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证券日报网12月26日讯，达梦数据在接受投资者提问时表示，达梦数据率先提出并成功研发的"柔性替 代"方法，可基于数据实时同步工具实现从国外主流数据库软件向达梦数据库软件的柔性迁移。该方法 可保证达梦数据库软件和原有数据库软件两套系统同时运行，采用渐进而非激进的迁移过程，逐步对原 有数据库软件进行替换，给予用户充分的数据库替换风险评估与控制周期，避免数据库迁移的"硬着 陆"。经中国电子学会组织鉴定委员会鉴定："数据库平滑迁移技术有重大应用价值"。在生态建设方 面，公司一直致力于共创行业可持续发展生态链。截至2025年上半年，公司已与产业链上下游多家厂商 完成13000余款产品兼容适配，全面兼容网信生态，并与重点行业千余家TOP级ISV及渠道伙伴达成深度 合作，凝聚起强大的产业生态合力。 ...

万事开头难。多些宽容，多些理性，才能助力新国标"小电驴"在安全与实用之间找到最佳平衡，从而行 得更稳、走得更远。 道路千万条，安全第一条。当前，我国电动自行车社会保有量约3.8亿辆。然而，超速行驶、非法改装 引发的交通事故，以及电池起火导致的生命财产损失，令人触目惊心。2023年全国接报电动自行车火灾 2.1万起。电动自行车安全问题，不容忽视。 新国标实施后，电动自行车的安全性能大幅提升，为何仍引发讨论？这反映出政策理想与现实复杂性之 间存在一定张力。人们既希望电动自行车安全可靠，也期待它足够便利。对很多消费者而言，电动自行 车是通勤、采购、接送孩子的"刚需工具"。而目前部分新车型外观趋于简约，乘坐空间与储物空间不 足，直接影响使用体验，也在客观上削弱了车辆的使用价值。此外，也不排除部分自媒体推波助澜。他 们为吸引流量，刻意炮制"禁止带娃"等虚假信息，误导公众认知，也遮蔽了真正有价值的公共探讨。 政策的落地从来不是一蹴而就的，需要在动态调整中不断完善。此次争议既折射出公共安全与个人便利 的平衡难题，也反映了政策执行、行业转型与民生需求之间需要磨合空间。作为一项关乎数亿人出行方 式的公共政策，保持与公众意见的良 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Amid escalating Sino - US game, the A - share market has shifted to a defensive stance. Short - term stock market is expected to fluctuate weakly, while in the long - term, it is still cost - effective to buy on dips. The bond market has risen in the risk - aversion mode [2][3]. - For precious metals, gold and silver showed mixed performance, and short - term volatility may intensify. The long - term view on precious metal prices remains positive, but caution is advised at present [4][5]. - Regarding copper, due to the intensifying Sino - US game, copper prices will continue to oscillate at a high level in the short term. Although Rio Tinto's production increased in Q3, the global mine supply remains tight, and the cost still supports copper prices in the medium term [6][7]. - For aluminum, with attention on trade policy trends, the aluminum market's fluctuations will expand. The fundamental support is good, and prices are expected to remain favorable but with large fluctuations [8][9]. - Alumina is dominated by bearish factors and should be treated as a short - position asset due to supply pressure from long - term contracts, production methods, and imports [10]. - Zinc prices will continue to be weak as both macro and fundamental supports decline marginally. Pay attention to LME inventory and structural changes [11]. - Lead prices will be adjusted as fundamental pressure increases marginally, with supply increasing and consumption remaining flat [12]. - Tin prices will have a short - term high - level adjustment, but the adjustment space is limited due to strong supply - side support. Focus on the support of the 10 - day moving average [14]. - Industrial silicon will have a weak oscillation due to insufficient demand resilience. The supply is relatively abundant, and the demand from different sectors is lackluster [15][16]. - Lithium carbonate prices will oscillate weakly. There is a possibility of further decline, and short - term attention should be paid to the support strength at previous lows [17]. - Nickel prices are at the lower end of the oscillation range and are expected to oscillate and rise. The macro environment is dovish, and although the market is cold, the spot resources are scarce [18][19]. - For soda ash and glass, due to poor post - holiday demand, prices will oscillate weakly [20]. - For steel products (螺卷), spot trading is stable, but futures prices are weak. The supply pressure is increasing, and prices are expected to oscillate weakly [21][22]. - Iron ore prices will oscillate and adjust. Port inventory has increased, and although demand is high, the upward space is limited [23]. - For soybean and rapeseed meal, due to abundant supply and weakening sentiment, prices will oscillate and decline in the short term. Pay attention to the support range below [24][25]. - Palm oil prices will have a wide - range oscillation. Oil prices are weak, and the market is waiting for production and demand data and the progress of Indonesia's biodiesel policy [26][27]. 3. Summaries According to Related Catalogs 3.1 Metal Main Variety Trading Data - The report provides the closing prices, price changes, price change percentages, total trading volumes, total open interests, and price units of various metal futures contracts on October 15, 2025, including SHFE copper, LME copper, SHFE aluminum, etc. [28] 3.2 Industry Data Perspective - For copper, on October 14, the SHFE copper main contract price decreased, and the LME copper price also declined. SHFE copper warehouse receipts remained unchanged, while LME inventory decreased. The spot price increased, and the LME copper premium decreased [29]. - For nickel, on October 14, the SHFE nickel main contract price decreased, and the LME nickel price also declined. SHFE nickel warehouse receipts decreased, and LME inventory increased [29]. - For zinc, on October 14, the SHFE zinc main contract price decreased, and the LME zinc price declined. SHFE zinc warehouse receipts decreased, and LME inventory increased [30]. - For lead, on October 14, the SHFE lead main contract price decreased, and the LME lead price declined. SHFE lead warehouse receipts remained unchanged, and LME inventory increased [30]. - For aluminum, on October 14, the SHFE aluminum continuous - third contract price decreased, and the LME aluminum price declined. SHFE aluminum warehouse receipts increased slightly, and LME inventory decreased [30]. - For alumina, on October 14, the SHFE alumina main contract price decreased, and the national alumina spot average price also declined. SHFE warehouse inventory increased significantly [30]. - For tin, on October 14, the SHFE tin main contract price decreased, and the LME tin price declined. SHFE tin warehouse receipts decreased, and LME inventory remained unchanged [31]. - For precious metals, on October 14, the prices of SHFE and COMEX gold and silver remained mostly unchanged, with some changes in inventory and the gold - silver ratio [31]. - For steel products, on October 14, the prices of rebar and hot - rolled coil futures decreased, and there were changes in spot prices, basis, and spreads [33]. - For iron ore, on October 14, the iron ore main contract price decreased, and there were changes in spot prices, basis, and freight rates [33]. - For coke and coking coal, on October 14, the coke main contract price increased, and the coking coal main contract price also increased. There were changes in spot prices, basis, and spreads [34]. - For lithium carbonate, on October 14, the lithium carbonate main contract price increased slightly, and there were changes in spot prices and spreads [34]. - For industrial silicon, on October 14, the industrial silicon main contract price decreased, and the average prices of different grades in the East China region remained mostly unchanged [34]. - For soybean and rapeseed meal, on October 14, the prices of CBOT soybean, soybean meal, and rapeseed meal futures decreased, and there were changes in import prices, spot prices, and spreads [35].

Core Viewpoint - Xiaopeng Motors expresses commitment to industry association initiatives and the Ministry of Industry and Information Technology's guidance, emphasizing the importance of timely payments and collaboration within the automotive industry [1] Group 1: Commitment to Partners - The company will continue to uphold its commitment to a payment period of within 60 days, ensuring timely acceptance of goods, efficient reconciliation, and punctual settlement [1] - Xiaopeng Motors aims to provide a stable and secure operating environment for its partners, promoting their healthy development [1] Group 2: Industry Collaboration - The company plans to work closely with upstream and downstream enterprises in the industry chain to build a more stable and mutually beneficial cooperative relationship [1] - There is a focus on promoting a healthy, sustainable, and high-quality development of the automotive industry ecosystem, sharing development results with partners [1]

Core Viewpoint - The company emphasizes the importance of accounts receivable management and has established strict internal measures to ensure effective collection and credit risk control [1] Group 1: Accounts Receivable Management - The company prioritizes customer repayment ability during the product sales process [1] - An internal policy for accounts receivable management has been implemented to enhance collection efforts and manage credit risk dynamically [1] Group 2: Research and Development - The company focuses on technological innovation as a core driver for development, continuously iterating on its operating systems, cloud computing, and information security product lines [1] - In the first half of 2025, the company's R&D investment reached 44.293 million, representing a year-on-year increase of 12.81% due to increased employee compensation and stock incentive plans [1]

Core Insights - Chinese automotive companies are rapidly rising in the global market, with exports expected to exceed 6.41 million units in 2024, marking a 23% year-on-year increase, showcasing a significant shift from "product output" to "industry output" [1] - Major brands like BYD, Great Wall Motors, and Chery are actively expanding their global presence, with Chery maintaining its position as the top exporter of Chinese passenger cars for 22 consecutive years [1] - However, there are concerns about the potential for domestic market "involution" to spread to international markets, where competition rules and consumer expectations differ significantly [1][2] Industry Dynamics - The European market exemplifies the challenges faced by Chinese brands, where consumers prioritize quality, safety, and environmental standards, and brand loyalty is high [1] - A reliance on low-price strategies could damage brand reputation and lead to perceptions of low quality, as evidenced by the historical failure of Chinese motorcycle brands in Southeast Asia [1][2] - Short-sighted strategies that sacrifice profits for market share could undermine R&D investments and lead to trust issues, as seen with the EU's temporary anti-subsidy tax on Chinese electric vehicles [2] Competitive Strategies - Chinese automotive companies need to adopt fair and reasonable competition practices, focusing on technological innovation to enhance product reliability and safety [3] - Transitioning from a "cost-performance" focus to a "value" approach is essential, with successful examples including Lynk & Co's subscription model in Europe and NIO's battery-as-a-service offering in Norway [3] - Building brand value requires addressing consumer emotions beyond just product functionality [3] Collaborative Ecosystem - Emphasizing a "coexistence and win-win" global strategy is crucial, with Chinese companies encouraged to collaborate with international firms, suppliers, and research institutions [4] - Strategic partnerships, such as Geely's collaboration with Volvo, have proven beneficial in enhancing technology and brand image while facilitating market entry [4] - Localized production is vital for integrating into foreign markets, as demonstrated by Changan's factory in Thailand, which combines Chinese standards with local innovations [4] Future Outlook - As of 2025, the global expansion of Chinese automotive companies is at a critical juncture, with significant potential in overseas markets [5] - The industry must recognize that competition abroad is not merely a price battle but a test of value creation capabilities [5] - The path to overcoming domestic market challenges involves a commitment to long-term value creation, transitioning from "product export" to "brand export" and from "scale export" to "value export" [5]

Group 1 - Geely Auto Group commits to standardizing payment terms to within 60 days to enhance cash flow efficiency in the supply chain [1] - This initiative aligns with the State Council's regulations on ensuring timely payments to small and medium-sized enterprises and the China Association of Automobile Manufacturers' advocacy for fair competition [1] - The move aims to stabilize the supply chain and promote high-quality development in the automotive industry [1]

Group 1 - The core viewpoint emphasizes that talent has become the core resource for the high-quality development of the Xiangjiang New Area, with high-level talent expected to reach nearly half of Changsha's total by the end of 2024, surpassing one million in total [1] - A favorable industrial ecosystem is essential for attracting talent, which includes the need for advanced planning in future industrial sectors and the transformation of traditional industries to create significant talent demand [1] - Supportive industrial policies, such as investment support and the establishment of key technology platforms, are crucial for fostering innovation and entrepreneurship among talent [1] Group 2 - A comprehensive policy system is vital for retaining talent, addressing their concerns and allowing them to focus on research and innovation [2] - Providing convenient living services, such as housing and education for children, is necessary to create a favorable environment for talent retention [2] - Broad growth opportunities are key to nurturing talent, requiring support from government, society, and enterprises to help overcome initial challenges in their careers [2]

Group 1 - The theme of World Telecommunication and Information Society Day 2025 is "Gender equality in digital transformation," highlighting the International Telecommunication Union's commitment to promoting gender equality through ICT technology [1] - The evolution of communication technology over 160 years has transitioned from telegraph and telephone to 5G and satellite communication, with China leading in 5G network development [3][5] - The U.S. Open RAN initiative faces significant challenges, as recent NTIA testing indicates that while some progress has been made, the software maturity of Open RAN still lags behind traditional single-vendor solutions [5][8] Group 2 - The NTIA's report reveals that four suppliers successfully achieved cross-vendor interoperability, but the software maturity of Open RAN remains a significant hurdle, particularly in AI/ML algorithm upgrades [5][8] - The U.S. government's efforts to promote Open RAN through funding and policy have not yielded the expected results, with domestic vendors facing financial difficulties and reliance on traditional equipment suppliers [7][8] - China's 5G development has seen substantial achievements, with 4.395 million 5G base stations built, achieving extensive coverage and integration across various economic sectors [9][11] Group 3 - China's success in communication technology is attributed to continuous innovation and adherence to market principles, with significant R&D investments leading to breakthroughs in key areas [11][12] - The collaborative ecosystem among various stakeholders in China's telecommunications industry has fostered mutual growth and development, enhancing the overall industry landscape [11] - Looking ahead, China is strategically advancing in 5G-A and 6G technology, with initiatives aimed at fostering innovation and international collaboration [11][12]