香港聯合交易所有限公司及證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並表明概不就因本聆訊後資料集全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 Manycore Tech Inc. (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根 據本文件所載資料作出投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁，並不會引致本公司、其聯席保薦 人、整體協調人、顧問或包銷團成員須於香港或任何其他司法管轄區進行發售活動的責 任。本公司最終會否進行發售仍屬未知之數； (c) 本文件或其補充、修訂或更換附頁的內容未必會全部或部分轉載於最終正式上市文件； (d) 聆訊後資料集並非最終上市文件，本公司可能會不時根據香港聯合交易所有限公司證券 上市規則作出更新或修訂； (e) 本文件並不構成向任何司法管轄區的公眾人士提呈出售任何證券的招股章程、發售通 函、通知、通函、小冊子或廣告，亦非邀請公眾人士認購或購買任何證券的要約，且並 非旨在邀請公眾人士認購或購買任何證券的要約； (f) 本文件不應被視為勸誘認購或購 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 Victory Giant Technology (HuiZhou) Co., Ltd. 勝 宏 科 技（ 惠 州 ）股 份 有 限 公 司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）與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。 本聆訊後資料集為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於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呈交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；招股章程的文本將於發售期內向公眾發佈。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本 文件中的 ...

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 發表任何聲明，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依賴該等內容而引致的任何損失 承擔任何責任。 Joinsilicon Microelectronics (Beijing) Co., Ltd. 中茵微電子（北京）股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 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」）╱ 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、 接納並向本公司、其獨家保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團成員表示同意： 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》呈交香港公司註冊處處長登記前，本公司不 會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據呈交香 港公司註冊處處長註冊的本公司招股章程作出投資決定；有關文本將於發 ...

Fiscal Performance Indicators - The narrow deficit ratio for 2026 is expected to decrease by approximately 0.04 percentage points compared to 2025, while the broad deficit ratio is projected to decline by about 0.67 percentage points[1] - If the 2026 fiscal revenue and expenditure are completed as budgeted, the year-on-year growth rate of narrow fiscal expenditure is expected to reach 4.6%, up from 3.7% in 2025, an increase of about 0.9 percentage points[2] - The year-on-year growth rate of broad fiscal expenditure is anticipated to be 5.3%, an increase of approximately 0.8 percentage points from 4.5% in 2025[2] Expected Growth in Physical Fiscal Expenditure - The expected year-on-year growth rate of physical broad fiscal expenditure is projected to be 4.8%, significantly higher than the 0.6% growth rate in 2025, marking an increase of about 4.2 percentage points[2] - The reasonable expected value for physical broad fiscal expenditure in 2026 is anticipated to achieve a year-on-year growth of around 2.6%, which is an increase of approximately 2 percentage points compared to the previous year[2] Sources of Growth in Fiscal Expenditure - The expected growth in physical broad fiscal expenditure is primarily driven by three factors: anticipated tax revenue growth, increased utilization of general public budget funds, and more allocations of "quasi-fiscal funds"[3] - It is estimated that physical broad fiscal expenditure will increase by approximately CNY 1.01 trillion in 2026 compared to 2025, with contributions of about CNY 474.6 billion from general public budget adjustments and CNY 465.5 billion from tax revenue growth[3] Investment Focus and Risks - The 2026 fiscal budget is expected to provide stronger support for physical work output compared to 2025, with a focus on expanding investment areas beyond traditional sectors[4] - Risks include potential underperformance of the fiscal budget execution, practical challenges in supporting equity investments, and inaccuracies in the expected surplus of government funds[4]

Core Viewpoint - Google's recent launch of the TurboQuant compression algorithm, which claims to reduce the key cache usage of large models by at least six times, has caused panic in the storage industry. However, at the MemoryS 2026 summit, various storage manufacturers and cloud computing companies expressed that the demand for storage is still expected to rise due to the acceleration of AI applications, leading to a potential continuation of shortages [3][4]. Group 1: AI Impact on Storage Demand - AI is rapidly consuming storage capacity, with AI servers projected to account for over 20% of total server shipments by 2026, significantly increasing storage configurations [4]. - The shift from AI model training to more frequent actual usage has heightened the demand for data reading speed and response capabilities, making high-performance storage a core component for system efficiency [4]. - The automotive sector is emerging as a significant application area for AI, alongside edge AI, which is expected to drive new growth in storage demand [4]. Group 2: Supply-Side Challenges - The expansion cycle for storage capacity is lengthy, lasting 18 to 24 months, making it difficult to alleviate supply shortages in the short term. Structural mismatches in supply and demand have become the norm [5]. - Flash memory is expected to remain in short supply for an extended period, with feedback from system-side experts indicating increasing resource constraints due to AI growth squeezing DRAM capacity [6]. - The storage technology landscape is undergoing a paradigm shift, moving from micro-innovations to architectural revolutions, with concepts like CXL and integrated storage-compute solutions accelerating towards commercialization [6].

Core Viewpoint - The term "Token" has gained significant attention recently, with a dramatic increase in search volume and discussions, indicating a growing public interest in AI and its capabilities [2][12]. Group 1: Token Popularity and Understanding - The search volume for "Token" surged from late February, peaking at 77,000 searches in a single day, which is an increase of 1850% compared to the average daily searches last year [2][3]. - Nearly 600,000 people participated in discussions about "Token" on social media platforms from March 1 to March 20 [2]. - The term has transitioned from a technical jargon to a more widely understood concept, with the official definition of "Token" marking a new phase in its acceptance [11]. Group 2: Economic Implications of Token - The explosive growth in Token usage has led to increased demand for computational power, resulting in a 30% price hike for AI computing services from major cloud providers within ten days [14]. - By early 2024, the average daily Token usage in China is projected to reach 100 billion, escalating to 100 trillion by the end of 2025, with March figures already surpassing 140 trillion [12]. - The demand surge has outpaced supply, transforming computational power from a cost item to a strategic resource, prompting a reevaluation of its value in the industry [18][20]. Group 3: Industry Response and Future Outlook - The price increase primarily benefits upstream hardware manufacturers, while downstream applications face rising costs, pressuring companies to either enhance efficiency or adopt domestic computing solutions [16]. - To address the supply-demand imbalance, attracting more companies to increase supply is essential, alongside improving the efficiency of models to utilize fewer Tokens for maximum output [20].

Financial Performance - The company's operating revenue reached 10.823 billion yuan, with a net profit attributable to shareholders of 812 million yuan [4][5] - Tractor sales amounted to 63,700 units, while diesel engine sales were 136,700 units [5] - The comprehensive gross profit margin was 15.15%, an increase of 0.37 percentage points year-on-year, while the period expense ratio was 9.76%, up by 1.50 percentage points year-on-year [5] - Basic earnings per share were 0.7226 yuan, a decrease of 11.94% year-on-year, and net cash flow from operating activities was 916 million yuan, down 24.70% year-on-year [5] Market Strategy - The company is focusing on deepening market penetration in the tractor business by responding to market changes through product upgrades and enhanced marketing capabilities [10] - In the diesel engine sector, the company is exploring multi-field demand and expanding into emerging markets, achieving a 3.5% year-on-year increase in external market sales [10] - The company reported a 41% year-on-year increase in tractor export sales over the past three years [13] International Expansion - The company is enhancing its international operations by systematically laying out global markets and continuously enriching its export product portfolio to boost brand international influence [12] - There is a focus on strengthening internal export collaboration to promote agricultural machinery equipment going global [12] Innovation and Development - The company is accelerating the development and application of high-end, intelligent, and green products, actively supporting the national agricultural modernization strategy [15] - A product matrix of "high-end intelligence + green environmental protection" is being established to lead the green and low-carbon transformation of agricultural machinery [15] - The company is advancing high-end manufacturing capabilities and promoting the integration of artificial intelligence into its operations [16] Shareholder Returns - The company plans to distribute cash dividends amounting to 187.50 million yuan, with a total expected cash dividend distribution of 898 million yuan for the year [22][25] - As of December 31, 2025, the total share capital is 1,123,645,275 shares [21] Shareholder Structure - The largest shareholder is China Yituo Group Co., Ltd., holding 48.81% of the shares [27] - Other significant shareholders include HKSCC Nominees Limited with 34.66% and Hong Kong Central Clearing Limited with 0.41% [28]

Core Viewpoint - China Construction Bank (CCB) reported a stable growth in its financial performance for the year 2025, with total assets exceeding 45 trillion yuan and a focus on enhancing both quality and quantity of its operations [2][3]. Financial Performance - As of the end of 2025, CCB's total assets reached 45.63 trillion yuan, a year-on-year increase of 12.47% [2]. - The bank achieved an operating income of 761.05 billion yuan, reflecting a growth of 1.88% year-on-year [2]. - Net profit for the year was 339.79 billion yuan, up 1.04% compared to the previous year [2]. - CCB distributed a total cash dividend of 101.68 billion yuan for the year, with 48.61 billion yuan already paid as an interim dividend [2]. Net Interest Margin - CCB's net interest margin for 2025 was 1.34%, a decrease of 17 basis points year-on-year, but the decline was less severe than in 2024 [3]. - Interest income totaled 1.15 trillion yuan, down by 88.30 billion yuan, a decline of 7.11% [3]. - Interest expenses were 580.49 billion yuan, a reduction of 71.19 billion yuan, or 10.92% year-on-year [3]. - The deposit interest rate fell to a historical low of 1.32%, down 33 basis points year-on-year, which supports the recovery of net interest margin [3]. Non-Interest Income - CCB's non-interest income reached 188.28 billion yuan, a year-on-year increase of 19.85% [6]. - Net income from fees and commissions was 110.31 billion yuan, up 5.13% from the previous year [6]. - Asset management income surged by 78.78% to 15.34 billion yuan, driven by growth in wealth management and fund management fees [6][7]. Loan Growth and Risk Management - Total loans and advances amounted to 27.77 trillion yuan, an increase of 1.93 trillion yuan, or 7.47% year-on-year [8]. - The bank maintained a non-performing loan ratio of 1.31%, a slight decrease of 0.03 percentage points from the previous year [8]. - CCB emphasized robust risk management practices, particularly in retail lending, to maintain asset quality [8]. Technological Advancements - CCB has implemented an "Artificial Intelligence+" initiative, integrating AI technologies into 398 application scenarios across key areas such as wealth management and risk management [9]. - The bank aims to enhance its digital capabilities and support high-quality financial development through technology [9]. Future Outlook - CCB is optimistic about maintaining a leading position in net interest margin and expects further narrowing of the margin decline in 2026 [5]. - The bank is committed to a path of high-quality development as it enters the new five-year plan period [9].

Group 1 - The core theme of the China Development Forum 2026 is "China in the 14th Five-Year Plan: High-Quality Development and Opportunities for Common Innovation," focusing on market opportunities, industrial upgrades, and consumption trends [2] - Nestlé's global CEO, Mark Schneider, emphasized the company's long-term commitment to the Chinese market, highlighting that nearly 90% of its procurement in China is sourced locally and over 90% of products sold are produced domestically [2] - Since 2020, Nestlé has invested over 5 billion RMB in China, targeting high-potential categories such as pet food and infant nutrition, reflecting its long-term development philosophy and confidence in China's economic growth potential [2] Group 2 - Schneider identified three core forces reshaping the industry: technological innovation driven by artificial intelligence, a strong trend towards health and nutrition upgrades, and consumer preferences increasingly driven by emotional connection and personalized experiences [3] - The Chinese government's focus on expanding domestic demand as a primary economic task presents significant growth opportunities for Nestlé, prompting the company to deepen its market engagement and drive innovation [3] - Schneider expressed optimism about China's economic openness, emphasis on artificial intelligence, and green transformation, which align closely with Nestlé's core development goals and provide continuous inspiration for global innovation [3]

Core Viewpoint - The Qingdao Analysis and Testing Society is preparing for its 40th anniversary celebration and the 29th annual meeting, which will include a series of academic reports and an international exhibition of scientific instruments and laboratory equipment in April 2026 [2][4]. Group 1: Event Overview - The 29th annual meeting will take place on April 10-11, 2026, at the Qingdao International Convention and Exhibition Center, Hall 2, from 8:30 AM to 4:30 PM [3]. - The event will focus on high-level academic exchanges, instrument exhibitions, and public welfare activities under the theme "Innovation, Development, Friendship, and Win-Win" [2][4]. Group 2: Celebration Activities - The celebration will include a comprehensive review of the society's 40-year journey, recognizing outstanding contributions in the analysis and testing field, and showcasing achievements through various formats such as texts, old photos, and exhibitions [4]. - A special signing wall will be set up for leaders and guests to commemorate the occasion [4]. Group 3: Academic Reports - The main session will feature a report by Academician Jiang Guibin from the Chinese Academy of Sciences on "The Application of Mass Spectrometry Technology in the Study of New Pollutants" on April 10, 2026, at 2:00 PM [5]. - Various specialized academic report sessions will cover topics such as customs inspection innovations, latest detection technologies, and environmental monitoring [5][6][7]. Group 4: Exhibition Details - The international exhibition will showcase advanced analysis and testing instruments, metrology testing instruments, and laboratory construction standardization equipment, covering various fields including mass spectrometry, chromatography, and biochemistry [9]. - The event aims to attract industry professionals from universities, research institutions, and various sectors such as healthcare, pharmaceuticals, and environmental science [10]. Group 5: Special Activities - A public welfare activity titled "Four Decades of Craftsmanship, Instrument Road Protection" will provide free diagnostic services for common instrument faults during the exhibition [11]. - An initiative for recycling used chromatographic columns will be launched to promote resource recycling and environmental sustainability [12]. Group 6: Registration and Contact Information - Registration for the event is free, and participants are encouraged to register in advance for smooth event management [15]. - Contact details for inquiries include multiple phone numbers and an email address for the Qingdao Analysis and Testing Society [16][18].