Core Viewpoint - The report from Guosheng Securities indicates that Tabo (06110) is a leading company in the downstream channel of sports footwear and apparel, with improvements in retail efficiency driven by store structure optimization and digital transformation, alongside effective membership operations that enhance user loyalty. The company is expected to achieve net profits of 1.229 billion, 1.379 billion, and 1.533 billion yuan for FY2026-FY2028, with a current price corresponding to a FY2026 PE of 14 times, maintaining a "Buy" rating [1] Group 1 - In FY2026 Q3, the company experienced a high single-digit decline in total sales, with direct store sales area decreasing by 1.3% quarter-on-quarter and 13.4% year-on-year [1] - The decline in sales is attributed to store closures, with a net closure of 332 stores in FY2026 H1, resulting in a total of 4,688 stores as of the end of November 2025 [1] - The company anticipates that offline sales will continue to face pressure due to fluctuations in consumer traffic and market competition, although it expects a reduction in net store closures in FY2026 H2 compared to FY2026 H1 [1] Group 2 - The company is expected to maintain growth in e-commerce sales due to its strong operational capabilities, enhancing its e-commerce system by leveraging offline stores and expanding into various online channels [2] - The company is focusing on new brand and business layout in the outdoor and running segments, collaborating with brands like Norda, soar, Ciele, and Norrøna to meet differentiated consumer demands [3] - The company has established the running ecosystem brand ektos and opened a store in Shanghai, which gained attention during the Shanghai Marathon [3] Group 3 - For FY2026, the company is projected to see a decline in net profit, with an estimated revenue drop of 7% and a net profit decrease of around 4% due to a volatile consumer environment impacting terminal sales [4] - The main brand Adidas is expected to perform relatively well in the Greater China region, with a 6% revenue growth on a currency-neutral basis for the period of July to September 2025 [4] - Nike is currently undergoing inventory destocking in the Greater China region, with a 16% revenue decline on a currency-neutral basis for the period of September to November 2025, but is expected to improve its operational performance in the long term [4]

Core Insights - Dipo Technology (01384.HK) has announced a strategic partnership with Muxi Co., aiming to integrate enterprise-level large model AI application solutions with core technologies in full-stack GPU chips and computing power [1][2] - The collaboration focuses on addressing the challenges of computing power supply and AI application implementation in enterprise digital transformation, enhancing the "AI+" industry development strategy [1][2] - Dipo Technology's market debut on October 28 was highly successful, with 239,000 participants in the subscription, achieving an oversubscription rate of 7,590 times, and its stock price has increased by 157% since the issue price [2] Company Overview - Dipo Technology specializes in providing enterprise-level large model AI application solutions, facilitating efficient integration of data, decision-making, and operations for businesses [2] - The company has developed the FastData Foil data fusion platform and the Deepexi enterprise-level large model platform, enabling the deployment and implementation of Agentic AI applications across various vertical industries, including retail, manufacturing, healthcare, and transportation [2] Market Position - According to Frost & Sullivan, Dipo Technology is ranked as the number one provider of enterprise-level large model AI application solutions in China by revenue in 2024 [3] - The company is among the first in China to establish an AI-Ready data fusion platform and has the industry's first general enterprise operational decision-making model that has completed dual regulatory filings for deep synthesis algorithms and generative AI services [3]

Group 1 - The core theme of the event is "Gold Initiates a New Journey, Gathering Future Brilliance" and it marks the launch of the "China Gold" APP [1] - The chairman of China Gold Group, Zhou Zhou, stated that the first Gold Bar Festival aims to lead industry upgrades and contribute to the economic recovery with three main objectives: responding to the national call for expanding domestic demand, addressing public needs for convenient and safe gold services, and exploring transformation and upgrading in the digital era [1] - The "China Gold" APP aims to create a comprehensive service system that integrates purchasing, repurchasing, and exchanging gold, enhancing consumer experience [1] Group 2 - The APP's core logic is to establish a full-channel closed loop through digital tools, enabling "online ordering + offline pickup + online repurchase," thereby upgrading offline stores into comprehensive service terminals [1] - The initiative is positioned as a one-stop window for consumers, promoting a safe purchase, secure sale, and convenient exchange of gold [1]

近日，由CIO时代主办，新基建创新研究院作为智库支持"智能引领·数字未来 | 2025 AI 智创未来 CIO 峰会"在京落幕。会上，京东方科技集团副变革与IT管理官齐永鑫带来了主题为"企业数字化变革的成 功要素"的精彩分享。 京东方科技集团副变革与IT管理官 齐永鑫 嘉宾观点 数字化变革的成功要素包含了"七个反对"：反对完美主义、反对繁琐哲学、反对盲目创新、反对没有全 局效益提升的局部优化、反对没有全局观的干部主导变革、反对没有业务实践经验的人参加变革、反对 没有充分论证的流程进入实用。 数字化转型在企业提升核心竞争力方面，正起来越来越大的作用。但麦肯锡、埃森哲等机构的数据都显 示，全球数字化变革成功率不足20%。由于存在着价值认知偏差、生存周期短、资源错配等核心矛盾， 进入数字化转型深水区的企业必须开始思考：面对数字化变革失败率高的全球性困境，如何才能提升企 业数字化转型的成功率。 失败根源拆解：从认知偏差到投入错位，五大问题拖垮变革 其次是缺少合理规划。很多企业上系统前，连变革的目标和业务价值都说不清楚，就指望顾问来解决。 这是大错特错的——自己都讲不明白的价值，顾问更不可能讲清楚，这样的项目从一开始就 ...

"这标志着中国黄金正从传统的产品提供者，向以数字科技为驱动的综合服务商和行业生态引领者转 变。"周洲说。 本报讯 （记者贺王娟）12月22日，"中国黄金首届金条节"启动仪式在北京举行，活动由中国黄金集团 有限公司战略指导，中国黄金集团黄金珠宝股份有限公司（以下简称"中金珠宝"）主办。启动仪式 上，"中国黄金"App正式上线。 中国黄金集团有限公司党委书记、董事长周洲在仪式上发言强调，为了引领行业升级，为巩固经济回升 向好态势贡献行业力量，中国黄金作为行业"国家队"，发起首届金条节并推出专属App，有三大核心目 的：一是响应国家扩大内需的号召，通过打造线上线下融合的消费新场景，激发市场潜能；二是回应百 姓对便捷、安全黄金服务的需求，构建集购买、回购、换新于一体的综合服务体系；三是顺应数字化时 代浪潮，为全行业探索转型升级的"中国黄金方案"。 与此同时，品质是黄金价值的生命线，更是消费者信心的基石。国家珠宝玉石首饰检验集团有限公司 （以下简称"国检集团"）董事长顾晓华强调，产业升级需要"以质筑基，以文化赋能"。国检集团将通过 区块链溯源、AI检测等科技创新，为黄金品质保驾护航，并与中国黄金等领军企业共同推动消费从 ...

Core Viewpoint - Ningbo Bank Shaoxing Branch is actively implementing national strategic directives to enhance financial services for the real economy, focusing on a "Five Help" service system aimed at supporting high-quality economic development [1] Group 1: Helping Customers Make Money - Ningbo Bank has launched the "Bobo Zhiliao" overseas customer acquisition service, leveraging a database covering over 200 countries and more than 10 billion trade data points to facilitate cross-border trade [2] - The service allows businesses to conduct in-depth trade data analysis, enhancing supply chain data depth and breadth by over 60% [2] - A "hidden champion" enterprise in Shaoxing has benefited from this service, significantly improving its efficiency in reaching potential international clients [2] Group 2: Helping Customers Save Money - The bank has introduced the "Bobo Zhiliao" AI Sentinel solution to enhance safety management for enterprises, enabling real-time risk identification and alerting through existing surveillance systems [3] - This solution allows for 24/7 identification of safety hazards without the need for extensive system overhauls, thus reducing operational costs [3] Group 3: Helping Customers Manage Money - In response to the accelerating global digital transformation, Ningbo Bank is promoting intelligent and efficient financial management through initiatives like "DeepSeek Empowering Financial Practice" and "AI Model Application Exploration" [5] - The bank has launched over 60 digital systems, including "Kunpeng Treasury" and "Ningxing Cloud," to provide tailored financial solutions for diverse digital needs [5] Group 4: Helping Customers Find Money - The bank is focusing on facilitating access to financial services in line with national policies aimed at large-scale equipment upgrades and consumer goods replacement [6] - A training session was held for over 20 leading enterprises in the hardware industry to help them understand project application points for long-term national bond projects [6] Group 5: Helping Employees Achieve a Better Life - Ningbo Bank has developed a "Beautiful Life" platform to enhance employee satisfaction and internal efficiency, offering various benefits such as discounts on dining, movies, and hotels [8] - The platform continuously evolves to include diverse benefits, thereby enhancing employee loyalty and serving as a competitive advantage for talent retention [8] - The bank aims to further deepen its "Four Modernizations and Five Helps" service system to inject new financial momentum into regional economic development [8]

Core Viewpoint - Zhangye City Public Resource Trading Center Shandan County Branch is advancing the construction of a unified national market by focusing on digital transformation and intelligent application, enhancing service functions, and optimizing the business environment in public resource trading [1] Group 1: Digital Transformation and Platform Upgrade - The center views information technology construction as a lifeline for public resource trading, completing system upgrades and integrating with provincial and municipal platforms, achieving resource sharing across the province [2] - Hardware upgrades include the implementation of a "cloud desktop" system for all 20 independent evaluation seats, enhancing security and monitoring through advanced technology [2] Group 2: Service Efficiency and Business Environment - The center has implemented a "three immediates" service model and "no-contact" bidding process, significantly reducing project processing times to under 10 minutes and bid announcement times to an average of 78 hours, saving companies approximately 17.52 million yuan in bidding costs [3] - Continuous services such as "green channels" and 24/7 support have led to 100% electronic transactions, enhancing the overall business environment [3] Group 3: Regulatory Oversight and Market Integrity - The center enforces a "six openness" policy for transaction information, utilizing big data and cloud computing for real-time monitoring and intelligent analysis to prevent illegal activities [4] - A comprehensive regulatory network has been established, ensuring that all transaction records are stored securely and monitored throughout the evaluation process [4] Group 4: Growth in Transaction Scale and Comprehensive Benefits - The center has expanded its trading scope to include rural collective property and mining rights, achieving a total of 198 projects with a transaction amount of 375.45 million yuan, marking a 17% increase in projects and a 45% increase in transaction value year-on-year [5] - The center aims to continue enhancing platform integration and digital transformation to support high-quality economic and social development in the county [5]

Core Viewpoint - Inclusive insurance is a crucial part of inclusive finance, continuously upgraded in China under national policy guidance, injecting strong momentum into social security and common prosperity [2] Group 1: Product Innovation - The inclusive insurance sector is accelerating its development, with a focus on tailored products to address coverage gaps, driven by the common prosperity strategy and inclusive finance policies [3] - The National Financial Regulatory Administration issued guidelines in June 2024 to enhance the quality of inclusive insurance, emphasizing the need for a robust product supply system targeting specific fields and risk groups [3] - Local innovations are emerging in the insurance coverage for new citizens and gig economy workers, with customized insurance plans addressing specific occupational risks [4] Group 2: Service Innovation - The enhancement of service quality is essential for improving product competitiveness, with digital transformation being a key focus for the industry [7] - Insurance companies are implementing smart underwriting and fully automated claims processes to simplify procedures and reduce operational costs [7] - Banks are becoming frontline service providers for inclusive insurance, offering one-stop services that integrate insurance with banking operations [8] Group 3: Environmental Innovation - The sustainable development of inclusive insurance requires collaboration among government, enterprises, and banks to create a cooperative ecosystem [9] - Government policies and resource support are vital for the construction of the inclusive insurance ecosystem, while industry organizations help reduce product development costs [9] - Despite the rapid growth of bank-insurance cooperation, challenges such as product homogeneity and insufficient service collaboration remain [9][10]

经济日报记者 宋美倩 日前，记者来到位于河北省廊坊市大城县留各庄镇的大城绝热节能材料产业基地，多家企业正在如 火如荼地生产。记者了解到，当地170余家企业直接带动3.2万余人就业。 目前，廊坊产业园区健康发展：固安县设立航空航天专业体验区，汇聚136家相关企业，涵盖航天 研发、零部件制造等领域，年产值超50亿元；香河县打造机器人小镇，吸引北京150多家疏解企业落 户，年产值达21亿元；三河市建设大健康产业园，集聚生物制药、医疗器械、医疗健康服务等企业782 家，年营业收入已突破50亿元。 智改数转上档次 在霸州市胜芳镇伊曼双新家具有限公司生产车间内，中央除尘设备持续运转，整条生产线异常洁 净。"我们投入1500万元用于数字化转型，对生产设备和软件系统进行了全面升级。"公司生产厂长王晓 雯对各个环节的变化如数家珍，"生产环节引进了大型封边机、数据加工中心、镂铣机、焊接机器人、 数控裁床等先进设备，设计和管理环节实现了工艺与业务的数字化，生产效率大幅提升。" 近年来，廊坊市大力推进特色产业集群数字化、智能化转型升级，推动产业向高端化、智能化、绿 色化发展。全市已建设重点实验室、技术创新中心等各类科技研发平台103 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a high single-digit decline in total sales for FY2026Q3, with direct store sales area decreasing by 1.3% quarter-on-quarter and 13.4% year-on-year [1] - The retail environment remains volatile, with pressures from store closures and competition affecting offline sales [1] - E-commerce sales are expected to continue growing due to the company's strong operational capabilities and enhanced digital marketing strategies [2] - The company is focusing on expanding its brand portfolio in the outdoor and running segments, collaborating with various brands to meet diverse consumer needs [2] - The overall revenue is projected to decline by 7% and net profit by approximately 4% for FY2026, influenced by the current consumer environment and inventory management [2] Financial Summary - Revenue for FY2026 is estimated at 25,062 million, a decrease of 7.2% year-on-year [4] - Net profit for FY2026 is projected at 1,229 million, down 4.4% year-on-year [4] - The company’s earnings per share (EPS) for FY2026 is expected to be 0.20 [4] - The price-to-earnings (P/E) ratio for FY2026 is estimated at 14.3 [4] - The return on equity (ROE) is projected to be 13.6% for FY2026 [12]