Core Viewpoint - The Shenzhen Stock Exchange organized a roadshow in Australia to showcase the innovative development stories of listed companies and highlight investment opportunities in China's capital market during the 14th Five-Year Plan period [1] Group 1: Event Overview - The roadshow is the second consecutive year that the Shenzhen Stock Exchange has organized such an event in Australia, featuring six listed companies focused on green low-carbon and high-end manufacturing sectors [1] - Approximately 70 representatives from major Australian pension funds and asset management companies participated, engaging in discussions about the companies' operational status and innovation achievements [1] Group 2: Industry Focus - The participating companies align closely with Australia's investment hotspots, particularly in the renewable energy and high-end manufacturing sectors [2] - Tianqi Lithium, a leading lithium materials company, integrates deeply with Australia's lithium resource industry, while Goldwind Technology, a leader in wind power, aligns with Australia's renewable energy strategies [2] Group 3: Innovation and Technology - Companies are focusing on technological breakthroughs and increasing R&D investments to drive high-quality development, presenting significant investment opportunities [3] - Tianqi Lithium has established a market-oriented R&D management system, while Megmeet Electric has made breakthroughs in AI data center power supply systems [3] Group 4: ESG Practices - The participating companies have shown a commitment to ESG practices, which are increasingly recognized by long-term investors in Australia [4] - Goldwind Technology has integrated sustainable development into its entire product lifecycle, while Tianqi Lithium and Shenghong Technology have set clear carbon neutrality goals [5]

Core Viewpoint - Jiangsu Financial Leasing Co., Ltd. (Jiangsu Jinzu) has been recognized for its comprehensive quality and excellence in service to the real economy, winning the "Financing Leasing Institution (Jinzu) Comprehensive Quality Model" award at the "2025 Leasing Industry Production and Financial Ecosystem Conference" held in Shanghai [1] Group 1: Awards and Recognition - Jiangsu Jinzu received the "Financing Leasing Institution ESG Influence Model" award, becoming one of the 15 benchmark enterprises in the industry recognized for its systematic practices in Environmental, Social, and Governance (ESG) [1][8] - The awards reflect the market and industry’s acknowledgment of Jiangsu Jinzu's high-quality development [1] Group 2: ESG Practices - The company has fully integrated ESG concepts into its governance and strategic development, establishing a systematic governance structure and comprehensive management mechanisms [8] - Jiangsu Jinzu actively practices green finance, continuously expanding its green leasing business to promote green transformation [8] - The company is committed to serving the real economy, focusing on inclusive finance, and providing precise support for the development of small and micro enterprises [8] Group 3: Future Goals - Through standardized ESG management, high-quality information disclosure, and continuous innovative practices, Jiangsu Jinzu has become a model enterprise for ESG development in the financing leasing industry [9] - The company aims to deepen its ESG governance system and promote the synergy between business development, environmental protection, and social benefits, striving towards the goal of becoming an "internationally leading equipment leasing service provider" [9]

11月25日，由中国上市公司协会（以下简称"中上协"）和国泰海通证券联合主办的"境外上市合规培 训"在深圳腾讯滨海大厦举行。本次活动吸引了近百位来自国内拟上市及已上市公司的代表参与，围绕 企业赴港上市的热点议题展开深度交流，旨在助力企业把握香港资本市场机遇，构建稳健合规体系。 此次培训在中上协理事刘翠兰与腾讯集团副总裁韩开创的开场致辞中拉开帷幕。他们指出，随着中国企 业全球化进程加速，香港作为国际金融中心的地位日益凸显，已成为内地企业"资本出海"的重要平台。 在此背景下，企业亟须提升跨境合规能力，以应对日益复杂的市场环境。 聚焦香港上市实务难点 此外，中上协联系会员灼实咨询合伙人冯彦娇通过多个典型案例系统阐述了如何通过精准行业定位与价 值叙事助力企业实现资本市场突围，获得监管认可和资本信任。国泰海通证券国投行十二部负责人许磊 围绕资本市场最新政策与跨境并购市场动态，就海外并购的合规路径与价值创造进行分享。腾讯集团金 融消费者权益保护部高级经理周祎则介绍了金融消费者权益保护相关业务。 跨界融合 共建合规新生态 在参会企业看来，本次培训不仅是政策与规则的解读，更是一次跨界智慧的碰撞。从法律合规到ESG管 理，从财 ...

Core Points - The 2025 Golden Bull Enterprise Sustainable Development Forum and the third National New Cup ESG Golden Bull Awards ceremony were held on November 26, recognizing companies for their achievements in ESG (Environmental, Social, and Governance) practices [1][2] Group 1: ESG Golden Bull Awards - A total of 114 companies were awarded the ESG Golden Bull Award, including notable firms such as China Construction Bank, Midea Group, Hikvision, Haier Smart Home, and Kingsoft Office [1] - 62 central enterprises received the ESG Excellence Central Enterprise Golden Bull Award, including companies like Aero Engine Corporation of China, Poly Developments, and China Tungsten High-Tech [1][2] Group 2: ESG Carbon Neutrality Awards - 36 companies, including Longi Green Energy, Huadian International, and Jinfa Technology, were recognized with the ESG Carbon Neutrality Golden Bull Award [2] Group 3: ESG Technology Leadership Awards - 26 companies, such as Zhongwei Company, Northern Rare Earth, and iFlytek, received the ESG Technology Leadership Golden Bull Award [2] Group 4: ESG Governance Awards - 33 companies, including Huqin Technology, Shengyi Electronics, and Tianshan Aluminum, were awarded the ESG Governance Golden Bull Award [2] Group 5: ESG Rural Revitalization Awards - 31 companies, including Pianzaihuang, Chuan Investment Energy, and Shenen Co., were recognized with the ESG Rural Revitalization Golden Bull Award [2] Group 6: ESG New Star Awards - 27 companies, such as Yunda Holdings, Shida Shenghua, and Deep Zhenye A, received the ESG New Star Golden Bull Award [2]

Core Insights - The report highlights the increasing importance of ESG performance in capital markets, influencing investors' decisions on stock holdings [1] - The concept of "going global" is emphasized, with ESG becoming a critical factor for Chinese companies expanding overseas [1][2] - Companies face compliance and disclosure pressures related to ESG when entering international markets, particularly in the EU [1][3] Group 1: ESG and International Expansion - ESG is becoming a significant consideration for Chinese companies as they navigate international markets, with over 2,000 companies assisted by Deloitte in expanding across 96 overseas markets [1] - The challenges faced by companies include not only ESG compliance but also the need to integrate local sustainable development requirements into their strategic planning [3] - The financing process for projects, especially in renewable energy, is heavily influenced by ESG standards set by multilateral banks, which can impact project timelines and costs [2] Group 2: Carbon Market and Green Energy - The global carbon market is still fragmented, with ongoing efforts to establish a unified trading system, highlighting the need for international cooperation [3] - Deloitte China has committed to carbon neutrality by purchasing renewable energy certificates, achieving 100% renewable energy usage in its offices [4] - The use of green electricity is expected to increase, with companies primarily acquiring it through green certificates, reflecting their commitment to environmental responsibility [4]

Core Insights - The express delivery industry in China has seen a significant growth in business volume, reaching 1,626.8 billion packages from January to October, a year-on-year increase of 16.1% [1] - The industry faces challenges such as increasing carbon emissions and intense price competition, prompting companies like Yunda to integrate ESG principles into their core strategies [1][6] - Yunda is leveraging AI technology to enhance operational efficiency and address environmental concerns, viewing sustainability as a long-term asset rather than a cost [2][10] ESG Integration - Yunda's approach to environmental sustainability is comprehensive, involving significant investments in infrastructure, such as 18 photovoltaic transfer centers, which have reduced greenhouse gas emissions by 40.38% and cut carbon emissions by over 13,000 tons [2] - The company promotes automation and smart technology in daily operations, improving package processing efficiency and reducing energy consumption [2][3] - Yunda's ESG strategy has evolved from a passive response to an integrated approach, emphasizing the importance of ESG governance in maintaining competitiveness and attracting quality clients [6] Value-Added Services - Yunda focuses on user-centric design to meet diverse consumer demands, offering personalized solutions for common delivery needs and emerging trends [7][8] - The company has introduced green packaging options and customized packaging services to cater to environmentally conscious consumers and enhance emotional value [8][9] - Specific service enhancements, such as "Zhicheng Network" for clothing and "Zhicheng Fresh" for perishable goods, have improved delivery efficiency by 20%-40% while reducing costs by 20%-50% [8] Technological Empowerment - Yunda is implementing AI across its operations, transitioning from experience-driven to data-driven decision-making [10][12] - The use of large models allows for improved forecasting and planning, optimizing delivery routes based on real-time data [10][11] - The company is creating a unified data platform to enhance information sharing and operational transparency, integrating IoT devices for real-time monitoring of packages [11] Workforce Transformation - Yunda emphasizes a "technology for people" philosophy, ensuring that AI enhances rather than replaces human roles in the workforce [12] - The company is investing in employee training and skill development to adapt to new technological roles, promoting a collaborative growth environment [12]

Group 1: Urban Development Conference - The 9th Huaxia Urban Industry Chain Development Conference and 2025 Urban Construction High-Quality Development Forum was successfully held in Beijing, focusing on high-quality urban development, urban renewal, barrier-free construction, and elderly-friendly renovations [1] - Leaders from the Ministry of Housing and Urban-Rural Development and various city construction systems shared innovative practices and systematic solutions for barrier-free environment construction, showcasing replicable and promotable advanced cases [1] - The conference highlighted the "2025 Annual Urban Industry Chain Cases," presenting new achievements, technologies, and breakthroughs in China's urban development transformation [1] Group 2: Kinko Co., Ltd. Restructuring Case - Kinko Co., Ltd. has emerged as the first publicly listed large real estate company to achieve rebirth through judicial restructuring, providing a replicable model for resolving systemic risks in the real estate industry [2] - The company implemented an innovative restructuring plan "1+1+N," balancing creditor interests with the need for sustainable operations, and offering an "AMC-led" solution for large real estate companies [2][5] - Kinko's restructuring strategy involves a combination of quality capital, central enterprise AMC, and local state-owned enterprises, transforming individual company risks into regional resource integration and industry model innovation [2][5] Group 3: Delivery and Business Growth - Kinko Co., Ltd. prioritizes "ensuring housing delivery" as its primary operational task, achieving a cumulative delivery of approximately 314,000 units and 48.4 million square meters since the start of its housing delivery efforts in 2022, with an overall progress rate of about 98% [3][6] - The company has signed new construction contracts for 7.23 million square meters in the first nine months of 2025, marking a significant year-on-year growth of 71.3%, ranking seventh nationwide [3] Group 4: Business Structure and Future Growth - Post-restructuring, Kinko will establish four major business segments: investment management, development services, operational management, and special assets, focusing on improving business structure and operational performance [4] - The company aims to transition into a comprehensive real estate operator with a focus on efficient operations, lean management, and technological innovation, enhancing profitability, asset value, and liquidity [4][6] Group 5: Green and Low-Carbon Development Case - The Dongguan Chashan Yujingtai project emphasizes green and low-carbon practices, starting from the design phase to enhance living quality while maximizing landscape resources [6][7] - The project incorporates prefabricated construction and BIM design to ensure quality and sustainability, with community amenities including public kindergartens and schools, and a focus on accessibility for disabled individuals and the elderly [7] Group 6: Industry Trends and ESG Practices - The project exemplifies a shift from scale competition to quality competition in the real estate industry, highlighting the importance of practical, reusable solutions over mere technical showcases [8] - As financing increasingly emphasizes ESG performance, projects like this enhance product competitiveness and serve as proof of a company's sustainable development capabilities [8]

Group 1: Urban Development and Construction - The 9th Huaxia Urban Industry Chain Development Conference focused on high-quality urban construction, urban renewal, barrier-free construction, and elderly-friendly renovations [1] - Various city construction system leaders shared innovative practices and systematic solutions for barrier-free environment construction, presenting replicable and promotable advanced cases [1] - The conference showcased "2025 Annual Urban Industry Chain Cases," highlighting new achievements, technologies, and breakthroughs in urban development [1] Group 2: AI in Real Estate Services - 58.com and Anjuke launched an AI assistant named "Xiao An" to enhance operational efficiency and service quality for real estate agents [2] - The AI assistant streamlines the entire process for agents, providing tools for property marketing, client engagement, and transaction management [2][3] - The AI video generation feature allows agents to create professional property videos easily, enhancing the quality of service for over ten million users [2] Group 3: Autonomous Driving Solutions - Jiushi Intelligent Technology promotes pure electric unmanned vehicles, reducing single vehicle costs to about one-third of the industry average and carbon emissions by approximately 10 kg per day per vehicle [4][6] - The company has developed a "land and air integrated patrol vehicle" in collaboration with Suzhou Public Security, providing efficient solutions for urban safety management [4] - Jiushi Intelligent has established an automated and intelligent logistics network for tire delivery, enhancing operational efficiency in urban environments [5][6] Group 4: Smart City Operations - Lize City Resources has developed a comprehensive smart operation project for the Lize Financial Business District, integrating government and enterprise collaboration for urban management [7][8] - The project has processed over 380,000 work orders and created innovative scenarios to address urban challenges, enhancing community engagement and regional consumption [8] - The smart operation platform utilizes IoT, big data, and AI algorithms to transition urban governance from reactive to proactive, improving public space accessibility and inclusivity [8]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index down 0.15%, Shenzhen Component Index up 1.02%, and ChiNext Index up 2.14% [1] - Total trading volume in the Shanghai and Shenzhen markets reached 1.7833 trillion yuan [1] ETF Performance - Communication-related ETFs led the gains, with the top performers including Communication ETF up 5.61%, Communication Equipment ETF up 5.54%, and AI-related ETFs showing increases of over 5% [2] - The Aerospace ETF experienced the largest decline, down 2.62%, followed by other aerospace-related ETFs [4][5] Alibaba Financial Results - Alibaba reported a 34% year-on-year increase in cloud revenue for Q2 of fiscal year 2026, with AI-related product revenue growing for nine consecutive quarters [3] - Capital expenditure for the quarter was 31.5 billion yuan, with approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [3] - The investment in AI infrastructure is seen as a step towards the self-sufficiency of domestic computing power, indicating potential investment opportunities in this sector [3] ETF Market Activity - The Short-term Bond ETF had the highest trading volume at 23.5 billion yuan, followed by other ETFs such as Silver Hua Daily ETF and Convertible Bond ETF [6] - The Korean Semiconductor ETF had the highest turnover rate at 118% [6] Upcoming ETF Launches - Three new ETFs are set to launch, including A50 ETF, which tracks the CSI A50 Index, focusing on leading companies across various sectors [7] - Other ETFs launching include the China Hong Kong Stock Connect Dividend Low Volatility ETF, the Photovoltaic ETF, and the Hang Seng Biotechnology ETF, each targeting specific investment strategies and sectors [8]

Core Viewpoint - The technology market is expected to continue its momentum after a short-term correction, supported by strong performance from leading AI companies in the US and significant stock buybacks [1] Group 1: Technology Market Outlook - The AI sector in the US, particularly companies like Microsoft and Google, is showing robust revenue growth, with Azure and Google Cloud experiencing increases of 20% to 40% [1] - A significant stock buyback authorization for 2025, with a year-on-year increase of 15%, is expected to support valuations of comparable companies in the A-share market [1] - The current phase of the A-share AI market is transitioning from hardware to application, with hardware already fully developed and the application layer just beginning [1] Group 2: Index and ETF Insights - The China Securities A500 Innovation Index is compiled using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries [1] - The index includes nearly all leading companies in tertiary industries, achieving a "gathering of leaders" [1] - The index compilation incorporates mechanisms like mutual connectivity and ESG screening, aligning with the preferences of domestic and international institutional investors, which is beneficial for attracting long-term capital to core A-share assets [1] Group 3: ETF Performance - According to the 2025 mid-year report, the Guotai China Securities A500 ETF has the highest number of accounts among similar products, being more than three times that of the second-ranked product [1] - The growing interest in the China Securities A500 ETF (159338) indicates a potential investment opportunity for interested investors [1]