企业名称闽链通科技（厦门）有限公司法定代表人季近庭注册资本1000万人民币国标行业信息传输、软 件和信息技术服务业>软件和信息技术服务业>软件开发地址厦门市集美区杏林湾路482号2004室之五企 业类型有限责任公司（自然人投资或控股）营业期限2025-12-8至无固定期限 来源：市场资讯 天眼查显示，近日，闽链通科技（厦门）有限公司成立，法定代表人为季近庭，注册资本1000万人民 币，闽商融合国际贸易（厦门）有限公司、中习丝合（厦门）数字经济研究院有限公司持股。 序号股东名称持股比例1闽商融合国际贸易（厦门）有限公司51.85%2中习丝合（厦门）数字经济研究 院有限公司33.15%3厦门赋商赢达投资合伙企业（有限合伙）15% 经营范围含科技推广和应用服务；科技中介服务；数字技术服务；工程管理服务；数字内容制作服务 （不含出版发行）；远程健康管理服务；网络技术服务；物联网技术服务；软件开发；计算机系统服 务；社会经济咨询服务；互联网数据服务；信息系统集成服务；信息技术咨询服务；信息咨询服务（不 含许可类信息咨询服务）。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项 目：在线数据处理与交易处理业 ...

天眼查显示，近日，善调易解（厦门）网络科技有限公司成立，法定代表人为陈丽翔，注册资本500万 人民币，由易解智慧（厦门）网络科技有限公司全资持股。 序号股东名称持股比例1易解智慧（厦门）网络科技有限公司100% 经营范围含软件开发；技术推广服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推 广；法律咨询（不含依法须律师事务所执业许可的业务）；专业设计服务；信息咨询服务（不含许可类 信息咨询服务）；信息技术咨询服务；市场营销策划；咨询策划服务；项目策划与公关服务；企业管理 咨询；企业管理；社会经济咨询服务；教育咨询服务（不含涉许可审批的教育培训活动）；经济贸易咨 询；安全咨询服务；资产评估；个人商务服务；商务代理代办服务；动产质押物管理服务；价格鉴证评 估；认证咨询；融资咨询服务；土地调查评估服务；知识产权服务（专利代理服务除外）。（除依法须 经批准的项目外，凭营业执照依法自主开展经营活动）。 企业名称善调易解（厦门）网络科技有限公司法定代表人陈丽翔注册资本500万人民币国标行业信息传 输、软件和信息技术服务业>软件和信息技术服务业>软件开发地址厦门市思明区前埔中路323号莲前集 团大厦22层2-A ...

经营范围含软件开发；技术推广服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推 广；法律咨询（不含依法须律师事务所执业许可的业务）；专业设计服务；信息咨询服务（不含许可类 信息咨询服务）；信息技术咨询服务；市场营销策划；咨询策划服务；项目策划与公关服务；企业管理 咨询；企业管理；社会经济咨询服务；教育咨询服务（不含涉许可审批的教育培训活动）；经济贸易咨 询；安全咨询服务；资产评估；个人商务服务；商务代理代办服务；动产质押物管理服务；价格鉴证评 估；认证咨询；融资咨询服务；土地调查评估服务；知识产权服务（专利代理服务除外）。（除依法须 经批准的项目外，凭营业执照依法自主开展经营活动）。 企业名称易解数智（厦门）网络科技有限公司法定代表人陈丽翔注册资本500万人民币国标行业信息传 输、软件和信息技术服务业>软件和信息技术服务业>软件开发地址厦门市思明区前埔中路323号莲前集 团大厦22层2-A936单元（该住所仅限作为商事主体法律文书送达地址）企业类型有限责任公司(自然人 投资或控股的法人独资)营业期限2025-12-8至无固定期限 来源：市场资讯 天眼查显示，近日，易解数智（厦门）网络科技有限公司成 ...

Core Viewpoint - Zhongke Jiangnan (301153) has shown a slight increase in stock price, but the financial performance indicates significant challenges, with declining revenues and increasing losses [1][3]. Financial Performance - As of the third quarter of 2025, Zhongke Jiangnan reported a main business revenue of 364 million yuan, a year-on-year decrease of 26.28% [3]. - The net profit attributable to shareholders was -64.249 million yuan, a year-on-year decline of 1048.15% [3]. - The company’s gross profit margin stands at 53.19%, which is above the industry average of 43.84% [3]. Stock Performance and Market Activity - On December 8, 2025, the stock closed at 20.11 yuan, with a slight increase of 0.45% and a trading volume of 26,400 hands, amounting to a total transaction value of 53.53 million yuan [1]. - The net outflow of main funds was 244,100 yuan, accounting for 0.46% of the total transaction value, while retail investors saw a net inflow of 4.0561 million yuan, representing 7.58% of the total [1][2]. Industry Comparison - Zhongke Jiangnan's total market value is 7.096 billion yuan, which is below the industry average of 12.724 billion yuan, ranking 87 out of 195 companies [3]. - The company has a negative price-to-earnings ratio of -82.83, compared to the industry average of 123.35 [3]. Analyst Ratings - In the last 90 days, one institution has given a buy rating for Zhongke Jiangnan, with a target average price of 26.07 yuan [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The total issuance scale of PULIAN Convertible Bonds is RMB 243 million, and the net proceeds after deducting issuance fees will be used for domestic ERP function expansion construction projects, digital intelligent financial risk control series product construction projects, and Yunhu platform R & D upgrade projects [4]. - The current bond - floor valuation is RMB 83.52, and the YTM is 2.97%. The conversion parity is RMB 103.8, and the parity premium rate is - 3.74%. The bond - floor protection is average, and the dilution pressure on equity is small [4]. - It is expected that the listing price of PULIAN Convertible Bonds on the first day will be between RMB 122.94 and RMB 136.97, and the subscription rate is expected to be 0.0011%. It is recommended to actively subscribe [4]. - PULIAN Software is a comprehensive service provider focusing on energy industry management software development. Since 2020, its revenue has fluctuated and increased, with a compound growth rate of 18.64% from 2020 - 2024. The net profit attributable to the parent has also fluctuated, with a compound growth rate of 9.81% from 2020 - 2024 [4]. - The company's sales net profit margin and gross profit margin have fluctuated and declined, the sales expense ratio has fluctuated and increased, the financial expense ratio has decreased steadily, and the management expense ratio has shown an "inverted U - shaped" fluctuation [5]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - The issuance schedule of PULIAN Convertible Bonds is from December 3, 2025 (T - 2) to December 11, 2025 (T + 4), including steps such as publishing prospectuses, online roadshows, and determining subscription results [11]. - The convertible bond has a code of 123261.SZ, a face value of RMB 100, a term of 6 years, a rating of A +/A +, and an initial conversion price of RMB 18.26 per share. The conversion period is from June 11, 2026, to December 4, 2031 [12]. - The funds raised will be used for three projects, with a total investment of RMB 242.9326 million, all funded by the raised funds [13]. - The bond - floor value is RMB 83.52, the pure - bond premium rate is 19.73%, the conversion parity is RMB 103.89, and the parity premium rate is - 3.74%. The pure - bond YTM is 2.97% [13]. 3.2. Investment Subscription Suggestion - By referring to comparable convertible bonds and an empirical model, it is expected that the conversion premium rate of PULIAN Convertible Bonds on the first - day of listing will be around 25%, and the listing price will be between RMB 122.94 and RMB 136.97 [16][17]. - It is expected that the priority subscription ratio of original shareholders will be 59.95%, and the online subscription rate will be 0.0011% [18]. 3.3. Fundamental Analysis of the Underlying Stock 3.3.1. Financial Data Analysis - PULIAN Software is mainly engaged in providing informatization solutions and IT comprehensive services for large - scale group enterprises, with its business covering multiple aspects. It is expanding into the financial and other industries while deepening its traditional advantageous fields [19]. - From 2020 to 2024, the company's revenue had a compound growth rate of 18.64%, and the net profit attributable to the parent had a compound growth rate of 9.81%. In 2025 Q3, the revenue was RMB 300 million, and the net profit attributable to the parent was RMB 1 million [20]. - The company's revenue mainly comes from industries such as petroleum and petrochemical, construction and real estate, coal and power, etc., and the product structure changes annually. The sales net profit margin and gross profit margin have declined, while the sales expense ratio has increased, and the financial expense ratio has decreased [22][24]. 3.3.2. Company Highlights - The company has long - term cooperation with large central enterprises, has strong innovation and delivery capabilities, and has a high brand reputation and industry status in the field of large - scale group enterprise informatization [31]. - It is an early software manufacturer in China to master the XBRL standard system and key technologies. Its XBRL - related systems and products have been widely applied in many customers [31].

Group 1 - The Sci-Tech Innovation Board indices showed significant gains, with the Sci-Tech Growth Index up by 3.2%, the Sci-Tech Green Index up by 2.0%, and both the Sci-Tech 50 Index and Sci-Tech 100 Index up by 1.9% [1] - The computing hardware sector experienced a surge, with notable stocks such as Ruikeda rising by 20%, Electric Power increasing by over 18%, and Changguang Huaxin gaining over 15% [1] - The AI application sector was also active, with stocks like Kaipu Cloud rising over 13%, Huichen Shares increasing by over 10%, and Pinggao Shares up by over 6% [1] Group 2 - The Sci-Tech 50 ETF tracks the Shanghai Stock Exchange Sci-Tech 50 Index, which consists of 50 stocks with high market capitalization and liquidity, prominently featuring "hard technology" companies, with over 65% in semiconductors and nearly 80% combined with medical devices, software development, and photovoltaic equipment [3] - The Sci-Tech 100 ETF follows the Shanghai Stock Exchange Sci-Tech 100 Index, which includes 100 stocks with medium market capitalization and good liquidity, focusing on small and medium-sized innovative companies [4] - The Sci-Tech Comprehensive Index ETF covers all securities in the Sci-Tech Board, focusing on core industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals, encompassing all 17 primary industries listed on the Sci-Tech Board [7]

思维列控(603508)今日下跌7.39%，全天换手率5.97%，成交额6.76亿元，振幅7.06%。龙虎榜数据显 示，机构净卖出1921.26万元，沪股通净卖出1728.28万元，营业部席位合计净卖出2427.83万元。 上交所公开信息显示，当日该股因日跌幅偏离值达-7.93%上榜，机构专用席位净卖出1921.26万元，沪 股通净卖出1728.28万元。 融资融券数据显示，该股最新（12月5日）两融余额为3.15亿元，其中，融资余额为3.13亿元，融券余额 为117.22万元。近5日融资余额合计增加379.65万元，增幅为1.23%。融券余额合计增加22.73万元，增幅 24.05%。 10月31日公司发布的三季报数据显示，前三季度公司共实现营业收入9.53亿元，同比增长5.25%，实现 净利润3.96亿元，同比增长20.98%。（数据宝） 思维列控12月8日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 沪股通专用 | 2813.03 | | | 买二 | 东兴证券股份有限公司福州江厝路证券营业 ...

Group 1 - The core viewpoint is that 3D printing is accelerating its penetration in the consumer electronics sector, with applications in foldable device hinges and watch/mobile phone frames expected to mark a new era [1] - The global semiconductor market is projected to exceed $200 billion for the first time in Q3 2025, with a quarter-on-quarter growth of 15.8%, marking the highest growth rate since 2009 [1] - AI training and inference cost reductions are driving application prosperity, with significant potential in edge AI, particularly through devices like headphones and glasses [1] Group 2 - The next three years will see "advanced process expansion" as a key focus for self-controlled development, with CoWoS and HBM positioning themselves to capitalize on AI industry trends [1] - Storage prices are rebounding from their lows, and the utilization rate in packaging and testing is gradually increasing, benefiting from the advanced packaging demand driven by AI chips [1] - The 信创 ETF (159537) tracks the 国证信创指数 (CN5075), which selects listed companies in the semiconductor, software development, and computer equipment sectors to reflect the overall performance of the information technology innovation theme [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the context of uncertain Fed rate - cut amplitude next year, significant global economic and geopolitical variables, it's difficult for liquidity to drive a major upward trend. The AI infrastructure faces over - investment doubts, and the AI, lithium - battery, and anti - involution sectors are waiting for certain developments. From a seasonal perspective, high - dividend sectors are expected to have a good performance at the end of the year. Overall, the equity market may enter a wide - range oscillation state, waiting for the spring rally. [2][17] - In the convertible bond market, the capital flow in November had a great impact on the market. The share of convertible bond ETFs showed a "down - up - down" trend, which was consistent with the overall market valuation trend. Due to unclear equity expectations and poor overall cost - effectiveness of convertible bond assets, the premium rate is vulnerable, and the operation of convertible bonds is difficult. [2][17] - For relative - return investors, it is recommended to allocate a small and balanced position in non - callable, high - quality equity - linked convertible bonds with suitable premium rates. For absolute - return investors, it is recommended to focus on convertible bonds below 130 yuan with high odds. [2][17] 3. Summary by Relevant Catalogs 3.1 Market Trends (2025/12/1 - 2025/12/5) Stock Market - The A - share market was generally oscillating last week. With the rising expectation of Fed rate cuts and positive signals from the China - US economic and trade delegation meeting, the market risk appetite remained high. The non - ferrous and commercial aerospace sectors performed strongly. [7] - By industry, most Shenwan primary industries rose. Non - ferrous metals (5.35%), communication (3.69%), national defense and military industry (2.82%), machinery (2.77%), and non - bank finance (2.27%) led the gains, while media (- 3.86%), real estate (- 2.15%), beauty care (- 2.00%), and food and beverage (- 1.90%) lagged. [8] Bond Market - The bond market continued to weaken last week, with sentiment stabilizing and yields slightly declining on Friday. The 10 - year Treasury bond rate closed at 1.85% on Friday, up 0.68bp from the previous week. [8] Convertible Bond Market - Most convertible bond issues rose last week. The CSI Convertible Bond Index increased by 0.08% for the whole week, the median price increased by 0.19%, the arithmetic average parity decreased by 0.17%, and the overall market conversion premium rate increased by 0.79% compared with the previous week. [1][8] - By industry, half of the convertible bond sectors in the market rose. National defense and military industry (+3.64%), non - bank finance (+2.21%), non - ferrous metals (+1.53%), and petroleum and petrochemical (+1.40%) led the gains, while steel (- 2.53%), computer (- 0.96%), household appliances (- 0.91%), and agriculture, forestry, animal husbandry and fishery (- 0.71%) lagged. [11] - At the individual bond level, Yake, Weidao, Yong 02, Furong, and Ruichuang convertible bonds led the gains, while Dazhong, Guocheng, Limin, Yingbo, and Yitian convertible bonds led the losses. [1][12] - The total trading volume of the convertible bond market last week was 254.549 billion yuan, with an average daily trading volume of 50.91 billion yuan, a decrease from the previous week. [15] 3.2 Valuation Overview (as of 2025/12/05) - For equity - linked convertible bonds, the average conversion premium rates for par values in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 46.32%, 32.88%, 29.62%, 19.91%, 12.21%, and 11.93% respectively, at the 96%/94%, 90%/86%, 96%/99%, 90%/89%, 78%/67%, 95%/94% percentile since 2010/2021. [18] - For bond - linked convertible bonds, the average YTM for par values below 70 yuan was - 4.11%, at the 1%/4% percentile since 2010/2021. [18] - The average implied volatility of all convertible bonds was 42.97%, at the 87% percentile since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 1.69%, at the 82%/83% percentile since 2010/2021. [18] 3.3 Primary Market Tracking - From 2025/12/1 to 2025/12/5, the Pulan Convertible Bond was announced for issuance, and no convertible bonds were listed. Pulan Software, the underlying stock of Pulan Convertible Bond, belongs to the computer industry. The company's 2024 revenue was 836 million yuan, with a year - on - year increase of 11.6%, and the net profit attributable to the parent company was 121 million yuan, with a year - on - year increase of 95.06%. In 2025Q1 - 3, the revenue was 300 million yuan, with a year - on - year increase of 2.17%, and the net profit attributable to the parent company was 100,000 yuan, with a year - on - year decrease of 90.07%. The scale of the issued convertible bond is 243 million yuan. [26] - As of the announcement on December 5, there were no announcements of convertible bond issuance and listing in the coming week (2025/12/8 - 2025/12/12). Last week, 2 companies' applications passed the listing committee review, 1 company's application was accepted by the exchange, 3 companies' applications passed the shareholders' meeting, and 2 companies' applications were at the board of directors' proposal stage. Currently, there are 96 convertible bonds waiting to be issued, with a total scale of 149.23 billion yuan, including 6 approved for registration with a total scale of 4.47 billion yuan and 8 passing the listing committee review with a total scale of 9.81 billion yuan. [27]

Core Insights - The development of mini-program malls is a crucial breakthrough for offline stores facing low customer retention and high churn rates, enabling a seamless integration of online and offline operations [2][10] - A well-structured mall development plan enhances customer loyalty by creating a robust membership system and offering benefits for both online and offline purchases [2][8] - Engaging interactive features and promotional activities within the mini-program can significantly increase customer engagement and drive foot traffic to physical stores [5][10] Group 1: Integration of Online and Offline - Mini-program malls break down data barriers between online and offline channels, allowing for automatic synchronization of customer purchases and points accumulation [2] - The membership system should include features like point redemption and tiered privileges to foster a sense of belonging among customers [2][8] Group 2: Customer Engagement Strategies - Rich interactive scene designs, such as limited-time flash sales and group buying, can attract customers to engage with the mini-program and visit the store [5] - Fun and practical interactive modules, like daily check-ins for points and lucky draws, can help cultivate habitual use of the mini-program [5] Group 3: Enhanced Customer Experience - The mini-program allows customers to add items to their cart for later purchase, with options for home delivery or in-store pickup, enhancing convenience [8] - After-purchase services, such as reminders and usage guides, can improve customer satisfaction and encourage repeat purchases [8] Group 4: Overall Strategy and Execution - The development of mini-program malls is not merely about creating an online store but about complementing offline operations to enhance customer experience [10] - Companies like Beijing Maimeng Technology offer comprehensive services from planning to execution in mini-program mall development, helping offline stores overcome operational challenges and achieve stable customer growth [10]