Core Insights - The Shenzhen Stock Exchange (SZSE) is focusing on integrating "Artificial Intelligence +" into its core business areas during the 14th Five-Year Plan period, with a clear path outlined for its implementation [1][7]. Group 1: AI Integration and Regulatory Framework - SZSE aims to build an intelligent regulatory system covering risk monitoring, trading risks, and company supervision through "AI+" [1]. - The exchange plans to enhance service quality for investors and listed companies using intelligent tools [1]. Group 2: Digital Infrastructure and Platform Development - During the 14th Five-Year Plan, SZSE has targeted the creation of an internationally leading digital system, focusing on four pillars: digital infrastructure, digital platforms, digital capabilities, and digital ecosystems [3]. - The exchange has developed a hybrid cloud system centered around Group Cloud, Regulatory Cloud, Shenzhen Cloud, and Public Cloud, aiming to provide high-standard cloud infrastructure services [3]. Group 3: Collaborative Ecosystem and Innovation - SZSE is strengthening collaboration with industry institutions through various platforms, including financial technology centers and data security laboratories, to build an efficient industry innovation ecosystem [4]. - The exchange has implemented a closed-loop innovation approach, emphasizing regulatory technology needs and addressing actual business pain points [6]. Group 4: Future Directions and Strategic Goals - Looking ahead to the 15th Five-Year Plan, SZSE will focus on six key areas: building intelligent computing infrastructure, implementing cloud applications, deepening AI integration, enhancing application architecture, advancing intelligent innovation research, and strengthening governance [7]. - The exchange aims to create a world-class trading platform supported by robust digital and intelligent frameworks through systematic advancement in these six areas [7].

艾比森COB生产车间 公司供图 从1996年怀揣500元借款自甘肃南下深圳，到如今带领艾比森成为市值超60亿元的全球LED显示领域领 军企业，艾比森董事长丁彦辉用20余年时间，书写了一部励志创业史。 面对行业产能过剩、竞争无序等困境，艾比森以"品牌化+轻资产+数字化"战略破局，带领企业在行业 内卷中逆势突围，更以"至真"的经营哲学，在全球市场搭建起跨文化信任的桥梁。 展望"十五五"，丁彦辉表示，艾比森将坚持高端品牌定位，加大研发投入，持续深耕细分领域，致力打 造全球LED显示技术与应用的领导品牌。 ● 本报记者 黄灵灵 ...

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) is focusing on risk prevention, strong regulation, and promoting high-quality development during the 14th Five-Year Plan period, with an emphasis on digital and intelligent support for building a world-class exchange [1][2]. Group 1: Digital Innovation Achievements - SZSE has made significant progress in digital innovation, guided by regulatory technology application needs, and has established a closed-loop innovation path from exploration to application [1]. - The key national R&D project on intelligent monitoring of abnormal trading behaviors has been successfully completed, enhancing the technological regulatory level and digital application capabilities in the industry [1]. Group 2: Collaboration and Platforms - SZSE has partnered with Huawei to create an industry regulation model platform, addressing issues of timeliness, accuracy, and completeness in regulatory Q&A [2]. - The platform is now live on the industry cloud, offering five major functions to support legal compliance and industry governance [2]. Group 3: Future Digitalization Plans - SZSE plans to focus on six key areas for continued digital and intelligent advancement, including building intelligent computing infrastructure and enhancing intelligent service capabilities [3]. - The exchange aims to implement "AI+" in core business areas, developing an intelligent regulatory system covering risk monitoring and company supervision [3]. - There will be an emphasis on governance in "AI+" applications, ensuring organizational, data, and security governance to support high-quality digital development [3].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 61.15 CNY [5]. Core Insights - The company is intensifying its efforts in the power generation business and seizing opportunities from global digitalization, having secured over 100 million USD in orders in the North American data center market [2][11]. - The company has a robust order backlog, with significant growth in its natural gas business and accelerated capacity construction to ensure delivery [11]. Financial Summary - Total revenue is projected to grow from 13,912 million CNY in 2023 to 25,259 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20% [3][12]. - Net profit attributable to the parent company is expected to increase from 2,454 million CNY in 2023 to 4,810 million CNY in 2027, with a CAGR of about 21.1% [3][12]. - Earnings per share (EPS) is forecasted to rise from 2.40 CNY in 2023 to 4.70 CNY in 2027 [3][12]. - The company maintains a healthy return on equity (ROE) projected to reach 16.4% by 2027 [3][12]. Market Position and Strategy - The company has made significant inroads into the North American data center market, marking a key business breakthrough with a major contract [11]. - It is enhancing its integrated capabilities in data centers, focusing on areas such as small modular reactors (SMR) power supply and gas turbine rapid power supply [11]. - The company is also advancing its self-developed gas turbine generator sets, which are expected to provide stable and reliable power solutions [11]. Valuation Metrics - The current price of the stock is 51.30 CNY, with a 52-week price range of 28.33 CNY to 57.45 CNY [6]. - The company’s market capitalization stands at 52,524 million CNY [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 21.40 in 2023 to 10.92 by 2027, indicating an attractive valuation as earnings grow [3][12].

Group 1 - The core point of the article is that Wushang Group's subsidiary, Wuhan Jiangtun Digital Technology Co., Ltd., has signed a letter of intent to acquire Hangzhou Xiaodian Technology Co., Ltd. to facilitate a strategic transformation from traditional retail to a commercial technology company [1][2] - The acquisition aims to integrate Xiaodian Technology's extensive offline traffic network and digital capabilities, addressing pain points in traffic conversion and intelligent management, while enhancing local market dominance [2] - The target company has strong commercial IoT technology capabilities, providing services such as shared charging, shared lockers, smart travel, and smart energy, creating a digital closed-loop that connects people, goods, and venues [1][2] Group 2 - The transaction is expected to allow the company to obtain key digital assets, extend consumption scenarios, and achieve data-driven operations [2] - Upon successful completion of the acquisition, the target company will be included in the company's consolidated financial statements, contributing to the establishment of a comprehensive smart business infrastructure [2] - The ultimate goal is to build long-term core competitiveness through the integration of online and offline operations [2]

Core Insights - The Shenzhen Stock Exchange (SZSE) is focusing on risk prevention, strong regulation, and high-quality development during the 14th Five-Year Plan period, with a commitment to building a world-class exchange through digital and intelligent support [1][2] Group 1: Digital Infrastructure - SZSE aims to establish a mixed cloud system centered around group cloud, regulatory cloud, Shenzhen cloud, and public cloud, enhancing financial data exchange services and data center hosting services [1][2] - The exchange is building a digital service and regulatory platform that includes a trading system, regulatory technology application platform, business management service platform, office service platform, and information platform [2] Group 2: Digital Capability Enhancement - The exchange is enhancing its digital capabilities through collaboration in five core areas: technological innovation, research and development, system operation, data governance, and management governance [2][4] - A significant project led by SZSE, focusing on intelligent monitoring of abnormal trading behaviors, has been successfully completed and is being applied across the exchange and 15 industry institutions, improving regulatory technology levels [2][3] Group 3: AI Integration and Governance - SZSE is planning to implement "AI+" in core business areas, developing an intelligent regulatory system that covers risk monitoring and company supervision [4][5] - The exchange is committed to strengthening governance in AI applications, focusing on organizational, data, and security governance to ensure high-quality development of digital applications in the industry [5]

Group 1 - The latest statistics from the German labor department indicate that the unemployment rate in Germany remains stagnant, with a slight increase of about 1,000 people in November, bringing the total to 2.973 million, which is lower than economists' expectations of a 5,000 increase [1] - The seasonally adjusted unemployment rate in Germany remained unchanged at 6.3%, aligning with expectations, highlighting the ongoing weakness in the labor market and insufficient economic growth momentum [1] - The German economy ministry has slightly revised its overall economic growth forecast for this year from stagnation (0% growth) to 0.2%, with a projected growth of 1.3% for the following year [1] Group 2 - Germany is pursuing a strategy of "large-scale infrastructure and defense investment" to support its economy, utilizing modified fiscal rules and special funds to create significant borrowing capacity [2] - A special infrastructure fund has been established with a scale of approximately €500 billion, aimed at public infrastructure projects over the next 10-12 years, focusing on transportation, utilities, energy transition, and climate projects to enhance competitiveness and stimulate medium to long-term growth [2] - The core budget for defense spending in the latest German government budget for 2026 is approximately €82.7 billion, with total defense spending exceeding €108 billion when including a special defense fund, indicating a clear intention to stimulate overall demand and support the military-industrial chain [2]

瑞云冷链2024年正式启动国际化战略，目前瑞云国际冷链投入自备冷藏集装箱，在昆明、南宁、深圳、 万象、曼谷等地设有冷链中转仓，开通中国往返老挝、越南、泰国、柬埔寨、新加坡、马来西亚六国跨 境冷链运输服务，开通泰国境内冷链仓配服务，中国香港境内冷链仓配服务。通过整合资源，瑞云国际 公海铁多式联运高效运转，可为全球客户提供从订单处理、通关、仓配一体的全链路冷链物流服务。 瑞云冷链创始人兼CEO郑瑞祥表示："过去五年，瑞云构建了冷链行业创新的B2B商业模式，布局"两网 一平台"及"国内+国际"战略，打造一体化服务能力。作为行业首批出海企业，瑞云已在东南亚、港澳地 区建立跨境冷链网络，打造第二增长曲线；同时公司正加速AI技术与业务场景深度融合，驱动业务从 高速增长向高质量增长转型。" 广州产投投资总监陈亮表示："我们对冷链物流的业态进行深入的研究和讨论，发现行业门槛和壁垒要 远远高于普货物流。受限于冷链物流产品的地域性、季节性、货损高等原因，降成本难度很大，瑞云冷 链已经建成线下冷链物流骨干网络和各地区的区域支线网络，也建成了线上的高效冷链物流整合平台， 形成了线上和线下、轻重结合的独有竞争优势，也为未来的高速增长打 ...

Core Insights - The 2025 World Venue Forum, hosted by the China Exhibition Hall Association, took place from November 26 to 28 in Hangzhou, marking China's first global venue-themed international forum [1] - Over 300 representatives from domestic and international exhibition centers, event organizers, service companies, and industry organizations attended to discuss the redefinition and value enhancement of exhibition venues in the new era [1] Group 1: Industry Transformation - The global exhibition industry is undergoing profound changes, with venues transitioning from a focus on investment and physical space supply to prioritizing operational efficiency, service quality, and industry-driven capabilities for high-quality development [1][2] - Venue operators and industry representatives from countries such as Germany, Belgium, Thailand, Indonesia, and Brazil shared their experiences in venue upgrades, business model innovation, ESG implementation, and international market expansion [2] Group 2: Common Challenges - Common challenges faced by venues globally include shifting from "scale expansion" to a dual focus on "operations and services" amid overall supply abundance [2] - There is a need to reshape management and business models through digitalization, green low-carbon initiatives, and ESG principles, transitioning from a singular "building space" to a comprehensive platform that connects industrial chains, innovation chains, and urban renewal [2] Group 3: China's Position in the Global Market - China's exhibition industry ranks among the world's leaders, with a significant number of venues and total area, providing a solid foundation for industry development and participation in global discussions [3] - Major venues in China, such as the Shanghai New International Expo Center and Hangzhou International Expo Center, shared insights on new roles and responsibilities, ESG practices, and collaborative industry chain operations [3] Group 4: International Cooperation - The forum highlighted international cooperation, with the China Exhibition Hall Association signing three strategic cooperation memorandums with associations from Thailand, Indonesia, and Brazil [3] - These agreements aim to establish long-term collaboration mechanisms in areas such as industry information sharing, project exchanges, talent training, and practices in digitalization and green development [3] - The signing of these memorandums signifies the establishment of stable industry cooperation "pivots" in the ASEAN and Latin American regions, facilitating institutional connections between Chinese venues and international partners [3]

围绕未来工作重点，于贤成提出三点展望：第一，深化"北斗+民航"融合应用，加快与航空公司、机场、空管单位的协同，推动行业标准制定与示范工程规 模化部署；第二，在西部地区支持开展"北斗+低空智联网"试点，探索无人机物流、空中交通、应急救援等新业态，打造可复制可推广的样板；第三，推动 北斗国际化服务空中丝路，加强与"一带一路"共建国家在航空导航、跨境物流追踪、灾害应急响应等领域的合作与标准对接，让北斗"走出去、融进去、用 得好"。 中国卫星导航定位协会会长于贤成指出，全球航空运输业正加速迈入数字化、智能化转型的新阶段，空中丝绸之路作为"一带一路"互联互通的核心载体，是 推动国际经贸合作与人文交流的重要空中桥梁。他表示，北斗卫星导航系统历经多年建设，已实现全球组网、全球服务，全面融入民航、物流、应急、交通 等领域，成为支撑空中丝路高质量发展的重要举措。 11月26-28日，第七届空中丝绸之路国际合作峰会在西安召开，本次会议是中国国际服务贸易交易会常态化活动-空中丝绸之路国际合作峰会。 ...