Core Viewpoint - The company Xinyada (600571) is collaborating with domestic financial industry clients and partners, including Huawei, to accelerate the digital transformation in the financial sector [1] Group 1 - The company is actively engaging with various domestic financial industry clients to enhance their digital and intelligent transformation efforts [1] - The partnership with leading technology firms like Huawei signifies a strategic move to leverage advanced technologies for financial services [1]

数字经济的蓬勃兴起为金融创新发展构筑广阔舞台，数字技术的飞速发展正在重塑企业财务和公司金 融，机遇与挑战也随之而来。因此，全方位推进数智化、司库化转型已成为行业发展的新热点和新趋 势。 相较于其他金融行业机构，财务公司具有如下特点。 业务范围广：涉及存款、贷款、结算、担保和代理等金融业务。 监管要求严：同时接受企业集团和人民银行的双重监管。 RA系统(数字证书注册审核系统，Register Authority) RA系统是一套为数字证书注册审批机构实现功能需求的软件系统，具有证书申请、证书审批、证书补 发和下载等功能，提供多种部署模式，具有丰富的开发接口，可以与多种用户系统进行无缝集成。 证书工具包产品(电子签名与加解密开发组件) 分为客户端和服务器端两个产品，前者成为签名控件主要用于客户端实现加解密及签名等功能，后者实 现在应用服务器端的加解密及验签等功能。 安全要求高：资金交易流转对网络和数据安全要求严格。 2024年5月，国家金融监督管理总局印发《关于促进企业集团财务公司规范健康发展提升监管质效的指 导意见》，要求财务公司加强信息科技风险管理： "财务公司应当加强信息化建设，推动数字化转型，科学运用数字 ...

Group 1: Financial Performance and Shareholder Returns - The company has maintained a cash flow of approximately 2.8 billion CNY annually, with 4.2 billion CNY allocated for financial management, yielding a return rate of only 2% [2][6]. - The sales net profit margin has consistently exceeded 30% over the past two years, while the net asset return rate has been impacted by a significant increase in net assets due to non-public fundraising in 2021 [19][32]. - The company has been increasing dividend payouts annually to provide stable returns to shareholders, while share buybacks are considered based on various factors [1][6]. Group 2: Market Strategy and Product Development - The company is focusing on expanding its product categories and channels, with a strategy to develop new products that meet consumer demands and to penetrate new markets [7][10]. - Recent innovations include the introduction of snack products like "Little Crunchy" and "Only Wujang," aimed at the snack food segment [2][10]. - The company is actively exploring the customization of products for B2B clients and has established a large customer operations center to facilitate direct service [5][10]. Group 3: Management and Operational Efficiency - The management team is subject to annual performance evaluations, and measures are in place to address underperformance [4][6]. - The company has implemented robotic applications in production processes to enhance efficiency and standardization [8][26]. - The company is committed to maintaining a focus on its core business of pickled vegetables while exploring strategic acquisitions to expand its product matrix [11][30]. Group 4: Market Challenges and Consumer Trends - The company acknowledges the challenges posed by market fluctuations, macroeconomic factors, and competition from alternative products [6][23]. - There is a noted shift in consumer preferences towards a wider variety of snack options, prompting the company to adapt its product offerings accordingly [23][24]. - The company is also exploring overseas markets and has established a dedicated subsidiary for export business, although specific revenue targets for the next three years have not yet been set [20][30].

Core Insights - The global publishing giants have transitioned from digital transformation to a new phase centered on artificial intelligence (AI), cloud platforms, and open access, focusing on business intelligence and integrated solutions to reshape the value chain and create new business moats [1] Group 1: Financial Performance - RELX reported a revenue of £4.741 billion (approximately ¥45.695 billion) for the first half of 2025, with a potential year-on-year growth of 7% and an adjusted operating profit of £1.652 billion (approximately ¥15.903 billion), also showing a potential growth of 9% [6][7] - Wolters Kluwer achieved a revenue of €3.052 billion (approximately ¥25.419 billion) for the first half of 2025, with a potential year-on-year growth of 5% and an adjusted operating profit of €865 million (approximately ¥7.204 billion), reflecting a 14% increase [11] - Springer Nature's revenue for the first half of 2025 was €926 million (approximately ¥7.715 billion), with a potential year-on-year growth of 6.2% and an adjusted operating profit of €241 million (approximately ¥2.008 billion), showing a potential growth of 9.8% [16][17] - Taylor & Francis reported a revenue of £3.29 billion (approximately ¥31.69 billion) for the first half of 2025, with a potential year-on-year growth of 11.9% and an adjusted operating profit of £110 million (approximately ¥1.06 billion), reflecting a potential growth of 17.8% [18] - Wiley's revenue for Q1 of FY2026 was $397 million (approximately ¥2.699 billion), a decrease from the previous year, but with an operating profit of $31 million, showing a 7% year-on-year increase [20] Group 2: Strategic Focus and Innovations - RELX has completed its transition from traditional print to digital publishing, with print revenue now accounting for only 4% of total revenue, and is focusing on personalized customer needs [8] - Wolters Kluwer is emphasizing cloud-based expert solutions, with 59% of total revenue coming from expert solutions, and is integrating generative AI technology into its product platforms [12] - Springer Nature is leading in open access business, with a significant increase in the number of articles published in fully open access journals, and has completed nearly all contract renewals for 2025 [17] - Taylor & Francis is accelerating the application of AI technology in publishing, including translating books into English to reduce costs and enhance international dissemination [18] - Wiley is focusing on content licensing and AI model training, with a significant increase in AI-related revenue and partnerships with leading tech companies to enhance its AI capabilities [21][22]

证券日报网讯江南化工（002226）9月26日在互动平台回答投资者提问时表示，江南化工始终致力于通 过技术创新推动行业高质量发展。公司积极开展"数智工程"专项工作，推动工艺技术升级与数智化转 型。未来，公司将持续深化智能化布局，巩固民爆技术领先优势，为行业高质量发展提供标杆范例。 ...

Core Viewpoint - During the "14th Five-Year Plan" period, Dingjie Smart has made a significant leap from the "software era" to the "smart era," aiming to become a leading provider of data and intelligent solutions [1] Group 1: Business Development - Dingjie Smart has established a nationwide service network, serving over 50,000 enterprises across various sectors including equipment manufacturing, semiconductors, automotive, electronics, and new energy [1] - The company has seen a revenue of 1.045 billion yuan in the first half of 2025, a year-on-year increase of 4.08%, with AI business revenue growing by 125.91% [2] - Dingjie Smart launched several AI applications in recent years, including the Athena Smart Native Base in 2022 and an industrial software AI suite in 2025 [2] Group 2: Strategic Focus - The company emphasizes the integration of AI into business processes, aiming to liberate human resources from repetitive tasks and enhance productivity [2] - Dingjie Smart is committed to sustainable development, incorporating ESG principles into its operations and maintaining an "AA" rating in Wind ESG assessments, ranking in the top 2% among over 180 software companies [3][4] - The company has been expanding its international presence since 2008, currently serving around 800 clients in Southeast Asia [4] Group 3: Future Directions - Looking ahead to the "15th Five-Year Plan," Dingjie Smart plans to focus on technological innovation and global expansion, enhancing its AI capabilities and collaborating with ecosystem partners [5][6] - The company aims to create replicable and scalable solutions for the software and digitalization market in China, driving high-quality development in the digital economy [5][6]

2025 年9月19日，由英国皇家特许管理会计师公会（CIMA）联合中欧国际工商学院（CEIBS）共同主办 的"2025数智领航‧管理创新赋能高质量发展高峰论坛暨CGMA100北亚管理会计领袖峰会"在京成功举 办，论坛由中欧金融MBA课程部承办，中欧cfo协会、中欧校友金融与投资协会、CGMA100北亚管理 会计领袖智库作为会议支持单位。峰会以"聚焦产业管理创新，激活高质量发展新动能"为主题，紧扣中 国及全球经济转型的关键时期，围绕数智化转型、产业升级中的成本管控、新兴技术在管理决策中的应 用以及可持续发展目标下的财务管理创新等议题展开，邀请了来自政界、学界与产业界的专家学者和企 业领袖， 共同探讨数智时代的管理会计创新实践与未来发展。峰会由CGMA100创始主席，CIMA荣誉 资深会员，中欧国际工商学院法国依视路会计学教席教授，中国总会计师协会副会长许定波教授与 AICPA & CIMA北亚区总裁，CGMA100北亚管理会计领袖智库秘书长，中欧EMBA2010级李颖女士 （FCMA, CGMA）发表开幕及欢迎致辞。 许定波教授在开幕致辞中回顾了CIMA与中欧在管理会计推广与研究上的长期合作，他指出："管理会 ...

近日，证券时报记者跟随"移起向青，智绘高原"数智青海主题媒体行活动，深入青海省西宁市、黄南州 等多地，实地探访当地电信普遍服务现状及数智化转型成果。 据了解，中国移动青海公司将工作力量、资源、精力向远山、沟域一线倾斜，依托智慧网络和数字化管 理推进山、水、林、田、路、村现代化治理，助力实现"一沟一产业、一域一特色"，赋能乡村建设，让 绿水青山变成金山银山。此外，数字技术也已成为当地文旅经济、产业发展、新型工业化的重要底座。 智慧文旅的"数字命脉" 西宁下南关民族小吃街是一条位于西宁市东区的百年老街，全长约500米，这里以聚集各类回族风味小 吃闻名，有许多传承多代的非遗美食。 截至目前，中国移动在下南关街部署了5G站点14个，共计44个基站小区；4G站点10个，共计61个基站 小区；此外，还规划设计5G-A站点3个预计10月落地。今年8月，下南关街站点日均流量10720.92GB， 同比去年8月日均流量7926.34GB，日均增长2794.57GB，增幅35.26%。 "少数民族美食街是重要的文旅消费场景和创业平台，良好的信号覆盖是其商业活力的'数字命脉'。"在 西宁移动无线主管赵建勋看来，该项目是一项兼具经济 ...

Investment Rating - The report rates the paper industry as "Positive" [1] Core Insights - The paper industry is experiencing a peak season with stable prices, supported by a healthy supply-demand balance, which is expected to continue [4] - The cost pressures on paper companies are easing due to a reduction in paper pulp futures inventory and stable pricing, creating favorable conditions for profit recovery [4] - Multiple favorable policies are driving the industry's transformation towards high-end and green development, with significant initiatives such as the establishment of the Printing Paper Working Committee and strategic collaborations to enhance digitalization and branding [4][6][7] - The current valuation of the paper sector is at a historical low, with three supporting factors: stable peak season prices, alleviated costs, and policy-driven transformation, indicating clear improvement in the fundamentals [4] - The report highlights the strong cash flow and performance certainty of leading companies in the sector, suggesting potential for valuation recovery [4] Summary by Sections Industry News - Four paper companies, including Chenming and Nine Dragons, were listed in the "2025 China Top 500 Enterprises" [5] - A strategic partnership was formed between JD.com and the Baoding government to promote the digital and brand transformation of the paper industry [6] - The establishment of the Printing Paper Working Committee aims to enhance quality and fair competition in the industry [7] High-Frequency Data - As of September 19, 2025, the average inventory of paper pulp futures decreased to 244,800 tons, while the average closing price was 4,995.6 CNY/ton, reflecting a slight price adjustment [8] - Domestic paper prices remained stable, with whiteboard paper at 4,000 CNY/ton and corrugated paper at 3,040 CNY/ton, among others [20] Company Events and Announcements - Sichuan Xianhe New Materials announced a project to add 200,000 tons/year of household paper capacity [30] - Jindong Paper was recognized for its smart manufacturing initiatives, marking a milestone in its digital transformation [31] Investment Strategy - The report suggests focusing on sectors with stable peak prices and new capacity releases, particularly in packaging and specialty paper, while also considering companies with strong policy support and technological advancements for long-term growth [33]

课程还设置丰富的实地教学环节，带领企业家走进标杆企业，实现理论与实践深度融合。走近三一集 团，企业家们深入全球装备制造业龙头的数字化工厂，观摩"智能产线"的实战成果，与企业高管面对面 交流"制造业智能化升级"的路径与难点，为会泽制造业企业技改、产能优化提供可复制的实操模板；在 9月15日至19日，会泽县工商业联合会（总商会）到清华大学继续教育学院组织举办"会泽县民营企业高 质量发展研修班"，助力会泽民营企业家把握发展趋势、破解经营难题、提升发展质效，为会泽民营经 济高质量发展注入新动能。县工商联（总商会）第十届执委及部分民营企业负责人等共50余人参加。 本次研修课程聚焦企业家成长痛点与发展需求，精心筛选一周核心学习模块，邀请清华大学知名教授、 行业专家组成强大师资团队，通过理论授课+案例解析+实地研学的形式，为企业家全方位赋能。课程 聚焦数智化转型、经济战略，领导力文化、商业模式、法律风控等模块，为企业家量身定制成长路径。 抖音集团，企业家们深入参观新媒体产业生态核心阵地，解码短视频营销、直播带货的流量逻辑，学 习"内容-变现-品牌"的全链路运营模式，助力会泽特色产业打通线上销售与品牌传播新渠道。参观清华 校 ...