天眼查App显示，近日，安徽维动科技有限公司成立，法定代表人为胡玉红，注册资本500万人民币， 经营范围为一般项目：软件开发；智能家庭消费设备销售；智能仪器仪表销售；智能基础制造装备销 售；日用木制品销售；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；人工智能应 用软件开发；人工智能基础软件开发；信息咨询服务（不含许可类信息咨询服务）；信息技术咨询服 务；信息系统集成服务；信息系统运行维护服务；网络与信息安全软件开发；物联网技术服务；物联网 技术研发；5G通信技术服务；数字技术服务；智能机器人的研发；工业机器人销售；工业机器人安 装、维修；服务消费机器人销售；计算机系统服务；软件销售；工业设计服务；专业设计服务；工业工 程设计服务；工程技术服务（规划管理、勘察、设计、监理除外）；工程管理服务；教育咨询服务（不 含涉许可审批的教育培训活动）；社会经济咨询服务；企业管理；咨询策划服务；会议及展览服务；广 告制作；广告发布；广告设计、代理；市场调查（不含涉外调查）；组织文化艺术交流活动；文艺创 作；数字创意产品展览展示服务；建筑材料销售；家具销售；家具安装和维修服务；家具零配件销售； 家用电器安装服务 ...

Group 1 - Multiple A-share companies are planning significant asset restructurings, including Zhongneng Electric, Bohai Chemical, and Jiahua Technology [1][17] - Zhongneng Electric is planning to acquire 65% equity and debt from three companies, which may constitute a major asset restructuring [1][3] - Bohai Chemical is in the process of acquiring control of Anhui Taida New Materials, which is also expected to be a major asset restructuring [1][17] - Jiahua Technology intends to purchase 90% of Shudun Technology's shares through a combination of cash and stock issuance, likely constituting a major asset restructuring [1][11] Group 2 - The China Securities Regulatory Commission is soliciting public opinions on the draft of the "Regulations on the Supervision and Management of Listed Companies," which aims to standardize merger and acquisition behaviors [2][18] - The draft regulations will clarify definitions, requirements, and procedures for major asset restructurings, as well as the roles and responsibilities of financial advisors [2][18] Group 3 - Zhongneng Electric's acquisition involves a cash payment for 65% equity and debts amounting to approximately 96.32 million yuan and 114 million yuan for two of the companies, with the third company having debts of about 81.69 million yuan [3][19] - The transaction is expected to enhance Zhongneng Electric's product offerings in the high-voltage sector and improve its market competitiveness [7][23] - Jiahua Technology's acquisition of Shudun Technology is anticipated to create synergies in business, technology, and customer service, enhancing the company's market competitiveness [14][26] Group 4 - Zhongneng Electric's stock rose by 12.76% to 9.28 yuan per share, with a total market capitalization of 5.547 billion yuan following the announcement [8][23] - Jiahua Technology's stock was priced at 48 yuan per share before its suspension, with a total market capitalization of 3.712 billion yuan [15][27]

Group 1 - Multiple A-share companies are planning significant asset restructurings, including Zhongneng Electric, Bohai Chemical, and Jiahua Technology [1][2] - Zhongneng Electric is planning to acquire 65% equity and debts of three companies, which may constitute a major asset restructuring [4][7] - Bohai Chemical is in the process of acquiring control of Anhui Taida New Materials, which is expected to be classified as a major asset restructuring [1][2] - Jiahua Technology intends to purchase 90% of Shudun Technology's shares through a combination of cash and stock issuance, also likely constituting a major asset restructuring [11][14] Group 2 - The China Securities Regulatory Commission (CSRC) is soliciting public opinions on the draft of the "Regulations on the Supervision and Management of Listed Companies," which aims to standardize merger and acquisition behaviors [2] - The draft regulations will clarify definitions, requirements, and procedures for major asset restructurings, as well as the roles and independence of financial advisors [2] Group 3 - Zhongneng Electric's acquisition involves purchasing 65% equity and debts from three companies, with a total debt of approximately 2.1 billion yuan [4][8] - The financial performance of the target companies shows losses, with Shandong Dachai Electric reporting a net loss of 30.83 million yuan and Shandong Dachai High Voltage Switch reporting a net loss of 14.14 million yuan for the first ten months of 2025 [8] - The acquisition is aimed at enhancing Zhongneng Electric's product offerings in the high-voltage sector and improving market competitiveness [8] Group 4 - Jiahua Technology's acquisition of Shudun Technology is expected to create synergies in business, technology, and customer relations, enhancing the company's market competitiveness [15] - Shudun Technology specializes in domestic password technology and has received multiple awards, indicating its strong position in the information security sector [15] - Jiahua Technology's stock is set to resume trading on December 8, 2025, after a temporary suspension [12][16]

天眼查App显示，近日，长沙量晖科技有限公司成立，法定代表人为沈凯丰，注册资本100万人民币， 经营范围为一般项目：电子产品销售;电工仪器仪表销售;电子测量仪器销售;光学仪器销售;物联网设备 销售;教学专用仪器销售;集成电路销售;集成电路芯片及产品销售;半导体器件专用设备销售;智能无人飞 行器销售;数字视频监控系统销售;工业机器人销售;互联网设备销售;电子元器件与机电组件设备销售;工 业控制计算机及系统销售;办公设备耗材销售;软件销售;技术服务、技术开发、技术咨询、技术交流、技 术转让、技术推广;信息系统集成服务;区块链技术相关软件和服务;信息系统运行维护服务;物联网技术 服务;人工智能通用应用系统;智能机器人的研发;集成电路设计;集成电路芯片设计及服务;智能控制系统 集成;云计算装备技术服务;信息技术咨询服务;软件开发;专业设计服务;工业机器人安装、维修;通用设备 修理;专用设备修理;计算机及办公设备维修;仪器仪表修理;广告设计、代理;图文设计制作;打字复印;会议 及展览服务;数字创意产品展览展示服务（除依法须经批准的项目外，自主开展法律法规未禁止、未限 制的经营活动）。 ...

Core Viewpoint - SanHuan Group has officially submitted its listing application to the Hong Kong Stock Exchange, marking the beginning of its IPO process, focusing on advanced electronic ceramic materials and components [1] Group 1: Company Overview - SanHuan Group specializes in advanced electronic ceramic materials and components, with a complete business system covering basic materials, electronic components, communication devices, and equipment components [1] - The company's products are widely used in various fields, including communication, AI and data centers, consumer electronics, automotive electronics, semiconductors, new energy, and smart industrial control [1] - According to a Frost & Sullivan report, SanHuan Group has become a significant leading enterprise in the global advanced electronic ceramic materials and components sector [1] Group 2: Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 5.088 billion to 7.266 billion yuan, with a compound annual growth rate (CAGR) of approximately 19.5% [3] - Net profit is expected to increase from 1.506 billion to 2.190 billion yuan during the same period [3] - In the first nine months of 2025, the company achieved revenue of 6.420 billion yuan and a net profit of 1.957 billion yuan, demonstrating strong profitability and operational efficiency [3] Group 3: Market Position and Competitive Advantage - In the electronic ceramic materials sector, SanHuan Group holds over 50% of the global market share for alumina ceramic substrates, ranking first in the industry [3] - The company also ranks first in the global market share for solid oxide fuel cell (SOFC) membranes and fourth for resistor pastes, with a market share of approximately 13% [3] - As a major supplier of multilayer ceramic capacitors (MLCC), SanHuan Group is ranked ninth globally and is the largest MLCC supplier in mainland China [3] Group 4: Market Outlook - The global advanced electronic ceramic materials market is expected to grow from 24.1 billion yuan in 2025 to 42.2 billion yuan by 2030, with a CAGR of approximately 11.8% [4] - Key growth drivers include the penetration of high-performance substrate materials in power electronics, automotive electric drives, and high-speed communications, as well as new demand from AI, IoT, and new energy sectors [4] - The MLCC and core ceramic electronic components market is projected to expand alongside developments in optical communication, AI data centers, and automotive electronics, with an expected global market size of 251.7 billion yuan by 2030 [4] Group 5: Strategic Intentions - The founder and actual controller, Zhang Wanzhen, controls approximately 36.47% of the issued shares, indicating a stable shareholding structure [4] - The IPO aims to leverage international capital markets to enhance R&D investment, strengthen capacity layout, and expand global business, thereby consolidating its leading position in high-end electronic ceramic materials and components [4] - The company seeks to capitalize on long-term development opportunities arising from downstream industry upgrades and domestic substitution [4]

最近，有跨境电商卖家反映，万圣节相关商品售出5600多单，其中有1700多单退货。然而，因退货成本 常超过商品本身售价，叠加海外仓拒收、清关流程复杂、缺乏统一逆向物流标准等，导致大量退货长时 间滞留。近年来，我国跨境电商进出口规模持续攀升，2024年总额达2.71万亿元，连续3年保持9%以上 增速。破解高增长下的"退货困局"，补上跨境电商退货物流短板，是降低卖家成本、提升消费者体验的 重要举措，更将促进跨境电商从快速增长向高质量发展跨越。 筑牢物流基础，畅通回程"动脉"。将跨境电商退货物流体系纳入国家现代物流体系建设整体布局，统筹 考虑退货集散枢纽与海外前置处理节点的功能定位。与主要贸易伙伴建立互认的退货便利化规则，减少 清关障碍。鼓励国际物流企业与海外仓运营主体深化合作，推广集货退运模式。将海外仓升级为具备自 动化和翻新能力的区域性枢纽，以规模化运营降低物流成本，加速退货检测、维修和再销售。支持在综 保区、综试区推广"退货中心仓"机制，让退货商品能够高效完成入境申报、质检、翻新及重新上架的无 缝衔接。 深耕绿色合规，打造循环生态。企业应对标国际环境、社会和公司治理（ESG）准则，建立健全退货全 生命周期可持 ...

本文源自：市场资讯 作者：情报员 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；物联网技术研发；物联 网技术服务；集成电路设计；集成电路芯片设计及服务；人工智能行业应用系统集成服务；安全系统监 控服务；新能源汽车换电设施销售；机械电气设备销售；新能源汽车电附件销售；物联网设备销售；电 动汽车充电基础设施运营；充电桩销售；智能输配电及控制设备销售；电力设施器材销售；食用农产品 批发；食用农产品零售；机动车充电销售；充电控制设备租赁；信息技术咨询服务；信息咨询服务（不 含许可类信息咨询服务）；信息系统集成服务；信息系统运行维护服务；专业设计服务；品牌管理；市 场营销策划；咨询策划服务；普通货物仓储服务（不含危险化学品等需许可审批的项目）；智能控制系 统集成；计算机系统服务；互联网数据服务；建筑材料销售；金属材料销售；金属制品销售；有色金属 合金销售；日用百货销售；互联网销售（除销售需要许可的商品）；会议及展览服务；组织文化艺术交 流活动；电影摄制服务；文艺创作；电视剧制作。（除依法须经批准的项目外，凭营业执照依法自主开 展经营活动）许可项目：第一类增值电信业务；第二类增值电信业务；互联网信 ...

巴菲特的观点很有参考价值，他一直坚持"不懂不投"的原则，认为高科技公司技术迭代快，很难预测未 来现金流，超出能力圈就不该盲目跟风。他还说过，IPO更像卖方主导的协议销售，卖家总会选对自己 最有利的时机上市，想在100个IPO里找到便宜货，比在二级市场难多了。不过这不是说高科技IPO全不 能投，后来他投资IBM、苹果，就是因为看懂了它们稳定的商业模式，把苹果当成了消费品公司看待。 对普通投资者来说，高科技IPO的吸引力很明显：赛道成长性强，比如5G、物联网带动的芯片需求，可 能让优质公司快速发展。但风险也不容忽视，这类公司研发投入大、盈利不稳定，不少还带着高估值上 市，科创板就有部分企业市盈率远超行业均值，破发风险并不小。而且技术更新快，今天的热门技术可 能很快被淘汰，普通投资者很难判断其核心竞争力。 对普通投资者来说，高科技IPO的吸引力很明显：赛道成长性强，比如5G、物联网带动的芯片需求，可 能让优质公司快速发展。但风险也不容忽视，这类公司研发投入大、盈利不稳定，不少还带着高估值上 市，科创板就有部分企业市盈率远超行业均值，破发风险并不小。而且技术更新快，今天的热门技术可 能很快被淘汰，普通投资者很难判断其 ...

南都讯 12月4日，首届全球智能机械与电子产品博览会（AIE）在澳门、珠海开幕。本次博览会汇聚全 球超过1000家科技企业，横琴粤澳深度合作区近25家科技企业参展，展示集成电路、人工智能、智能装 备等前沿领域的最新成果。 参展的合作区企业表示，此次参会拓展了行业交流并促成了商业合作。企业选择落户横琴，主要看重合 作区提供的场景开放、规则制定等务实支持，以及背靠澳门、连接海内外市场的独特区位优势。此外， 合作区实行的企业所得税、个人所得税"双15%"等优惠政策，为企业的长期稳健发展提供了实质性助 力。企业期待借助澳琴融合的发展平台开拓海外市场。 博览会期间，合作区执行委员会主任戴建业、中央人民政府驻澳门特别行政区联络办公室经济部副部长 杨全州、科学技术发展基金行政委员会主席余雨生，以及合作区经济发展局局长吴创伟、澳门特别行政 区招商投资促进局行政管理委员会主席谢永强出席了"澳门创科馆"开馆仪式。"澳门创科馆"由澳门科学 技术发展基金设立，展示51家澳门创科企业及4所高等院校在人工智能、智慧医疗、物联网等领域的科 研实力与产业化成果。 活动现场。 开幕式暨主旨论坛在澳门威尼斯人酒店举行。主旨论坛汇聚了包括诺贝尔奖 ...

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is a global leader in the smart equipment and electronics industry, accounting for 40% of global smartphone production and 70% of consumer drone production, showcasing strong manufacturing and innovation capabilities [1] - The GBA is expected to remain a major engine for China's economic growth due to its unique advantages, including a complete and competitive supply chain, significant industry clustering effects, and a comprehensive technology innovation ecosystem [2] Industry Advantages - The GBA's solid position in the global electronics industry is attributed to three core advantages: a competitive supply chain covering all production stages, a high concentration of tech companies fostering collaborative innovation, and a supportive ecosystem for startups that integrates education, incubation, and capital [2] - Compared to Western Europe and developed Asian countries, the GBA excels in supply chain integration, hardware manufacturing, and the rapid incorporation of digital technologies like AI and IoT into hardware products, enabling high-cost performance and quick market responsiveness [3] Market Entry Solutions - The collaboration between Macau and Zhuhai effectively addresses two major challenges faced by global tech companies entering the GBA market: Macau serves as an international trade hub simplifying market access and compliance, while Zhuhai provides a robust manufacturing base for rapid product commercialization [4] Event Features - The AIE (2025 Global Intelligent Machinery and Electronics Expo) distinguishes itself from other exhibitions like CES through its "dual-city" model, showcasing a full industry chain from technology to application, emphasizing "first-release economy," and integrating exhibition, forums, and investment to support technology commercialization [5] Industry Changes - The global smart equipment and electronics industry is undergoing significant changes, including the deep integration of AI with hardware, accelerated digital transformation in manufacturing, and a shift towards scenario-based smart consumer electronics [6] Future Prospects - Promising electronic sub-sectors for the coming years include low-altitude economy (eVTOLs, drones), smart medical devices, and industrial robots, driven by factors such as aging populations, advancements in AI and 5G, supportive innovation policies in the GBA, and increasing demand for green smart manufacturing [7]