* 岑㏔䄬婘撨劭免罆♷僗⪝ 4)&/;)&/80&3)&"54)3*/,"#-&."5&3*"-$0 -5% (於中華人民共和國註冊成立的股份有限公司) 股份代號：9981 聯席保薦人、保薦人兼整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 Shenzhen Woer Heat-Shrinkable Material Co., Ltd.* 深圳市沃爾核材股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 聯席賬簿管理人及聯席牽頭經辦人 * 僅供識別 重要提示 全球發售 全球發售項下的發售股份數目 ： 139,988,800股H股 香港發售股份數目 ： 13,999,000股H股（可予重新分配） 國際發售股份數目 ： 125,989,800股H股（可予重新分配） 最高發售價 ： 每股H股20.09港元，另加1.0%經紀佣金、0.0027% 證監會交易徵費、0.00015%會財局交易徵費及 0.00565%香港聯交所交易費（須於申請時以港元 繳足，多繳款項可予退還 ...

近期，有色金属成为A股热点。其中，被称为"红色黄金"的铜，在2025年上涨34.34%之后，其价格在 2026年开年又实现新一轮上涨。据生意社披露数据，1月29日，铜最新价格达到10.16万元/吨，同比上 涨35.08%。 业内认为，整体来看，能源转型与数字革命构成了铜需求长期增长的保障。以电解铜为例，通惠期货研 报显示，2026年电解铜的终端需求呈现"传统企稳、新兴崛起"的格局，全球需求量预计超过2900万吨， 其中近一半来自电力投资。 据国家电网官网消息，投入资金将重点用于科技创新、新型电力系统建设等方面。建设内容包括，服务 经营区风光新能源装机容量年均新增2亿千瓦左右；初步建成主配微协同的新型电网平台，加快特高压 直流外送通道建设；加快推进城市、农村、边远地区配网建设，探索末端保供型、离网型微电网模式； 夯实数智基础设施。 与此同时，中国南方电网有限责任公司2026年将安排固定资产投资1800亿元，连续五年创新高，年均增 速达9.5%，将重点投向新型电力系统建设、战略性新兴产业发展、优质供电服务提升等领域。这些将 为铜市场长期需求提供坚实的"压舱石"。 宝城期货分析师龙奥明表示，特高压、配电网和新能源三 ...

以下文章来源于东针商略 ，作者东针商略 东针商略 . 聚焦科技趋势，分享商业新知，关注世界变化，一起思考有价值的内容，在沸腾的时代里，并肩成长。 本文来自微信公众号： 东针商略 ，作者：东针商略，题图来自：视觉中国 白银价格历史上首次突破每盎司100美元大关，年内涨幅超过44%，创下历史新高。这一剧烈波动背 后，是白银市场连续多年且持续扩大的供需缺口，标志着白银正从传统的金融附属品转向由实体产业 主导的关键战略资源。 根据世界白银协会数据，全球白银市场自2021年以来已陷入持续的结构性赤字。2025年供需缺口接 近3亿盎司，创下历史最高纪录，而2026年这一缺口预计将进一步扩大。 推动需求爆发的核心力量来自工业领域，尤其是光伏、电动汽车与AI基础设施的快速增长。目前工 业用银已占白银总需求的60%以上，其中光伏产业的需求在过去五年增长超过1.6倍，白银因其不可 替代的导电与稳定性，成为绿色能源转型中难以绕过的关键材料。 然而，与需求端的强劲增长形成尖锐矛盾的是，白银的供应体系却呈现刚性约束。 全球超过70%的白银产量来自铜、铅、锌等金属的伴生矿，其产量取决于主金属的投资周期，对银价 变化反应迟钝。 矿产银产量 ...

Core Viewpoint - The article discusses China's global governance initiative, which aims to establish principles that promote equality among nations and enhance international cooperation amidst a changing geopolitical landscape [1][2]. Group 1: Global Governance Initiative - China's global governance initiative emphasizes five core principles: sovereign equality, adherence to international law, multilateralism, a people-centered approach, and action-oriented strategies [1]. - The initiative has garnered widespread recognition from various countries, including major global South nations like India, Brazil, South Africa, and Indonesia, as well as support from several European countries [1][2]. Group 2: Challenges in Global Governance - There is a significant disparity between legal sovereignty and actual power dynamics, with strong nations often overshadowing weaker ones in terms of influence and rule-making [2]. - The existing international system, particularly institutions like the United Nations, is seen as outdated and not reflective of the current global power structure, necessitating deep reforms [3]. Group 3: Future of International Institutions - New international platforms such as the Shanghai Cooperation Organization and the Asian Infrastructure Investment Bank are viewed as essential supplements to traditional institutions, providing a voice for developing countries [3]. - The shift in global power dynamics indicates that developing nations will play a crucial role in future international rule-making, necessitating their active participation in multilateral dialogues [3]. Group 4: Sustainable Development and International Law - The core challenge of sustainable development is rooted in domestic policy discrepancies among nations, which complicate international cooperation [4]. - The article highlights that while major economies are advancing green transitions, the absence of U.S. participation does not hinder progress, as other nations can still lead initiatives [4]. Group 5: Perspectives on Future International Affairs - The outlook for 2026 suggests that China will continue its steady development and lead in global green initiatives, while the U.S. may struggle with internal divisions and declining relative power [6]. - Other regions, particularly India and Europe, are expected to accelerate their development and strategic autonomy, with hopes for peace in conflict areas like Ukraine and Gaza [6].

Core Insights - The third National State-owned Assets Management Innovation Conference was successfully held in Shanghai, focusing on "Leading Innovation, Driving Digital Intelligence, Empowering Capital, and Revitalizing Industries" [2][3][34] Group 1: Conference Overview - The conference was organized by the Shanghai State-owned Capital Operation Research Institute and supported by various organizations, gathering over 300 guests from government departments, state-owned enterprises, and professional institutions to discuss revitalizing state-owned assets and high-quality development [3][34] - Keynote speeches highlighted the opportunities brought by the digital revolution for revitalizing state-owned assets, emphasizing the transformation of economic relationships through data [11][42] Group 2: Expert Contributions - Experts from various companies shared their experiences in asset revitalization and management, focusing on topics such as real estate revitalization, asset securitization, and special asset management [11][42] - China Resources Asset Management shared its approach to revitalizing low-efficiency assets through market-oriented strategies and private REITs [13][44] - The Guangzhou State-owned Assets Management Group introduced its "Guangzhou Experience" in managing special assets, emphasizing the revitalization of traditional brands through digital transformation [50] Group 3: Capital Empowerment - The importance of capital empowerment was emphasized, with innovative financial tools being introduced to support the revitalization of state-owned assets [21][52] - The Shanghai International Commodity Auction Company discussed the role of auctions in asset revitalization, highlighting the efficiency of converting idle assets into cash [23][54] Group 4: Roundtable Discussions - A roundtable discussion focused on new business models and scenarios for revitalizing state-owned assets to stimulate innovation in the technology sector [56] - Participants discussed strategies for improving asset management efficiency and balancing risk and return in investment processes [56] Group 5: Collaborative Initiatives - The conference also launched the State-owned Asset Management Ecological Collaborative Innovation Service Platform and appointed new experts to the "Expert Database for Revitalizing State-owned Assets" [26][57] - The platform aims to enhance collaboration and intelligence support in the field of state-owned asset management [26][57]

新华社日内瓦12月3日电（记者焦倩）由世界贸易组织和世界银行联合举办的"服务贸易促发展"会议3日 在瑞士日内瓦开幕。世贸组织总干事伊维拉在开场发言中指出，服务贸易将成为未来贸易与发展的核 心。 世贸组织和世界银行2024年共同推出"服务贸易促发展倡议"，旨在通过能力建设和技术援助帮助发展中 经济体更好地利用服务贸易促进发展。 会议期间，各国政府、国际组织及私营部门的代表深入探讨新工具的使用，分享服务贸易领域的最新进 展和有益经验。 【纠错】 【责任编辑:赵阳】 伊维拉说，过去二十年，服务贸易已成为全球贸易中增长最快的部分，数字革命为这一趋势注入了强劲 动力。根据世贸组织最新预测，2025年全球商业服务贸易量预计增长4.6%，2026年增长4.4%，远高于 货物贸易增速。世贸组织预测今年货物贸易增长2.4%，明年仅增长0.5%。其中，数字化交付服务是最 具活力的细分领域，预计在2025年和2026年将分别实现6.1%和5.6%的增长。 伊维拉强调，发展中国家正在抓住与服务贸易相关的发展机遇，但也面临一些挑战，包括对服务贸易的 政策关注度不足。许多发展中和最不发达经济体在全球服务贸易中持续被边缘化，错失增长、就业 ...

Core Insights - The global economy is entering a new era characterized by innovation, resilience, and disruption, driven by evolving geopolitical landscapes and rapid advancements in technologies like artificial intelligence [1] - The 2025 Fortune Innovation Forum will take place in Kuala Lumpur, gathering influential leaders from business, technology, and policy to discuss how to navigate current changes and seize new opportunities [1] Group 1: Forum Themes - Key topics for high-level discussions at the forum include digital revolution and artificial intelligence, geopolitical shifts and trade route changes, sustainable energy transition, food security innovation, evolving work models, healthcare advancements, and the reshaping of the global financial system [2] Group 2: Awards and Recognitions - The first day of the forum will conclude with the "Fortune Asia's Most Influential Businesswomen" award ceremony, honoring outstanding female leaders driving industry change and innovation in the Asia-Pacific region [4] - Following the awards, a dinner will feature a dialogue between the CEO of AS Watson and the editor of Fortune Asia, focusing on the scientific foundation of a 185-year-old brand [5] Group 3: Exclusive Events - The second day will begin with an exclusive breakfast gathering for influential female business leaders in Asia, discussing the reshaping of business models, leadership styles, and personal career paths as proactive strategies for future development [7]

Core Points - The "Nanjing Forum 2025" opened at Nanjing University, focusing on the impact of the digital revolution and artificial intelligence on society and civilization [1] - The forum aims to enhance cross-cultural research and cooperation, particularly with East Asian countries and global academic institutions [1] - The theme of the forum is "Digital Intelligence Era and Civilizational Creation - East Asia and the World," attracting over 200 experts from nearly 10 countries and regions [1] Group 1 - Vice Governor Zhao Yan emphasized the profound changes brought by the digital revolution and the need for technology to promote positive societal values [1] - Zhao expressed hope that the forum would serve as a bridge for cultural exchange and collaboration on important issues like modern civilization governance [1] - Academician Tan Tieniu highlighted the rise of artificial intelligence as a transformation of civilization paradigms, urging a collective response to ensure AI aligns with human values [1] Group 2 - The forum features five sub-forums, including one focused on "ESG and Intelligent Industry Development," indicating a broad scope of discussion topics [1] - The event underscores the importance of international dialogue in addressing the challenges and opportunities presented by the digital age [1] - Experts are expected to reach a consensus on the direction of civilization development in the era of artificial intelligence through open exchanges [1]

Core Insights - The current era is characterized as a significant time of opportunity rather than a bubble, with advancements in technology and societal transformation being at the forefront [1][5][6] - Three major opportunities are identified: the digital revolution, the continuation of the industrial revolution, and the formation of an online society [5][7][8] Digital Revolution - The digital revolution is divided into two phases: the material production-focused industrial revolution and the software-driven digital revolution, which are fundamentally different [5] - The wireless internet has played a crucial role in this revolution by aggregating human behavioral data, leading to the emergence of large language models and the anticipated development of "large behavior models" [6] Industrial Revolution - The industrial revolution is not over; China is currently undertaking its latter half, achieving scale in production and sales that previous nations did not fully realize [7] - The next 30 years may see overseas business revenues potentially matching China's GDP, driven by globalization and strategic choices rather than mere geographical advantages [7] Online Society - The transition from offline to online society introduces a new logic based on data, measurement, and prediction, contrasting with the cultural understanding required in offline society [8] - This shift is expected to create new opportunities and lead to the emergence of new mega-companies with trillion-dollar valuations within the next 10-15 years [8] Key Opportunities - Intelligent services that leverage AI for scalable output of human experience are highlighted as a key area for growth [9] - Globalization presents unique opportunities for China, particularly through manufacturing expansion [10] - The development of digital infrastructure is essential for the ongoing digital revolution, requiring innovative approaches beyond traditional methods [10] Risks - Misjudgment of technological changes could hinder progress, as companies may struggle to adapt to the revolutionary nature of AI [11] - The evolving global order, particularly in relation to digital trade, poses risks as traditional product-based trade structures may collapse [11] - The potential for a technology bubble, reminiscent of historical market crashes, necessitates caution in expectations for rapid advancements [12]

Core Viewpoint - The article highlights the transformation of the vegetable industry in Jia Yu County, Hubei Province, emphasizing the shift towards technological innovation, local seed development, and brand establishment to enhance quality and market competitiveness [1][2][7]. Group 1: Technological Advancements - Jia Yu County has developed a local variety of winter cabbage called "Sitedan," which now accounts for over 70% of the local market, reducing costs to one-third or half of imported seeds and increasing yield by 20% [2]. - The integration of technology in agriculture is evident, with real-time data monitoring for soil moisture, temperature, and pest control being utilized to improve farming practices [3][5]. - The establishment of the Jia Yu County Vegetable Industry Technology Research Institute aims to accelerate the application of scientific research in agriculture, creating an open agricultural technology laboratory [5]. Group 2: Supply Chain and Market Dynamics - A modern supply chain has been established, allowing for efficient processing and distribution of vegetables, with a new deep-processing facility expected to handle 50,000 tons annually [6]. - The "Xiangyin City Vegetable Supply Chain Information Platform" has been created, integrating over 1,500 agricultural entities, achieving a transaction volume of 146 million yuan in the first nine months of the year [6]. Group 3: Branding and Market Positioning - The launch of the "Jia Yu Vegetables" regional public brand marks a significant shift from selling raw materials to branding, enhancing the market presence of local produce [7][9]. - Jia Yu County has received multiple certifications for its vegetable varieties, including green food certification and national geographical indication for "Jia Yu Cabbage," contributing to its reputation as "China's Cabbage Town" [9]. Group 4: Economic Impact - The vegetable industry in Jia Yu County generates an annual output value of 6 billion yuan, involving 75,000 farmers and providing an average annual income of 17,000 yuan per person [10]. - The cooperative model implemented in the region has successfully organized farmers, enhancing their market access and income potential through a "three-gold" model of rent, salary, and shares [10].