从"手机界的隐形冠军"到被镁光灯反复审视的"出海标杆"，宁波富豪竺兆江和他的传音控股 （688036.SH）正迎来创业二十载以来最严峻的时刻。 如果说市场竞争是外伤，那么上游供应链的暴涨则是直击命门的内伤。 2025年进入AI服务器爆发期，存储芯片迎来了罕见的"超级牛市"。据Counterpoint数据显示，2025年第 四季度，DRAM和NAND闪存价格涨幅高达40%-50%，且这种涨势在2026年一季度并无放缓迹象。对于 主打中低端市场的传音而言，存储芯片占据其手机成本的15%至25%，涨价潮导致其2025年9月末毛利 率降至19.47%，创近五年新低。 2026年1月21日，LG在印度正式对传音发起4/5G专利诉讼，为传音本就动荡的全球化版图再添阴霾。仅 仅两天前，传音在资本市场的表现同样令人唏嘘：截至1月19日，其股价徘徊在64.99元/股，市值相较 巅峰期已蒸发超过千亿元。 而在港交所递交二次上市申请的冷遇，更是直接撕开了这家昔日黑马的"增长焦虑"。 传音的崛起曾是商业教科书式的"降维打击"。2006年，竺兆江避开国内手机市场的惨烈内卷，深入手机 普及率仅6%的非洲大陆。通过四卡四待、深肤色美颜算法 ...

在全球经济不确定性与数字化发展的双重背景下，采购舞弊呈现出鲜明的新型特征：舞弊手段隐秘性增 强，舞弊风险呈现全球化态势，舞弊行为类型不断拓展，经济诱因持续增强以及负面传播速度大幅加 快。 1.舞弊手段的隐秘性显著增强 随着科技的快速发展，舞弊行为越来越多地借助区块链、人工智能、物联网等高新技术，其作案手法更 加智能化、隐秘化，给监测带来更大挑战。 全球经济不确定性的背景下，采购舞弊风险呈现出多元化、复杂化的态势。上篇已分析其核心诱因、全 流程表现及多重危害，而新时期舞弊呈现出新特点，传统应对方式已难以适配新的风险挑战。本篇将基 于上篇洞察，进一步探讨舞弊行为的新型特征，并构建兼具韧性与防控力的采购链反舞弊体系，为企业 在复杂环境下筑牢合规防线提供实操路径。 某知名奢侈品品牌的供应链外包公司中部分仓库管理员与物流人员串通，将退回的正品掉包为次品或仿 品，再把正品私自流入市场售卖牟利。 4.舞弊影响的传播速度加快 我们的案例 某公司为提升业务效率，引入了采用区块链与人工智能技术的供应链管理平台。然而，一名员工却通过 发现的技术漏洞，在系统中添加了不存在的供应商，并生成虚假订单，同时伪造了包括入库记录在内的 物流数 ...

在智慧交通基础设施建设中，环网柜作为电力分配的核心节点，其运行稳定性直接影响交通系统的安全与 效率。为实现对环网柜局部放电的精准监测，智慧交通环网柜局放监测系统应运而生，该系统采用脉冲电 流法作为核心检测原理，为交通电力设施提供科学、可靠的运行保障。 脉冲电流法通过检测局部放电过程中产生的瞬时脉冲电流信号，实现对设备绝缘状态的实时监测。当环网 柜内部存在绝缘缺陷时，局部放电会激发高频脉冲电流，该电流通过检测阻抗或传感器被系统捕捉，并转 化为可分析的电信号。系统通过算法对信号进行滤波、放大和模式识别，最终生成局放特征参数，为运维 人员提供决策依据。 文章由山东华科信息技术有限公司提供 随着物联网和人工智能技术的不断发展，智慧交通环网柜局放监测系统将进一步优化算法模型，提升数据 处理的智能化水平，为交通电力设施的安全运行构建更加完善的防护体系。 该监测系统由前端传感器、数据采集单元、通信模块和后端分析平台组成。前端传感器采用高频电流传感 器，直接安装在环网柜接地线上，确保信号采集的准确性与抗干扰能力。数据采集单元负责信号的数字化 处理，通过高速ADC芯片实现毫秒级采样，保证数据的时效性。通信模块支持多种传输协议， ...

格隆汇1月26日丨顺络电子(002138.SZ)近日接受特定对象调研时表示，物联网(IOT)、能源市场(SOFC、 新能源汽车电子、光伏、储能应用)及数据中心等新兴领域，是公司未来持续发展的基础，也是目前公 司聚焦的业务，公司在新兴市场应用领域的推广力度正逐步加大，目前进展顺利，产品推广及市场推进 持续进行中。公司在IoT业务上有着较快的发展速度，目前客户情况拓展顺利。 ...

格隆汇1月26日丨顺络电子(002138.SZ)近日接受特定对象调研时表示，物联网(IOT)、能源市场(SOFC、 新能源汽车电子、光伏、储能应用)及数据中心等新兴领域，是公司未来持续发展的基础，也是目前公 司聚焦的业务，公司在新兴市场应用领域的推广力度正逐步加大，目前进展顺利，产品推广及市场推进 持续进行中。公司在IoT业务上有着较快的发展速度，目前客户情况拓展顺利。 ...

Core Insights - The development of the communication server components industry is closely linked to advancements in information technology, with significant market demand driven by cloud computing, big data, IoT, and 5G technologies [1][8] - The Chinese communication server components market is projected to reach 14.1 billion yuan by 2025, reflecting a year-on-year increase of 13.3% [8] - The global communication server components market is expected to grow to 9.12 billion USD by 2025, with an annual growth rate of 8.2% [7][8] Industry Overview - Communication servers are high-performance computers that provide computing or application services to client devices, featuring complex internal structures and various components such as CPUs, hard drives, and memory [4] - Communication server components include structural fasteners and assembly parts, which are crucial for the assembly of servers [4] Industry Chain - The upstream of the communication server components industry includes raw materials like stainless steel, copper, and aluminum, while the midstream consists of the components industry itself, and the downstream pertains to the application fields within communication servers [5] Market Size and Growth - The Chinese server industry market size was 165.2 billion yuan in 2022 and is expected to grow to 282.35 billion yuan by 2025, with a compound annual growth rate (CAGR) of 19.6% [7] - The growth of the server market is anticipated to drive demand for communication server components [7] Competitive Landscape - Key players in the communication server components industry include Inspur Information, ZTE Corporation, and Xiamen Meikang Security Technology, among others [9] - Server manufacturers often have in-house design capabilities for core structural components, ensuring supply chain stability [9] Development Trends 1. **Product Design Upgrades**: Focus on high-density integration and multi-scenario adaptability to meet the deployment needs of new data centers and communication networks [11] 2. **Smart and Precise Manufacturing**: Adoption of automated production lines and digital management systems to enhance product precision and consistency [12] 3. **Industry Chain Collaboration**: The competitive landscape is shifting towards deeper integration within the industry chain, with leading companies forming strategic partnerships with suppliers and manufacturers [13]

Core Viewpoint - RuiChuang Micro-Nano (688002.SH) has reported significant growth in its 2025 annual performance forecast, with a projected net profit of approximately 1.1 billion yuan, marking a year-on-year increase of around 93% [2][3] Financial Performance - The company expects to achieve a net profit attributable to shareholders of about 1.1 billion yuan for 2025, an increase of approximately 531 million yuan compared to the previous year [3] - The projected revenue for 2025 is expected to exceed 6 billion yuan, with a strong performance in the first three quarters, where revenue reached 4.086 billion yuan, a year-on-year increase of 29.72% [3][4] - The net profit for the fourth quarter of 2025 is anticipated to be around 393 million yuan, reflecting a year-on-year growth of approximately 359.55% [3] Research and Development - RuiChuang Micro-Nano has consistently invested about 20% of its revenue into research and development, which is crucial for maintaining its competitive edge [2][4] - The company has a strong R&D team, with 1,738 personnel, accounting for 51.54% of the total workforce, and has filed 3,468 intellectual property applications, with 2,170 approved [5][6] Market Demand and Orders - The company has maintained a robust order backlog, with contract liabilities reaching 320 million yuan by the end of the third quarter of 2025, a year-on-year increase of 54.72% [6] - The demand for the company's products in various sectors, including night vision, AI, satellite communication, and autonomous driving, has contributed to the growth in orders [5] Capacity Expansion - RuiChuang Micro-Nano is actively enhancing its production capacity to meet the increasing order demand, with ongoing projects funded by a convertible bond issuance totaling 1.565 billion yuan [7] - The company has completed the construction of its intelligent optoelectronic sensor R&D pilot platform and is accelerating the development of infrared thermal imaging products [7]

Core Viewpoint - Wuhan is accelerating the development of the open-source Harmony ecosystem, aiming to establish a comprehensive development system by 2027, which includes 100 demonstration scenarios, 200 application software developments, and a talent pool of over 100,000 developers, positioning itself as a key innovation base for the open-source Harmony technology and industry [1][2]. Group 1: Development Goals - By 2027, Wuhan plans to implement 100 open-source Harmony demonstration scenarios and develop 200 open-source Harmony application software [1]. - The city aims to create 4 industry-level open-source Harmony operating systems and adapt 50 terminal devices to the open-source Harmony platform [1]. - The initiative targets to cultivate over 100,000 open-source Harmony developers, establishing a foundation for a trillion-yuan-level IoT industry in Wuhan [1]. Group 2: Scenario Matrix - The development plan includes a matrix of three major scenarios: government, industry, and consumer [1]. - 30 government scenarios will focus on urban governance, including the deployment of monitoring products at 200 flood monitoring points and installation of rural water supply monitoring devices in over 800 locations by June 2026 [1]. - 30 industry scenarios will cover sectors such as manufacturing, healthcare, and education, with plans to launch over 3 new products including Harmony PCs and printers [1]. - 30 consumer scenarios will enhance business districts and cultural tourism, introducing smart navigation and immersive cultural experiences in key areas like Jianghan Road and East Lake Scenic Area [1]. Group 3: Product Ecosystem - Wuhan will develop an open-source Harmony product system comprising hardware devices, the "X Harmony" OS, and application software [2]. - The city aims to attract 3-5 leading open-source Harmony enterprises to establish headquarters and support the development of over 4 nationally influential "X Harmony" products [2]. - There is a focus on creating 50 open-source Harmony native applications and promoting the Harmony adaptation of 150 mature software products [2]. Group 4: Talent Development - The plan includes promoting the establishment of open-source Harmony-related majors and courses in universities, along with the construction of 4 open-source innovation centers in Wuhan [2]. - Collaboration with enterprises to build training bases will be emphasized, utilizing a dual-track model of "academic education + vocational training" to cultivate practical talents [2]. - The software industry in Wuhan is projected to exceed 400 billion yuan by 2025, with the establishment of the largest and most advanced Harmony ecosystem innovation center in the country [2].

Core Insights - JiaShu Company has successfully entered the national government procurement system with its self-branded XinChuang computers, marking a significant milestone for a local brand in the government sector [1] - The Central Government's procurement project is known for its high entry barriers and strict technical standards, highlighting JiaShu's product performance and alignment with national needs [1] - The company has received procurement orders from a central government agency, further enhancing its credibility and influence in the industry [1] Company Development - JiaShu Company aims to create a leading digital city laboratory by integrating cutting-edge technologies such as AI, big data, IoT, and cloud computing into a digital service system [2] - The company has established the first national postdoctoral workstation in the municipal state-owned assets system, emphasizing its commitment to talent and research investment [2] - JiaShu has applied for 44 patents, with 12 granted invention patents and 5 utility model patents, showcasing its focus on innovation and technology [2] Market Positioning - The company has developed various big data solutions, including the Xinghai Big Data Platform and Edge Computing Platform, and has achieved DCMM Level 3 certification for data management capabilities [2] - As the first public data authorized operation unit in Jiaxing, JiaShu leads the Jiaxing Data Asset Service Alliance, contributing to regional digital economic development [2] - The company is actively expanding its market coverage and building a collaborative ecosystem through its three business segments: integration, government-enterprise, and operation [2] Future Outlook - JiaShu Company plans to continue driving innovation and optimizing its product and service ecosystem to provide high-quality solutions for government agencies and enterprises [3] - The company aims to contribute to the prosperity of the national XinChuang industry and inject new momentum into technological independence and digital construction [3]

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。 Tobita (Group) Holdings Limited 拓 必 達（ 集 團 ）控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及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。 閣下閱覽本文件，即 代表 閣下知悉、接納並向拓必達（集團）控股有限公司（「本公司」）、其獨家保薦人、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，不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有 意投資者務請僅依據於香港公司註冊處處長登記的本公司招股章程作出投資決定。該文件的文 ...