Core Viewpoint - The company is enhancing its comprehensive pipeline management system, focusing on reducing leakage rates and advancing digital transformation in the water industry [2] Group 1: Pipeline Construction and Operation Services - The company provides a full range of services including planning, design, construction, operation, and smart management for pipeline systems [2] - The operational water supply pipeline exceeds 20,000 kilometers, implementing a comprehensive leakage control system throughout the entire lifecycle [2] - The operational drainage pipeline exceeds 10,000 kilometers, offering a complete set of solutions from planning consultation to smart management [2] Group 2: Digital Transformation and R&D Investment - The company is increasing its investment in smart water systems, developing industry-leading digital platforms such as cloud GIS pipeline management and project management systems [2] - Future plans include continued investment in R&D to lead the digital transformation and high-quality development of the industry [2]

Core Insights - The human resources service industry is at a crossroads of value reconstruction due to technological disruption and policy changes, evolving from mere service providers to value co-creators [1][6] Group 1: Optimizing Business Structure to Enhance Profitability - Traditional human resources services face severe challenges due to policy requirements and technological upgrades, prompting leading companies to adjust their business structures towards high-margin segments. For instance, Beijing Human Resources' traditional labor dispatch business share decreased from 78% in 2019 to 45% in 2024, while high-margin outsourcing business share increased to 32%, raising overall gross margin from 12.3% to 18.6%. Additionally, flexible employment revenue is projected to grow by 217% year-on-year in 2024, with average revenue per user (ARPU) increasing to 32,000 yuan [2][7] Group 2: Deepening Multi-Industry Professionalization - Companies like Beijing Human Resources are enhancing their outsourcing capabilities across various industries by tailoring solutions to meet specific industry characteristics, establishing competitive advantages in high-value sectors such as research, healthcare, and finance. Similarly, Foreign Service Holdings provides personalized outsourcing solutions across retail, finance, data documentation, government, blue-collar and skilled talent, and IT services [2][7] Group 3: Leveraging Investments and Acquisitions to Expand Business Scope - Foreign Service Holdings has pursued external growth through acquisitions to achieve business complementarity and synergy. In 2022, it gained control of Yuanmao Shares, enhancing its service capabilities for blue-collar skilled talent. In 2023, the acquisition of Jiangmen Technology allowed entry into the IT outsourcing sector, effectively expanding its IT service product line and accelerating business development in telecommunications, energy, and aerospace industries. The company actively seeks suitable acquisition targets in areas where it has gaps or requires long-term development [3][8] Group 4: Increasing Digital Investment and Business Integration - Companies like Core International focus on building a full industry chain ecosystem centered around self-developed technology platforms and AI applications, establishing three R&D centers with nearly 400 personnel. They have developed various systems to enhance operational efficiency and created vertical recruitment platforms and industry interconnection platforms. Foreign Service Holdings implements an "Internet + human resources service" model, creating three digital transformation platforms: FSGPLUS for information integration and self-service, HRally for industry empowerment, and BBC for data linkage and centralized operations. The future of human resources services lies in precise optimization of business structures, continuous professional capability development, forward-looking ecological layout, and deep digital transformation [4][9]

来源：上海证券报·中国证券网 上证报中国证券网讯 据工业和信息化部12月30日消息，工业和信息化部等四部门印发《汽车行业数字 化转型实施方案》，其中提到，到2027年，整车标杆企业智能制造能力成熟度等级提升一档，零部件企 业数字化水平显著提升，研发设计工具普及率超95%，关键工序数控化率超70%；行业全员劳动生产率 较2025年提升10%，产品研发周期及交付周期缩短20%；打造可复制推广的智能工厂样板，培育20家以 上行业智能制造系统解决方案供应商；形成适合产业特征、国际先进的数字化转型和智能制造标准体 系、技术供给体系与人才培训体系。到2030年，行业整体数智化发展达到较高水平，数字化与业务深度 融合；大中小各类企业数字化协调发展，供应商体系不断健全；基本建成匹配行业发展水平的数字化公 共服务体系，支撑保障水平大幅提升。 来源：上海证券报·中国证券网 上证报中国证券网讯 据工业和信息化部12月30日消息，工业和信息化部等四部门印发《汽车行业数字 化转型实施方案》，其中提到，到2027年，整车标杆企业智能制造能力成熟度等级提升一档，零部件企 业数字化水平显著提升，研发设计工具普及率超95%，关键工序数控化率超 ...

認購迅策股份 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的內容概不負責，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的任何損失承擔任何責任。 GOLDSTREAM INVESTMENT LIMITED 金涌投資有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1328） 自願公告 認購上市證券 於二零二五年十二月二十四日，本公司全資附屬公司Redwood通過於聯交所進行首次 公開發售以代價23,040,000港元（不包括交易成本）認購480,000股迅策股份（「認購事 項」），即每股迅策股份48.0港元。 認購事項後，本集團持有480,000股迅策股份，佔於本公告日期迅策已發行股份總數 約0.1488%。 認購迅策股份 本公告乃由本公司按自願基準作出。 董事會宣佈，於二零二五年十二月二十四日，本公司全資附屬公司Redwood通過於聯交 所進行首次公開發售以代價23,040,000港元（不包括交易成本）認購480,000股迅策股份， 即每股迅策股份48.0港元。 –1– 認購事項後，本集團持有480,000股迅策股份，佔於本 ...

Group 1: Corporate Governance and Management - The company has implemented a comprehensive governance structure, establishing the shareholders' meeting as the highest authority and ensuring the board of directors makes scientific decisions while granting the management team operational autonomy within authorized limits [2][3] - A "1+M+N" system has been established to strengthen the board's role in decision-making and ensure effective management, with a focus on internal control and compliance [2][3] - The company has optimized its management processes to enhance decision-making efficiency and compliance management, integrating risk prevention mechanisms [2][3] Group 2: Value Creation and Operational Efficiency - The company is advancing nine major transformations across production, market, and supply chain to build a multi-dimensional value creation system [4] - Continuous improvement in production management has been emphasized, focusing on quality management, cost control, and production efficiency [4] - Digital transformation efforts are aimed at enhancing operational efficiency and reducing costs through data governance and application [4] Group 3: Shareholder Returns - The company prioritizes shareholder returns, distributing cash dividends based on profits, with a total cash dividend of ¥281,853,934.10 distributed to shareholders as of September 30, 2025 [5] - The cash dividend distribution is set at ¥1.00 per 10 shares, with no stock bonuses or capital reserve transfers [5] Group 4: Product Strategy - The company is focusing on consumer demand by implementing a big product marketing strategy, creating a product matrix that includes major brands like Yanjing U8 and Yanjing V10 [6] - A diversified marketing strategy combining beer and beverages is being pursued to optimize the product matrix and enhance market presence [6]

Core Viewpoint - Xunce Tech, recognized as the first "Data Agent" stock in Hong Kong, has recently gone public, focusing on real-time data infrastructure and analytics solutions, primarily serving the asset management industry and expanding into other sectors [2][3]. Company Overview - Founded in 2016, Xunce Tech started in the asset management sector and has since expanded its client base to include financial services (excluding asset management), urban management, production management, and telecommunications [2]. - The company ranks first in China's real-time data infrastructure and analytics market within the asset management industry, holding a market share of 16% as of 2024 [2]. IPO Details - Xunce Tech issued 22.5 million H-shares at a price of HKD 55.0 per share, raising approximately HKD 1.2 billion, with a current market capitalization of HKD 15 billion [2]. - The IPO attracted nine cornerstone investors, collectively subscribing to about USD 40 million [2]. Funding History - Over its 10 years, Xunce Tech has completed seven rounds of external financing, raising over RMB 2.1 billion, with notable investors including Tencent, KKR, and Yunfeng Capital [3][6]. Leadership Background - The founder and CEO, Liu Zhijian, has extensive experience in financial institutions, having worked at the Royal Bank of Scotland and as an executive director at a Hong Kong investment company before establishing Xunce Tech [5]. - Liu's father, Liu Chengxi, is the largest shareholder through various entities, holding 28.86% of the shares [5]. Product and Service Offering - Xunce Tech's core product is a cloud-native unified data platform that collects, cleans, manages, analyzes, and governs heterogeneous data from multiple sources [9]. - The company focuses on developing trading management systems and trading robots for the asset management industry, targeting institutional investors and large individual investors [9]. Financial Performance - Xunce Tech is currently in a "burning cash" phase, with revenues of approximately RMB 288 million, RMB 530 million, RMB 632 million, and RMB 198 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [10][12]. - The company reported net losses of RMB 96.5 million, RMB 63.4 million, RMB 97.8 million, and RMB 108 million for the same periods [10][12]. R&D Expenditure - The company attributes its net losses to significant R&D expenditures, which accounted for 89.9%, 71.5%, 71.3%, and 85.0% of revenue from 2022 to the first half of 2025 [13]. - The gross margin for the asset management business has decreased from 82.5% in 2022 to 71.1% in 2023, primarily due to increased equipment deployment costs [13][14]. Market Position and Competition - The real-time data infrastructure and analytics market in China is rapidly growing, with over 400 participants and a market size of RMB 18.7 billion by the end of 2024 [19]. - Xunce Tech ranks fourth in the overall real-time data infrastructure and analytics market and first in the asset management sector [19]. - The company faces competition from major cloud service providers like Alibaba Cloud and Tencent Cloud, which offer comprehensive product lines [20][22]. Future Outlook - Xunce Tech is at a critical juncture in its profitability model transition, needing to effectively manage resource allocation for customized projects and convert initial investments in new industries into sustainable revenue [17].

Core Viewpoint - The strategic movements of famous liquor companies are crucial amid deep adjustments in the liquor industry and evolving consumer demands. Jian Nan Chun aims to focus on product innovation, capacity upgrades, scene expansion, brand outreach, and responsibility in 2025 to solidify its quality foundation and activate new growth momentum for brand development [1]. Group 1: Strategic Focus and Market Position - Jian Nan Chun maintains strategic determination and resilience in the face of industry adjustments and market changes, being one of the most stable and robust brands in terms of pricing and product sales [2]. - The brand's flagship product, Crystal Jian Nan Chun, continues to enhance its market influence, becoming a preferred choice for business banquets and weddings, thereby solidifying its market base [2]. Group 2: Cultural and Product Innovation - Jian Nan Chun has accurately grasped cultural consumption trends by collaborating with top historical museums in China, launching cultural creative products that have become market benchmarks [4]. - The company achieved the highest transaction volume in the white liquor industry during the 2025 Double 11 shopping festival, showcasing its strong market appeal through online and offline synergy [7]. Group 3: Quality and Technological Integration - Quality is the foundation of famous liquor, and Jian Nan Chun integrates traditional craftsmanship with modern technology to strengthen its quality moat [10]. - The company announced the official production of the second phase of the 大唐国酒生态园 project, with an investment exceeding 1.6 billion yuan, which will add an annual production capacity of 30,000 to 50,000 tons of liquor [10]. Group 4: Brand Development and Public Engagement - Jian Nan Chun is enhancing its brand visibility through various platforms, including a partnership with CCTV-13 for year-round exposure, thereby deepening brand credibility and market influence [16]. - The company is actively engaging in social responsibility initiatives, such as launching the Jian Nan Chun Strong Youth Scholarship project to support youth development and participating in industry events to enhance its international influence [21][23]. Group 5: Future Outlook - Looking ahead, Jian Nan Chun will continue to focus on quality, culture, and innovation, aiming to write a new chapter in the high-quality development of the liquor industry while resonating with consumers and adapting to market changes [25].

Core Viewpoint - The Ministry of Industry and Information Technology, along with three other departments, has issued the "Implementation Plan for Digital Transformation in the Automotive Industry," emphasizing the need for strengthening key technology product development [1] Group 1: Key Technology Focus - The plan highlights the importance of tackling challenges in simulation design, research and testing, middleware and operating systems, as well as key equipment such as intelligent robots and detection devices [1] - It encourages the application of self-controllable technology products to enhance the resilience and security of the industrial and supply chains [1] Group 2: Collaboration and Innovation - The initiative promotes collaboration between key enterprises, universities, and research institutions to drive technological breakthroughs [1] - It emphasizes the importance of data sharing and platform co-construction to accelerate the formation of a "research—validation—iteration" collaborative innovation loop [1]

Core Viewpoint - Beijing Bank has evolved from a small local city commercial bank into a significant financial force supporting urban development and industrial upgrading over the past thirty years, exemplifying the "Beijing model" of financial supply-side structural reform [1][32]. Group 1: Historical Development - Beijing Bank was established thirty years ago as the "Beijing Urban Cooperative Bank" in a small building, serving the local community [1][17]. - The bank has transitioned to a modern financial institution utilizing intelligent systems for efficient data processing and service delivery [1][17]. Group 2: Innovation and Technology - In 1999, Beijing Bank established a branch in Zhongguancun, embedding financial services in China's technology innovation hub [4][19]. - The bank launched the "京心领航" technology finance brand and created a specialized team to support the entire lifecycle of technology enterprises [7][23]. - Beijing Bank has developed a comprehensive digital transformation strategy, including a unified data platform and AI-driven banking services [13][29]. Group 3: Financial Inclusion and Community Support - The bank has implemented over 1,000 mobile service stations to provide social security card services, achieving a three-minute card issuance capability across its network [10][26]. - Beijing Bank has supported over 20 million residents in Beijing with convenient medical insurance settlement services since 2001 [10][26]. - The bank has tailored financial solutions for small and micro enterprises, providing timely loans to support their operational needs [11][27]. Group 4: Educational and Talent Development - Beijing Bank has initiated programs like the "京萤计划" to promote financial literacy among children, establishing a "child-friendly bank" concept [8][24]. - The bank has developed talent financial products such as "英才贷" to support researchers and entrepreneurs, reinforcing the link between finance and innovation [7][24]. Group 5: Future Outlook - Beijing Bank aims to enhance its service precision and intelligence, contributing to the construction of a strong financial nation and the revitalization of the nation [32].

12月28日，苏丹通讯社报道，苏丹政府信息化平台Baldna完成第一笔完全电子化的外贸出口合同审批。 该流程涉及多个机构之间的数据交换，包括工业贸易部、海关、标准计量组织、港口和边境口岸、税务 局、天课局、兽医和卫生部门等。所有数据均通过统一的平台进行交换，彻底弃用了纸质文件。苏丹政 府持续推进数字化转型，将进一步简化对外贸易流程，提高政府服务效率。 ...