JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 海外監管公告 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份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 2025年年度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 規 定 作 出。 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 及 中 國 報 章 刊 登 的 公 告。 特 此 公 告。 承董事會命 汪 鋒 執行董事 中 國‧南 京，2026年3月30日 於 本 公 告 日 期，本 公 司 董 事 為： 汪鋒 Δ 、王穎健 # 、謝蒙萌 # 、張新宇 #^ 、楊少軍 # 、楊建國 # 、馬忠禮 # 、徐光華 * 、 葛 揚 * 、顧 朝 陽 * 、譚 世 俊 * 、孫 立 軍 * Δ 執行董事 # 非執行董事 * 獨立 ...

Investment Rating - The report maintains a "Hold" rating for Dahua Technology Co., Ltd. (002236.SZ) [4][7] Core Insights - Dahua Technology showcased its "Smart Empowerment" approach at the 2026 Intertraffic Amsterdam, emphasizing its role in the digital transformation of transportation [1] - The company introduced several breakthrough technologies, including the Dahua Xinghan Model 2.0, which enhances traffic management by creating an intelligent closed-loop system for perception, analysis, decision-making, and control [2] - Dahua's three major Intelligent Transportation Systems (ITS) series aim to improve traffic safety and efficiency, including the Bisight X series for driver monitoring, Spotter Ultra for intersection monitoring, and iPatrol for mobile law enforcement [3] Financial Projections - Revenue projections for Dahua Technology are estimated at 32.75 billion CNY in 2025, 35.36 billion CNY in 2026, and 38.68 billion CNY in 2027, with corresponding net profits of 3.83 billion CNY, 4.17 billion CNY, and 4.62 billion CNY respectively [4][6] - The company is expected to achieve a revenue growth rate of 1.8% in 2025, 8.0% in 2026, and 9.4% in 2027 [6] - The latest diluted EPS is projected to be 1.17 CNY in 2025, 1.27 CNY in 2026, and 1.40 CNY in 2027 [6] Market Position - Dahua Technology is positioned as a leader in the AI-driven IoT sector, contributing significantly to the smart transportation industry [4] - The company has a total market capitalization of approximately 58.34 billion CNY, with a share price of 17.75 CNY as of March 17, 2026 [7]

Group 1 - Guangzhou is a significant hub for China's animation and gaming industry, hosting numerous enterprises and institutions involved in content creation and commercial monetization [1][3] - The "Beautiful Career, Beautiful Life" beauty training project by L'Oréal China aims to empower women by integrating public welfare training with local industry needs, focusing on the emerging profession of Cosplay makeup artists [2][4] - There is a growing demand for professional makeup artists ("Zhuang Niang") and prop makers in the Cosplay sector, driven by an influx of young enthusiasts into the community, indicating a need for standardized and professional talent development [3] Group 2 - The China Women's Development Foundation has collaborated with L'Oréal China to support over 14,600 women in urban and rural areas over the past decade, emphasizing the integration of public welfare training with local industry demands [4] - The training program aligns with national development strategies and leverages Guangzhou's strengths in digital cultural and creative industries, representing an innovative upgrade in the public welfare model [4]

Core Viewpoint - The article emphasizes the upcoming 2026 Commercial Vehicle Industry Development Conference, focusing on green transformation, digital empowerment, and integrated development to build a new ecosystem in the industry [2]. Summary by Sections - **Conference Details** - The conference will take place from March 25 to March 27, 2026, in Hubei, China [4][5]. - Early bird registration is available until March 10, offering the best prices [7]. - **Main Themes** - The main conference theme is "Green Transformation, Digital Empowerment, Integrated Development: Driving Forward Together to Build a New Ecosystem" [14]. - A significant industry report will be released during the conference [14]. - **Sub-Conference Sessions** - Multiple thematic sub-conferences will be held, including: - Breakthroughs in new energy technologies for commercial vehicles under carbon neutrality goals [16]. - High-level discussions on the quality and reliability of new energy commercial vehicles [16]. - Market and policy development directions for commercial vehicles [16]. - Commercialization of intelligent networking and autonomous driving [16]. - Supply chain security and collaborative innovation in the industry chain [16]. - **Additional Activities** - The event will also feature the release of innovative technology achievements in the commercial vehicle sector and discussions on global strategies and opportunities for Chinese commercial vehicles [20].

Group 1 - The core event "Ice and Snow Carnival" in Kangbao County, Hebei, showcases the integration of digital technology by China Unicom to enhance the local tourism and ice economy [1] - China Unicom has implemented full 5G network coverage at the event, allowing visitors to access a one-stop service platform for travel, accommodation, and entertainment through the "Kangbao Cultural Tourism" app [1] - The "Kangbao Cultural Tourism" smart platform utilizes 5G, big data, and cloud computing to integrate local tourism and agricultural resources, promoting the region and supporting sustainable development in the tourism industry [1] Group 2 - China Unicom's support has shifted from "blood transfusion" to "blood-making" empowerment, helping Kangbao County develop a unique path for industrial poverty alleviation [2] - The county's agricultural products, such as oat, buckwheat, and quinoa, have gained market exposure and sales through an online platform established by China Unicom, significantly increasing their visibility and sales [2] - China Unicom has also established cooperative processing plants that purchase agricultural products at prices 0.5 to 0.6 yuan higher than the market rate, ensuring farmers' income and promoting wealth generation [2] Group 3 - China Unicom is driving the transformation of Kangbao's cultural tourism industry, positioning it as a new winter tourism landmark in the Beijing-Tianjin-Hebei region [3] - The company has created a digital operation command center that utilizes a tourism big data platform to analyze visitor data, enhancing service, scheduling, and management in the tourism sector [3]

Group 1 - The core message emphasizes the importance of high-quality development and efficient governance through smart city initiatives and refined management practices, aligning with the principles outlined by General Secretary Xi Jinping [1][2] - The city aims to enhance governance platform efficiency by focusing on algorithm analysis and data application, optimizing grassroots governance functionalities, and improving data connectivity and emergency management [1][2] - The integration of "Party building + grid + big data" governance methods is highlighted as essential for modernizing the governance system and capabilities, with a focus on advanced technologies and methodologies [2] Group 2 - The city is committed to creating a comprehensive smart city that enhances perception, intelligent analysis, and precise execution, ensuring a more efficient urban management system [2] - There is a strong emphasis on meticulous urban management, particularly in addressing key areas of disorder and increasing safety and order in urban environments, thereby improving citizens' sense of security and happiness [2]

Core Viewpoint - The Daqing Oilfield is implementing the "Ballast Stone Project" to enhance oil production and address challenges in the development of aging oil fields, significantly increasing annual crude oil output from 304,000 tons to over 1.5 million tons in a strategic initiative lasting four years [1] Group 1: Production Achievements - The 510 oil extraction team at Daqing Oilfield exceeded production targets by 12,300 tons last year, demonstrating strong commitment and teamwork among its 52 members [1] - The "Ballast Stone Project" aims to tackle deep-seated development issues and improve the overall production capacity of the oilfield [1] Group 2: Technological Innovations - The Daqing Oilfield has developed a comprehensive high-quality development system through extensive technical discussions and simulations, addressing complex oil-water relationships and enhancing production stability [3] - The implementation of intelligent measurement and injection technologies has increased efficiency by eight times compared to traditional methods, ensuring precise water injection for oil extraction [4] Group 3: Digital Transformation - The oilfield is advancing digital transformation by establishing an integrated digital operation system that includes digital inspection, control, safety, and energy consumption management [5] - The digital operation center oversees the smooth functioning of over 2,400 oil-water wells, utilizing solar energy and real-time monitoring to enhance operational efficiency [5]

Core Insights - The construction of the Guangzhou South to Guangzhou Station link line, known as the "Guangnan Link Line," is a critical project for the Greater Bay Area's transportation network, with construction ongoing during the Spring Festival [1][5] - The "Tianyou" large-diameter shield machine, with a maximum excavation diameter of 12.86 meters and a total weight exceeding 3,200 tons, is being utilized for the challenging West Lang Tunnel segment, which spans approximately 13.2 kilometers [1][3] - The project team has implemented a digital control system based on "smart empowerment," utilizing BIM technology for 3D simulation and frequent posture re-measurement to ensure safe and efficient progress during the holiday period [3] Project Details - The West Lang Tunnel has a maximum depth of 61 meters, and the "Tianyou" shield machine is tasked with a 4,196-meter excavation section, equipped with advanced systems to handle complex geological conditions [1][3] - During the Spring Festival, the project team established five special groups to ensure rapid excavation and implemented a 24-hour monitoring system for safety and quality control [3][3] - The completion of the Guangnan Link Line will enable a 15-minute direct connection between Guangzhou South Station and Guangzhou Station, significantly enhancing regional transportation connectivity and supporting high-quality development in the Guangdong-Hong Kong-Macau Greater Bay Area [5]

Group 1 - The core viewpoint of the news highlights the emphasis on China's CNOOC (China National Offshore Oil Corporation) to enhance its role in ensuring fertilizer supply stability, deepening reforms, and risk prevention, while promoting technological empowerment and transformation [1] Group 2 - Recent stock performance of CNOOC's subsidiary, China National Offshore Oil Corporation Chemical (03983.HK), shows an upward trend, with the latest price at HKD 2.79, reflecting a daily increase of 1.82% and a year-to-date increase of 15.29% [2] - Technical indicators suggest that the stock price has broken through the upper Bollinger Band (HKD 2.798), with the MACD histogram turning positive and the KDJ indicator entering the overbought zone, indicating active short-term buying [2] - The performance of the company's sector, fertilizer and pesticide, has slightly outperformed the broader market, with a sector increase of 1.39% compared to a 0.31% rise in the Hang Seng Index [2]

Core Viewpoint - The Daqin Railway, as China's first heavy-haul railway, has significantly enhanced its freight capacity and efficiency through digital and intelligent technologies, setting a global record for freight volume and transforming into a comprehensive logistics service provider [1][9]. Group 1: Historical Context and Achievements - The Daqin Railway, operational since December 21, 1992, has transported over 9 billion tons of freight, establishing a world record for a single railway line [1]. - It has played a crucial role in transporting coal for over 300 major power plants and 6,000 enterprises, continuously breaking records in operational density and efficiency [2]. Group 2: Technological Advancements - The introduction of intelligent fault detection systems has increased inspection efficiency by nearly five times, allowing for rapid identification of potential issues in heavy-haul trains [2][4]. - The development of a new generation of wireless synchronous control systems has enabled the Daqin Railway to achieve domestic breakthroughs in heavy-haul train operations, ensuring synchronized control over long train formations [6][8]. Group 3: Workforce Transformation - The shift towards automation and intelligent operations has led to a more diverse workforce, with an increase in female employees in traditionally male-dominated roles, enhancing operational efficiency [4][5]. - The implementation of smart tools and systems has streamlined maintenance processes, allowing workers to focus on more complex tasks and improving overall productivity [5]. Group 4: Market Position and Strategy - The Daqin Railway is transitioning from a traditional transport provider to a comprehensive logistics service provider, integrating resources and offering tailored solutions to clients [9][10]. - The establishment of the Datong Railway Logistics Center marks a strategic shift, enabling the railway to provide full-service logistics solutions rather than merely acting as a transport intermediary [9][10]. Group 5: Financial Performance and Future Outlook - The logistics center's total package business volume has increased from 2.7% to 23.3% of total freight volume within a year, indicating a strong growth trajectory [11]. - The integration of data analytics into pricing strategies has improved negotiation outcomes, enhancing the railway's competitiveness in the logistics market [10][11].