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 的 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 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Feiyang International Holdings Group Limited 飛 揚 國 際 控 股（ 集 團 ）有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1901） 自願公告 戰略合作備忘錄 共同開拓文旅RWA經濟及潮玩數實卡牌業務 飛揚國際控股（ 集團 ）有限公司（「本公司」）欣然宣佈，於2025年11月13日，本公司 與中灣國際金融有限公司（「中灣國際」）及雲鋕數字科技有限公司（「雲鋕科技」）共 同簽署一份不具法律約束力的諒解備忘錄（「備忘錄」），旨在建立長期戰略合作關 係，共同拓展文旅數字資產業務發展。 合作方背景 – 1 – . 中灣國際為香港數家持牌金融機構的控股公司，持有香港證券及期貨事務監 察委員會頒發的第1、4、6及9類受規管活動牌照，在跨境融資、資本運作及 財務顧問等領域具備專業能力與豐富 ...

Core Viewpoint - The "15th Five-Year Plan" emphasizes the importance of capital market reforms to promote high-quality development, focusing on enhancing the inclusiveness and adaptability of the capital market system, and improving the coordination between investment and financing functions [1][11][12]. Group 1: Key Tasks and Measures - The China Securities Regulatory Commission (CSRC) outlines key tasks for the "15th Five-Year Plan" period, including the active development of direct financing through equity and bonds, fostering high-quality listed companies, and creating a more attractive environment for long-term investments [1][11]. - The plan aims to enhance the scientific and effective regulation of the capital market, steadily expand high-level institutional openness, and create a standardized, inclusive, and vibrant capital market ecosystem [1][11][12]. Group 2: Market Outlook - The capital market is expected to show a "long-term" and "steady" trend during the "15th Five-Year Plan" period, driven by government emphasis on capital market development and the fundamental strengths of Chinese assets [1][20]. - The overall valuation of A-shares is considered reasonable and not overvalued, with the current P/E ratio of the CSI 300 at approximately 14.2x, compared to higher ratios in other major markets [22][24]. Group 3: Structural Opportunities - Key sectors to watch include digital technology, space economy, high-end manufacturing, domestic consumption, and biotechnology, which align with the policy directions of developing new productive forces and expanding domestic demand [1][24]. - The focus on technological innovation and self-reliance is expected to drive significant investment opportunities in these sectors, particularly in areas like AI, quantum technology, and advanced manufacturing [1][24]. Group 4: Financial Ecosystem and Investor Engagement - The plan emphasizes the need for a more attractive long-term investment environment, promoting the development of institutional investors and enhancing the role of long-term capital in stabilizing the market [15][19]. - Measures to improve investor protection and enhance market transparency are also highlighted, aiming to build a more robust legal framework and encourage a culture of innovation and risk tolerance [19][20].

当山水成为城市的灵魂，人与城的相遇便注定是一场和谐而浪漫的共生。北宋年间，苏轼任徐州知州时 曾畅想："若能引丁塘湖、金钟湖之水灌入此湖（云龙湖），则风光可与西湖争胜。"千年流转，云龙湖 不负文豪所期，不仅被誉为"国内最美城中湖"，更以"不是西湖，胜似西湖"之姿，成为徐州面向世界的 最美"城市会客厅"。 云龙湖就坐落在徐州城市核心区的泉山区。近年来，泉山区深入贯彻新发展理念，充分发挥山水生态、 科技创新和文化资源优势，大力推动生态、文化、旅游和科技的深度融合，谱写了高质量特色发展的崭 新篇章。从自然山水名片，到文化引领、产业集聚的发展高地，环云龙湖文旅产业集聚区已然生长成 形：一场《彭城风华》点亮了徐州的夜经济，一座珠山数字经济产业园汇聚着新质生产力，一条新潮消 费链重塑着吃喝玩乐的体验……这条融合文、商、旅、产的超级活力带，正以崭新的姿态讲述"湖城共 生"的新故事。 徐州云龙 湖旅游景区。本文图片均由泉山区委宣传部 供图 "一眼千年" 世人皆道西湖好，而作为西湖的"姊妹湖"，徐州云龙湖同样惊艳了时光，给外界留下徐州"一城青山半 城湖"的美誉。云龙湖水面湖光山色，相映生辉，一条玉带般的湖中路，把湖面分成东西两湖 ...

Core Viewpoint - The company Tianyu Digital Science (天娱数科) is entering the energy sector through its subsidiary Zhongke Shoudian (中科售电), positioning itself as an "intelligent carbon service provider" amid the electricity market reform and dual carbon goals in China [1][3]. Company Overview - Zhongke Shoudian was established in August 2024 with a registered capital of 20.4 million RMB, focusing on electricity trading, energy model prediction, and comprehensive energy management [1]. - The company has obtained electricity trading qualifications in regions such as Liaoning, Hainan, and Shaanxi [1]. Business Model and Strategy - The company aims to leverage its "smart energy model + national service network" to help various industries reduce electricity costs and optimize carbon asset allocation, positioning itself as the "intelligent engine" of the electricity market [2]. - The AI-driven electricity sales model is characterized by proactive, two-way interactions that link electricity consumption and purchasing, allowing for intelligent decision-making [2][4]. Market Context - The electricity trading sector is undergoing significant changes, with a projected market size of over one trillion RMB by 2025 as the country aims for full coverage of the electricity spot market [3]. - The shift from traditional electricity purchasing to a more complex model that includes cost optimization, green electricity consumption, and carbon asset management is essential for meeting modern enterprise needs [3]. Technological Innovation - The company utilizes a self-developed AI model that incorporates vast amounts of electricity market data, weather data, and enterprise consumption data to enhance its services [6]. - Key functionalities of the model include precise load forecasting, dynamic pricing strategies, and real-time deviation control, which collectively help clients optimize their electricity costs [6][7]. Target Industries - The company has tailored its services for high-energy-consuming sectors such as data centers and advanced manufacturing, offering strategies that combine long-term contracts with spot market purchases to achieve cost savings [8][9]. - In the manufacturing sector, services include production scheduling optimization based on time-of-use electricity pricing and comprehensive green electricity solutions [9]. National Expansion - The company's strategy involves establishing a national service network, starting from Liaoning and expanding to other provinces like Guangdong, Zhejiang, and Ningxia [10]. - Future efforts will focus on enhancing the "AI + energy" capabilities and deepening the implementation of intelligent carbon services across various high-energy industries [11].

Core Insights - Huatai Co., Ltd. (600308.SH) announced that its wholly-owned subsidiary, Shunjie Digital Technology (Shandong) Co., Ltd., won third place in the national finals of the 2025 "Data Element ×" competition for its project titled "'Data Element' Empowering New Industrialization Solutions for the Papermaking Industry" [1] Group 1 - The award recognizes Shunjie Digital Technology's technical strength and innovation capability in the field of data element integration applications [1] - This recognition is expected to help the company further expand its digital service market [1]

Core Viewpoint - Huatai Co., Ltd. (600308.SH) announced that its wholly-owned subsidiary, Shunjie Digital Technology (Shandong) Co., Ltd., won third place in the national finals of the 2025 "Data Element ×" competition for its project titled "'Data Element' Empowering New Industrialization Solutions for the Papermaking Industry" [1] Group 1 - The award recognizes Shunjie Digital Technology's technical strength and innovation capability in the field of data element integration applications [1] - This recognition is expected to help the company further expand its digital service market [1]

Core Insights - The Jiangsu delegation showcased over 170 enterprises and institutions at the 2025 China International Service Trade Fair, highlighting innovations in service trade across new business models and technologies [1][2] - The exhibition area focused on themes such as cultural IP service consumption, AI in service trade, integration of service and goods trade, and digital trade clusters, creating an interactive experience for attendees [1] - Significant technological advancements were displayed, including the first full-state simulation skin robot and AR glasses, demonstrating the integration of digital trade with industrial internet [1] Group 1: Exhibition Highlights - Jiangsu's service trade image exhibition covered 100 square meters, themed "Su New Service, Smart Benefits for the World," featuring four main sectors [1] - Interactive experiences included IP check-ins, product demonstrations, and immersive technology displays, showcasing the potential of digital technology in enhancing quality of life [1] Group 2: Cooperation and Achievements - Jiangsu delegation achieved notable cooperation breakthroughs, including the launch of the "Su Data Cross-Border Public Service Platform" and international collaboration with the New Zealand Basketball Association [2] - The "15-Minute Convenient Living Circle" project was recognized as a demonstration case in service consumption, reflecting the delegation's commitment to enhancing local services [2] - Jiangsu enterprises participated in various thematic exhibitions, showcasing diverse industry strengths and promoting international service exports [2]

Group 1 - Ta'ziz awarded a $1.99 billion infrastructure contract to China Chemical Engineering No. 7 Construction Co. for the construction of the UAE's first integrated PVC production complex, with an annual capacity of 1.9 million tons, expected to be operational by Q4 2028 [2] - The project is anticipated to contribute up to $50 billion to the UAE's economy and create approximately 20,000 construction jobs and 6,000 operational jobs [2] - ECI and Sinosure signed a Memorandum of Understanding to enhance economic ties between the UAE and China, focusing on joint financing for export and investment projects, market information sharing, and promoting corporate entry into both markets [2] Group 2 - ADNOC made its debut at the China International Import Expo, highlighting over 40 years of energy cooperation between the UAE and China, and plans to establish an office in Beijing by April 2025 [3] - ADNOC's collaborations with Chinese companies include large-scale LNG supply agreements and strategic framework agreements in upstream and downstream sectors [3] - The first UAE International Investment Summit China Summit was held in Shanghai, aiming to enhance bilateral investment cooperation and address global capital trends and green finance [3] Group 3 - The UAE's non-oil economy showed steady growth in October, with a Purchasing Managers' Index (PMI) of 53.8, indicating significant expansion in the private sector driven by improved sales and new project launches [4] - Dubai's PMI reached a nine-month high of 54.5, reflecting increased business activity and a rise in new orders, contributing to faster output growth and continuous job creation [4] - The UAE announced a transportation infrastructure investment plan valued at 170 billion dirhams (approximately $46 billion), expected to be completed by 2030, including the launch of passenger services on the Etihad Rail by 2026 [4] Group 4 - The luxury retail sector in the UAE is accelerating its omnichannel upgrade to meet the demands of tech-savvy consumers, with a significant portion of luxury goods still being purchased offline [5] - The influx of high-net-worth residents and tourists in Dubai and Abu Dhabi is driving demand for high-end products, while younger consumers are pushing for experiential and personalized retail models [5] - Honeywell's president highlighted the UAE's role as a leader in global energy digital transformation, with innovative solutions being developed in collaboration with local companies [5]

Group 1 - The upcoming 15th National Games, set to open on November 9, will showcase advanced technology, including autonomous vehicles and digital volunteers, enhancing the event experience [1][2] - The event will feature a unique "three-city linkage, four-city simultaneous transmission" model for the torch relay, with autonomous vehicles playing a key role in the relay process [1] - The introduction of a "digital volunteer" system aims to reduce labor costs by 30% and improve response efficiency by 50%, providing 24-hour intelligent consultation services [2] Group 2 - The "metaverse cloud sports village" concept will alleviate pressure on physical venues and traffic congestion, allowing for immersive viewing experiences via mobile devices [2] - Innovative technologies such as the "AR digital RMB hard wallet" and "AR navigation system" will enhance user experience and operational efficiency during the games [2] - The event emphasizes green technology, including low-carbon renovations of sports venues and the use of a "cooling device" that can save 200,000 kWh of electricity and reduce CO2 emissions significantly [3] Group 3 - Advanced meteorological services utilizing high-precision forecasting systems will support athletes and event organizers, ensuring accurate weather predictions [3] - The integration of various high-tech applications aims to create a comprehensive and efficient network for the event, promoting sustainability and enhancing the overall experience [3]

Core Insights - Recently, a new company named Mai Long Rui Chuang Digital Technology (Shanghai) Co., Ltd. was established with a registered capital of 5 million RMB [1] Company Overview - The legal representative of the company is Zhang Wenxiang [1] - The company operates in various sectors including big data services, automotive parts R&D, smart vehicle equipment manufacturing and sales, and remanufacturing of automotive parts [1] - It also engages in the sales of new energy vehicle accessories, advanced power electronic devices, and automotive decorative products [1] Business Activities - The company is involved in a wide range of activities such as electronic components manufacturing and sales, integrated circuit chip sales, and software development [1] - It provides technical services, consulting, and market marketing planning, along with sales of hardware and chemical products [1] - The company also focuses on new energy technology R&D, battery sales, and the sales of new energy vehicle charging facilities and production testing equipment [1]