1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core Viewpoints of the Report - The economic growth rate of Shaanxi Province is above the national average, but its fiscal revenue is under pressure, and there is significant differentiation among cities. The debt burden is at a medium level in the country, and the debt structure is expected to gradually optimize in the future [1]. - The scale and cost of Shaanxi's existing urban investment bonds are at a medium - upper level in the country. The credit quality of the bonds is good, mainly short - to medium - term, and the financing cost is expected to decline [1]. - In the first half of 2025, the issuance of Shaanxi's urban investment bonds showed the characteristics of "stable total volume and negative net financing". The financing end will maintain a tight balance, and the incremental financing space may open up in the future [1]. - The overall debt repayment pressure of Shaanxi's urban investment bonds shows a downward trend in steps, but attention should be paid to the credit risk of some platforms in the third quarter of 2025 [2]. - The secondary market trading activity of Shaanxi's urban investment bonds has room for improvement. The yield has been declining, and the credit spread has been narrowing. It is recommended to be cautious when sinking the credit rating [2]. 3. Summary by Relevant Catalogs 3.1 Shaanxi Province Overview 3.1.1 Economic and Fiscal Perspective - In 2024, Shaanxi's GDP was about 3.55 trillion yuan, with a year - on - year growth rate of 5.30%, higher than the national average. Its per capita GDP was 89,915 yuan, a year - on - year increase of 5.23% [9]. - The general public budget revenue in 2024 was 339.308 billion yuan, ranking 15th in the country, a year - on - year decrease of 1.30%. The budget expenditure increased slightly, and the fiscal self - sufficiency rate decreased by 1.41 pct to 46.50% [14]. - There is significant differentiation in the fiscal strength of cities in Shaanxi. Xi'an has a leading position in fiscal revenue and expenditure, while the fiscal self - sufficiency rates of some cities are less than 25% [20]. - Tax revenue accounts for a relatively high proportion of Shaanxi's general public budget revenue, reaching 93.75% in 2024, but showing a downward trend [26]. 3.1.2 Industrial Layout Perspective - The proportion of the tertiary industry in Shaanxi has gradually exceeded 45% in the past 7 years, while the proportion of the secondary industry has slightly decreased, and the proportion of the primary industry is less than 8%. The economic structure is accelerating its transformation towards a service - led model [32]. - Shaanxi has introduced a series of policies to promote the development of emerging industries, such as the development of the low - altitude manufacturing industry and the digital economy [33]. 3.2 Current Situation of Existing Urban Investment Bonds and Urban Investment Entities in Shaanxi Province 3.2.1 Review of the Changes and Development of Shaanxi's Urban Investment Bonds - The development of urban investment financing in Shaanxi can be traced back to 1992. After several stages of development, the number of urban investment platforms has increased, and debt management has been continuously strengthened [39]. - Since 2018, Shaanxi's debt ratio has shown an upward trend, and the local debt burden has increased. However, the "controlling increment and resolving stock" of urban investment bonds has been effective, and the urban investment debt ratio has decreased in recent years [45]. 3.2.2 Focus on the Current Structure of Existing Bonds - As of July 15, 2025, the balance of Shaanxi's existing urban investment bonds was about 232.748 billion yuan, ranking 12th in the country, and the weighted average coupon rate was about 4.14%, ranking 10th [54]. - In terms of credit rating, AAA and AA+ - rated bonds account for a relatively high proportion. The remaining maturity of bonds is mainly concentrated in the 1 - 3 - year interval, and the bond types are mainly corporate bonds [55]. 3.2.3 Focus on the Current Situation of Urban Investment Entities - As of July 15, 2025, there were 75 urban investment entities in Shaanxi, with 55 having existing bonds. The bond - issuing entities are mainly high - rated municipal and development zone urban investment platforms [63]. - There are 5 urban investment entities with a bond balance of over 10 billion yuan, all with AA+ or above ratings. Xi'an High - tech Holdings Co., Ltd. has the largest balance of existing urban investment bonds [67]. 3.3 Issuance Situation of Shaanxi's Urban Investment Bonds in the Primary Market in the First Half of 2025 - In the first half of 2025, Shaanxi issued urban investment bonds worth 55.725 billion yuan, ranking 12th in the country, and the cumulative net financing was - 109 million yuan. The issuance showed the characteristics of "stable total volume and negative net financing" [69]. - The average coupon rate of bond issuance in the first half of 2025 was 3.01%, significantly lower than the existing coupon rate. It is expected that the financing cost will continue to decline [70]. - In terms of issuance structure, the issuance scale of AAA - rated entities accounted for more than half. The issuance term was mainly 3 - 5 years, and the bond types were mainly corporate bonds and medium - term notes [74]. 3.4 Debt Repayment Situation of Shaanxi's Urban Investment Bonds in the Next 3 Years - The overall debt repayment pressure of Shaanxi's urban investment bonds shows a downward trend in steps, but attention should be paid to the credit risk of some platforms in the third quarter of 2025 [2]. - The overall debt repayment structure is consistent with the structure of existing bonds, mainly corporate bonds and AAA - rated bonds [2]. 3.5 Secondary Market Transaction and Yield Performance of Shaanxi's Urban Investment Bonds - In the first half of 2025, the secondary market trading volume was about 9.5107 billion yuan, and the turnover rate was 62.14%, lower than the national average. The trading activity has room for improvement [2]. - From July 2018 to July 2025, the yield of Shaanxi's urban investment bonds showed a fluctuating downward trend, and the credit spread has narrowed significantly [2]. - The market's expectation of the credit risk of Shaanxi's urban investment bonds has improved, but it is recommended to be cautious when sinking the credit rating [2].

Core Viewpoint - Chengdu is enhancing its business environment through targeted reforms and initiatives aimed at improving service efficiency for enterprises, particularly in the film and technology sectors [1][2][3]. Group 1: Film Industry Initiatives - Chengdu Film City is positioning itself as a "Western Film Fashion Capital" and has implemented the "One Thing for Film Shooting" reform to address the needs of film enterprises regarding approval efficiency and production costs [1][2]. - A comprehensive service station has been established at Chengdu Film City, offering 15 basic services, which has attracted over 500 film companies to settle in the area [2]. - The city has supported nearly 100 projects, including "Drunken Dream" and "From the Red Moon," in completing their project approvals [2]. Group 2: Business-Friendly Policies - Chengdu High-tech Zone has introduced the "No Application, Immediate Enjoyment" policy, allowing companies to easily access financial support by simply confirming their account information [3]. - Out of 286 policy items, 76 have achieved a "No Application, Immediate Enjoyment" status, resulting in a 26.57% exemption rate and disbursing 519 million yuan in industry support funds to over 12,000 companies [3]. Group 3: AI and Digital Innovations - Wuhou District is exploring the integration of AI into government services, including the development of a digital ID for enterprises that facilitates cross-platform applications [4][5]. - A reminder system for expiring business licenses has been implemented, significantly reducing instances of companies failing to renew their licenses on time [5]. Group 4: Credit Regulation Innovations - Xinjin District is innovating its administrative inspection system by implementing a "White, Gray, Black" credit regulation framework, which categorizes enterprises based on their compliance and performance [6]. - The district has established a credit database that generates individual enterprise credit profiles, allowing for tailored regulatory approaches based on their classification [6][7].

Core Viewpoint - Cixing Co., Ltd. has decided to terminate the planned acquisition of 75% of Shenyang Shunyi Technology Co., Ltd. through the issuance of shares and cash payment due to failure to reach an agreement on certain commercial terms with some transaction parties [1][2][4]. Group 1: Transaction Details - The planned transaction involved purchasing 75% of Shunyi Technology's shares and raising matching funds from no more than 35 specific investors [1][2]. - The cash payment portion of the transaction was not to exceed 40% of the total transaction price [2][3]. - The issuance price for the shares was set at 7.16 yuan per share, which is not lower than 80% of the average trading price over the previous 120 trading days [3][4]. Group 2: Financial Information - Shunyi Technology's revenue for the years 2023, 2024, and the first quarter of 2025 was reported as 283.92 million yuan, 224.55 million yuan, and 2.84 million yuan, respectively, with net profits of 27.72 million yuan, 54.88 million yuan, and a loss of 11.78 million yuan [5]. - Cixing Co., Ltd. reported a revenue of 608 million yuan in the first quarter of 2025, a year-on-year increase of 2.73%, but a significant decrease in net profit by 66.46% [6]. Group 3: Company Background - Shunyi Technology is recognized as a high-tech enterprise specializing in the development, production, and sales of health management systems and intelligent detection equipment, primarily serving the defense technology sector [4][5]. - The actual controller of Shunyi Technology, Li Yingshun, holds 58.20% of the shares and has significant influence over the company's decisions [5].

Core Viewpoint - Jiangsu Province has announced 18 high-tech zones and 37 higher education institutions as "Double High Coordination" pilot units, aiming to enhance collaboration between industry and academia for technological innovation and transformation [1] Group 1: Pilot Units - The 18 high-tech zones include Nanjing Gulou, Nanjing Jianye, Wuxi, Jiangyin, Xuzhou, Changzhou, Liyang, Suzhou, Changshu, Nantong, Nantong Beihigh-tech, Lianyungang, Huai'an, Yancheng Environmental Protection, Yangzhou, Zhenjiang, Taizhou Medical, and Suqian [1] - The initiative involves 37 higher education institutions, although specific names are not provided in the document [1] Group 2: Implementation Requirements - The Jiangsu Provincial Science and Technology Department emphasizes the need for pilot high-tech zones and universities to implement the "Implementation Opinions" effectively [1] - Focus areas include the transformation of high-tech zones and comprehensive reforms in universities, with an emphasis on proactive exploration and detailed task specification [1] Group 3: Development Framework - The initiative aims to establish a development framework consisting of "one industry direction, one innovation platform, one leading talent, one transformation fund, and a batch of benchmark projects" [1] - The goal is to accelerate the construction of a mechanism for "organized research + organized transformation" to explore new fields and tracks, thereby enhancing new productive forces [1] Group 4: Strategic Goals - The overarching aim is to provide strong support for building a globally influential industrial technology innovation center [1]

Core Viewpoint - The actual controller and chairman of Shiming Technology, Lu Yong, has been placed under residential surveillance due to matters related to Jiangsu Banbutang Real Estate Co., Ltd, which is a personal issue and unrelated to the company [3][8]. Group 1: Company Overview - Shiming Technology was founded in 2001 and is recognized as a national high-tech enterprise and a national specialized and innovative small giant enterprise [9]. - In 2024, Shiming Technology achieved an operating income of 697 million yuan, representing a year-on-year growth of 2.3% [9]. - The net profit attributable to the parent company for 2024 was 22.62 million yuan, showing a year-on-year increase of 25.61% [9]. Group 2: Shareholder Information - Jiangsu Banbutang Real Estate Co., Ltd was established in July 2018 with a registered capital of 50 million yuan, and its legal representative is Lu Yong [3][6]. - The two shareholders of Jiangsu Banbutang Real Estate Co., Ltd are Qidong City Bayi Real Estate Development Co., Ltd (55% ownership) and Qidong Hongtai Yongxin Real Estate Co., Ltd (45% ownership) [6]. - The actual controller of Jiangsu Banbutang is Qiu Chenjie [6]. Group 3: Management Changes - Lu Yong became the chairman of Shiming Technology in August of the previous year and holds multiple executive positions in various companies [8]. - The change in actual control of Shiming Technology occurred on June 27, 2024, when shares were transferred from former controllers Lü Shiming and Wang Min to Jiangsu Fenghui [9].

Group 1 - The 27th China International High-Tech Achievements Fair (High-Tech Fair) will be held from November 14 to 16, 2024, in Shenzhen, with over 1 billion yuan in intended investments from participating institutions [1] - The High-Tech Fair, established in 1999, has transitioned from government-led to market-driven organization, enhancing its marketization and reducing the exhibition duration to three days for the first time [1] - The exhibition area for this year's fair is planned to cover 400,000 square meters, inviting renowned technology companies from over 100 countries and regions to showcase global high-tech development trends and latest achievements [1] Group 2 - The fair will focus on global scientific and technological achievements, national major demand directions, and future innovation development frontiers, featuring multiple exhibition areas including key national projects, technology giants' industrial chains, and various technology sectors such as artificial intelligence and clean energy [2] - The event aims to serve as a professional exhibition "ballast stone," facilitating precise operations to connect with world-leading achievements and achieve breakthroughs in specialized exhibitions [2] - The low-altitude economy exhibition will emphasize five major industrial chain themes, including low-altitude aircraft manufacturing and infrastructure, promoting large-scale application demonstrations of new technologies and products in the low-altitude economy and commercial aerospace sectors [2]

Group 1 - The core viewpoint of the articles highlights the continuous growth of private enterprises in Xiamen, Fujian Province, with import and export activities increasing for 20 consecutive quarters, outpacing the overall city growth by 7.1 percentage points in the first half of 2025 [1][2] - In the first half of 2025, Xiamen's private enterprises achieved an import and export value of 242.75 billion yuan, marking a 7.6% increase and accounting for 53.1% of the total import and export value, establishing them as the main force in the city's foreign trade [1] - Xiamen Customs has implemented policies focusing on better regulation, higher security, greater convenience, and stricter enforcement against smuggling, aimed at addressing the challenges faced by private enterprises and promoting high-quality development [1] Group 2 - Private enterprises in Xiamen are accelerating industrial upgrades and enhancing product competitiveness, with high-tech product exports reaching 11.61 billion yuan, a 12% increase, surpassing the city's overall export growth rate of 9.3% [2] - Notable growth in specific sectors includes a 171.1% increase in automobile exports, a 142.2% increase in computers and components, and a 61% increase in integrated circuits during the first half of 2025 [2] - Private enterprises are not only stabilizing traditional markets such as the EU and Taiwan but are also expanding into emerging markets, achieving double-digit growth in imports and exports with countries involved in the Belt and Road Initiative, RCEP member states, and other BRICS nations [2]

清华大学、北京大学、香港中文大学、复旦大学、香港科技大学、四川大学、上海大学、中国海洋大学、深圳大学、中国科学院深圳先进技术研究院、深圳 人工智能与机器人研究院等众多高校及科研院所拟邀或意向携前沿技术与应用，与各界精英一道共聚高交会，共同见证世界前沿科技成就、探讨未来创新发 展方向。 （主办方供图） 记者7月29日获悉，即将于11月14-16日举办的第二十七届高交会，目前已报名及接洽中的投资机构意向投资总额超10亿元。 高交会自1999年经国务院批准创办以来，已成功举办二十六届，每年汇聚数以千计的科技精英，已经成为中国高新技术领域对外开放的重要窗口、中国科技 创新企业打造世界级品牌的顶级平台，是真正的世界科技奥林匹克盛会。 第二十七届高交会持续聚焦市场化核心办展理念，规划展览面积达40万平方米，拟邀请来自全球百余个国家和地区的世界知名科技企业参展参会，全方位展 示世界高新技术发展趋势，发布高新技术最新成果，在全球范围内进行高新技术成果交易、投资与洽谈。 中石油、中石化、中海油、中国航天、中广核、中国联通、CEC、中国通号、深圳能源、LG、日立、飞利浦、华为、比亚迪、小米、大疆、格力、创维、 TCL、VIVO、 ...

Core Viewpoint - The China International High-Tech Achievements Fair (referred to as the High-Tech Fair), known as "China's First Technology Exhibition," will be held from November 14 to 16, 2025, in Shenzhen, showcasing advancements in high-tech industries and facilitating global technology transactions [1]. Group 1: Event Overview - The High-Tech Fair has been successfully held for 26 sessions since its inception in 1999, becoming a significant platform for China's high-tech sector and innovation [1]. - The 27th High-Tech Fair will focus on a market-oriented exhibition concept, with an exhibition area planned to reach 400,000 square meters, inviting renowned technology companies from over 100 countries and regions [1]. Group 2: Exhibition Focus - The fair will cover various cutting-edge fields, including national key projects, artificial intelligence, smart manufacturing, robotics, semiconductors, clean energy, and more, showcasing the latest technological achievements and innovative solutions [1]. - Specific exhibition areas will include national key equipment, technology giants' industrial chains, international technology achievements, and sectors like low-altitude economy and data industry [1]. Group 3: Participation and Investment - Over 5,000 well-known companies, including China National Petroleum, China Petroleum & Chemical, Huawei, BYD, and Xiaomi, are expected to participate with significant technological equipment and innovative products [2]. - The total intended investment from participating investment institutions has exceeded 1 billion yuan, covering all stages of capital investment from angel rounds to Pre-A rounds [2].

Core Viewpoint - The Hainan Free Trade Port will officially start its full island closure operation on December 18, 2025, marking a significant milestone in China's highest level of openness in free trade zone construction [1] Group 1: Historical Context and Economic Development - Hainan was established as a province in 1988, separating from Guangdong, and has struggled to surpass the national average GDP per capita, with figures at 75.38% of the national average in 2019 and 79.31% in 2023 [1] - The strategic decision to build a free trade port was made in 2018, coinciding with the 30th anniversary of Hainan's establishment as a province, giving it a new mission [1] Group 2: Strategic Advantages - Hainan's geographical advantages include proximity to Guangdong and Hong Kong, as well as access to ASEAN markets, covering a consumer base of 2.1 billion people [2] - The island's unique geographical characteristics facilitate the implementation of bonded policies and customs supervision, making it an ideal location for a free trade port [2] Group 3: Economic Transformation - Hainan has diversified its economy beyond tourism and agriculture, developing four pillar industries: tourism, modern services, high-tech industries, and tropical agriculture, which now contribute 67% of the province's GDP [4][5] - The province has seen significant growth in specific sectors, such as the marine industry growing at an annual rate of 13.9% and the offshore duty-free shopping market capturing 8% of the global market share [5] Group 4: Foreign Investment and Talent Attraction - Over the past five years, Hainan has attracted $9.78 billion in foreign investment, with an annual growth rate of 97%, and established 8,098 new foreign enterprises [6] - The province's population has increased by 530,000 over the past five years, aided by improved ecological conditions and tax incentives, leading to a significant rise in high-level talent [6] Group 5: Regional Cooperation - Hainan's development will not undermine the advantages of cities like Hong Kong and Shanghai but will create synergistic effects, with a focus on complementary strengths and mutual benefits [7] - The "Golden Triangle" cooperation framework among Hainan, Guangdong, and Hong Kong aims to leverage Hainan's policies, Guangdong's industry, and Hong Kong's services for regional development [7] Group 6: Future Outlook - Hainan is positioned as a leader in China's high-level opening-up strategy, expected to drive deep reforms and optimize the business environment [9] - The free trade port is seen as a testing ground for various market entities, providing a platform for shared reform dividends and high-quality development [9]