Core Viewpoint - The company emphasizes the importance of operational performance as the foundation for market value management and aims to enhance investor confidence through effective communication and management practices [2]. Group 1: Company Strategy - The company will continue to focus on market value management while prioritizing operational performance [2]. - The company is committed to standardized operations and orderly business development to strengthen management [2]. - The company aims to improve the quality of information disclosure to enhance transparency [2]. Group 2: Investor Relations - The company values investor relations management and utilizes various channels such as performance briefings and institutional communications to convey strategic plans and operational progress [2]. - The company seeks to enhance investor understanding and confidence through timely market communication [2]. Group 3: Future Outlook - The company plans to adhere to policy guidance and continuously improve operational quality [2]. - The company is committed to a stable and sustainable development approach, aiming to enhance overall market value and provide returns to shareholders [2].

Core Viewpoint - The company emphasizes the importance of market value management and investor communication, focusing on enhancing operational quality and intrinsic value as its core tasks [1] Group 1: Company Strategy - The company is affected by multiple factors including macroeconomic conditions, industry cycles, and market sentiment [1] - The company is working to solidify its fundamentals and enhance long-term competitiveness by focusing on its main business, reducing costs and increasing efficiency, advancing new project construction and technological improvements, and strengthening compliance information disclosure and investor communication [1] - The company will continue to optimize its governance structure and actively research compliant market value management tools to create sustainable value for shareholders [1] Group 2: Performance Data - Specific performance data should be referenced from the company's periodic reports or earnings forecasts [1]

（编辑 袁冠琳） 证券日报网讯 12月8日，荣科科技在互动平台回答投资者提问时表示，二级市场股价受宏观经济环境、 行业周期、市场情绪、资金流向等多重因素综合影响，具有不确定性。公司始终将"做好主业"作为市值 管理的核心基础，未来将持续聚焦智慧医疗主业，提升核心业务盈利能力，以扎实的经营业绩为市值提 供长期支撑；关于公司资本运作相关事项，一切信息均以公司通过指定信息披露媒体发布的正式公告为 准。 ...

证券代码：002063 证券简称：远光软件 3.大数据业务未来的发展怎么看？ 公司不断推进大数据业务深化，当前聚焦数据治理、数 据场景服务、工具提供及智能场景，未来潜力在于激活客户 数据要素价值。电网数据真实、全面，能反映经济运行情况， 可用于多种场景。公司正积极探索与客户更多的合作模式， 未来将数据作为生产要素赋能更多领域，构建新增长极。 4.公司是否设有投资部，会并购与业务相关的标的吗？ 公司设有产业投资部，除了对子公司进行投后管理，提 供资源支持及业务赋能，负责低质无效资产的清理与处置， 如有合适标的，公司不排除通过并购重组方式扩大营收。 5.公司是否会考虑通过回购股份或分红等方式提升市 值？ 公司会综合考虑多种因素来决定是否采取回购股份、分 红、增持、股权激励或投资并购等措施提升市值。具体决策 将取决于公司资金的使用安排、股价表现以及回购用途等， 目前对各类提升市值的方式均持开放态度，但具体实施时点 需视实际情况评估确定。 远光软件股份有限公司 投资者关系活动记录表 编号： 20250024 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 ...

来源：市场资讯 针对上述提问，中机认检回应称："您好，感谢您对公司的关注。公司持续聚焦主责主业，持续提升经 营效率和盈利能力，同时结合自身情况，按照证监会和国资委的要求，综合运用合法合规的方式做好公 司的市值管理工作。公司未来如有回购股份计划，我们会严格按照信息披露规则及时向广大投资者进行 披露。谢谢。" 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。 有投资者在互动平台向中机认检提问："董秘你好，股市已经4000点了，贵公司的股价怎么一点反应都 没有，股价快创历史新低了，公司就没有回购等措施？" ...

Core Insights - The article highlights the structural challenges faced by small and medium-sized listed companies in Hong Kong, which account for over 80% of the total number of listed firms but struggle with low valuations, low liquidity, and low attention, creating a "three lows dilemma" [1][7][9] Group 1: Book Overview - Dr. Xi Chunying's new book, "Value Management of Hong Kong Small and Medium-Sized Listed Companies," serves as a strategic guide that combines macro perspectives, systematic thinking, and practical experience [3][4] - The book aims to provide solutions for entrepreneurs, investors, and policymakers seeking to navigate the challenges of value management in the context of Hong Kong's capital market [4][6] Group 2: Author's Background - Dr. Xi Chunying has a rich background that integrates academia and practical experience, having held significant positions in both educational institutions and capital markets [5][6] - His extensive experience in investment banking and entrepreneurship provides him with unique insights into the complexities of corporate management and value creation [5][6] Group 3: The "Three Lows Dilemma" - The book identifies the "three lows dilemma" as a critical issue for small and medium-sized companies: low valuations, low liquidity, and low attention [7][9] - Low valuations are attributed to the market's preference for stable, cash-rich large-cap stocks, leading to significant undervaluation of smaller firms, even those with growth potential [8][9] - Low liquidity results from the lack of institutional interest in small-cap stocks, causing trading volumes to dwindle and making it difficult for these companies to raise capital [8][9] - Low attention from sell-side research firms further exacerbates the situation, as analysts focus on larger stocks, leaving many small companies without adequate market coverage [8][9] Group 4: Value Management Framework - The book redefines "value management" as a long-term strategic process focused on value creation, discovery, and maintenance, rather than short-term price manipulation [10][11] - Value creation is emphasized as the foundation of value management, requiring strong operational performance and governance [11] - Value discovery involves effectively communicating a company's intrinsic value to the market through transparent information disclosure and investor relations [11] - Value maintenance focuses on stabilizing market value during irrational fluctuations through measures like share buybacks and clear communication [12] Group 5: Strategic Growth Pathways - The book outlines a strategic blueprint for companies to transition from a "billion-dollar mindset" to a "trillion-dollar framework," emphasizing the need for a shift in thinking and growth strategies [13][14] - Three pathways for growth are proposed: internal growth, acquisition-driven expansion, and platform-based scaling [15][16] - Internal growth focuses on refining core business operations and building a strong brand [15] - Acquisition-driven strategies are highlighted as a means to overcome industry limitations and achieve rapid growth through strategic synergies [16] - Platform-based expansion involves creating ecosystems that leverage core competencies to drive multiple business lines [16] Group 6: Practical Tools and Innovations - The book provides a comprehensive toolbox for value management, including traditional methods like share buybacks and investor relations management [17] - It explores innovative financial models such as tokenized equity and asset tokenization to enhance liquidity and valuation for small companies [18][19] - The "AI Hong Kong Stock Connect" platform is introduced as a practical application of the book's theories, aiming to connect investors and companies through AI and big data [20][21] Group 7: Conclusion - Dr. Xi Chunying's work is positioned as a significant contribution to the understanding of value management for small and medium-sized companies in Hong Kong, offering both theoretical insights and practical solutions [22][24] - The book serves as a guide for entrepreneurs, investors, and policymakers, aiming to foster a more inclusive and efficient capital market ecosystem [22][24]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Regulations on the Supervision and Administration of Listed Companies," emphasizing the protection of investors' rights, particularly for small and medium-sized investors [2][3]. Group 1: Protection of Investors - The draft regulations highlight the need to strengthen supervision of listed companies to enhance their quality and protect the legitimate rights of investors [2]. - Small and medium-sized investors are often in a vulnerable position, making them more susceptible to rights violations, which the new regulations aim to address [2][3]. - Common forms of rights infringement include major shareholders abusing control rights, failure to disclose significant operational information, and related-party transactions that harm overall company value [2]. Group 2: Improvement of Company Quality - The regulations stress the importance of improving the quality of listed companies as a key objective, with enhanced supervision being a means to achieve this [4]. - Improving company quality involves refining governance structures to reduce rights violations and enhancing core competitiveness to provide returns to investors [4]. Group 3: Investor Returns and Market Management - The regulations call for listed companies to enhance their awareness of returning value to investors and to focus on market capitalization management [6][7]. - In 2024, listed companies are expected to achieve cash dividends of 2.4 trillion yuan, reflecting a commitment to ensuring shareholders' rights to asset returns [8]. - The draft emphasizes the need for companies to establish reasonable and stable cash dividend policies based on their development stage and financial health [8].

Core Viewpoint - The recent release of the "Regulations on the Supervision and Management of Listed Companies (Draft for Public Comment)" by the China Securities Regulatory Commission (CSRC) emphasizes the protection of the legitimate rights and interests of small and medium-sized investors as a foundation for the revitalization of the A-share market [1][2]. Group 1: Protection of Small and Medium-sized Investors - The draft regulations highlight the need for stronger supervision and management of listed companies to enhance their quality and protect investors' rights [1][3]. - Small and medium-sized investors are often in a vulnerable position within the overall structure of listed companies, making them more susceptible to rights violations [1]. - Common forms of rights infringement include major shareholders abusing control rights, failure to disclose significant operational information, and related-party transactions that harm overall company value [1]. Group 2: Improvement of Listed Company Quality - The regulations stress the importance of improving the quality of listed companies as a key objective, with enhanced supervision being a means to achieve this [3]. - Improving company quality involves refining governance structures to reduce rights violations and enhancing core competitiveness to provide returns to investors [3]. - The regulations advocate for supporting the transformation and upgrading of listed companies to cultivate world-class enterprises, ultimately aiming to enhance investment value and investor returns [3]. Group 3: Market Value Management and Cash Dividends - Listed companies are required to strengthen market value management and improve cash dividend policies to ensure reasonable returns for shareholders [5][6]. - The CSRC previously issued guidelines on market value management to encourage companies to utilize management tools effectively, thereby maximizing overall benefits and shareholder wealth [5]. - In 2024, listed companies achieved cash dividends totaling 2.4 trillion yuan, indicating a growing willingness among small and medium-sized investors to manage personal wealth through the capital market [6].

Group 1 - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing emphasized the need to optimize evaluation indicators for quality institutions, appropriately expand capital space and leverage limits, and enhance capital utilization efficiency [2][6] - The Financial Regulatory Bureau announced adjustments to risk factors for insurance companies' investments in specific indices, which will lower capital occupation and improve solvency ratios, encouraging long-term investment by insurance funds [2][8][10] - The new performance assessment guidelines for fund managers link their compensation closely to fund performance, with significant penalties for underperformance [3][15] Group 2 - The People's Bank of China has increased its gold reserves for the 13th consecutive month, with reserves reaching 7.412 million ounces as of the end of November [5] - The CSRC is pushing for a shift from price competition to value competition among securities firms, encouraging resource integration and the development of internationally influential benchmark institutions [6] - The CSRC is seeking to enhance corporate governance and investor protection through new regulations on market capitalization management, cash dividends, and share buybacks [7] Group 3 - The new drug directory for basic medical insurance and commercial health insurance will be implemented starting January 1, 2026, with strict compliance required from local authorities [16] - The 2025 drug directory includes 114 new drugs, of which 50 are classified as innovative drugs, highlighting a focus on high-quality development in the pharmaceutical sector [17] Group 4 - Major airlines have extended free ticket changes and cancellations for flights to and from Japan until March 28, 2026, reflecting ongoing adjustments in the travel sector [18] - This week, five new stocks are available for subscription, indicating ongoing market activity [19][20]

Core Viewpoint - The capital market is undergoing a significant transformation by 2026, driven by strategic investments and mergers that enhance the real economy's stability and growth [1][12]. Group 1: Capital Market Transformation - Traditional methods of attracting businesses through land and policy subsidies are becoming ineffective, as seen in the case of Jianghua Microelectronics in Zibo [1][3]. - State-owned enterprises are shifting from direct management to employing professionals skilled in capital operations, which is a new approach to drive industry growth [1][3]. Group 2: Industry Chain Integration - The strategy involves using Jianghua Microelectronics as a "magnet" to attract upstream and downstream semiconductor companies to Zibo, creating a more cohesive industry ecosystem [3]. - This method of capital-led integration is seen as more effective than previous isolated efforts to attract projects [3][5]. Group 3: Precision Mergers and Acquisitions - Mergers and acquisitions are evolving from blind expansion to a more strategic "puzzle piece" approach, focusing on filling technological gaps and accessing scarce resources [5]. - Specialized funds are playing a crucial role in identifying and nurturing promising smaller companies, facilitating their growth and eventual integration into larger industry players [5]. Group 4: Market Capitalization Management - The concept of "market capitalization management" has evolved to emphasize long-term value creation, with companies like Kweichow Moutai focusing on quality and operational excellence while rewarding shareholders through dividends and buybacks [7][8]. - Companies are increasingly moving away from short-term profit focus, aligning with the interests of major institutional investors who prioritize sustainable growth [8]. Group 5: Long-Term Capital Involvement - The capital market is shifting from a retail-driven speculative environment to one dominated by institutional investors, who are more interested in long-term value creation [10]. - This change fosters a closer interaction between capital and industry, creating a virtuous cycle of mutual enhancement [10]. Group 6: Collaborative Economic Growth - A collective effort from local capital, specialized acquisition funds, and capable listed companies is driving a new trend in the economy by 2026 [12][13]. - Capital is no longer viewed as a detached numerical game but as a vital tool for strengthening industries, with local state-owned assets transforming into professional industry promoters [13][15].