Core Insights - The event held on November 1, 2023, focused on the theme of "Deep Integration of Science Popularization Theory and Application in the Era of Artificial Intelligence" [1] - Over 150 experts and scholars from the Yangtze River Delta region and across the country participated to discuss the innovative development of science popularization empowered by AIGC technology [1] Group 1: Event Overview - The event included multiple expert presentations on topics such as AI-driven science popularization strategies and diversified development under a national system [1] - Eight parallel sub-forums were conducted, featuring over 40 scholars discussing scientific communication effectiveness and innovation in science popularization venues [1] Group 2: Practical Engagement - Attendees were scheduled to visit the Suzhou Institute of Nano-Tech and Nano-Bionics to understand its research progress and science popularization practices [1] - The forum aimed to strengthen the connection between theory and practice, showcasing Suzhou's achievements in integrating technological innovation with science communication [1] Group 3: Organizers - The forum was co-hosted by the Yangtze River Delta Science Popularization Creation Alliance, Soochow University, and the Jiangsu Provincial Science Writers Association [1] - The event was organized by the School of Media at Soochow University and the Jiangsu Provincial Science Communication Center [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份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。 （前稱 Central Wealth Group Holdings Limited 中達集團控股有限公司） （於百慕達註冊成立之有限公司） （股份代號：139） 補充公告 於本公告日期，董事會成員包括以下董事： 本集團投資的短劇中，有兩部進入行業排行榜，《別低頭，皇冠會掉》於二零二五 年九月二十八日進入紅果短劇女性短劇排行榜前三，《晴天四月》於二零二五年 九月六日進入劇查查最具影響力排行榜前五。這些短劇在行業排行榜上的排名展 現了相關市場認可度。本集團透過策劃及製作短劇進軍短劇業務，深入了解短劇 市場的潛力，並已為9部短劇投入約人民幣5.2百萬元。截至本公告日期，本集團確 認的相關收入約為人民幣1.9百萬元，惟本集團將就該等短劇確認的實際收入預計 將根據相關短劇的播放量繼續增長。根據相關行業資訊，利潤率將介乎約10% 至 20%，惟將予確認的實際收入及利潤可能會進一步調整。 茲提述本公司日期為二零二五年 ...

Core Points - The 2025 Guangzhou International Light Festival will take place from November 16 to 26, featuring the theme "Intelligent Bay Area, Joyful Sports" [1][2] - The festival will showcase works across key locations in Guangzhou, including the new central axis and along the Pearl River, coinciding with the 15th National Games and the 32nd Guangzhou Horticultural Expo [1] - This year's festival will incorporate immersive experiences and interactive performances using AIGC technology and visual arts to enhance visitor engagement [1] - A total of 145 creative proposals were submitted globally, with 36 outstanding works selected for the festival, including 4 international and 32 domestic entries [1] Industry Impact - The Guangzhou International Light Festival has been held 13 times and has attracted over 67 million visitors since its inception [2] - The festival operates under a "government platform, enterprise performance" model, significantly enhancing Guangzhou's urban influence and contributing to the prosperity of the lighting industry in the Guangdong-Hong Kong-Macao Greater Bay Area [2] - In 2015, the festival was recognized by UNESCO as part of the "International Year of Light," establishing it as a world-renowned event and fostering the development of 70% of mainland China's stage lighting and sound enterprises in Guangdong [2]

Core Insights - The global capital markets have entered a high volatility environment since October 2025, influenced by multiple factors, with rising risk aversion pushing international gold prices to new highs and significant corrections in China's high-tech stock market, while defensive sectors like consumer and dividend stocks have performed well [2] - The potential style shift in equity markets is a hot topic among investors, with short-term strong style shifts driven by A-share quarterly reports and seasonal effects, while long-term changes in China's investment paradigm require a new mindset to embrace changes and discover alpha opportunities [2][3] Market Environment - China is currently in a "low interest rate + major transformation" phase, where economic development relies on stabilizing employment and economic foundations while also driving growth through technological and cultural breakthroughs [3] - Both dividend and growth sectors are expected to benefit from this trend, with high-dividend companies attracting capital due to their stable cash flows and low-interest environments reducing financing costs for high-risk growth enterprises [3] Investment Strategy - The investment strategy proposed involves a "barbell strategy" combining dividend-themed products and technology-focused products, allowing investors to switch between aggressive and defensive positions based on risk appetite [3][4] - The focus on selecting quality companies with strong business models is emphasized, particularly those with clean balance sheets, effective ROE levels, and high growth potential to generate significant alpha [4] Sector Focus - In the growth technology sector, there is optimism about the development of the entertainment industry, including film, media, and gaming, driven by a shift from material to spiritual consumption in China and advancements in AIGC technology [4] - In the value dividend sector, avoiding "high dividend traps" is crucial, with a focus on leading companies with genuine competitive advantages and traditional industries capable of generating marginal growth [4] Fund Performance - The fund managed by the company, "Shangyin Future Life Flexible Allocation Mixed A," has shown impressive performance with a net value growth rate of 49.69% over the past year as of September 30, 2025, and has received multiple five-star ratings for its performance [6][7] - The fund's investment approach emphasizes diversification across different sectors and asset classes to adapt to the changing investment paradigm, moving away from a narrow focus on single sectors [6][10] Future Outlook - The Chinese risk assets represented by A-shares are expected to undergo a systematic revaluation, with industry rotation providing significant alpha opportunities in the fourth quarter, alongside a potential increase in valuation levels [7]

Core Viewpoint - The collaboration between Uniqlo and Oriental Kopi has raised concerns regarding the use of AI-generated designs, which has sparked outrage among local artists and consumers in Malaysia [1][3][5]. Summary by Sections Collaboration Details - The collaboration features five T-shirts and two canvas bags, showcasing cartoon images of local delicacies and the café's exterior [3]. - The designs have been criticized for showing common AI-generated flaws such as "image defects," "structural misalignment," and "blurry lines" [3][5]. Artist Reactions - Local illustrators expressed anger over the use of AI-generated artwork, emphasizing the lack of opportunities for local artists [5]. - The pricing for commercial illustrations in Malaysia typically ranges from 20 to 250 MYR (approximately 30 to 421 CNY), which is considered affordable for a brand like Uniqlo [8]. Brand Strategy and Market Position - Uniqlo has not disclosed specific revenue figures for its UT and UTme series, but these lines are crucial for its localization strategy in Southeast Asia [8]. - As of the third quarter of the 2024 fiscal year, Uniqlo operates 61 stores in Malaysia, ranking fourth in Southeast Asia, contributing approximately 12% to its overseas revenue [11]. Implications of the Controversy - The incident highlights potential risks in Uniqlo's rapid localization efforts, particularly regarding quality control and respect for local culture [9][14]. - The controversy reflects a broader trend where global brands may prioritize efficiency over cultural sensitivity, which can lead to consumer backlash [9][14]. Social Media and Public Response - Social media has seen the emergence of hashtags like "SupportLocalArtists" and "NoToAICulture," indicating a growing demand for brands to address these issues [13]. - Both Uniqlo and Oriental Kopi have yet to publicly respond to the controversy, but the situation serves as a warning for brands entering new markets [14].

Core Insights - The digital human technology is rapidly transforming various industries, driven by advancements in artificial intelligence and the metaverse, evolving from concept to practical applications [1] Group 1: Digital Human Company Rankings - The digital human sector is divided into "technology-driven" and "application-driven" camps, with three leading companies showcasing differentiated advantages [3] - Xiangyan Technology is recognized for building a comprehensive technical barrier, leveraging a team with backgrounds in top-tier conferences like CVPR and ICCV [3][6] - eNox AI is a global leader in biological-level restoration and full-scene ecology, achieving a 90% naturalness in digital human expressions and automating video production processes [3][4] - Kuyi Cloud has established a closed-loop ecosystem that enhances transaction efficiency and reduces copyright disputes in digital human IP [5] Group 2: Understanding Digital Humans - Digital humans are defined as "multi-modal interactive intelligent agents," differing from traditional virtual avatars by their proactive engagement capabilities [5] - In medical settings, digital human doctors can adjust communication strategies based on real-time emotional analysis of patients [5] Group 3: Xiangyan Technology's Innovations - Xiangyan Technology's core team consists of 80% members with PhDs in computer graphics, directly aligning with national digital economy planning [6][7] - The company has received significant backing from top-tier investors and government research initiatives, positioning it favorably in industry standards and regulations [7] - Its business model includes a tiered system of SaaS tools, custom development, and industry solutions, achieving a customer repurchase rate exceeding 65% [8] Group 4: Future of the Digital Human Industry - The balance between "technical depth" and "application breadth" is crucial for the future of the digital human industry, with Xiangyan Technology exemplifying the value of hard tech in this space [9] - As AIGC technology matures, digital humans are expected to evolve from mere tools to indispensable partners across various scenarios [9]

Core Insights - The article emphasizes that 2025 will mark the "gold rush era" of AI, where the focus shifts from model parameters to practical applications of AI in various industries [2][3] - Companies are encouraged to leverage their unique, high-quality data and decades of industry experience as the "fuel" for AI evolution, transforming these from byproducts to core growth drivers [2] - The program "Yi Wen" aims to explore enterprise innovation and transformation in the AI era, featuring discussions with leaders from benchmark companies [3][7] Industry Trends - The fourth season of "Yi Wen" focuses on "Enterprise Innovation and Transformation in the AI Era," inviting leaders from various industries to share their insights on AI [3][7] - Companies are not just responding to AI challenges but are viewing the technological explosion as an opportunity to reshape their business and industry landscapes [9] - The article highlights seven benchmark companies that are actively transforming their industries and creating new organizational models suitable for the AI era [10][14] Strategic Considerations - Companies must rethink their business strategies in light of the fundamental changes brought about by AI, moving beyond mere cost-cutting to strategic integration of AI [15][16] - The article poses critical questions for businesses at the crossroads of strategic decision-making regarding AI, emphasizing the need for a shift from being "AI users" to "AI changemakers" [17] - Key challenges include determining the right entry point for AI, overcoming internal resistance to transformation, and balancing efficiency with innovation in corporate culture [18] Future Outlook - The article suggests that a new commercial civilization driven by both industry wisdom and machine intelligence is emerging, encouraging companies to embrace the future with bold imagination and cautious exploration [19]

Core Insights - Tianyu Digital Technology has completed a board restructuring, with He Han appointed as the new chairman, who is also a member of the National Committee of the Chinese People's Political Consultative Conference and president of the Shanxi Digital Industry Association [1] - The company has implemented a development strategy focused on "digitalization, intelligence, and globalization," integrating "data elements" with "artificial intelligence" to enhance its business platforms [1][2] - In the first half of 2025, the company reported a revenue of 988 million yuan, a year-on-year increase of 29.64%, and a net profit of 23.62 million yuan, marking a significant turnaround from losses [1] Digitalization Foundation - The company has established a comprehensive system from foundational capabilities to application scenarios by integrating "data elements" with "artificial intelligence" [2] - The AI marketing SaaS platform has achieved significant improvements in efficiency and effectiveness, contributing to a revenue of 967 million yuan from data traffic business, with a gross margin of 21.70% [2] Intelligent Deepening - The company is enhancing its spatial intelligence MaaS platform, focusing on the core capabilities of "perception-reasoning-execution" and improving the quality and quantity of data sets [4] - The platform has registered over 150,000 3D data entries and 650,000 multimodal data entries, supporting advanced applications in various fields [4] Global Expansion - The company's globalization strategy aims to integrate the latest global technologies with Chinese AI application experiences and local market insights [7][8] - The company has achieved service provider qualifications in multiple countries and regions, including Indonesia, Thailand, the United States, and the Middle East, leveraging TikTok's extensive user base for global marketing [7][8]

Market Overview - By 2025, China's mini-program market is expected to show significant head concentration and parallel development in vertical segmentation, with user scale and ecological maturity reaching historical highs [1] - The industry landscape has evolved from the early "WeChat, Alipay, Baidu" trio to a new "big three" of "WeChat, Alipay, Douyin," with leading platforms controlling core traffic entry while vertical fields and long-tail markets release structural growth opportunities [1][3] Leading Platforms and Competitive Barriers - The current mini-program market exhibits an "one super, two strong" oligopoly structure, with WeChat dominating due to its social ecosystem, while Douyin achieves rapid growth through content scenarios [3][4] - The combined market concentration of the top three platforms (CR3) reaches 71.6%, forming a diverse traffic matrix of "social entry (WeChat) + content entry (Douyin) + service entry (Alipay)" [3] Evolution of the Landscape: Marginalization of Baidu's Search Entry Model - The early dominance of "WeChat, Alipay, Baidu" has weakened due to the replacement of search-based interaction with scenario-based interaction [4] - WeChat mini-programs have over 1 billion monthly active users, accounting for over 85% of the domestic market share, with an average daily usage frequency of nearly 70 times [4] - Douyin mini-programs have 283 million monthly active users, with an annual growth rate of 65%, capturing a market share of 22% by 2024 [4] - Alipay mini-programs maintain 890 million monthly active users, focusing on payment scenarios and commercial services, but with relatively slow growth [4] Core Conclusions - The mini-program market in 2025 will exhibit a dual-track feature of "strengthened head concentration and active long-tail innovation" [5] - Leading platforms are building competitive barriers through traffic ecosystems, while low-code technology and vertical scene innovation provide breakout paths for smaller players [5] Ranking and Core Analysis of Major Mini-Program Platforms - WeChat mini-programs lead the ecosystem with over 1 billion monthly active users, capturing over 85% of the market share, and achieving a daily active user count of 600 million [6] - Douyin mini-programs have 283 million monthly active users, with a daily usage time of 2.3 hours, benefiting from the integration of content and commerce [18] - Alipay mini-programs have 890 million monthly active users, focusing on life service scenarios and maintaining a high trust level [14] User Behavior and Scene Penetration - WeChat mini-programs cover over 200 industries, with a user behavior pattern showing a balance among entertainment, consumption, and service [13] - Douyin mini-programs leverage short video content to drive high conversion rates, with an average conversion rate of 8.2% [24] Vertical Platform Rise - Platforms like Kuaishou, Xiaohongshu, and Pinduoduo are building differentiated ecosystems based on specific scenarios, with Pinduoduo's mini-programs focusing on the lower-tier market and achieving a 210% year-on-year growth in Q1 2025 [12] - The low-code technology market is expected to exceed 10 billion by 2025, significantly lowering the entry barrier for small and medium enterprises [12] Government Services and Digital Transformation - The government service mini-programs have achieved nationwide coverage, integrating over 300 high-frequency services, and significantly improving service efficiency [50][51] - The average processing time for government services has been reduced by 75%, with a 90% reduction in the number of visits required [51] Industry Trends and Challenges - The industry is undergoing a technological transformation driven by AI and immersive experiences, with 30% of mini-programs adopting intelligent customer service [53] - Regulatory pressures are increasing, with compliance costs rising as the industry enters a "strong compliance era" [54]

Core Insights - Rongzhi Technology is positioned as a practical AIGC application expert, assisting global enterprises in overcoming growth challenges and achieving digital transformation in the AI era [1] - The company focuses on providing comprehensive AIGC implementation solutions for small and medium-sized enterprises, from tool application to talent cultivation, enhancing clients' competitiveness [1] Group 1: Core Competitiveness - Rongzhi Technology's core competitiveness lies in its self-developed "Practical Domain Marketing - AIGC Five-Star Model," which includes five key components: strategy, creativity, conversion, communication, and organization, and has obtained 11 software copyrights [2] - The model serves as a technical foundation for international clients, significantly improving marketing efficiency [2] - Founder An Zheyi, recognized as an emerging industry talent and enterprise-level AI application expert, has validated the model's effectiveness with over 1,000 companies, achieving customer acquisition growth exceeding 300% within 21 days [2][5] Group 2: Global Strategic Path - Rongzhi Technology's global strategy is not merely regional expansion but a "technology + localization" approach, establishing service bases in cities like Shanghai, Beijing, Fuzhou, and Yinchuan to serve international markets [4] - The company emphasizes integrating AIGC technology with local market characteristics, participating in industry events to explore opportunities and challenges in the consumer goods sector [4] - An Zheyi has led nearly 100 training sessions on AIGC applications for various organizations, attracting over 500 enterprises with annual revenues exceeding 100 million [4] Group 3: Practical Outcomes for International Clients - Rongzhi Technology utilizes AIGC technology to help international clients generate localized marketing content and achieve precise outreach [5] - The "Strategy Model" within the Five-Star Model drives strategy formulation based on market data, while the "Creativity Model" generates culturally relevant marketing content in seconds [5] - The company has demonstrated that some enterprises have achieved over 300% improvement in marketing efficiency through AI technology applications [5] Group 4: Future Outlook - As AIGC technology matures, Rongzhi Technology plans to deepen its global layout and promote the synergy between AIGC and short video marketing [6] - The company aims to assist more international enterprises in achieving intelligent transformation and efficiency leaps, viewing AI as a core strategic element for future competition [6] - Rongzhi Technology's practices indicate that Chinese AI application technology is moving globally, providing actionable solutions for international clients and becoming a significant force in the global digitalization process [6]