Core Viewpoint - Junzhi Group (01300) announced that its wholly-owned subsidiary, Jiangsu Junzhi Technology Co., Ltd., has been shortlisted for the centralized procurement project of telecommunication power cables by China Mobile for 2025-2026, indicating a significant business opportunity for the company [1] Group 1: Company Information - Jiangsu Junzhi Technology's bid for the centralized procurement project was quoted at RMB 1.79995 billion, ranking third with a market share of 19.44% [1] - China Mobile is a major client of the company, and this procurement project is expected to positively impact the deployment of 5G new infrastructure [1] Group 2: Industry Impact - The centralized procurement project by China Mobile for telecommunication power cables is part of the broader 5G infrastructure development, which is crucial for the telecommunications industry [1]

Core Insights - Junzhi Group (01300.HK) announced that its wholly-owned subsidiary, Jiangsu Junzhi Technology Co., Ltd., has been shortlisted for the centralized procurement project of telecommunication power cables by China Mobile for the years 2025 to 2026 [1] - The bid amount submitted by Junzhi Technology is RMB 1,799,952,662.07, ranking third with a market share of 19.44% [1] - China Mobile is a major client of the group, and this procurement is expected to positively impact the deployment of 5G new infrastructure [1] Company Summary - Junzhi Technology has been identified as a candidate for a significant procurement project by China Mobile, indicating strong business prospects [1] - The bid amount reflects the company's competitive positioning in the telecommunications sector [1] Industry Summary - The centralized procurement project by China Mobile is part of the broader 5G infrastructure development, which is crucial for the telecommunications industry [1] - The project is expected to enhance the scale of 5G new infrastructure deployment, benefiting companies involved in telecommunications equipment and services [1]

Core Viewpoint - Junzhi Group's subsidiary, Jiangsu Junzhi Technology Co., Ltd., has been shortlisted for a major procurement project by China Mobile, indicating a significant opportunity for the company in the telecommunications sector [1] Group 1: Procurement Details - The procurement project involves the supply of telecommunications power cables for the years 2025 to 2026, with Junzhi Technology's bid amounting to RMB 1.79995 billion, excluding tax [1] - Junzhi Technology ranked third in the bidding process, securing a market share of 19.44% [1] Group 2: Client Relationship and Market Impact - China Mobile is a key client for Junzhi Group, and this procurement is expected to positively impact the deployment of 5G infrastructure [1] - The public announcement period for the procurement results was from November 11 to November 14, 2025, indicating a timely update for stakeholders [1]

俊 知 集 團 有 限 公 司 * 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 佈 的 內 容概 不 負 責， 對 其 準 確 性或 完 備 性 亦無 發 表 任 何 聲明 ， 並 明 確 表示 概 不 就 因本 公 佈 全部 或 任 何 部 分內 容 而 產 生或 因 依 賴 該 等內 容 引 致 的 任何 損 失 承 擔任 何責任。 TRIGIANT GROUP LIMITED （ 於開曼群島註冊成立的有限公司） （股份代號：1300） 自願公佈 — 預中標中國移動通信有限公司（「中國移動」） 2025年至2026年通信用電力電纜產品 集中採購項目 此乃俊知集團有限公司（「本公司」，連同其附屬公司合稱「本集團」）之自願 公佈。 本集團 董事會欣然公 佈，2025年11月11日，中 國移動通過其 線上商務平臺 公 佈 了 中 國 移 動2025 年 至 2026 年 通 信 用 電 力電 纜 產 品 集 中 採 購 項 目 中 選 結 果公示（ 以下簡稱「中標公示」）， 本集團之全 資附屬公 司，江蘇 俊知技術有 限公司（ 以下簡稱「俊知技術」）為相關中 ...

Core Viewpoint - Guangmai Technology, based in Hangzhou, is a leading information and communication technology service provider and the first company listed on the Beijing Stock Exchange, focusing on technological innovation and R&D investment [2][4]. Group 1: Business Strategy and Development - The company adopts a "data intelligence leading" strategy, focusing on 5G infrastructure, ICT industry applications, and high-speed rail information technology [4][5]. - In recent years, the ICT application business has shifted from smart city solutions to information security, computing power services, and AI applications [4][5]. - Guangmai Technology has entered the computing power service sector, developing a complete ecosystem from infrastructure to operational services and vertical AI application platforms [5]. Group 2: R&D and Innovation - The company has recently obtained five invention patents and two utility model patents, focusing on computing power efficiency and intelligent management [5]. - Future R&D will emphasize low-altitude network upgrades and AI integration in high-speed rail products, aiming to provide integrated solutions of "services + products + platforms" [5][9]. Group 3: Impact of Listing on Business - Listing on the Beijing Stock Exchange has significantly enhanced the company's brand reputation and customer recognition, leading to improved credit ratings and financing conditions [7][8]. - The company has implemented a stable dividend policy since its listing, including a capital reserve transfer and cash dividend in 2023 [8]. Group 4: Future Outlook - The company plans to deepen its existing business in 5G infrastructure, ICT applications, high-speed rail information technology, and full-stack intelligent computing services [9]. - Strategic expansion through mergers and acquisitions is also on the agenda to establish a second growth curve [9].

Core Viewpoint - Company products are widely used across various sectors, indicating a diverse application and potential for growth in emerging technologies and industries [1] Group 1: Industry Applications - Company products are utilized in electronics, home appliances, electromechanical equipment, energy conservation and environmental protection, rail transportation, automotive manufacturing, HVAC, construction engineering, 5G infrastructure, new energy, Internet of Things, big data centers, artificial intelligence, power construction and maintenance, higher education, and scientific research [1] - The company is committed to continuously monitoring technological and industrial developments in emerging fields to optimize its products and services [1]

Core Viewpoint - Zhongbei Communication has signed a strategic cooperation agreement with Inner Mongolia Unicom, focusing on key areas such as government and enterprise informationization, cloud computing, artificial intelligence, and new energy [1] Group 1: Strategic Developments - The company is in-depth discussions regarding cooperation plans in critical fields [1] - The company has indicated stable development in its intelligent computing business and plans to advance the construction of the second phase of the Hefei Intelligent Computing Center [1] Group 2: Business Performance - The intelligent computing business has made breakthroughs, completing the national business layout of intelligent computing clusters and continuing to increase investments [1] - The construction of AI infrastructure is entering a new peak, with the company expected to benefit significantly from the industry's high prosperity due to its strong foundation in 5G new infrastructure and precise strategic positioning in intelligent computing [1] Group 3: Financial Projections - Due to increased capital expenditures from investments in computing equipment and fixed assets, the company has adjusted its profit expectations [1] - Revenue projections for 2025-2027 are estimated at 3.4 billion, 4 billion, and 4.5 billion yuan, with net profit attributable to the parent company at 220 million, 320 million, and 440 million yuan, corresponding to PE ratios of 45, 32, and 23 times [1] - The company maintains a "buy" rating [1]

Group 1: Macro Insights - The "14th Five-Year" plan may set a GDP growth target, with a high probability of establishing a target around 5% initially, potentially adjusting to 4.5-5% in the later years [3] - The average GDP growth rate during the "14th Five-Year" period is expected to be around 4.8%, based on medium to long-term growth goals and potential growth rates [3] - Macro policies need to remain relatively expansionary to achieve these targets, particularly focusing on increasing leverage, expanding consumer demand, and stabilizing property prices [3] Group 2: Beverage Industry - Dongpeng Beverage - Dongpeng Beverage is a leading energy drink company, with a strong growth trajectory, achieving a revenue of 15.839 billion yuan in 2024, a year-on-year increase of 40.63% [4] - The company has diversified its product line, launching successful products like Dongpeng Water and Fruit Tea, and plans to initiate an H-share listing in 2025 to expand into overseas markets [4] - The company is expected to achieve net profits of 4.45 billion, 5.77 billion, and 7.14 billion yuan from 2025 to 2027, reflecting growth rates of 33.6%, 29.7%, and 23.8% respectively [4] Group 3: Real Estate Sector - Real estate development investment has seen a significant decline, with a 13.9% year-on-year drop in the first nine months of 2025, marking the largest decline in the current cycle [6] - The investment amount has decreased by nearly 40% compared to the same period in 2021, indicating a prolonged impact on the economy [6] - The report suggests that policy measures will likely continue to be proactive to restore market confidence, especially in light of the upcoming central meetings [7] Group 4: Coal Industry - Coal prices have shown a notable increase due to supply constraints from production checks and extreme weather conditions, with coal production down 1.8% year-on-year in September [8] - The report highlights that the tightening of supply is expected to continue, leading to a probable upward trend in coal prices [8] - The coal sector is anticipated to experience improved operational capabilities as prices recover, with recommendations for companies like Yancoal Energy and Jinkong Coal [12] Group 5: Communication Sector - Zhongbei Communication - Zhongbei Communication is expanding from 5G infrastructure to intelligent computing, leveraging its established customer relationships and project experience to drive revenue growth [14] - The company is expected to benefit significantly from the AI development wave, with projected revenues of 3.4 billion, 4 billion, and 4.5 billion yuan from 2025 to 2027 [14] Group 6: Non-ferrous Metals - Shenhuo Co. - Shenhuo Co. reported a revenue of 31 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.5%, although net profit decreased by 1.4% due to lower coal prices [15] - The company is expected to see enhanced profitability in the aluminum segment due to rising aluminum prices and decreasing electricity costs [15]

Group 1: Market Dynamics - As of September 28, 2025, there were 17 new private placement projects added, a 1 project increase from the previous period, with 10 projects terminated, marking a 4 project increase[4] - The approval rate for projects was 100%, with 3 projects approved by the review committee, a decrease of 8 projects from the previous period[19] - There are currently 628 projects under normal review, with 65 projects having received approval, a decrease of 8 projects[7] Group 2: Fundraising Overview - In the last two weeks, 5 competitive projects raised a total of 6.9 billion yuan, a decrease of 38.84% from the previous period[34] - The average base discount rate for these projects was 11.16%, down 2.10 percentage points from the previous period[36] - The average market price discount rate was 16.23%, with a slight decrease of 0.02 percentage points[36] Group 3: Unlocking Gains - Among the 6 competitive projects that were unlocked, 83.33% had positive returns, a decrease of 16.67 percentage points from the previous period[50] - The average absolute return on the unlocking day was 47.36%, with an excess return of 34.54%, both showing increases from the previous period[50] - The average market price discount rate for these projects was 10.77%, down 4.65 percentage points from the previous period[50]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On September 9th, the liquidity tightened, major repo rates rose, the bond market remained weak, convertible bond market indices declined, and yields of US and major European 10-year government bonds generally increased [1]. - The significant downward revision of US non-farm annual data may lay the foundation for the Fed to cut interest rates, indicating a slowdown in the US labor market [6]. 3. Summary by Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - At the press conference on the "14th Five-Year Plan", the MIIT announced that during the "14th Five-Year Plan", China's manufacturing added - value is expected to increase by 8 trillion yuan, accounting for nearly 30% of the global total, and China has built a large - scale network infrastructure [3]. - The SAMR issued a document to improve the exit mechanism for business entities, and the new regulations will take effect on October 10th [3]. - In August, national enterprise sales revenue grew rapidly, with manufacturing sales growing faster than the overall level, and high - end and digital manufacturing showing good growth [4]. 3.1.2 International News - The US non - farm employment data for the year ending March was revised down by 911,000, the largest downward revision since 2000, which may prompt the Fed to cut interest rates [6]. 3.1.3 Commodities - On September 9th, international crude oil futures prices rose, and natural gas prices slightly increased, while COMEX gold futures prices fell [7]. 3.2 Liquidity 3.2.1 Open Market Operations - On September 9th, the central bank conducted 247 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 870 million yuan due to the maturity of 255.7 billion yuan of reverse repurchases [9]. 3.2.2 Funding Rates - On September 9th, the liquidity tightened, and major repo rates increased. For example, DR001 rose 5.93bp to 1.416%, and DR007 rose 2.66bp to 1.479% [10]. 3.3 Bond Market Dynamics 3.3.1 Interest - Bearing Bonds - **Spot Bond Yield Trends**: On September 9th, affected by concerns about redemption fees and tightening liquidity, the bond market was weak. Yields of 10 - year treasury and CDB bonds increased [13]. - **Bond Tendering**: Several bonds were tendered on September 9th, with details such as issuance scale, winning yields, and multiples provided [15]. 3.3.2 Credit Bonds - **Secondary Market Transaction Abnormalities**: On September 9th, 4 industrial bonds had transaction price deviations of over 10%, including significant drops and rises [15]. - **Credit Bond Events**: Companies such as Orient Fashion, Nanyang Transportation Construction Investment Group, Oceanwide Holdings, and Shandong Hengbang Smelting announced relevant events [16]. 3.3.3 Convertible Bonds - **Equity and Convertible Bond Indices**: On September 9th, A - share indices and convertible bond market indices all declined, with most stocks and convertible bonds falling [17]. - **Convertible Bond Tracking**: There were announcements regarding creditor's meetings, litigation disputes, new bond listings, and regulatory approvals for convertible bonds [19][20]. 3.3.4 Overseas Bond Markets - **US Bond Market**: On September 9th, yields of US bonds across all maturities generally increased, and yield spreads narrowed. The inflation - protected treasury bond's break - even inflation rate rose [21][22][23]. - **European Bond Market**: On September 9th, 10 - year government bond yields of major European economies generally increased [24]. - **Price Changes of Chinese - funded US Dollar Bonds**: As of the close on September 9th, there were price changes in Chinese - funded US dollar bonds, with details of daily and monthly changes provided [26].