香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Binjiang Service Group Co. Ltd. 濱江服務集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3316） 自願性公告 戰略合作協議 本公告由濱江服務集團有限公司（「本公司」，連同其附屬公司統稱「本集團」） 自願刊發，旨在向本公司股東及有意投資者提供有關本集團業務發展的最新 資料。 訂約方資料 本集團是中國知名的專注高端物業的物業管理服務提供商。秉承「業主第一、 服務第一、質量第一」的企業宗旨與「從心出發，讓愛回家」的服務理念，致力 於成為「物業行業品牌領跑者，高端服務品質標準制訂者」。 – 2 – 戰略合作協議 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司下屬全資子公司杭州濱 江物業管理有限公司（「濱江物業」）與杭州宇泛智能科技股份有限公司（「宇泛 智能」）於2025年8月10日訂立戰略合作協議（「戰略合作協議」）。 本集團與宇泛智能將在AI智能化發展及機 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 6.55 [8][6]. Core Views - The company reported H1 2025 revenue of RMB 4.81 billion, a year-over-year decrease of 7.3%, while net profit attributable to shareholders was RMB 280 million, an increase of 5.3% year-over-year [1]. - Despite short-term revenue pressure due to store structure optimization, the company's profitability is steadily improving, and its medium to long-term development potential is noteworthy [1][6]. - The company is focusing on enhancing operational efficiency and resilience through channel restructuring and efficiency improvements [1][2]. Summary by Sections Revenue and Profitability - In Q2 2025, the company achieved revenue of RMB 2.33 billion, down 7.4% year-over-year, with net profit attributable to shareholders reaching RMB 120 million, up 20.3% year-over-year [1][2]. - The gross margin in Q2 improved by 2.4 percentage points to 30.5%, likely due to product mix optimization [3]. Market Strategy - The company is strengthening its presence in lower-tier markets by preparing distribution centers in southern Sichuan cities to offer high-cost performance products and services [2][5]. - The company is actively developing its own brand, "Hongqi Preferred," to enhance brand image through high-quality, low-cost products [4]. Technological Integration - The company is exploring AI applications across its supply chain, inventory management, logistics, and store operations to improve efficiency [4]. - The integration of online and offline sales channels is being emphasized, utilizing frequent live broadcasts on platforms like Douyin to drive online exposure and conversion [5]. Financial Forecast - Revenue forecasts for 2025-2027 have been adjusted downwards by 8.1% each year, with expected net profits of RMB 550 million, RMB 600 million, and RMB 610 million respectively [6]. - The report anticipates continued improvement in gross margin and operating expense ratios due to ongoing management optimization [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's revenue continues to show a good growth trend, with H1 2025 revenue reaching 2.83 billion (+9.4%) and net profit attributable to shareholders at 300 million (+7.4%) [1] - The growth in camera revenue has accelerated, with smart home products maintaining strong growth, particularly smart home income which grew by 33.0% to 440 million [1] - The cloud platform business also maintained good growth, with H1 revenue increasing by 12.2% to 550 million, outperforming the overall company growth [2] - The company has adjusted its profit forecast downwards but maintains a positive outlook due to strong growth in smart home products and cloud services benefiting from AI trends [3] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 2.83 billion, with a Q2 revenue of 1.45 billion (+7.5%) and a net profit of 160 million (+5.0%) [1] - The gross margin improved by 0.2 percentage points to 43.6% in H1, with Q2 gross margin at 44.6% [3] - The company expects net profit for 2025-2027 to be 580 million, 690 million, and 810 million respectively, with growth rates of 15%, 19%, and 17% [3] Revenue Breakdown - Camera revenue grew by 7.2% to 1.55 billion, while smart home income surged by 33.0% to 440 million [1] - Cloud platform revenue increased by 12.2% to 550 million, with contract liabilities from cloud services growing by 56.9% to 450 million [2] - Overseas revenue saw a significant increase of 25.4% to 1.06 billion, accounting for 38% of total revenue [2] Cost and Expenses - The company has increased its marketing and e-commerce investments, leading to a rise in sales expense ratio [3] - The management expense ratio increased due to depreciation and amortization costs [3] Future Outlook - The company is expected to benefit from the AI trend, with a strong growth outlook for its cloud platform and smart home products [3] - The adjusted profit forecast reflects a more aggressive marketing strategy and the deferred revenue recognition from cloud services [3]

Investment Rating - The report maintains a positive outlook on the automotive sector, emphasizing the potential for growth driven by innovation and technology [3][52]. Core Insights - The automotive sector is expected to benefit from policies promoting vehicle replacement and upgrades, with a projected retail sales volume of 23.69 million units in 2025, representing a year-on-year increase of 4.1% [52]. - The report highlights three main investment themes: dividends and favorable market conditions, AI-driven smart technology, and robotics [3]. - The penetration rate of new energy vehicles (NEVs) is projected to reach 60.6% by 2025, with NEV sales expected to grow significantly [56]. Summary by Sections Weekly Review - In the third week of July, the total number of passenger cars insured was 388,000, reflecting a week-on-week increase of 7.2% [51]. - The report notes that the commercial vehicle segment performed best, with a 6.4% increase, while the overall automotive sector saw a 1.0% rise [2][16]. Market Performance - The automotive sector ranked 24th in A-shares and 14th in Hong Kong stocks for the week, indicating moderate performance compared to other sectors [7][15]. - The report identifies NIO, Jianghuai Automobile, and Mingyang Technology as top performers in the automotive sector for the week [25]. Industry Trends - Tesla's Q2 2025 earnings report met expectations, with total revenue of $22.496 billion, a year-on-year decrease of 11.8% but an increase of 16.3% compared to the previous quarter [2]. - The report mentions the pre-sale of the Aito M8 electric version, which saw over 10,000 orders within 8 hours, and the official launch of the Leapmotor B01, priced between 89,800 to 119,800 yuan [2]. Future Outlook - The report anticipates a strong demand for heavy trucks, projecting 750,000 units in domestic sales for 2025, a year-on-year increase of 24.9% [57]. - The report emphasizes the importance of technological innovation for the healthy development of the automotive sector, recommending increased allocation towards dividend and favorable market conditions in the second half of the year [3].

Group 1: Company Overview and Business Strategy - The company focuses on digital transformation and enhancing customer service, expanding its core business capabilities in MRO industrial products and employee benefits, and targeting high-value services [3] - It has served over 60 out of 99 central enterprises, emphasizing its commitment to quality clients [3] - The company aims to enrich its product categories and create a comprehensive procurement service platform, leveraging digital solutions to help clients reduce costs and improve efficiency [3] Group 2: Financial Performance and Profitability - The company is enhancing the gross margin of its MRO business by deploying on-site service personnel to better meet specific industry needs [4][5] - Strategies to improve gross margins include increasing the sales proportion of proprietary brand products and optimizing the product mix [11] - The company has a strong cash flow position, allowing for potential investments and acquisitions while also focusing on shareholder returns through reasonable cash dividends [14] Group 3: Brand Development and Market Positioning - The company is committed to developing its proprietary brand by focusing on diverse office supplies and student creative products, enhancing market segmentation, and collaborating with quality IPs [6][13] - It aims to increase the share of proprietary brand products in B2B office procurement, leveraging its digital procurement platform [6] Group 4: Customer Development and Sales Channels - The company targets high-quality clients such as central enterprises, state-owned financial institutions, and Fortune 500 companies for B2B customer development [7][16] - Sales channels for proprietary brands include various e-commerce platforms like JD.com, Tmall, and Pinduoduo, as well as traditional retail and customized gift channels [15] Group 5: Innovation and Technology Integration - The company is actively integrating AI technology into its procurement services, with the AI model already applied in over 50 business scenarios to enhance procurement efficiency and reduce costs [17] - The company has been recognized in a report for its innovative practices in digital procurement, showcasing its leadership in the industry [17]

Core Insights - The annual private equity fund forum "Intelligent Future: Quantitative Leap" is set to take place on July 18, 2025, in Shanghai, co-hosted by Paipai Network Group and Century Securities, with participation from various financial sectors [1] - The forum aims to share industry insights and promote the integration of technological innovation and practical application in the fields of FOF investment and quantitative investment [1] Financial Technology in FOF Investment - Financial technology in the FOF investment sector can be categorized into three stages: automation, data-driven decision-making, and AI intelligence [3][5] - The first stage involves automating data models to process structured data, enhancing efficiency and accuracy in performance tracking [3] - The second stage focuses on shifting from subjective to data-driven decision-making to mitigate cognitive biases in investment judgments [5] - The third stage anticipates the emergence of AI applications in FOF, such as processing unstructured data and managing post-investment analysis [6] Challenges in FOF Management - Key challenges in FOF management include the need for efficient portfolio construction and adjustment, post-investment management, and transaction execution [8][9] - The flexibility of FOF products requires rapid adjustments to investment strategies, which can be complex due to varying risk-return profiles [8] - Post-investment management faces difficulties in tracking diverse FOF products and ensuring timely risk identification and adjustments [8] - Transaction execution is complicated by the manual processes involved in private equity trading, necessitating accurate and timely operations [8] Solutions and Innovations - The company has developed a proprietary private equity fund database and quantitative analysis modules to enhance fund selection accuracy [9][11] - A detailed tagging system for fund strategies has been established to improve performance evaluation [9] - For portfolio construction, representative return curves for each manager's strategy have been created, aiding in flexible portfolio adjustments [11] - Post-investment management includes constructing market environment indicators for performance attribution and risk prediction [11] Future Outlook - The company believes that financial technology will play an increasingly vital role in the FOF sector, potentially becoming a competitive advantage for many firms [12] - While AI is expected to significantly impact FOF investment, it is acknowledged that technology cannot fully replace human roles in the investment process [12] - Continuous learning and adaptation to financial technology are essential for optimizing investment research frameworks in the FOF sector [12]

Core Viewpoint - The article discusses the impact of financial technology on Fund of Funds (FOF) investment, highlighting the evolution through three stages: automation, data-driven decision-making, and AI intelligence [4][6][14] Group 1: Stages of Financial Technology in FOF - The first stage is automation, where data models are established to integrate and process structured data, enhancing efficiency and accuracy in performance tracking [4][6] - The second stage involves shifting from subjective to data-driven decision-making to mitigate cognitive biases in FOF investments, utilizing financial models and data analysis for performance evaluation [6][9] - The third stage is AI intelligence, which is still emerging in the FOF sector, with potential applications in processing unstructured data and managing post-investment analysis [7][14] Group 2: Challenges in FOF Management - Data availability is a significant challenge, as there are over 20,000 existing private equity funds in the market, but no mature data service providers for private fund net values [7][9] - Portfolio construction and adjustment are complex due to the need for flexibility in achieving different risk-return profiles, making rapid adjustments challenging [9][10] - Post-investment management is difficult, especially for larger FOF managers, as it requires high-frequency tracking and risk identification across diverse products [9][13] Group 3: Solutions and Innovations - The company has developed a proprietary private fund database and quantitative analysis modules to enhance fund selection accuracy [10][11] - For portfolio construction, representative return curves for each strategy have been established, along with a backtesting framework to support flexible portfolio adjustments [11][13] - Automated monitoring and alerts for performance deviations have been designed to improve post-investment management precision [13][14] Group 4: Future Outlook - Financial technology is expected to play an increasingly vital role in the FOF sector, potentially becoming a competitive advantage for many institutions [14][15] - Despite the advancements, it is acknowledged that quantitative methods and AI cannot fully replace human roles in the investment process due to inherent limitations [14]

在数字化浪潮与"人才强国"战略背景下，央国企人才培养体系正经历深刻变革。本报告梳理了其五大核心变革趋势，介绍了标杆实践，分析了挑战与战略方 向。 五大核心变革趋势包括：市场效能化，注重培训投入产出比，针对不同群体有重点投入领域；AI智能化，AI重构学习价值链，实现个性化学习等；业务BP 化，培训管理向战略业务伙伴转型；产教生态化，构建技能人才供应链；培养一体化，形成全周期闭环体系，且这些趋势以党建为引领。 标杆实践方面，有AI驱动的智能学习闭环与数据化人才盘点；中铁"六业联动"的产教融合模式，集团化办学成效显著；中国核建"青蓝计划"的系统化人才锻 造，解决人才供给等问题；中国华电"四力四推"党建工程，将党建优势转化为发展动能。 模式迭代有三个方向：人才库智能化，动态匹配人才与业务；人才激励重构，形成多元激励模式；领导力年轻化，优化领导班子年龄结构。 面临的挑战包括：人才结构失衡，存在年龄、能力、层次矛盾；培养效能滞后，模式、内容、评估均有不足；数字鸿沟，系统与数据存在问题。 赋能路径有四大战略支点：战略协同，构建智力支撑体系；数字化技术，融入人才管理各环节；全链条服务，构建模块化管理体系；政策响应，对接改革需 ...

Core Viewpoint - The automotive sector is expected to continue its growth trajectory, driven by three main themes: dividends, smart technology, and robotics [4][5][11]. Weekly Review - In the second week of July, the number of compulsory insurance registrations for vehicles was 362,000, reflecting a week-over-week decrease of 8.9% and a month-over-month decrease of 19.6% [49]. - The performance of sub-sectors showed significant variation, with commercial trucks leading at +9.4%, followed by auto parts at +4.1%, and passenger vehicles at +1.8% [4][11]. Research Outcomes - The team released in-depth reports on the domestic market prospects for range-extended vehicles and the evolution of the automotive lighting industry, highlighting the decline of Japanese brands and the rise of domestic manufacturers [2]. Industry Changes 1. The Li Auto i8 has opened for pre-orders with an expected price range of 350,000 to 400,000 yuan, with a launch event scheduled for July 29 [3]. 2. Great Wall Motors reported a revenue of 92.367 billion yuan for H1 2025, a year-over-year increase of 1.03%, but a net profit decrease of 10.22% to 6.337 billion yuan [3]. 3. Jifeng Co. projected a net profit of 150 to 180 million yuan for H1 2025, marking a significant year-over-year increase of 182.25% to 238.70% [3]. 4. Wencan Co. forecasted a net profit of 1.2 to 1.5 million yuan for H1 2025, a decrease of 81.67% to 85.33% year-over-year, primarily due to geopolitical factors and rising energy prices in Europe [3]. Sector Configuration - The automotive sector is advised to focus on three main lines: dividends and good structure, AI smart technology, and AI robotics. The recommendation is to increase the allocation towards dividend-style investments in the second half of the year compared to the first half [5][11]. - Key stocks in the dividend and good structure line include Yutong Bus, China National Heavy Duty Truck, and Fuyao Glass [6][11]. - For the AI smart technology line, preferred stocks include Xpeng Motors and Li Auto in Hong Kong, and companies like Seres and BYD in A-shares [6][11]. - In the AI robotics line, recommended stocks include Top Group and Precision Forging Technology [7]. Market Performance - The automotive sector in A-shares ranked third this week, while the Hong Kong automotive sector ranked fourth [15][11]. - The overall market saw a rebound across various segments, particularly in commercial trucks and the Hong Kong automotive index [4][11].

Core Viewpoint - Zhejiang Meida Industrial Co., Ltd. ("Zhejiang Meida") has announced a significant decline in its expected net profit for the first half of 2025, primarily due to a slowdown in the integrated stove industry and various market challenges [1][3]. Financial Performance - The company expects a net profit of 11.5 million to 15.5 million yuan, representing a year-on-year decline of 84.11% to 88.21% [3][4]. - The expected net profit after deducting non-recurring items is projected to be between 10 million and 14 million yuan, down 85.59% to 89.71% compared to the previous year [3][4]. - Basic earnings per share are anticipated to be between 0.018 yuan and 0.024 yuan, compared to 0.15 yuan in the same period last year [4]. Industry Context - The integrated stove industry, which previously experienced rapid growth with a compound annual growth rate of 55.4% from 2016 to 2018, has faced significant challenges, with retail sales expected to decline by 30.6% in 2024 [5]. - In 2024, Zhejiang Meida reported revenue of 877 million yuan, a decrease of 47.54% year-on-year, and a net profit of 110 million yuan, down 76.21% [5][6]. Strategic Outlook - Despite the current challenges, Zhejiang Meida remains optimistic about future growth, focusing on core business areas and diversifying its product matrix with an emphasis on AI and integrated solutions [6]. - The company plans to enhance channel transformation and improve operational efficiency to achieve sustainable development and increase shareholder value [6]. Investment Activity - In June, Zhejiang Meida announced an investment of approximately 110 million yuan in Motovis Limited, a smart driving solution provider, indicating a strategic move to capitalize on growth opportunities in the smart driving sector [6][7].