点击蓝字关注我们 长江商报记者 黄聪 陈海伦还是与一手创办的海伦钢琴（300329.SZ）渐行渐远了，新实际控制人如何扭转上市公司颓势成为关键。 12月19日晚间，海伦钢琴公告，公司控股股东变更为全拓卓戴（上海）企业管理中心（有限合伙）（以下简称"全拓卓戴"），实际控制人变更为崔永庆。 此前公告显示，本次股份转让价格为9.09元/股，总交易对价约5.48亿元。截至12月19日收盘，全拓卓戴在这场交易中已浮盈约4.8亿元。 需要注意的是，全拓卓戴的关联企业为全拓科技（杭州）股份有限公司（以下简称"全拓科技"），崔永庆为其创始人、董事长。 长江商报记者注意到，成立于2009年6月的全拓科技，2024年参保员工人数仅有25人。但该公司宣传，构建了覆盖27亿+活跃设备、10.35亿+活跃人群的庞 大数据体系，拥有18+大类标签、3万+人均标签量的深度分析能力。 业绩方面，2023年和2024年以及2025年前三季度，海伦钢琴归母净利润分别为-7885.48万元、-9792.24万元和-3985.84万元，公司近三年累亏约2.17亿元。 前三季营收8855万降26.38% 海伦钢琴主要从事钢琴产品的研发、制造、销售与服 ...

在全球经济波动、竞争加剧的背景下，中国游戏企业凭借创新实力与应变能力，展现出强劲发展韧性。 游戏产业多项数据创历史新高 12月19日，2025中国游戏产业年会在上海召开。此次大会上发布的《2025年中国游戏产业报告》显示，中国游戏产业实现稳步增长，核心数据均创历史新 高。2025年，国内游戏市场实际销售收入预计达3507.89亿元，同比增长7.68%；用户规模增至6.83亿，同比增长1.35%。 细分市场呈现"强者恒强、新兴崛起"的分化格局。主机游戏市场延续高速增长态势,实销收入83.62亿元,同比激增86.33%,连续三年保持爆发式增长。小程序游 戏成为最大亮点,收入达535.35亿元,同比增长34.39%,内购与广告变现双轨并行推动规模扩容。 出海业务同样表现亮眼，自研游戏海外市场实际销售收入达204.55亿美元，同比增长10.23%，规模已连续6年超1000亿元人民币。在全球经济波动、竞争加 剧的背景下，中国游戏企业凭借创新实力与应变能力，展现出强劲发展韧性。 作为年会核心亮点，上海正式发布"游戏沪十条"，围绕产业发展关键领域推出系统性支持政策，每年扶持资金总额达5000万元，旨在构建具有全球影响力的 ...

Core Viewpoint - Great Wall Motors has officially launched the Ora 5, a new A-class pure electric SUV under its Ora brand, with a price range from 99,800 to 133,800 yuan, and a limited-time trade-in price starting at 91,800 yuan [1] Group 1: Product Launch and Pricing - The Ora 5 is available in five configurations, emphasizing affordability and value for consumers [1] - The launch event highlighted the company's commitment to providing actual value to users through technology [1] Group 2: Technological Innovations - Great Wall Motors is introducing a "Car Purchase Anti-Deception Guide" to help consumers understand common technical pitfalls [1] - The Ora 5 is the first mass-produced model on a new platform designed for global markets, featuring a versatile approach with "multiple powertrains, multiple categories, and multiple forms" [1] - The vehicle utilizes extreme parts commonality across different powertrains and categories, enhancing R&D and production efficiency while lowering ownership costs and improving product quality [1] Group 3: Intelligent Features - The Ora 5 is equipped with the third-generation Coffee Pilot Ultra driver assistance system, which has safely driven over 230 million kilometers, equivalent to more than 5,600 laps around the Earth [1] - The vehicle features advanced capabilities such as city NOA without relying on high-precision maps, traffic light recognition, intelligent lane changing, and obstacle avoidance [2] - It supports the longest memory parking function in its class at 3 kilometers and offers parking assistance for over 200 types of parking spaces [2] Group 4: AI Integration - The Coffee OS3 smart space system integrates AI technology with a 4nm automotive-grade chip, creating a "warm mobile space" [2] - The system includes Coffee GPT and DeepSeek dual large models, functioning as a comprehensive assistant that understands vehicles, lifestyle, and creativity [2] - The Ora brand has expanded its presence to over 50 countries and regions globally, with a user base of 600,000 [2]

Core Viewpoint - China Fund News has been recognized for four consecutive years in the "Top 10 Original Influence Index of Chinese Economic Media WeChat Official Accounts" [1][6][11] Group 1: Achievements and Recognition - China Fund News published a total of 14,491 articles with over 470 million reads and more than 1.28 million likes, achieving a score of 81.507 [11] - The "Flash News" product of China Fund News was selected as a "2025 Typical Case of Application Innovation in Chinese Economic Media" [5][11] - The "2025 Chinese Economic Media Integration Development Exchange Conference" was held in Beijing, where the awards were announced [6][9] Group 2: Product Innovation - "Flash News" utilizes AI technology to create a financial information engine that collects important market information in milliseconds and generates reports in seconds [13] - The product employs natural language processing to convert vast amounts of data into concise news updates, covering over 7,000 listed companies, significantly enhancing information timeliness and processing efficiency [13][15] - "Flash News" integrates deeply into the core workflows of financial institutions, transforming information power into productivity and decision-making capabilities, thus driving a qualitative change in business efficiency [15] Group 3: Future Development - China Fund News aims to continue its development path focusing on professionalism, marketization, innovation, and full media integration, with a total fan base exceeding 14 million and annual reading volume surpassing 5 billion [16][17] - The company plans to deepen its expertise in asset management sectors such as ETFs, pension funds, and REITs, while also building a platform for value communication for listed companies in both mainland and Hong Kong capital markets [17]

长江商报消息●长江商报记者 黄聪 此前公告显示，本次股份转让价格为9.09元/股，总交易对价约5.48亿元。截至12月19日收盘，全拓卓戴 在这场交易中已浮盈约4.8亿元。 需要注意的是，全拓卓戴的关联企业为全拓科技（杭州）股份有限公司（以下简称"全拓科技"），崔永 庆为其创始人、董事长。 长江商报记者注意到，成立于2009年6月的全拓科技，2024年参保员工人数仅有25人。但该公司宣传， 构建了覆盖27亿+活跃设备、10.35亿+活跃人群的庞大数据体系，拥有18+大类标签、3万+人均标签量 的深度分析能力。 业绩方面，2023年和2024年以及2025年前三季度，海伦钢琴归母净利润分别为-7885.48万元、-9792.24 万元和-3985.84万元，公司近三年累亏约2.17亿元。 前三季营收8855万降26.38% 海伦钢琴主要从事钢琴产品的研发、制造、销售与服务以及艺术教育等文化产业。 12月19日晚间，海伦钢琴发布公告显示，公司近日收到股东宁波北仑海伦投资有限公司（以下简称"海 伦投资"）、四季香港投资有限公司（以下简称"四季香港"）、全拓卓戴以及陈海伦、金海芬、陈朝峰 通知，海伦投资、四季香港向全 ...

截至2025年12月22日 09:56，上证180指数(000010)上涨0.65%，成分股拓荆科技(688072)上涨6.39%，中 国中免(601888)上涨6.27%，紫金矿业(601899)上涨4.95%，山东黄金(600547)上涨4.20%，中金黄金 (600489)上涨4.11%。上证180ETF指数基金(530280)上涨0.58%，最新价报1.21元。 数据显示，截至2025年11月28日，上证180指数(000010)前十大权重股分别为贵州茅台(600519)、紫金矿 业(601899)、恒瑞医药(600276)、中国平安(601318)、寒武纪(688256)、药明康德(603259)、招商银行 (600036)、工业富联(601138)、中芯国际(688981)、长江电力(600900)，前十大权重股合计占比26.13%。 上证180ETF指数基金(530280)，场外联接(平安上证180ETF联接A：023547；平安上证180ETF联接C： 023548；平安上证180ETF联接E：024609)。 中金公司研报称，指数前期回调为投资者提供了较好的逢低布局"跨年"行情时机。配置上， ...

Company Overview - Daotong Technology is a leading provider of intelligent vehicle diagnostic and smart charging solutions, holding the largest market share in the global intelligent vehicle diagnostic solutions market, increasing from 9.1% in 2022 to 11.1% in 2024 [3] - The company is also the largest Chinese smart charging solution provider in overseas markets by 2024 revenue and ranks fourth in North America [3] - With over 20 years of industry experience, the company has developed a comprehensive solution portfolio based on strong technical capabilities and continues to innovate in AI applications and technology [3] Sales and Market Strategy - The company has established a global sales network covering approximately 100 countries, collaborating with over 800 distributors to enhance market penetration [4] - It focuses on customer needs, integrating hardware and software solutions to create a scalable and sustainable business model, combining one-time hardware revenue with ongoing software income [4] Financial Performance - The company reported revenues of approximately RMB 2.27 billion in 2022, RMB 3.25 billion in 2023, and projected RMB 3.93 billion in 2024, with RMB 2.35 billion for the six months ending June 30, 2025 [8] - Gross profit figures were RMB 1.26 billion in 2022, RMB 1.70 billion in 2023, and projected RMB 2.08 billion in 2024, with RMB 1.26 billion for the six months ending June 30, 2025 [10] - Net profit was approximately RMB 81.61 million in 2022, RMB 140 million in 2023, and projected RMB 560 million in 2024, with RMB 454.64 million for the six months ending June 30, 2025 [9] Industry Overview - The intelligent vehicle diagnostic industry is projected to grow from approximately USD 2.809 billion in 2020 to about USD 3.832 billion by 2024, with a compound annual growth rate (CAGR) of 8.1% [12] - By 2030, the market size is expected to reach approximately USD 8.004 billion, with a CAGR of 13.1% from 2024 to 2030 [12] - The industry is evolving from hardware-centric systems to integrated solutions that combine hardware, software, and services, with software solutions expected to increase from 16.8% in 2024 to 26.7% by 2030 [13]

Group 1 - The core viewpoint of the report is that the internet securities industry is transitioning from a traditional, homogeneous channel service model to a customer-centric model that builds a comprehensive service ecosystem, which will drive industry innovation and iteration [1] - The traditional securities brokerage business is facing challenges due to high homogeneity and a "commission war," leading to a significant decline in average commission rates, resulting in "increased revenue without increased profit" [1] - Internet securities are breaking this dilemma by acquiring customers at low costs through online channels and traffic cooperation, and monetizing traffic by extending from low-commission services to higher-value services like margin trading and fund distribution [1] Group 2 - The goal of deepening wealth management transformation is to establish asset allocation and advisory service capabilities centered on customer interests, achieving a "two-way rush" with customer assets [2] - Five representative models of successful internet brokers are analyzed, highlighting their core capabilities: Dongfang Wealth (traffic ecosystem type), Charles Schwab (platform ecosystem type), Futu Securities (cross-border differentiation type), Jiufang Zhitu (service extension type), and Robinhood (zero-commission transformation type) [2] - Successful internet brokers generally possess core capabilities that form a synergistic system, including traffic acquisition and conversion, exceptional product experience, data asset application, ecosystem construction, and regulatory adaptation [3]

Summary of the Conference Call Transcript Company Overview - 合合信息 (Hehe Information) focuses on intelligent text recognition and commercial big data, offering a comprehensive product system including C-end products like Scanning King, Business Card King, and Qixinbao, as well as B-end enterprise-level intelligent solutions [2][4] Financial Performance - Revenue is projected to grow at a compound annual growth rate (CAGR) of over 25% from 2020 to 2024, with profits expected to grow at a CAGR of 33% [2] - For the first three quarters of 2025, revenue increased by 24% year-on-year, while profit grew by 15% [2] - Revenue is expected to reach 14.38 billion yuan by 2024, up from 5.78 billion yuan in 2020, with profits increasing from 1.3 billion yuan to over 4 billion yuan in the same period [8] - The gross margin is maintained at around 85%, with a net margin close to 30% [9] Product and User Metrics - Scanning King has 189 million monthly active users, a 12.5% increase year-on-year, with 9.27 million paying users, a 35% increase year-on-year, and a penetration rate of 4.9% [2][15] - The C-end products generated 11.4 billion yuan in revenue in 2024, accounting for 79% of total revenue [13] Market Outlook - The global intelligent text recognition market is expected to grow at a CAGR of 16.7% from 2022 to 2027, with the domestic market projected to grow at a CAGR of 27% [16] - The commercial big data industry is anticipated to maintain a CAGR of around 20% from 2022 to 2027, with a market size of approximately 1,040 billion yuan by 2027 [17] Investment Recommendation - The company is recommended for investment due to its strong governance, relatively low market capitalization of around 30 billion yuan, and continuous performance exceeding expectations [10] - The company plans to list on the Hong Kong Stock Exchange, which may further boost its stock price [10] Research and Development - The company emphasizes R&D, with 59% of its 1,056 employees dedicated to this area, achieving a revenue per employee of 1.36 million yuan [7] - R&D expenses are expected to grow at rates of 17%, 16%, and 21% from 2022 to 2024 [12] Future Projections - Revenue growth is projected at 26%, 24%, and 22% for the next three years, with profit growth at 17%, 25%, and 23% respectively [3][18] - The estimated valuation for 2026 is around 50 times PE, indicating significant upside potential compared to peers [18]

元旦假期将至，辽宁旅游市场已涌动起火热势头。根据在线旅游平台飞猪12月19日发布的《2026元 旦假期出游风向标》，2026年元旦奔赴辽宁的旅游订单预订量同比增长超两倍，辽宁展现出强劲的吸引 力。 随着"请3休8"拼假方式的流行，不少游客拉长了假期，也推动旅游消费向深度与个性并重转变。在 玩法上，游客愈发注重个性化体验与跨年仪式感，宠物随行等主题游热度大幅攀升，跨年演出、烟花 秀、灯光秀等"跨年游"相关搜索持续走高，为全省文旅市场营 造浓厚的节庆氛围。 此外，AI技术逐渐成为游客规划行程的"智慧助手"。不少辽宁游客通过在线旅游平台的AI功能咨询 目的地、推荐玩法，并完成相关预订，智能化工具正悄然改变人们的出行准备方式。 从目的地热度看，沈阳、大连、锦州、丹东、鞍山成为最受游客欢迎的城市；抚顺、葫芦岛、阜新 则增长势头强劲，预订增速名列前茅。 与此同时，辽宁游客出境游热情不减，预订量同比上升98%。其中，"落地自驾"成为越来越多辽宁 游客出境游玩的新选择，自由、深度的旅行方式正蔚然成风。 ...