"制造业与服务业双向奔赴，关乎广东高质量发展大局、现代化建设全局。要以制造业之强牵引服务业 之优，以服务业之优增进制造业之强，在'制造强省'与'服务高地'相互成就中打开产业发展新天地，让 现代化产业体系这棵大树在广东的发展沃土上深深扎根、茁壮成长。"广东省委书记黄坤明在广东省高 质量发展大会上表示。 2月24日，农历丙午马年首个工作日，广东省委、省政府召开全省高质量发展大会。今年，广东高质量 发展大会聚焦"制造业与服务业协同发展"，释放出经济第一大省以"两业协同"锻造新质生产力、抢占产 业新赛道的明确信号。 作为制造业大省和服务业强省，广东现代化产业体系基础雄厚、门类齐全，2025年全省规上工业企业营 业收入、服务业增加值均居全国首位，为建设具有国际竞争力的现代化产业体系奠定了坚实根基。当 前，广东正聚焦制造业发展关键环节，制定实施一批具有突破性、引领性、可操作性的重大政策和改革 举措，推动服务业以前所未有的深度和广度，持续赋能制造业高质量发展。 在此发展趋势下，众多广东制造业企业正经历一场深刻的"进化"，从"造产品"向"做服务"的转型。对广 东企业而言，凝聚制造业和服务业这对"最佳搭档"，将产生怎样的效果？ ...

如果说制造业是新型工业化的"主战场"，那么工业软件就相当于这个战场的"大脑与神经系统"，是定义产品、控制流程、优化 决策并驱动整个制造体系智能化的核心数字基础。 一方面，全球28%以上的制造业增加值在中国诞生，从新能源汽车到折叠屏手机，从大型盾构机到民用无人机，"中国制造"的标 签转向质量和品质。另一方面，工业设计软件却长期被海外厂商把持。在相当长的时间里，国内工程师打开电脑，CAD意味着 AutoCAD，三维建模等于SolidWorks，仿真分析则是ANSYS或达索的天下。 转折发生在最近几年。在自主化浪潮与技术升级的双重驱动下，国内工业软件企业走完了从"能用"到"好用"的关键积累期。典 型如广州本土企业——中望龙腾软件股份有限公司，从二维CAD突围起步，逐步建立起覆盖CAD、CAE、CAM的完整产品矩 阵，并在2021年登陆上交所科创板，成为A股第一家研发设计类工业软件上市企业。据国际权威研究机构IDC报告显示,中望已连 续三年位居"国产设计研发类工业软件市场占有率第一"，成为名副其实的中国CAD第一品牌。 2024年，中望3D业务增速达到29.21%，境外市场收入同比增长42.21%。数字背后，是广东作 ...

Fortive Corporation FY Conference Summary Company Overview - **Company**: Fortive Corporation (NYSE: FTV) - **Date of Conference**: February 18, 2026 Key Points Industry and Market Environment - **Demand Environment**: Fortive exited 2025 with strong core growth across both segments, indicating a positive demand environment as they entered 2026 [2][5] - **Short-Cycle Business**: The company noted strength in its short-cycle business, particularly in North America, driven by data center and distributed energy spending [9] - **Government Spending**: Government-related business accounted for about 8% of total revenue in 2025, with stable conditions expected in 2026 despite previous strong spending post-COVID [18][21] Financial Performance - **Q4 Performance**: Q4 2025 performance exceeded expectations, with broad-based strength across segments and no significant one-time events affecting results [6][7] - **2026 Outlook**: The company does not anticipate dramatic improvements in conditions affecting growth but feels positive about the setup from 2025 [8][21] Segment Insights - **Fluke Segment**: Fluke is recognized for its strong brand and market share potential, with ongoing innovation and a growing recurring revenue stream (15% of Fluke's revenue) [11][15][17] - **FAL Growth**: The FAL platform is expected to grow through innovation and commercial expansion, with a focus on capturing deferred maintenance spending from government agencies [22][29] - **AHS Segment**: The ASP business faced challenges in 2025 but is expected to improve in 2026 due to increased focus on innovation and customer loyalty [63][70] Strategic Initiatives - **Fortive Acceleration Strategy**: The company is focused on executing its Fortive Acceleration strategy to outperform market growth, emphasizing innovation, commercial investments, and recurring customer value [10][28] - **AI Integration**: Fortive has integrated AI capabilities across its businesses, enhancing customer operations and product development [62] Financial Management - **Cost Structure**: The company has a clear understanding of its cost structure, with no surprises post-spin-off from Ralliant, and is focused on margin expansion of 50-100 basis points annually [78][80] - **Capital Allocation**: Fortive emphasizes disciplined capital allocation, prioritizing organic growth investments while remaining open to small acquisitions that enhance existing brands [86][92] Market Position and Future Outlook - **Software Assets**: Fortive's software businesses are well-positioned with unique data assets and network effects, making them resilient in an AI-driven market [34][39] - **Acquisition Strategy**: The company is looking for bolt-on acquisitions that can help existing brands grow faster, with a high bar for software acquisitions due to current market conditions [92][98] Customer Engagement - **Customer Health Metrics**: Fortive monitors customer health scores and adoption rates of AI use cases to gauge satisfaction and potential churn [50][56] Additional Insights - **Geographic Performance**: North America remains the strongest region for Fortive, with signs of improvement in EMEA and steady performance in APAC [9] - **Recurring Revenue Growth**: The company is seeing double-digit growth in recurring revenue streams, particularly in the Fluke segment [15][17] This summary encapsulates the key insights and strategic directions discussed during the Fortive Corporation FY Conference, highlighting the company's performance, market conditions, and future growth strategies.

Core Viewpoint - China Smart Technology (01796) has entered into a subscription agreement to issue 16.7 million shares at a subscription price of HKD 3.0 per share, representing a discount of approximately 2.6% compared to the closing price of HKD 3.08 on the date of the agreement [1] Group 1 - The total amount raised from the subscription is approximately HKD 50.1 million, with a net amount of about HKD 50 million intended for business cooperation with Guangzhou Xinglun Security Industrial Co., Ltd. in the fields of industrial IoT, industrial software, and smart manufacturing, and/or general working capital [1] - The total number of subscription shares will represent about 3.5% of the company's existing issued share capital and approximately 3.4% of the enlarged issued share capital after the issuance of the subscription shares, assuming no changes in the issued share capital from the date of the announcement to the completion date [1] - The subscription shares will be issued under general authorization [1]

Group 1 - The company announced a strategic cooperation memorandum with Guangzhou Xinglun Security Industrial Co., Ltd. [1] - A new non-wholly owned subsidiary, Xinglun Smart Technology (Shenzhen) Co., Ltd., has been established under the group, with the company and Guangzhou Xinglun holding 51% and 49% stakes respectively [1] - As of the announcement date, Xinglun Smart Technology has not commenced operations, and the company is actively negotiating with Guangzhou Xinglun regarding cooperation models, directions, and other related matters [1] Group 2 - Mr. Wang Kai has been appointed as the CEO of Xinglun Smart Technology, effective from February 13, 2026 [1]

Group 1 - The core point of the article is that China Smart Technology (01796.HK) has established a new non-wholly owned subsidiary, Xinglun Smart Technology (Shenzhen) Co., Ltd., to engage in strategic cooperation in areas such as industrial IoT, industrial software, and smart manufacturing [1] - Xinglun Smart Technology is registered in the People's Republic of China, with the group holding a 51% stake and Guangzhou Xinglun holding a 49% stake [1] - As of the announcement date, Xinglun Smart Technology has not commenced operations, and the company is actively negotiating with Guangzhou Xinglun regarding cooperation models, directions, and other related project matters [1]

Core Viewpoint - China Smart Technology (01796) has announced a strategic cooperation memorandum with Guangzhou Xinglun Safety Industrial Co., Ltd, establishing a new non-wholly owned subsidiary named Xinglun Smart Technology (Shenzhen) Co., Ltd to engage in business related to industrial IoT, industrial software, and smart manufacturing [1] Group 1 - The new subsidiary, Xinglun Smart Technology, is registered in China, with the group holding a 51% stake and Guangzhou Xinglun holding 49% [1] - As of the announcement date, Xinglun Smart Technology has not commenced operations, and the company is actively negotiating with Guangzhou Xinglun regarding cooperation models, directions, and other related project matters [1] - Mr. Wang Kai has been appointed as the CEO of Xinglun Smart Technology, effective from February 13, 2026 [1]

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 就 因 本 公 告 全 部 或 任 何 部 份 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。 本 公 司 將 根 據 上 市 規 則 就 戰 略 合 作 備 忘 錄 項 下 項 目 的 發 展 情 況 適 時 再 作 公 佈。 – 1 – Metaspacex Limited 中國數智科技集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰1796） 自願性公告 業務最新情況 本 公 司 謹 此 發 表 自 願 性 公 告，向 本 公 司 股 東 及 有 意 投 資 者 提 供 有 關 本 集 團 最 新 業 務 發 展 的 最 新 情 況。 茲 提 述 中 國 數 智 科 技 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 日 期 為 二 零 二 五 年 十 二 月 十 七 日 之 公 告（「該公告」），內 容 有 關 本 公 司 ...

Core Insights - The digital transformation of China's manufacturing industry is entering a critical phase, with industrial internet applications penetrating 49 categories of the national economy and achieving full coverage of 41 industrial categories by early 2026, although challenges such as non-unified standards and data silos remain [1] Group 1: AI Integration in Manufacturing - The integration of AI into manufacturing processes is becoming a trend, but issues with technology adaptation persist, with 73% of manufacturing companies utilizing less than 40% of their data and 60% facing a disconnect between AI technology and actual needs [3] - Black Lake Technology is developing industrial AI Agents to enhance production efficiency, enabling rapid decision-making and process optimization, significantly reducing the time required for complex tasks [3] Group 2: Collaborative Platform Ecosystem - The lack of unified standards in China's manufacturing sector has led to poor software compatibility, with 85% of manufacturers reporting data silos that hinder collaboration, resulting in a 12% error rate in data transmission for automotive and electronics projects [4] - Black Lake Technology has launched products like "Black Lake Intelligent Manufacturing" and "Black Lake Supply Chain" to create a collaborative platform that aggregates and analyzes production data in real-time, addressing the issue of heterogeneous system compatibility [4] Group 3: Supporting Flexible Production - The rise of personalized consumer demands is pushing the manufacturing sector towards flexibility, with small-batch and multi-category orders becoming mainstream, necessitating improved responsiveness and resource integration [5] - Black Lake Technology's "Black Lake Small Order" product helps small factories enhance their flexibility in fulfilling customized orders, significantly reducing the time from trial production to mass production [6] Group 4: Sustainable Development Pathways - The digital transformation of manufacturing in China shows significant regional imbalances, particularly affecting small and medium-sized enterprises in central and western regions, where there is a lack of understanding of digital transformation and lean manufacturing principles [7] - Black Lake Technology focuses on training and awareness-building as a key strategy for promoting digital transformation, collaborating with professional teams to offer tailored training courses [7]

Core Insights - The policy aims to encourage independent research and development in key technologies, particularly in industrial internet, industrial software, and cybersecurity, by providing financial support to qualifying projects [1][4]. Policy Focus - The policy targets three main technology areas with seven specific directions: 1. **Key Technologies in Industrial Internet Platforms**: - Industrial intelligent algorithms, knowledge graphs, mechanism models, and microservice components [2]. 2. **Key Technologies in Industrial Software**: - Computer-aided design (CAX), electronic design automation (EDA), and product lifecycle management (PLM) [2]. 3. **New Network and Security Technologies**: - Software-defined networking (SDN), network virtualization, and core security systems [2]. Subsidy Details - The subsidy is set at 30% of the total funding received from national or municipal support, with a maximum limit of 9 million yuan per project [3]. Policy Implications - The policy emphasizes continuous technological iteration rather than one-time development, highlighting the importance of ongoing R&D capabilities [4]. - It stresses the need for practical applications of innovations, indicating that theoretical results without industrial validation will not receive support [4]. - Cybersecurity is treated as a distinct area, reflecting the growing importance of compliance and safety in smart manufacturing [4]. Application Strategy for Enterprises - Companies are advised to clearly define their technical challenges, industrialization paths, and funding usage in their project proposals [5][6]. - Prioritizing applications for national or municipal key project status is recommended to enhance eligibility for subsidies [6]. - Forming joint applications with technology and application partners is encouraged to address verification challenges [7]. - Attention to intellectual property rights is crucial, with a need to clarify core technology patents and software copyrights in proposals [8].