格隆汇10月13日｜国盛证券研报指出，深城交为深圳国资交通规划龙头，持续转型智慧交通综合服务 商。公司依托控股股东赋能，近年来稳居深圳交通规划设计龙头，参与深圳市综合交通"十四五"规划、 轨交五期建设规划等多个市级重点项目规划，同时大力开拓低空经济、车路云、交能融合等新兴领域， 2024年公司新质业务签单同比高增138%，智慧交通类业务收入占比由2017年的7%增长至56%（板块收 入CAGR达61%），加速向智慧交通综合运营商转型。公司深度参与深圳低空建设，布局低空"投-建- 营"全产业链；车路云"迈入发展快车道，业务成长可期。首次覆盖给予"买入"评级。 ...

10月10日，通行宝跌1.46%，成交额7889.28万元。两融数据显示，当日通行宝获融资买入额800.12万 元，融资偿还628.43万元，融资净买入171.70万元。截至10月10日，通行宝融资融券余额合计1.45亿 元。 融资方面，通行宝当日融资买入800.12万元。当前融资余额1.44亿元，占流通市值的5.53%，融资余额 低于近一年30%分位水平，处于低位。 机构持仓方面，截止2025年6月30日，通行宝十大流通股东中，兴全绿色投资混合(LOF)（163409）位 居第四大流通股东，持股383.81万股，相比上期增加114.22万股。香港中央结算有限公司位居第八大流 通股东，持股266.97万股，相比上期增加14.55万股。诺安创新驱动混合A（001411）位居第九大流通股 东，持股251.68万股，相比上期增加15.34万股。信澳核心科技混合A（007484）位居第十大流通股东， 持股198.55万股，相比上期增加51.16万股。 责任编辑：小浪快报 融券方面，通行宝10月10日融券偿还0.00股，融券卖出500.00股，按当日收盘价计算，卖出金额7760.00 元；融券余量1.82万股，融券余额 ...

Group 1 - The report highlights that the recent escalation of tariffs between China and the US is likely a strategic move by the US to gain leverage ahead of the upcoming high-level talks at the end of October, suggesting that significant tariff increases are unlikely [4] - The report indicates that the current economic slowdown in China may lead to increased policy support in the fourth quarter, with risk assets like stocks expected to face pressure, while safe-haven assets like gold may benefit [4] - The report notes that the recent market rally has seen major indices and sectors experience a 30% increase since April, but warns that the upward trend may be nearing its end, with a potential for market consolidation [5] Group 2 - The banking sector is seeing an increase in mid-term dividend distributions, with state-owned banks expected to distribute over 200 billion yuan in dividends, reflecting their stable profitability and capital adequacy [18][20] - The report emphasizes that the expansion of bond ETFs is expected to continue, driven by regulatory changes that favor their growth, indicating a significant shift in the bond market dynamics [14][15] - The report discusses the performance of various sectors, noting that the non-ferrous metals sector has shown strong growth, with a 65.8% increase over the past year, while the coal sector has underperformed with an 8.3% decline [2] Group 3 - The report highlights the increasing importance of the renewable energy sector, particularly in wind and solar, with utilization rates exceeding 96% in August, suggesting a robust growth outlook for these industries [35] - The report indicates that the textile and apparel sector is facing challenges, with a focus on companies that demonstrate strong operational resilience, particularly in the sportswear segment [29] - The report notes that the coal market is expected to see price increases due to supply constraints, with production having declined in recent months, indicating a potential for higher coal prices by year-end [31][32] Group 4 - The report discusses the regulatory environment for the construction materials sector, emphasizing the need for price stability and the potential for supply-side adjustments in cement and glass industries [48] - The report indicates that the real estate investment trust (REITs) market is under pressure, but highlights opportunities in high-quality projects that can benefit from policy support and market recovery [37] - The report mentions the potential for significant growth in the satellite communication sector due to recent acquisitions, with expectations for substantial profit increases in the coming years [25]

Group 1 - The core point of the article is that Tangyuan Electric (SZ 300789) announced a board meeting to discuss a stock issuance plan on October 10, 2025 [1] - The company reported that its revenue composition for the first half of 2025 was 83.63% from smart transportation, 12.86% from solid waste resource utilization, and 3.51% from other industries [1] - As of the report, Tangyuan Electric has a market capitalization of 4 billion yuan [1]

Core Viewpoint - The article discusses the optimization of higher education disciplines and professional settings in response to industry demands, emphasizing the importance of talent cultivation for technological innovation and national strategic needs [1]. Group 1: Industry Demand and Educational Response - The new materials industry in China had a total output value exceeding 8 trillion yuan last year, maintaining double-digit growth for 14 consecutive years, leading to a rising demand for specialized talent [2]. - The establishment of new majors, such as electronic information materials, is aimed at addressing the needs of strategic emerging industries like semiconductors and new materials [2]. - The industry is facing challenges with reliance on imported key materials, necessitating the development of original technologies to solve critical issues [3]. Group 2: Interdisciplinary Collaboration - The demand for graduates with cross-disciplinary integration capabilities is increasing, as industries require knowledge spanning from research and development to industrial application [4]. - Collaborative laboratories between universities and companies are being established to tackle cutting-edge topics, allowing students to engage deeply with industry projects during their studies [4]. Group 3: Aging Population and Talent Needs - By the end of 2024, the elderly population in China is projected to reach 310 million, accounting for 22% of the total population, creating significant opportunities in the silver economy [6]. - The aging industry is characterized as a sunrise industry, with a substantial talent gap due to the high turnover and low educational background of existing workers [6]. - New academic programs focusing on aging-related fields are being introduced to meet the growing demand for high-end talent in the aging industry [7]. Group 4: Technological Integration in Traditional Fields - The integration of artificial intelligence and big data into traditional engineering disciplines is transforming the educational landscape, particularly in fields like smart transportation [9]. - New programs in smart transportation are being developed to incorporate advanced technologies, ensuring that graduates are equipped with both traditional knowledge and modern technical skills [9][12]. - The focus on practical experience and research in educational programs is enhancing graduates' employability in various sectors, including internet companies and government transportation management [12].

新材料生产车间，技术骨干校准参数，生产线运转不休；养老院，专业团队监测数据，人工智能看护系 统及时预警；智能交通实验室，科研人员操控数字孪生平台，车辆在虚拟暴雨中穿行…… 科技创新靠人才，人才培养靠教育。中央教育工作领导小组印发《高等教育学科专业设置调整优化行动 方案（2025—2027年）》，引导建立健全科技发展、国家战略需求牵引的学科专业设置调整机制和人才 培养模式。 旧专业为何撤销？新专业因何增设？传统专业如何实现内涵式发展？3个大学专业调整优化的故事，成 为观察人才培养与产业需求良性互动的窗口。 学科专业优化 积极对接产业需求 【镜头】汪万韬是湖南大学材料科学与工程学院大二学生。高考前，他就认定材料专业前景广阔。大一 成绩不错，怎样更进一步？"学习成绩只是入场券，创新研究才是真天地。"汪万韬想得明白。扎实学好 专业课程之外，科研要早起步。明年暑假，他计划申请到中国科学院金属研究所实习，提前了解行业知 识。 撤销多个专业，新设电子信息材料专业……近年来，湖南大学材料科学与工程学院完成多轮专业调整。 背后有何考量？ "很多关键材料仍依赖进口，国产替代迫在眉睫。"中国中车株洲时代新材料科技股份有限公司副总经 ...

Core Viewpoint - Jin Yi Technology (002869) is enhancing its technological autonomy and reliability in the smart transportation system by continuously deepening its underlying technology, showcasing the strategic resilience of technology-driven enterprises in facing challenges [1] Group 1: Business Development - The company is leveraging seven major business clusters: smart highways, vehicle-road-cloud integration, automotive electronics, smart IoT, low-altitude network connectivity, digital energy, and digital monitoring to promote technological integration and model innovation [1] - In the digital energy sector, the company has achieved large-scale production of various charging piles and industrial storage cabinets, particularly highlighted by the successful operation of the "wind-solar-storage-charging" integrated demonstration project at its Foshan factory, indicating its capability to provide comprehensive energy solutions [1] Group 2: Market Opportunities - The company is actively seizing the significant market opportunities presented by vehicle-road collaboration, aiming to resolve industrial collaboration challenges through continuous technological iteration and business model innovation [1] - The goal is to drive the Chinese smart transportation industry from technological catch-up to ecological leadership, creating long-term value for investors and society [1]

Group 1 - The core viewpoint of the news is the performance and market position of Jinli Technology, which saw a stock price increase of 5.16% to 30.99 CNY per share, with a total market capitalization of 5.564 billion CNY [1] - Jinli Technology specializes in smart transportation and IoT applications, with its main revenue sources being ETC products (72.83%), automotive electronics (23.83%), and other products [1] - The company was established on May 20, 2004, and went public on May 15, 2017, indicating a relatively recent entry into the public market [1] Group 2 - Huashang Advantage Industry Mixed A Fund (000390) is among the top ten circulating shareholders of Jinli Technology, having entered the list in the second quarter with 788,300 shares, representing 0.5% of circulating shares [2] - The fund has achieved a year-to-date return of 82.12% and a one-year return of 97.02%, ranking 179 out of 8244 and 409 out of 8080 in its category, respectively [2] - The fund manager, Zhang Mingxin, has been in charge for 210 days, with the fund's total asset size at 4.24 billion CNY and a best return of 80.7% during his tenure [3]

Core Insights - The transportation industry serves as a clear window into the progress of urban intelligence, with China's urban passenger volume reaching 1,067.97 billion trips by the end of 2024 [1] - The demand for smarter and more efficient solutions is driven by persistent issues such as congestion and safety hazards, prompting urban managers to seek advanced technologies [1] - JiaDu Technology Group Co., Ltd. has established itself as a leader in AI-driven transportation solutions, focusing on "smart rail transit + smart urban transportation" [1][3] Industry Overview - The Chinese urban transportation system is entering a new phase of digital intelligence upgrade, with "smart rail transit and smart urban transportation" at its core [2] - National policies, such as the "14th Five-Year Plan" and the "Guidelines for the Development of Smart Urban Rail Transit," support the acceleration of smart rail transit system construction [2] - The market for smart urban transportation systems has grown from 62.8 billion yuan in 2020 to an estimated 83.6 billion yuan in 2024, with projections to reach 147.1 billion yuan by 2029 [2] Company Positioning - JiaDu Technology has over 30 years of experience in the smart transportation sector, leveraging proprietary AI models and industrial control technologies [3] - The company has developed a comprehensive product ecosystem covering the entire lifecycle of rail transit systems, including core products like AFC, PSD, ISCS, and communication systems [4] - JiaDu Technology's solutions have been implemented in 45 cities, covering over 110 metro lines and more than 2,200 stations, accounting for one-third of the total metro mileage in China [5] Technological Advancements - The company has created the world's first AI smart station in collaboration with Guangzhou Metro, enhancing operational efficiency and passenger experience [4] - JiaDu Technology's IDPS urban traffic brain solution integrates AI, digital twins, and big data, providing comprehensive governance capabilities across major urban areas [5] - The company's revenue from smart urban transportation solutions reached 2.321 billion yuan by the end of 2024, reflecting a year-on-year growth of 16.75% [6] Competitive Edge - JiaDu Technology's dual-core technology system includes the "Traffic JiaHong" operating system and the "JiaDu ZhiXing" large model, addressing industry challenges such as data silos and operational inefficiencies [7] - The company has a robust R&D team exceeding 2,700 personnel and has filed over 2,000 patents, establishing a strong technological barrier [7] - JiaDu Technology has been recognized in the "2024 Hurun China AI Top 50" and won a silver medal at the 50th Geneva International Exhibition of Inventions, highlighting its innovative capabilities [8] Future Outlook - The company aims to solidify its leading position in the smart transportation industry through its differentiated strategic positioning and advanced technological strength, especially following its anticipated listing on the Hong Kong Stock Exchange [9]

格隆汇9月26日丨世纪恒通(301428.SZ)公布，基于公司战略规划和经营发展需要，经交易各方友好协 商，世纪恒通科技股份有限公司拟以自有或自筹资金人民币112,999,578.83元收购工银金融资产投资有 限公司（简称"工银投资"）持有的贵州黔通智联科技股份有限公司（简称"黔通智联"或"标的公司"） 13%股权。2025年9月26日，公司与交易各方签署了《股权转让合同》。本次交易完成后，黔通智联将 成为公司的参股公司，不纳入公司合并报表范围。 贵州黔通智联科技股份有限公司是贵州高速公路集团控股的智慧交通综合服务商，主营业务聚焦ETC产 业链服务与智慧交通信息技术服务两大方向，涵盖ETC发行及客服服务业务、ETC衍生业态、网络传输 及网络安全业务、交通基础数字化转型及拓展业务、智慧高速建设业务等多个领域。公司ETC业务覆盖 全国，发行规模行业领先，数字化服务方面拥有高速公路网络通信系统30年特许经营权，建成OTN全 光传输网络，推动云收费、智慧高速等多项试点建设，具备全国化输出能力。公司获高新技术企业、贵 州省专精特新"小巨人"等认定，三次入选国务院国资委"科改示范企业"，2024年在国务院国资委科改行 动 ...