, and smart home systems to enhance living experiences [3] - The project integrates Suzhou's garden design philosophy and provides comprehensive public facilities for all age groups [3] - It has been recognized with the 2024 Jingrui Science and Technology Award, establishing it as a benchmark for high-quality housing [3] Group 4 - CSCEC is addressing the "good housing" initiative by developing core technologies tailored to regional characteristics, enhancing housing supply to be "safe, comfortable, green, and smart" [4] - Various projects, such as the Nanjing low-carbon technology housing and Shanghai's digital construction initiatives, are part of this technological innovation matrix [4] - The company is also innovating in affordable housing solutions to meet diverse community needs [4] Group 5 - The implementation of the national standard "Residential Project Specification" GB55038-2025 in May 2025 aims to elevate industry quality standards [5] - CSCEC is committed to precise regional adaptability and continuous innovation in green, low-carbon, and smart living technologies [5] - The company's efforts are closely aligned with urban development and residents' needs, driving the transformation of the real estate industry from scale expansion to value creation [6]

Economic Development - Wuhan's GDP has reached 2 trillion yuan in 2023, marking a significant milestone since it first surpassed 1 trillion yuan in 2014, demonstrating strong economic resilience despite challenges like the pandemic [1] - The city has maintained its position among the top ten cities in China in terms of economic output, showcasing its robust industrial foundation and growing advantageous industries [1] Technological Innovation - Wuhan's optical electronics industry has showcased its commitment to innovation with the launch of nine new technology products in various fields, including AI and industrial manufacturing [2] - The city has attracted numerous global enterprises, with 310 Fortune 500 companies investing in Wuhan, reflecting confidence in its technological and talent resources [3] Urban Planning and Infrastructure - The State Council approved Wuhan's land spatial planning, positioning it as a central city in the midwest, emphasizing its role as a hub for economic, technological, and trade activities [3] - Over the past decade, Wuhan has developed a comprehensive metro network of 12 lines spanning 518 kilometers, facilitating daily commutes for over 4 million passengers [20] Smart City Initiatives - Wuhan is advancing towards a "smart city" model, integrating AI technologies in healthcare and community management, enhancing service efficiency and public safety [6][7] - The city has implemented smart traffic systems that improve traffic flow and safety through real-time data integration [6] Community and Social Development - The emergence of a new citizen demographic in Wuhan has transformed them into active participants in urban development, contributing to the city's vibrancy and cultural diversity [11] - The city has seen an increase in community-driven initiatives, such as smart community management and AI-assisted elder care, enhancing the quality of life for residents [7] Environmental Sustainability - Wuhan has focused on integrating natural beauty into urban development, creating ecological parks and green spaces that promote harmony between urban life and nature [17][18] - The East Lake Greenway has expanded to 105 kilometers, enhancing recreational opportunities and improving local water quality [18] Cultural and Recreational Growth - The city has developed new cultural and recreational spaces, such as outdoor movie venues and community cafes, enriching the urban lifestyle and fostering social interactions [13][14] - The revitalization of historical sites and the introduction of innovative leisure activities have contributed to a vibrant urban atmosphere [14]

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Views - New and second-hand housing transactions continue to face downward pressure, highlighting the necessity for policy intervention [4][5] - The Beijing government has emphasized optimizing housing supply and enhancing consumption through a new action plan, focusing on land supply and housing fund policies [3][8] - The report anticipates that July will be a critical period for policy announcements, with the real estate sector entering a phase of policy-driven market dynamics [10] Summary by Sections Policy Tracking - The Beijing government issued a plan to boost consumption, aligning with previous housing policies, focusing on optimizing land supply and enhancing the housing supply system [3][8] - The plan includes measures to support housing fund withdrawals for down payments and promote smart community developments [3][8] Weekly Data Tracking - New housing transactions in 30 major cities reached 1.37 million square meters in the week ending July 11, down 20% year-on-year and 48% month-on-month [4][9] - Second-hand housing transactions in 13 cities were 1.43 million square meters, reflecting a 12.8% year-on-year decline [4][9] Investment Recommendations - The report suggests focusing on leading real estate companies with strong land acquisition capabilities and well-structured land reserves, such as Poly Developments [6][21] - It also recommends monitoring top intermediary firms benefiting from active second-hand housing transactions, like I Love My Home [6][21]