Major Events - Alibaba-W (09988) announced the pricing of $3.2 billion zero-coupon convertible preferred notes, with an initial conversion price of $193.15 per American depositary share [1] - Peijia Medical-B (09996) reported the first human clinical trial implantation of the Sutra Hemi-valve transcatheter mitral valve repair system [1] - Corning Jereh Pharmaceutical-B (09966) received acceptance from the National Medical Products Administration for the new drug application of KN026 (Anni monoclonal antibody injection) [1] - Nissin Foods (01475) invested 30.68 million yuan to acquire two plots of land in Zhuhai for the construction of new production facilities [1] - Nocoda Technology (00519) signed a cooperation agreement for low-altitude economic intelligent drones [1] Financial Data - Country Garden Holdings (00754) reported total contract sales of approximately 9.902 billion yuan for the first eight months, a year-on-year decrease of 15.56% [1] - China General Nuclear Power Corporation (01811) completed a power generation of 1,543.7 GWh in August, a year-on-year decrease of 5.7% [1] - Xinte Energy (00956) achieved a cumulative power generation of 9.8787 million MWh in the first eight months, a year-on-year increase of 10.55% [1] - Oceanwide Holdings (03377) reported a cumulative contracted sales amount of approximately 16.44 billion yuan for the first eight months, a year-on-year decrease of 25.88% [1]

Summary of the Conference Call on Consumer-Level 3D Printing Industry Overview - The consumer-level 3D printing industry in China is experiencing strong export growth, with exports to the US accounting for 37% and Germany for 20% in the first half of 2024. The total export volume for the year is projected to reach 3.77 million units, generating revenue of 8.2 billion RMB, a year-on-year increase of 33% [1][5]. - The global market size for consumer-level 3D printing reached $19.8 billion in 2024, with an expected annual growth rate of 18.6% over the next 5 to 6 years [2]. Key Players - **拓竹科技 (Tao Zhu Technology)**: - Became the industry leader within three years by continuously iterating new models, building overseas brand presence, and creating a user co-creation community called Make World, which has over 1 million registered users [1][6]. - Reported revenue of 2.7 billion RMB in 2023, with a projected revenue exceeding 5.5 billion RMB and a net profit nearing 2 billion RMB in 2024 [3][9]. - **创想 3D (Chuangxiang 3D)**: - The second-largest consumer-level printer supplier globally and the largest consumer-level scanner supplier, currently pursuing an IPO in Hong Kong to expand market share [7]. Market Dynamics - The consumer-level 3D printing market is characterized by a shift towards professional applications, with B-end demand accounting for 60% and C-end demand for 40% [1][2]. - The industry benefits from improvements in equipment usability, speed, precision, yield, and cost reductions. For instance, the entry-level product price of Tao Zhu Technology dropped from 3,700 RMB in 2022 to 1,500 RMB in 2024 [4]. Growth Factors - Internal factors driving growth include advancements in technology (AI applications for real-time diagnostics and model generation) and significant cost reductions in both equipment and materials [4]. - External factors include the diversification of application scenarios, such as dental crowns in healthcare, small-batch figurines in cultural creativity, and jewelry supports in the jewelry industry [4]. Competitive Landscape - Domestic brands like Tao Zhu Technology and Chuangxiang 3D are rapidly increasing their global influence, surpassing established brands like Prusa in search volume on platforms like Google and Amazon [3][8]. - Tao Zhu Technology has maintained a market share exceeding 50% for five consecutive quarters, with a projected sales growth of 627% for the 2025 618 sales event [9]. Investment Opportunities - The upstream supply chain presents opportunities in consumables, particularly PLA materials, which are widely used and have strong repurchase attributes [13]. - Key components in the midstream supply chain include laser modules, motors, and scanners, with companies like 海正生材 (Haizheng Biomaterials) and 嘉联科技 (Jialian Technology) showing potential in PLA production [14][15][16]. Conclusion - The consumer-level 3D printing industry is poised for significant growth, driven by technological advancements, cost reductions, and expanding application scenarios. Domestic players are increasingly competitive on a global scale, presenting various investment opportunities across the supply chain.

无人机行业深度：AI 赋能无人装备稳立战场中央 20250911 摘要 美国无人机技术领先，早期以侦察为主，后发展出多种型号如 MQ-9， 广泛应用于军事行动，且已实现标准航空战斗旅的无人机连配备，表明 无人机在现代战争中的重要性日益提升。 无人机相较于传统军事装备具有性价比优势，如 RQ-4 全寿命周期成本 低于 P8 侦察机，自杀式无人机打击成本远低于导弹，且能有效摧毁高 价值目标，具备广泛适应性和作战职能。 人工智能赋能无人系统，使其在电子战环境下具备自主判断和攻击能力， 减少人员需求，提高任务成功率。美国"天宫博格计划"通过模块化设 计降低成本，并采用分层次作战思路，提高作战效费比。 美国协同作战无人机研发经费在 2028 年将占下一代战机总研发经费的 42%，表明美国对无人机和下一代战机同等重视，预示着未来无人机购 置费用将大幅增加。 全球军贸无人机市场增长迅速，2015-2024 年复合增长率为 9.41%。 若此增长率保持，预计到 2028 年中国无人机军贸销售额将达 55.3 亿元， 同时国内察打一体和消耗型无人机需求巨大。 Q&A 无人机在现代战争中的应用有哪些主要发展趋势？ 无人机在现代战 ...

Core Viewpoint - The company is focusing on product development driven by market demand, creating a diversified product lineup that includes "high, medium, and low" and "large, medium, and small" categories [1] Group 1: Product Development - The company is developing products based on market demand, ensuring a comprehensive product layout [1] - The product strategy includes a combination of different sizes and categories to meet diverse customer needs [1] Group 2: Market Engagement - The company is actively promoting its products in overseas markets, enhancing communication with customers [1] - Continuous engagement with clients is aimed at deepening the understanding of market demands, which will support new product development and market order fulfillment [1]

Core Insights - Nocoda Technology announced a strategic partnership with Alpha AI Technology Limited to develop drone AI technology and low-altitude economic smart infrastructure [1] Group 1: Partnership Details - Nocoda's subsidiary, Nocoda Smart Driving, will act as Alpha AI's business partner in Hong Kong [1] - The partnership aims to expand business in drone AI detection systems and low-altitude economic smart infrastructure [1] - Alpha AI will provide comprehensive technical support and system deployment [1] Group 2: Development Goals - Both companies will collaborate to develop market-appropriate intelligent solutions [1] - The goal is to create more competitive products and services in the industry [1]

此次合作将充分发挥双方在技术研发和市场拓展方面的互补优势，重点围绕无人机人工智能检测服务和 智能基础设施解决方案展开合作。通过整合诺科达智驾在智能机器人设备研发与商业化落地方面的丰富 经验与Alpha AI在人工智能演算法领域的领先技术，实现技术与市场的无缝对接，共同开发更具市场竞 争力的智能化产品，以满足香港及周边地区日益增长的无人机应用需求。 诺科达科技(00519)发布公告，于2025年9月11日，集团的附属公司诺科达智驾有限公司与Alpha AI Technology Limited签署合作协议，基于无人机人工智能技术及低空经济智慧设施领域的共同发展目 标，建立深度战略合作伙伴关系，共同开拓智能科技应用的新蓝海。 ...

Group 1 - The core viewpoint of the news is that Chinese enterprises are increasingly enthusiastic about overseas investment, with a stable scale of foreign direct investment (FDI) ranking among the top globally, despite facing various challenges in the international environment [1][2][3] - As of the end of 2024, China's FDI stock reached $3.14 trillion, maintaining a position in the global top three for eight consecutive years [2][3] - In 2024, China's FDI flow was $192.2 billion, an increase of 8.4% year-on-year, accounting for 11.9% of the global share, marking the 13th consecutive year in the global top three [2][3] Group 2 - The global trade environment remains uncertain, with expectations of a significant slowdown in growth, projected to increase by only 0.3% in value in 2025 [3] - The most significant business risk identified for 2025 is cybersecurity incidents, followed by business interruptions and natural disasters [3][4] - Key risks for enterprises going abroad include policy and regulatory uncertainties, reshaping of global competition, and changes in public opinion [4] Group 3 - Companies are advised to adopt a localized compliance operating philosophy and establish professional local teams to enhance risk response capabilities [5] - Insurance providers need to innovate in three areas: insurance products, underwriting capabilities, and customized client solutions to meet the risk protection needs of enterprises going abroad [6][7] - The insurance industry must adapt to the rapid transformation of the Chinese economy, ensuring the ability to underwrite unique risks associated with emerging industries [7]

本集團欣然宣佈，於二零二五年九月十一日，本集團之附屬公司諾科達智駕有限公司 （「諾科達智駕」）與Alpha AI Technology Limited（「Alpha AI」）簽署合作協議（「合作 協議」），基於無人機人工智能技術及低空經濟智慧設施領域的共同發展目標，建立 深度戰略合作夥伴關係，共同開拓智能科技應用的新藍海。 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之內容概不負責， 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 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 NOVAUTEK TECHNOLOGIES GROUP LIMITED 諾科達科技集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：519） 自願公告 簽署低空經濟智能無人機合作協議 諾科達科技集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會自願作出本公告，以向本公司股東及潛在投資者提供本集團的最新業務情況。 承董事會命 諾科達科技集團有限公司 執行董事 吳濤 訂立合作協議的理由及裨益 此次合作將充分發揮雙方在技術研發和市場拓展方面的互補優勢，重點 ...

Group 1 - DJI is reportedly set to launch its first panoramic drone, currently in the final stages before release, with leaked images suggesting imminent production and market entry [1][3] - The new drone is expected to feature the same lens as the recently released Osmo 360, along with a rotatable gimbal and a 1-inch image CMOS sensor, showcasing DJI's technological capabilities in panoramic imaging [3][6] - The upcoming competition between DJI and Insta360 in the "panoramic drone" market is anticipated, with both companies expected to launch their products around the same time, vying for market definition [3][5] Group 2 - DJI has established a global ecosystem since its founding in 2006, dominating the consumer aerial photography market while also expanding into civil and industrial sectors [5] - Insta360, a newer player, has focused on the panoramic camera market and recently announced its entry into the drone industry, indicating a strategic shift [5][6] - The competition will hinge on technological depth and system collaboration, with DJI leveraging its extensive experience and technological advancements to maintain its leadership position [8][9] Group 3 - The launch of DJI's Osmo 360 has already seen significant sales, with over 20,000 units sold within a month, indicating strong market demand and competitive pricing strategies [8][10] - DJI's comprehensive technological capabilities, including flight control systems and image stabilization, provide a significant advantage over Insta360, which is still developing its drone technology [9][10] - The upcoming product launches will ultimately be judged by user experience and market acceptance, with DJI's established supply chain and R&D investment likely giving it a competitive edge [10][11]

Core Viewpoint - The company, Chase Technology, has reported strong performance and an increase in founder control to promote ecosystem development [1][4]. Group 1: Company Performance and Share Buyback - On September 11, Chase Technology announced that its cash flow is sufficient and operational status is good, with the founder's shareholding increasing from 45% to 70% due to recent share buybacks [1][4]. - The early investors in Chase Technology have reportedly achieved returns of several tens of times their initial investments [4]. Group 2: Business Expansion and Future Plans - Chase Technology has significantly exceeded its 2024 annual revenue in the first half of 2025 [4]. - The company, founded in 2017, has been valued at 20 billion RMB and ranked 385th on the 2024 Hurun Global Unicorn List [4]. - Chase Technology has announced plans to enter the automotive sector, with its first ultra-luxury electric vehicle set to launch in 2027 [4][6]. Group 3: Automotive Manufacturing and Technology - The company is collaborating with BNP Paribas to establish a factory in Germany, strategically located near Tesla's Berlin Gigafactory [6]. - The chosen location has access to a complete supply chain of over a thousand local component suppliers, which will enhance efficiency and reduce costs [6]. Group 4: Technological Capabilities and Innovations - Chase Technology has accumulated significant technological expertise in high-speed digital motors, AI algorithms, and robotics, enabling a transition to automotive electric drive systems and autonomous driving [7]. - As of May 2025, the company has obtained 3,155 global patents and filed a total of 6,379 patent applications [7]. Group 5: Diversification into Drone Technology - The company is also expanding into the drone business, targeting the low-altitude economy, which is a trillion-dollar market [8]. - The founding team includes members from Tsinghua University's "Sky Factory," providing a strong foundation in aerospace technology for drone development [8]. Group 6: Synergies in Technology - Technologies developed for the company's flagship robotic vacuum products, such as 3D spatial perception and dynamic obstacle avoidance, can be adapted for drone flight control and navigation systems [9]. - The company's established smart manufacturing system and global supply chain resources will support rapid industrialization and mass production of drone projects [9].