Group 1 - The core viewpoint of the article is that Qianxun Technology (01640) is launching a global digital currency financial service platform called PayKet on December 19, 2025, which is based on compliant stablecoins [1] - The launch of PayKet signifies the company's further expansion into the digital currency financial services sector, building on its strategy of integrating AI technology, SaaS platforms, and supply chain [1] - The aim of PayKet is to create a cross-border trade financial service ecosystem driven by both AI technology and a Web3 trading platform [1]

Core Viewpoint - Qianxun Technology (01640.HK) is set to launch a global digital currency financial service platform, PayKet, on December 19, 2025, which will leverage compliant stablecoins to enhance cross-border trade financial services [1] Group 1: Key Features and Services - Cross-border trade settlement: PayKet utilizes compliant stablecoins (USDT/USDC) to address issues such as long settlement periods, significant exchange rate risks, and high fees associated with traditional SWIFT systems, enabling instant fund transfers and significantly improving capital turnover efficiency [2] - Supply chain finance and digital currency wealth management: By integrating the company's self-developed IoT smart warehousing technology and AI pricing prediction models, PayKet offers new credit intermediary services, digitizing inventory and utilizing smart contracts to lower financing barriers and costs for enterprises; idle funds can also be managed on the platform through low-risk compliant digital currency wealth management [2] - Enterprise and consumer wallets: The PayKet system includes an enterprise wallet for B-end merchants and a consumer wallet currently under development for C-end users, along with the PayKetU card service, which connects to Visa/Master/UnionPay, facilitating online and offline consumption scenarios [2]

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依賴該等內 容而引致的任何損失承擔任何責任。 Qian Xun Technology Limited 千循科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1640） 自願性公告 業務最新發展 推出全球化數幣金融服務平台－「PayKet」 本公告乃由千循科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）自願作 出，旨在知會其股東和潛在投資者有關本集團的最新發展。 董事會欣然宣佈，本集團於2025年12月19日，正式推出以合規穩定幣為基石的全球化數幣金融服務 平台－PayKet。 PayKet (https://www.payket.com/ ) 的推出標誌著本集團在深化「AI技術+SaaS平台+供應鏈」戰略的基 礎上，進一步拓展至數幣金融服務領域，旨在構建AI技術與Web3交易平台雙輪驅動的跨境貿易金融 服務生態。 1. 核心功能與服務： • 跨境貿易結算：PayKet利用合規穩定幣(USDT/USDC)支付結算 ...

南财智讯12月19日电，潍柴动力在投资者关系活动中表示，2025年前三季度公司M系列大缸径发动机销 售超7700台，同比增长超30%；其中数据中心市场销售超900台，同比增长超3倍。受益于AI技术迭代带 动算力基建加速，数据中心备用电源市场需求快速增长，公司大缸径发动机凭借启动快、加载能力强、 高效可靠等优势，已在国内外多个项目完成交付验收，市场认可度持续提升，后续将积极开拓战略客户 以扩大份额。 ...

Core Insights - The conference "2025 (Second) Group Enterprises Digital Intelligence Technology Innovation and Ecosystem Conference" showcased advancements in the digital intelligence field, emphasizing the theme "Intelligent Gathering, Digital Creation of the Future" [1] - 360 AI Enterprise Browser was recognized for its innovative solutions in intelligent services, security control, and system compatibility, earning a place in the "2025 Group Enterprises Digital Intelligence Transformation Case Collection" [1][7] Industry Trends - AI technology is driving a transformation of consumer-grade browsers from "information windows" to "intelligent assistants," with traditional and emerging companies actively positioning themselves in this space [3] - The integration of AI in browsers has introduced new security challenges, as they become high-risk environments for data breaches and vulnerabilities [3] Company Developments - 360 Digital Security Group has developed the 360 AI Enterprise Browser, a unified intelligent office platform aimed at enhancing digital transformation for government and enterprise institutions [4] - The browser addresses common enterprise issues such as system compatibility and management costs, providing a comprehensive support system for legacy system migration and cross-platform adaptation [5] Technical Achievements - The 360 AI Enterprise Browser holds nearly 1,400 technology patents and boasts a high code self-research rate, covering 98% of HTTPS traffic and holding significant market shares in Windows and domestic innovation platforms [6] - The browser has achieved full-stack compatibility with various domestic CPUs and operating systems, demonstrating its robust research capabilities and security measures [6] Future Outlook - The recognition of the 360 AI Enterprise Browser in the transformation case collection reflects its technical strength and application value, with the company planning to focus on further innovation and ecosystem collaboration to support clients in their digital transformation journeys [7]

Core Viewpoint - The wholesale and retail industry in China is facing challenges due to slowing growth and intensified competition, necessitating a shift from "scale dividends" to "value dividends" to enhance quality and innovation in services [1] Group 1: Industry Challenges and Transformations - The wholesale and retail sector is entering a phase of stock competition, with overall growth rates slowing down [3] - Companies are exploring strategies to break through the low-price competition, focusing on AI-driven smart pricing and a comprehensive service ecosystem [3] - The industry is characterized by a need for digital transformation and quality enhancement to create new consumer value [4][5] Group 2: Company Strategies and Innovations - Xiaogoods City has transformed from a traditional market to a comprehensive trade service provider, leveraging AI technology to enhance service efficiency and product design [3] - Chongqing Department Store has focused on product quality, supply chain optimization, and enhancing customer experience through digital transformation [5] - Both companies are actively adjusting their business models and exploring new market opportunities to adapt to the changing landscape [6][7] Group 3: Market Expansion and Consumer Engagement - Xiaogoods City has established a presence in 35 countries with 74 overseas brand projects, aiming to enhance international trade and support small and medium enterprises [6][7] - Chongqing Department Store is innovating its retail spaces to attract younger consumers, particularly targeting the "Z generation" through immersive experiences and themed events [8] - The overall profitability of Chongqing Department Store has improved significantly due to strategic adjustments in its retail formats [7][8]

Core Viewpoint - The wholesale and retail industry in China is undergoing a transformation from "scale dividends" to "value dividends," driven by the need to adapt to changing global trade dynamics and domestic consumption patterns [1] Group 1: Industry Challenges and Responses - The wholesale and retail industry in China is experiencing a slowdown in growth and entering a phase of stock competition, leading to intensified internal competition and significant challenges for enterprises [4] - Leading companies in the industry are actively exploring strategies to break through the current challenges, focusing on digital transformation and enhancing service quality [4][5] Group 2: Digital Transformation and AI Integration - Companies like Xiaogoods City are leveraging AI technology to drive intelligent pricing and enhance operational efficiency, with AI applications reportedly increasing order volumes by over 30% for deep users [4] - Chongqing Department Store emphasizes the importance of digital transformation and quality improvement to escape the low-price competition trap, focusing on product quality, scene creation, and operational efficiency [5] Group 3: Market Expansion and New Business Models - Xiaogoods City is expanding its overseas presence by establishing digital trade platforms and enhancing service models for small and medium-sized enterprises, with projects in 35 countries and over 100 million products showcased [7][8] - Chongqing Department Store is innovating its business model by adjusting store formats and enhancing customer engagement, with significant sales increases reported in remodeled stores [9] Group 4: Targeting New Consumer Segments - Companies are focusing on attracting the "Z generation" through immersive experiences and themed events, aiming to create a sense of belonging and community among young consumers [9] - The retail industry is witnessing strategic adjustments to enhance customer experience and regain the attention of younger demographics, with a focus on value-for-money and improved in-store experiences [9]

Core Viewpoint - 康桥悦生活's stock surged over 80% following the announcement of a partnership with Askitect, an AI home diagnostics company, marking a significant step in its global expansion and innovation in property management [1] Group 1: Partnership Details - 康桥悦生活 signed a memorandum of understanding with Askitect on December 15, focusing on collaboration in property management and real estate-related services [1] - The partnership will establish a joint business and product working mechanism, with Askitect's core team participating in product definition and key solution design for the Chinese market [1] - Askitect will provide its core business capabilities and professional team resources to 康桥悦生活, while 康桥悦生活 will offer real, scalable applications in the Chinese real estate and property sector [1] Group 2: Data and Technology Integration - The collaboration aims to maintain a high degree of consistency in data structure, diagnostic logic, and model framework between the US and Chinese markets [1] - 房屋健康档案 (House VIN) has been identified as a long-term core data asset direction for both parties [1]

公 司 简 评 机 械 设 备 [Table_invest] 买入（维持） 报告原因：重大事项 [杰克科技 Table_NewTitle]（603337）：启航新程，科技引 领，与客户共谋全球化新篇 ——公司简评报告 [证券分析师 Table_Authors] [Table_Reportdate] 2025年12月19日 王敏君 S0630522040002 wmj@longone.com.cn | [数据日期 Table_cominfo] | 2025/12/18 | | --- | --- | | 收盘价 | 39.68 | | 总股本(万股) | 47,643 | | 流通A股/B股(万股) | 47,373/0 | | 资产负债率(%) | 37.05% | | 市净率(倍) | 3.76 | | 净资产收益率(加权) | 14.38% | | 12个月内最高/最低价 | 57.33/24.40 | [Table_QuotePic] -33% -12% 10% 32% 54% 76% 98% 120% 24-12 25-03 25-06 25-09 杰克科技 沪深300 [table_main] 投资 ...

Group 1 - The core viewpoint is that the Hong Kong Stock Connect high dividend sectors currently possess strong allocation value, with a focus on the improvement of profitability in the Hang Seng Technology constituents after excluding companies affected by the food delivery war [1] - The Hang Seng Technology constituents are projected to see a 13.6% year-on-year revenue growth and a 21.7% growth in Non-GAAP net profit by 2025, contributing nearly 60% to the market value increase, indicating sustained profitability improvement [1] - The liquidity aspect highlights that the Federal Reserve has entered a rate-cutting cycle, with net inflows of southbound funds reaching 1.3 trillion yuan this year, which has driven valuation recovery [1] Group 2 - The current sector's price-to-earnings ratio is 20 times, which is at the 15th percentile of the past five years, while the price-to-book ratio stands at 1.5 times, with dividend yields generally in the range of 4%-6%, providing both defensive characteristics and valuation elasticity [1] - Specific sub-sectors such as internet healthcare and OTA maintain growth rates above 15%, and the application of AI technology has significantly reduced costs and improved efficiency for leading platforms, suggesting that a macroeconomic recovery could further enhance profit elasticity due to their cyclical consumption attributes [1] - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect high dividend index (930914), which selects 30 high dividend yield securities with good liquidity and consistent dividends, focusing on financial and traditional sectors, reflecting the overall performance of quality securities under a high dividend strategy [1]