1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The target price for PULIAN Convertible Bond on its first day of listing is estimated to be between RMB 137 and RMB 142, with a recommended active subscription. The expected conversion premium rate on the first - day of listing is in the range of 42% - 47% [3][22]. - The estimated first - day new - bond lottery winning rate is around 0.0018% - 0.0022% [4][23]. 3. Summary According to the Table of Contents 3.1. PULIAN Convertible Bond New - Bond Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The PULIAN Convertible Bond will be issued through priority placement and online issuance. Its bond and issuer ratings are both A+. The issuance scale is RMB 243 million, with an initial conversion price of RMB 18.26. The conversion parity on December 5, 2025, was RMB 96.44, and the pure - bond value is RMB 82.46. The game terms (lower - adjustment, redemption, and put - back clauses) are normal. Overall, the bond has a low issuance scale, poor liquidity, and a weak rating, but the bond floor protection is acceptable. It is difficult for institutions to include it in their portfolios, but there is no objection to primary - market participation [2][17]. 3.1.2. Analysis of New - Bond Initial Listing Price - The company's main business is to provide information solutions and IT integrated services for large - scale group enterprises. The funds raised from this issuance will be used for upgrading and expanding existing products, enhancing market competitiveness, and maintaining a leading position in industry technology [3][21]. - The target price for PULIAN Convertible Bond on its first day of listing is estimated to be between RMB 137 and RMB 142, with a recommended active subscription. The expected conversion premium rate on the first - day of listing is in the range of 42% - 47% [3][22]. 3.1.3. Analysis of Convertible Bond New - Bond Lottery Winning Rate - The estimated first - day new - bond lottery winning rate is around 0.0018% - 0.0022%. Assuming an old - shareholder placement ratio of 21% - 34%, the scale available in the market is between RMB 161 million and RMB 191 million. Assuming 8.7 million online valid subscriptions, the lottery - winning rate when subscribing to the maximum limit is around 0.0018% - 0.0022% [4][23]. 3.2. Analysis of the Underlying Stock's Fundamental Conditions 3.2.1. Company's Main Business and the Upstream and Downstream of the Industry - The company's main business is to provide information solutions and IT integrated services for large - scale group enterprises. It has strong innovation and delivery capabilities and serves many large - scale central enterprises [24]. - The upstream of the industry consists of enterprises producing basic software and computer hardware products, with sufficient supply. The downstream includes energy, construction, and finance industries, and the digital transformation of the downstream market drives the development of the software industry [24][25]. 3.2.2. Company's Operating Conditions - The company's operating income has shown an overall upward trend from 2022 to the first half of 2025, with year - on - year growth rates of 19.31%, 7.80%, 11.60%, and 9.45% respectively. Customized software business is the main source of income [28]. - The company's comprehensive gross profit margin and net profit rate have shown a downward trend from 2022 to the first half of 2025, mainly due to factors such as changes in the market environment and a significant increase in labor costs [31]. - The company's periodic expenses and R & D expenses have fluctuated greatly in recent years. The proportion of accounts receivable in operating income has shown an upward trend, and the accounts - receivable turnover rate has slightly decreased [34][39][40]. - The company's net profit attributable to the parent has fluctuated greatly, and its profitability and weighted ROE have also fluctuated significantly [44]. 3.2.3. Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity structure is relatively dispersed. The top two shareholders, Lin Guoqiang and Wang Hu, have a combined shareholding of 21.41%, and they are the controlling shareholders and actual controllers. Through a concerted action agreement, they jointly control 38.27% of the voting rights of the company's shares [47]. 3.2.4. Company's Business Characteristics and Advantages - The company has long - term technological accumulation, with XBRL - related systems and products widely applied. It has a mature development platform with high performance, strong scalability, and high flexibility [50]. - The company has advantages in talent reserves and R & D innovation. It has a R & D team with rich experience, a sound talent - training system, a R & D project - management mechanism, and close industry - university - research cooperation [51]. - The company has advantages in customer resources and market - feedback acquisition. It has a wide range of customers, can optimize products based on customer feedback, and quickly implement R & D results to expand market share [53]. 3.2.5. Allocation of Funds Raised in this Issuance - The company plans to issue convertible bonds to raise a maximum of RMB 243 million. After deducting issuance fees, RMB 85 million will be used for the domestic ERP function expansion project, RMB 49 million for the digital intelligent financial risk management and control product construction project, and RMB 108 million for the Yunhu Platform R & D and upgrade project [1][15][54]. - The domestic ERP function expansion project aims to upgrade and expand the existing ERP product, with an expected average annual operating income of RMB 141.1822 million, an after - tax internal rate of return of 17.78%, and an after - tax payback period of 7.99 years (including the construction period) [55]. - The digital intelligent financial risk management and control product construction project aims to upgrade and expand existing XBRL application products and solutions. The expected average annual operating income is RMB 54.0622 million, the after - tax internal rate of return is 23.55%, and the after - tax payback period is 6.41 years (including the construction period) [56]. - The Yunhu Platform R & D and upgrade project aims to enhance the platform's intelligence and technical capabilities, which is beneficial for the company to maintain and enhance its technological advantages and core competitiveness, but it does not directly generate economic benefits [57].

今日，上证指数涨0.54%，深证成指涨1.39%，创业板指涨2.6%，北证50涨1.27%。全市场成交额2.05万亿元，较上日成交 额放量3126亿元，时隔16个交易日再度站上2万亿元大关。 板块题材上，市场结构性分化显著，科技一枝独秀，AI硬件概念王者归来，光模块、光电路交换、光芯片、光通信、玻璃 纤维、高速铜连接、两岸融合等板块涨幅靠前，市场人气明显聚集，而随着市场风险偏好持续回升，资金从避险板块中流 出，此前表现较强的央企煤炭、煤炭开采、磷化工、汽车整车、化学原料及电力等板块跌幅居前。申万一级行业上，通 信、综合、电子、非银金融、计算机等行业领涨，主要聚焦于科技（TMT）板块；而煤炭、石油石化、食品饮料、公用事 业、钢铁等行业表现疲软，主要集中在消费与周期板块。 板块层面，关注AI硬件等科技方向，近期迎来产业利好催化，调整后性价比显著。自9月以来，AI硬件等科技方向持续震 荡调整，主要是因为AI泡沫论等声音放大，英伟达走势疲弱对A股形成不利映射。不过，虽然英伟达尚未复现当初的强 势，但谷歌作为AI一体化龙头重新接棒，展现出AI行情更多是切换而非是结束。与此同时，被称为"中国版英伟达"的摩尔 线程于上周五 ...

荣科科技股价创出历史新高，截至9:33，该股上涨3.14%，股价报32.49元，成交量1306.72万股，成交金 额4.26亿元，换手率2.04%，该股最新A股总市值达207.85亿元，该股A股流通市值207.79亿元。 两融数据显示，该股最新（12月8日）两融余额为14.57亿元，其中，融资余额为14.57亿元，近10日增加 5250.99万元，环比增长3.74%。 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4.54亿元，同比下降4.49%，实现净利 润-3169.01万元，同比下降378.82%，基本每股收益为-0.0495元。（数据宝） 证券时报·数据宝统计显示，荣科科技所属的计算机行业，目前整体跌幅为0.16%，行业内，目前股价上 涨的有105只，涨幅居前的有宏景科技、达华智能、大位科技等，涨幅分别为10.12%、9.96%、7.59%。 股价下跌的有244只，跌幅居前的有佳华科技、创识科技、*ST立方等，跌幅分别为11.10%、3.74%、 3.41%。 （文章来源：证券时报网） ...

| | 在用的商业首间 目 | 章公司 查老板 音关系 音风险 | | | --- | --- | --- | --- | | | × 天眼一下 + NE + 中心 发展于其余点 下机构 | 何公益是人體品論文細胞只 | 商务合作 - | | 基本信息 5 | 法律诉讼 经营信息 1 公司发展 | 经营风险 | 知 | | 工商信息 ● | | | | | 工商信息 历史工商信息0 | | | | | 企业名称 | 河南省众警机器人有限公司 | | | | 法定代表人 | 存续 元X 赵同阳 器关联企业 11 | 登记状态 ② | 天眼评分 2 | | | 2025-12-03 | 成立日期 | | | 统一社会信用代码 2 | 91410100MAK28ULT16 5000万人民币 | 注册资本 3 | 实缴资本 | | 工商注册号 | 410199001074966 91410100MAK28ULT16 | 纳税人识别号 2 | 组织机构代码( | | 营业期限 | 2025-12-03 至 无固定期限 | 纳税人资质 | 核准日期 | | 企业崇明 | 有限责任公司(非自然人投资或控股的 计算机、通信和 ...

作者：情报员 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 国家知识产权局信息显示，浪潮电子信息产业股份有限公司取得一项名为"一种高速通信辅助装置及相 关组件"的专利，授权公告号CN116303152B，申请日期为2023年2月。 天眼查资料显示，浪潮电子信息产业股份有限公司，成立于1998年，位于济南市，是一家以从事计算 机、通信和其他电子设备制造业为主的企业。企业注册资本147213.5122万人民币。通过天眼查大数据 分析，浪潮电子信息产业股份有限公司共对外投资了37家企业，参与招投标项目4220次，财产线索方面 有商标信息478条，专利信息5000条，此外企业还拥有行政许可13个。 ...

Market Overview - On December 8, the A-share market opened high and closed higher, with the Shanghai Composite Index rising by 0.54% to 3924.08 points, the Shenzhen Component Index increasing by 1.39% to 13329.99 points, and the ChiNext Index up by 2.6% to 3190.27 points. The total trading volume of the Shanghai and Shenzhen markets reached 2.04 trillion yuan, an increase of 310.9 billion yuan compared to the previous trading day, marking a return to over 2 trillion yuan after 20 trading days [2][3]. International Market - The New York stock market saw declines on December 8, with the Dow Jones Industrial Average falling by 215.67 points (0.45%) to 47739.32 points, the S&P 500 down by 23.89 points (0.35%) to 6846.51 points, and the Nasdaq Composite Index decreasing by 32.22 points (0.14%) to 23545.90 points. In Europe, the FTSE 100 index fell by 0.23%, the CAC 40 index decreased by 0.08%, while the DAX index rose by 0.07% [3]. Oil Prices - International oil prices dropped on December 8, with light crude oil futures for January 2026 falling by $1.20 to $58.88 per barrel (a 2.0% decrease), and Brent crude oil futures for February dropping by $1.26 to $62.49 per barrel (a 1.98% decrease) [4]. Economic Policy Insights - The Central Political Bureau of the Communist Party of China emphasized the need for a stable yet progressive economic approach for 2026, advocating for more proactive fiscal policies and moderately loose monetary policies. Key focuses include enhancing domestic demand, fostering innovation, and promoting green transformation [6]. Industry Developments - Various provinces have released their "14th Five-Year Plan" proposals, highlighting the importance of artificial intelligence (AI) as a key area for development. Regions like Zhejiang and Fujian are focusing on AI integration with traditional industries, while Guizhou is developing its computing power industry [6][7]. - The computer sector is being recognized as a "bull market leader," with expectations of high revenue growth driven by AI trends, which is expected to support valuations and provide significant investment opportunities [7]. Automotive Sector - In November, domestic retail sales of new energy passenger vehicles reached 1.321 million units, a year-on-year increase of 4.2%. Cumulatively, sales for the first 11 months totaled 11.472 million units, up 19.6% year-on-year. The upcoming adjustments to the new energy vehicle purchase tax are anticipated to stimulate consumer purchases [9]. Shipping Industry - China State Shipbuilding Corporation and China COSCO Shipping Group signed a new shipbuilding project contract worth over 50 billion yuan, marking the highest single contract amount in China's shipbuilding industry. The project includes the construction of 87 vessels and aims to enhance green and intelligent shipping solutions [10]. Securities Industry - The China Securities Regulatory Commission indicated that the overall leverage in the securities industry will remain within a reasonable range, with plans to optimize leverage requirements for high-quality institutions to improve capital efficiency and better serve the real economy [11]. Fund Flow Analysis - The electronics and battery sectors saw significant inflows, with the semiconductor industry leading with a net inflow of 4.315 billion yuan, while the liquor industry experienced the largest outflow of 1.88 billion yuan [14][15].

Group 1: Company Overview - Yuan Chuang Co., Ltd. operates in the rubber and plastic products industry, focusing on rubber track products, including agricultural tracks, engineering tracks, and track plates, with over 30 years of industry experience [2] - The company has established strong relationships with major clients in the industry, such as SANY Heavy Industry, XCMG, and Yanmar Group, due to the large scale and strong stickiness of its customer base [2] Group 2: Financial Performance - The company reported revenues of 1.349 billion yuan in 2024, an increase of 18.19% compared to the previous year, while revenues in 2023 were 1.141 billion yuan, a decrease of 9.45% [2] - The forecast for 2025 indicates a net profit attributable to shareholders of 157 million yuan, representing a growth of 1.50% compared to the previous year [2] - The company’s earnings per share (EPS) for 2024 is projected to be 1.547 billion yuan, down 12.94% from 2023, while 2022 saw a net profit of 1.389 billion yuan, an increase of 50.17% [2] Group 3: Market Position and Valuation - The company’s issuance price is set at 24.75 yuan, with a total market capitalization of 590 million yuan and a total share capital of 1.455 billion shares [2] - The issuance price-to-earnings (P/E) ratio is 12.93, significantly lower than the industry average P/E ratio of 26.37, indicating potential undervaluation [2] Group 4: Use of Proceeds - The funds raised from the issuance will be allocated to the construction of production bases, establishment of a technology center, and to supplement working capital [2]

Market Performance - Most indices showed an upward trend on December 8, 2025, with the CSI 2000 index performing well, and the CSI 300 Growth Index also showing strong performance [1][2] - The communication, electronics, computer, non-bank financials, and defense industries performed well, while coal, oil and petrochemicals, food and beverage, steel, and electric utilities showed poor performance [1][5] - Concept stocks such as optical modules (CPO), optical chips, optical communications, and base stations performed well, while central enterprise coal, Guizhou state-owned assets, and gold selections performed poorly [1][9] Market Sentiment - At the close on December 8, 2025, there were 78 stocks hitting the daily limit up and 8 stocks hitting the limit down, with limit-up stocks showing a closing gain of 5.10% and limit-down stocks showing a closing loss of -1.87% [11][15] - The sealing rate was 69%, down 7% from the previous day, while the consecutive limit-up rate was 34%, up 6% from the previous day [18] Market Capital Flow - As of December 5, 2025, the margin trading balance was 24,817 billion yuan, with a financing balance of 24,641 billion yuan and a margin balance of 176 billion yuan, representing 2.6% of the circulating market value [21][22][25] Premium and Discount - On December 5, 2025, the satellite ETF had the highest premium at 0.62%, while the Hong Kong-Shenzhen 300 ETF had the highest discount at -0.72% [28] - The average discount rate for block trades over the past six months was 6.47%, with a discount rate of 8.08% on December 5, 2025 [30] Institutional Attention and Rankings - The stocks with the most institutional research in the past week included Canxin Co., Zhaochi Co., and Xinyuan Zhuomei, with Canxin Co. being researched by 63 institutions [36] - On December 8, 2025, the top ten stocks with net inflows from institutional special seats included Xue Ren Group, Ruikang Pharmaceutical, and Changguang Huaxin, while the top ten with net outflows included Guangdong Hongda and Taiyang Cable [40][41]

Core Viewpoint - Nanchang Haoyang Computer Co., Ltd. has been established with a registered capital of 50 million RMB, fully owned by Shanghai Mingke Zhiliang Information Technology Co., Ltd. [1] Company Summary - Company Name: Nanchang Haoyang Computer Co., Ltd. [1] - Legal Representative: Cheng Zhenxiu [1] - Registered Capital: 50 million RMB [1] - Company Type: Limited liability company (wholly owned by a natural person) [1] - Business Scope: Includes wholesale of computer hardware and software, supply chain management services, technical services, development, consulting, and various manufacturing and retail activities related to electronic components and communication devices [1] Industry Summary - Industry Classification: Manufacturing industry, specifically in computer, communication, and other electronic device manufacturing [1] - Address: Jiangxi Province, Nanchang City, Nanchang High-tech Industrial Development Zone [1] - Business Duration: From December 8, 2025, with no fixed term [1] - Registration Authority: Nanchang High-tech Industrial Development Zone Market Supervision Administration [1]

Core Insights - The 2025 Yangtze River Delta Top 100 Enterprises list was released, highlighting the growth and performance of companies in the region [1][3] Group 1: Overview of the 2025 Yangtze River Delta Top 100 - The list includes 24 companies from Jiangsu, an increase of 1 from the previous year [3] - Key companies in the top 10 include Hengli Group (ranked 3rd) and Shenghong Holding Group (ranked 7th) [3] Group 2: Financial Performance of Top Enterprises - The 24 listed companies are projected to achieve a total revenue of 4.3 trillion yuan in 2024, reflecting a year-on-year growth of 2.92% [3] - Total assets of these companies amount to 10.3 trillion yuan, with a year-on-year increase of 12.19% [3] - Owner's equity stands at 1.9 trillion yuan, up by 9.34% year-on-year [3] - Research and development expenses are expected to reach 582.1 billion yuan, marking a growth of 4.80% [3] - The total number of employees across these companies is 704,000, which is a 4.80% increase [3] Group 3: Performance of Private Enterprises - The number of private enterprises in the Top 100 has surpassed half, reaching 54, an increase of 5 from the previous year [4] - Private enterprises generated 12.1 trillion yuan in revenue, accounting for 56.61% of the total, marking a significant milestone [4] - The revenue growth rate for private enterprises was 9.51%, exceeding the average growth rate of the Top 100 by 6.24 percentage points [4] - Net profit for private enterprises grew by 23.65%, outpacing the average growth rate of the Top 100 by 8.58 percentage points [4] Group 4: Sector-Specific Insights - The manufacturing sector, particularly in integrated circuits and computers, has shown rapid growth [4] - The service sector also demonstrated revenue growth, with significant profit increases in internet services, water transportation, and insurance [4] - The strong performance of internet service companies has been a key driver of the overall growth in the Yangtze River Delta Top 100 [4]