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The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of NSING TECHNOLOGIES INC. 國民技術股份有限公司 (the "Company") (A joint stock company incorporated in the People's Republic of ...

Core Viewpoint - The article highlights the significant advancements in China's renewable energy sector, particularly in solar and wind power, showcasing various projects across different provinces that contribute to the country's energy transition and sustainability efforts [15]. Group 1: Renewable Energy Projects - The Longda Tugu Photovoltaic Power Station in Ningbo, Zhejiang, is noted as the first large-scale coastal intertidal photovoltaic project in China, utilizing upper space for power generation and lower tidal flats for aquaculture [5]. - In Qinghai Province, wind turbine blades are being transported to support the growing wind energy infrastructure [7]. - The Gansu Dunhuang Photovoltaic Industrial Park features solar panels arranged in a tracking system that follows the sun's position, transforming previously barren land into productive energy-generating sites [15]. Group 2: Impact on Local Communities - In Shandong Province, villagers are installing photovoltaic panels on rooftops and in gardens to supplement their electricity needs [11]. - The "Photovoltaic Sheep" initiative in the Taratantan Photovoltaic Industrial Park in Hainan Tibetan Autonomous Prefecture, Qinghai, illustrates the integration of renewable energy with local agricultural practices [12]. - Wind turbines in the Zhoushan Port area of Ningbo provide continuous green energy, contributing to the local economy and energy supply [9].

Group 1 - The lithium battery industry chain has seen a continuous increase in demand since December, driven by the energy storage sector, leading to price hikes across multiple segments [1] - Prices for lithium hexafluorophosphate, VC additive (ethylene carbonate), and FEC (fluoroethylene carbonate) are on the rise due to an expanding supply-demand gap [1] - Several lithium iron phosphate companies have announced price increases, with Suzhou Dejia Energy Technology Co., Ltd. planning a 15% price hike for its battery products starting December 16 [1] Group 2 - EVE Energy is planning to build a nearly 30GWh cylindrical battery factory near BMW's plant in Hungary, expected to be operational by 2026 [2] - The new generation BMW iX3, equipped with EVE Energy's cylindrical battery, achieved a real-world range of 1007.7 km, surpassing the official WLTP range of 805 km [2] - The lithium iron phosphate market is projected to see significant demand growth, with production expected to rise from 3.9 million tons in 2025 to 5.8 million tons by 2026 [2] Group 3 - As of December 22, 2025, the battery ETF has seen a significant growth of 1.05 billion yuan in scale over the past week [3] - The battery ETF has also experienced a substantial increase in shares, with a growth of 19.46 billion shares over the past three months [3] - The storage battery ETF has surged over 2%, with constituent stocks like Tongfei Co. and Penghui Energy showing notable gains [3] Group 4 - The battery ETF (159755) closely tracks the National Index for New Energy Vehicle Batteries, focusing on the electric vehicle battery industry chain [4] - The storage battery ETF (Guangfa, 159305) tracks the National Index for New Energy Batteries, emphasizing the storage battery sector and selecting 50 stocks with high market capitalization and liquidity [4]

Core Insights - The Shenzhen venture capital industry celebrated its 25th anniversary, highlighting its significant growth and contributions to the economy [2][3] - The industry now manages over 1 trillion yuan in capital, having supported 14,000 companies and over 8,000 industry projects, including the cultivation of more than 1,500 specialized and innovative enterprises and nearly 600 listed companies [2][3] Industry Overview - The event was organized by the Shenzhen Venture Capital Association and featured a wide array of participants, including government officials, experts, and leaders from venture capital institutions, showcasing the full spectrum of the venture capital ecosystem [2] - The industry has invested in over 20,000 projects across various strategic emerging industries such as artificial intelligence, biomedicine, semiconductors, and new energy, providing strong support for technological innovation and industrial upgrading in Shenzhen and nationwide [3] Historical Documentation - The oral history titled "Shenzhen Venture Capital" was officially launched, documenting the experiences and wisdom of industry pioneers over the past 25 years, reflecting the spirit of innovation and perseverance among venture capitalists [3] Future Directions - The honorary president of the Shenzhen Venture Capital Association outlined key recommendations for the future, emphasizing the need to deepen the understanding of venture capital's value, recognize the multiplier effect of local investments, and promote the development of a "patient capital" ecosystem [4] - Suggestions included policy incentives for fund management selection, tax optimization, and the construction of the Xiangmi Lake International Venture Capital Building to serve as a hub for industry collaboration [4]

Core Viewpoint - The A-share market showed a strong performance in the early session on December 17, with all three major indices rising, indicating a potential for continued market volatility and sector rotation as the year-end approaches [1][3]. Market Performance - The Shanghai Composite Index rose by 0.17%, the Shenzhen Component increased by 0.83%, and the ChiNext Index gained 1.21% during the morning session [1]. - Over 3,700 stocks experienced declines, with a total trading volume of 1 trillion yuan, a decrease of 98.7 billion yuan compared to the previous trading day [1]. Hot Sectors 1. **Lithium Mining Concept** - The lithium mining sector showed strength, with Jin Yuan Co. achieving two consecutive trading limits and Shengxin Lithium Energy hitting the daily limit [1]. 2. **Electrolyte Concept** - The electrolyte sector rebounded, with Tianji Co. reaching the daily limit [1]. 3. **Computing Hardware Concept** - The computing hardware sector was active, with Huanxu Electronics hitting the daily limit and major optical module companies experiencing collective gains [1]. 4. **Retail and Dairy Concepts** - The retail and dairy sectors saw a recovery, with Zhuangyuan Pasture hitting the daily limit and Li Qun Co. achieving two consecutive trading limits [1]. Notable Stocks - Muxi Co. saw its stock price surge over 700%, surpassing 800 yuan during trading [2]. Sector Declines - The Hainan and military sectors experienced the largest declines in the market [3]. Institutional Insights 1. **Galaxy Securities** - Anticipates that the market will continue to exhibit a volatile structure as the year-end approaches, with a focus on policy dividends and economic trends for the upcoming year [3][9]. 2. **Cinda Securities** - Suggests that style switching may become more pronounced, recommending a focus on low-value sectors and emphasizing the potential for growth in non-bank financials and cyclical stocks [7]. 3. **Zhaoshang Securities** - Projects that investment opportunities in 2026 will revolve around domestic demand recovery and technological self-reliance, with a favorable outlook for cyclical styles [10].

Group 1: Economic Transformation - The Chinese economy is undergoing a deep structural adjustment driven by a series of government policies and strategic directions over the past few years, focusing on areas like artificial intelligence, new energy, industrial internet, regional collaboration, and consumption upgrades [1][4][8] - The application of artificial intelligence is expanding across various industries, with the market size of China's AI industry expected to exceed 200 billion yuan in 2024, growing at around 40% [4][8] - In the new energy sector, China's installed capacity for renewable energy is projected to reach 1.2 billion kilowatts in 2024, accounting for over 60% of global new installations, indicating a significant shift in the global energy landscape [4][8] Group 2: Industrial Internet and Regional Collaboration - The industrial internet is transforming traditional manufacturing by integrating internet technologies, with the market size expected to reach approximately 200 billion yuan in 2024, involving over 500,000 participating companies [5][8] - Regional collaboration strategies, such as the Yangtze River Economic Belt and Yellow River Basin, aim to break down administrative barriers and enhance resource allocation, potentially leading to higher efficiency and greater output [6][8] Group 3: Consumption Upgrade - Consumption patterns in China are evolving, with consumers increasingly prioritizing quality, health, and personalization over mere price considerations, leading to a faster growth rate in sales of upgraded products like smart home devices and electric vehicles [7][8] - The retail sales growth of consumer goods is moderating, but the structure is improving, with upgraded goods experiencing double-digit growth rates [7][8] Group 4: Long-term Implications - The ongoing adjustments in the economy are not immediate but are part of a long-term process that may take a decade or two to fully materialize, with varying rates of change across different regions [10] - The transformation is expected to enhance individual capabilities, leading to improved overall productivity and a more vibrant domestic market [10]

Core Viewpoint - Jiangsu Province is leading in distributed photovoltaic (PV) installations, with significant growth in capacity and a strong alignment with local energy demands [2][3][5]. Group 1: Installation Growth - As of November 2023, Jiangsu's distributed PV installed capacity has exceeded 16.5 million kilowatts, with a cumulative total of 62.21 million kilowatts, ranking first in the nation [1][2]. - The growth trajectory from under 8 million kilowatts at the beginning of the 14th Five-Year Plan to over 62.2 million kilowatts demonstrates a steady upward trend in distributed PV installations [2][3]. Group 2: Economic and Energy Demand Factors - Jiangsu's robust manufacturing sector and high daytime electricity demand create a natural synergy with PV generation, allowing for efficient consumption of green electricity [2][3]. - The "self-consumption and surplus electricity grid connection" model for manufacturing enterprises has emerged as an effective way to reduce energy costs [3]. Group 3: Innovative Development Models - The "whole village" development model in rural areas, exemplified by Xuzhou's Shuangjing Village, has led to a high percentage of village households participating in PV installations, enhancing initial installation returns and rooftop leasing income [3][5]. - The implementation of policies and innovative measures has facilitated scientific layout and standardized development of distributed PV, addressing industry pain points [4][5]. Group 4: Technological and Policy Support - Jiangsu has established a distributed PV resource development platform for precise location and assessment of grid capacity, enhancing the management of distributed PV resources [6][7]. - The integration of digital and intelligent technologies is crucial for improving the efficiency of renewable energy dispatch and management [6][7]. Group 5: Virtual Power Plants and Resource Optimization - Jiangsu is advancing the construction of a new power system centered on renewable energy, focusing on enhancing flexibility and resource optimization [8]. - The exploration of virtual power plants aims to integrate distributed PV, user-side energy storage, and interruptible loads, improving overall resource utilization efficiency [8][9]. Group 6: Challenges and Future Outlook - The rapid increase in distributed PV grid connection poses significant challenges to grid capacity, particularly in rural areas where installations are smaller and more dispersed [9]. - Continuous technological upgrades are necessary to enhance the controllability and predictability of distributed PV systems, ensuring they can effectively support Jiangsu's energy transition goals [9].

Group 1 - The core viewpoint of the news is the strategic collaboration between early-stage investment institutions and the X9 Alliance of universities and research institutes in the Xili Lake International Science and Education City to accelerate the commercialization of scientific research achievements [1] - Notable early-stage investment institutions involved include Inno Angel Fund, Yunqi Capital, Yuanhe Origin Point, Jinaojiang United Capital, Fengrui Capital, and Lihe Science and Technology Innovation [1] - The collaboration aims to explore a "capital + technology + scenario" transformation model through the establishment of special funds, co-construction of incubation platforms, and conducting technology assessments [1] Group 2 - The "Nanshan Science and Technology Investment Partner Program," initiated by Huitong Financial Holdings, Nanshan Zhanxin Investment, and Qianhai Capital, officially launched on December 3 [2] - This program focuses on supporting the entire innovation ecosystem in Nanshan District, Shenzhen, emphasizing "basic research + technology breakthroughs + achievement transformation + technology finance + talent support" [2] - The initiative will target strategic emerging industries such as artificial intelligence, biomedicine, and new energy, aiming to create a globally influential technology industry innovation hub through joint investments, resource sharing, and policy collaboration [2]

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