Core Insights - The Macau SAR government and Alibaba's Gaode have launched a strategic partnership to create an immersive digital twin tourism platform called "One-Click Smart Tour of Macau" [1][5] - Macau's tourism sector is experiencing growth, with inbound travelers reaching 33 million from January to October 2025, a 14.1% increase year-on-year, with over 70% of visitors coming from mainland China [1][4] - Gaode has become a key travel platform for visitors to Macau, with a significant increase in user numbers over the past three years [1][4] Group 1: Digital Tourism Platform - The "One-Click Smart Tour of Macau" allows users to access personalized and immersive travel experiences through the Gaode app [1][2] - The platform features a 360-degree immersive view of Macau and integrates AI to generate personalized itineraries covering attractions, dining, transportation, and activities [2] Group 2: Local Integration and Support - Gaode supports local taxi-hailing services, enabling visitors to use the app without needing to download new applications or change phone numbers [3] - The partnership aims to create a "Street Food List" to help tourists discover local cuisine and cultural spots, enhancing their experience of Macau's diverse culture [3][4] Group 3: Future Collaboration and Development - The Macau SAR government and Gaode plan to deepen their collaboration by organizing official tourism events and exclusive offers to enhance visitor satisfaction [5] - The initiative aligns with Macau's policy to enhance its tourism and leisure industry, promoting cross-industry integration and expanding international visitor sources [4]

摩尔线程智能科技（北京）股份有限公司 （北京市海淀区翠微中里 14 号楼四层 B655） 险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出 投资决定。 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 副主承销商 （上海市浦东新区银城中路 200 号中银 （深圳市福田区福田街道福华一路 111 号） 大厦 39 层） （广东省广州市黄埔区中新广州知识城 腾飞一街 2 号 618 室） 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风 摩尔线程智能科技（北京）股份有限公司 首次公开发行股票并在科创板上市招股说明书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资 ...

Core Viewpoint - Dongxin Co., Ltd. (688110.SH) announced that its stock price has deviated by 30% over three consecutive trading days, indicating abnormal trading activity due to market rumors regarding a large GPU chip order with Lishuan Technology (Shanghai) Co., Ltd. [1] Group 1: Company Developments - The company confirmed that Lishuan Technology has signed a strategic cooperation framework agreement with a leading domestic cloud service provider, focusing on future collaboration in areas such as domestic cloud desktop systems, domestic AIPC, cloud rendering, and digital twin solutions [1] - Currently, only the framework agreement has been signed, and no specific orders have been placed, meaning no revenue has been generated yet [1] - The chip products from Lishuan Technology are primarily intended for applications in personal computers, professional design, AIPC, cloud gaming, cloud rendering, and digital twin scenarios, rather than for large model computing clusters [1] Group 2: Market Implications - The sales of Lishuan Technology's products are contingent upon product certification, customer onboarding, and mass production supply, all of which involve uncertainties [1]

Core Viewpoint - Dongxin Co., Ltd. (688110.SH) announced an abnormal stock trading fluctuation and clarified rumors regarding significant GPU chip orders from Shanghai Lishuan, which primarily focuses on the development of scalable GPU chips for various applications [1] Company Summary - Shanghai Lishuan is engaged in the research and design of multi-level scalable GPU chips, with applications in personal computers, professional design, AIPC, cloud gaming, cloud rendering, and digital twins [1] - The first self-developed GPU chip "7G100" is currently undergoing customer sampling, testing, production, software support, optimization, and sales expansion, but has not yet generated revenue [1] Industry Summary - Recent market rumors suggested that Shanghai Lishuan signed large GPU chip orders; however, the company clarified that it has only signed a strategic cooperation framework agreement with a leading domestic cloud computing service provider [1] - The framework agreement outlines future collaboration in developing domestic cloud desktop systems, AIPC, cloud rendering, and digital twin solutions, with specific project agreements to be signed later [1] - As of now, no orders have been signed, and no revenue has been generated from this partnership [1]

Core Viewpoint - Dongxin Co., Ltd. announced that its stock price has deviated significantly, with a cumulative increase of 30% over three consecutive trading days, due to market rumors regarding a large GPU chip order with Lishan Technology (Shanghai) Co., Ltd. [1] Group 1: Stock Trading and Market Reaction - The stock price of Dongxin Co., Ltd. experienced an abnormal fluctuation, with a cumulative increase of 30% over the trading days of November 25, 26, and 27, 2025 [1] - The market rumors were linked to a supposed large GPU chip order signed with Lishan Technology [1] Group 2: Strategic Cooperation Agreement - Lishan Technology has signed a Strategic Cooperation Framework Agreement with a leading domestic cloud computing service provider, focusing on collaboration in areas such as domestic cloud desktop systems, domestic AIPC, cloud rendering, and digital twin solutions [1] - Currently, only the framework agreement has been signed, and no specific orders have been placed, meaning no revenue has been generated yet [1] Group 3: Product Application and Risks - The chip products from Lishan Technology are primarily used in personal computers, professional design, AIPC, cloud gaming, cloud rendering, and digital twin scenarios, rather than in large model computing clusters [1] - The sales of these products require product certification, customer onboarding, and mass production supply, all of which carry uncertainties [1] - Lishan Technology faces various risks, including industrialization progress risk, market competition risk, product singularity risk, performance risk, ongoing operation risk, and funding flow risk [1] Group 4: Accounting Treatment - Dongxin Co., Ltd. accounts for its investment in Lishan Technology using the equity method, and it is not included in the consolidated financial statements [1]

撰稿；邵华 辛玫 据悉，固原供电公司深入贯彻落实国网公司设备全过程贯通建设要求，聚焦330千伏及以上主变、断路 器、组合电器、电抗器四类核心主设备，构建"设备全寿命健康评价"体系，通过质量评价与经济寿命双 模融合、AI智能体策略生成、运检业务全流程嵌入，实现设备状态"精准评估—智能研判—闭环管控"， 推动设备运检作业从"经验驱动"向"数智驱动"转型。一是双模融合，构建设备健康"精准画像"。以设备 质量评价模型和经济寿命预测模型为核心，融合设备台账、在线监测、缺陷隐患、试验数据、生产成本 等全过程数据，构建设备健康指数与经济寿命曲线。二是AI智能体赋能，运检策略"一键生成"。依托光 明大模型+RAG检索增强技术，构建"运检策略知识库"与"技改大修研判"两大智能体。现场作业效率显 著提升。三是流程闭环嵌入，实现业务"无缝衔接"。健康评价结果深度嵌入PMS3.0业务流程，形成"监 测—分析—执行—反馈"闭环，推动评价结果落地。 近日，固原供电公司高效完成基于PMS3.0系统的宁夏设备全过程管理建设应用。 下一步，固原供电公司将持续深化设备画像与人工智能、数字孪生等技术融合，探索设备健康预测维 护、智能巡检、"技术+ ...

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index down 0.15% at 3864.18 points, while the Shenzhen Component Index rose 1.02% to 12907.83 points, and the ChiNext Index led with a 2.14% increase [1] - The market sentiment was generally warm, with 3168 stocks rising and a total trading volume of 1.78 trillion yuan, slightly lower than the previous trading day [1][2] - Key sectors that performed well included telecommunications, pharmaceuticals, and electronics, while the consumer sector was boosted by favorable policies [1][2] Policy Developments - The Ministry of Industry and Information Technology initiated commercial trials for satellite IoT services, aiming to enhance market supply and stimulate industry growth [5] - The "Credit Repair Management Measures" were announced, effective from April 1, 2026, allowing eligible entities to apply for credit repair [5] - A joint implementation plan was released by six departments to enhance the adaptability of consumer goods supply and demand, targeting significant improvements in consumer goods structure by 2027 [3][5] Sector Insights - The technology sector, particularly the computing power concept, showed strong performance, with notable stocks like Dongxin Co. hitting the daily limit [1][2] - The consumer sector is expected to gain momentum, with potential new driving forces emerging from policy support [2] - The report highlighted the importance of focusing on sectors with high policy adaptability, such as AI applications and digital twin technologies [3] Company Highlights - Ideal Auto reported a Q3 revenue of 27.4 billion yuan, maintaining its lead among new car manufacturers, with significant investments in R&D [6] - Predictions indicate that China's battery production will exceed 1500 GWh by 2025, with a substantial portion dedicated to energy storage [6][7] - The Ministry of Natural Resources announced breakthroughs in the efficient extraction of rare metals, enhancing domestic production capabilities [6]

Core Viewpoint - Dinghan Technology successfully completed a private placement, raising 224 million yuan, demonstrating strong support from state-owned capital for the company's development path and long-term value [1] Group 1: Financial and Strategic Developments - The private placement was fully subscribed by the controlling shareholder, Guangzhou Industrial Control Capital, injecting strong momentum for the company's "1+N" business layout and industrial upgrade [1] - The raised funds will be primarily invested in high-end equipment research and development, smart manufacturing upgrades, digital system construction, and market expansion to enhance the company's overall competitiveness [1] Group 2: Product Innovations and Market Position - The company continues to strengthen its advantages in niche markets such as signal power supply, vehicle air conditioning, and onboard auxiliary power supply within the rail transit sector [2] - At the Guangzhou Bay Area International Rail Transit Industry Exhibition, the company showcased its fourth-generation SiC auxiliary inverter and integrated DC air conditioning system, achieving over 96% efficiency and a 60% increase in power density compared to the previous generation [2] - The integrated DC air conditioning system reduces vehicle weight by approximately 2600 kg and saves about 50,000 kWh annually, showcasing the company's capabilities in green intelligent equipment [2] Group 3: Technological Advancements and Future Plans - Dinghan Technology is actively expanding into emerging fields such as renewable energy, artificial intelligence, and "rail + low-altitude" applications, with the launch of an intelligent inspection system for railway cargo drones [2] - The intelligent inspection system integrates AI recognition, RTK high-precision positioning, and adaptive flight control, capable of identifying over 40 types of anomalies, set to be implemented by the end of 2025 [2] - The company is deeply involved in the "Belt and Road" initiative, serving as the signal power supplier for the Guinea Masi Railway, having completed installations at 16 stations, thereby promoting Chinese railway technology and standards internationally [3] Group 4: Future Growth and Strategic Integration - The company plans to launch a second-generation railway cargo inspection drone system next year and explore applications in urban rail inspection and low-altitude logistics [3] - Dinghan Technology aims to integrate into Guangzhou's "12218" urban development strategy, contributing to the construction of smart transportation and high-end equipment industry clusters in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - The successful private placement will further solidify Dinghan Technology's leading position in high-end equipment and intelligent systems, providing lasting momentum for new growth [3]

国家知识产权局信息显示，青岛科技大学、青岛淄柴博洋柴油机股份有限公司取得一项名为"一种数字 孪生驱动的船用柴油发动机排放预测及优化方法"的专利，授权公告号CN119878357B，申请日期为2024 年12月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 ...

Core Insights - Kevin Kelly's new book "2049: The Possibilities of the Next 10,000 Days" presents a forward-looking vision of technology and society's deep integration over the next 25 years [3][17] - The concept of a "Mirror World" is introduced, which envisions a digital twin universe that corresponds entirely with the real world, allowing for immersive experiences and enhanced human interaction with technology [4][6] Mirror World: The Rise of the Next Generation Internet - The "Mirror World" will enable users to interact with a digital representation of reality, where smart glasses will replace most smartphones and serve as the primary interface [6] - This new internet will facilitate an explosion of user-generated content (UGC) and immersive experiences, transforming traditional activities like reading into interactive experiences [6] AI Era: Coexistence of Humans and Technology - The primary principle of interacting with AI is to not view it as human; the focus should be on developing specialized AI (ACI) rather than pursuing general AI (AGI) [9] - The collaboration between humans and machines will lead to a symbiotic relationship where machines enhance efficiency while humans drive innovation [9] AI Assistants: 24/7 Digital Companions - By 2049, everyone is expected to have a personal AI assistant that can manage various roles, from medical advisor to career consultant, enhancing daily life [10] - The concept of "Bot to Bot" (B2B) communication will allow AI assistants to interact directly, streamlining tasks and improving efficiency [10] Impact of AI on Future Society - AI will lead to flatter organizational structures in companies, with many managerial tasks being automated, resulting in a dual existence of large corporations and "one-person companies" [13] - The educational landscape will shift towards personalized learning experiences, emphasizing human traits like curiosity and creativity rather than merely training workers [13][14] Healthcare Transformation - The development of digital twins based on personal data will revolutionize personalized medicine, while AI will facilitate remote healthcare services [14] - The integration of AI in healthcare will reduce reliance on experienced surgeons and reshape service delivery models [14] Building an Optimistic Future - Kelly emphasizes that the future is not a passive fate but a construct of possibilities, advocating for a "protopia" where gradual progress is valued over perfection [17] - The unique human qualities of curiosity, creativity, empathy, and critical thinking will become essential competitive advantages in a world increasingly dominated by technology [17]