马可波罗控股股份有限公司（以下简称"马可波罗"、"发行人"或"公司"）首次公开发行人民币普通股 （Ａ股）（以下简称"本次发行"）并在主板上市的申请已经深圳证券交易所上市审核委员会审议通过， 并已经中国证券监督管理委员会（以下简称"中国证监会"）同意注册（证监许可〔２０２５〕１７１１ 号）。 本次发行采用向参与战略配售的投资者定向配售（以下简称"战略配售"）、网下向符合条件的投资者询 价配售（以下简称"网下发行"）与网上向持有深圳市场非限售Ａ股股份和非限售存托凭证市值的社会公 众投资者定价发行（以下简称"网上发行"）相结合的方式进行。 发行人和保荐人（主承销商）招商证券股份有限公司（以下简称"保荐人（主承销商）"或"招商证券"） 将通过网下初步询价直接确定发行价格，网下不再进行累计投标询价。 本次公开发行的股票数量为１１，９４９．２０万股，占发行后公司总股本的１０．００％。本次发行 全部为公开发行新股，公司股东不进行公开发售股份。 ２、网上路演网站：全景路演（网址：ｈｔｔｐｓ：／／ｒｓ．ｐ５ｗ．ｎｅｔ）； ３、参加人员：发行人管理层主要成员和保荐人（主承销商）相关人员。 本次发行的招股意向书全文及相关资料可在中 ...

Core Insights - The production efficiency of ceramic mugs is significantly influenced by the manufacturing process of the handle, with automation being a key solution to enhance productivity [1][3] - The ceramic industry in Hunan Liling is experiencing a revival through the adoption of automation technologies, including robotic arms and 3D printing, leading to improved production capabilities [3][5] - Liling's ceramic industry is not only focused on daily-use ceramics but also plays a crucial role in the electrical porcelain sector, contributing to a substantial share of national production [3][5] Group 1: Automation and Production Efficiency - Hunan Taoer Ceramic Technology Co., Ltd. showcased an automated ceramic handle production machine that can mold a handle in under a minute, significantly reducing manufacturing time and improving cleanliness in the production environment [1][3] - The traditional method of producing handles through pouring liquid clay into molds is less efficient and requires skilled labor, highlighting the advantages of automation [1][3] Group 2: Industry Growth and Technological Advancements - Liling has seen nearly 100 ceramic manufacturers invest approximately 400 million yuan in automation and intelligent upgrades, installing around 1,100 sets of automated production equipment [3][5] - The electrical porcelain sector in Liling is projected to account for nearly 30% of the national output in 2024, with high-voltage insulators making up over 40% of the national production [3][5] Group 3: Integration with Tourism and Employment - The ceramic industry in Liling is a significant driver of local employment, directly supporting around 200,000 jobs across various sectors, including research, manufacturing, and sales [7] - The integration of ceramics with tourism has created experiential opportunities for visitors, enhancing the region's appeal and contributing to economic growth [7]

Core Points - The Guangdong Chaozhou Intermediate People's Court has upgraded the hardware and exhibition of the Chaozhou Geographical Indication Judicial Protection Service Center, enhancing the judicial protection of local geographical indication products [1] - The center is a collaborative initiative between the Chaozhou Court and relevant departments, aiming to establish a new pattern of geographical indication protection through cross-regional and cross-sector cooperation [1] Group 1: Cross-Regional Cooperation - The Chaozhou Court has partnered with courts in Quanzhou, Fujian, and Jingdezhen, Jiangxi, to introduce a mechanism for "cloud-based mediation, cross-regional judicial confirmation, and electronic document delivery," effectively resolving 147 related cases [1] - A cross-province intellectual property judicial protection cooperation network has been established, covering eight major ceramic production areas nationwide [1] - The court has collaborated with well-known tea-producing courts, such as Hangzhou West Lake, to form the "China Famous Tea Brand Judicial Protection Alliance," enhancing judicial protection for key geographical indications [1] Group 2: Cross-Sector Collaboration - The Chaozhou Court has deepened cooperation with local governments, providing professional advice on measures such as tea origin traceability and trademark application, effectively integrating resources for stronger protection [1]

Core Viewpoint - The company, Guocera Materials, has identified a growing demand for ceramic bearing balls in the high-end robotics sector, highlighting the suitability of these materials for robotic joints and drive systems due to their lightweight, low density, high precision, and long lifespan [2]. Summary by Categories - **Industry Demand** - There is an increasing demand for ceramic bearing balls in the high-end robotics field [2]. - The requirements for bearings in robotic joints and drive systems necessitate stability and precision during high-speed rotation [2]. - **Product Characteristics** - Ceramic bearing balls are characterized by lightweight, low density, high precision, and long lifespan, making them an ideal choice for robotics applications [2]. - **Future Focus** - The company will continue to monitor new application directions for its products in response to the evolving needs of the robotics industry [2].

Core Viewpoint - The company Guoci Materials (300285) has announced its technological capabilities in ceramic substrates for optical modules, which are primarily used for heat dissipation [1] Group 1: Company Developments - Guoci Materials' subsidiary, Guoci Saichuang, has developed technology for ceramic substrates used in optical modules [1] - The ceramic substrates are mainly utilized for heat dissipation, including bases and semiconductor thermoelectric coolers (TEC) [1] - Guoci Saichuang has already achieved mass production and small-scale sales of the TEC in the early stages [1] Group 2: Future Plans - The company plans to increase research and investment after the completion of the second-phase factory construction [1] - There is an intention to further explore and expand into the relevant market for optical module ceramic substrates [1]

Core Points - The 138th China Import and Export Fair (Canton Fair) will be held in Guangzhou from October 15 to November 4 [2] - A total of 328 enterprises from Chaozhou will participate, including 89 brand exhibitors and 255 general exhibitors [2] - The participating enterprises cover a wide range of product categories, including home appliances, machinery, ceramics, bathroom equipment, garden products, food, footwear, and clothing across 24 exhibition areas [2] - The distribution of participating enterprises is as follows: 13 in the first phase, 241 in the second phase, and 80 in the third phase [2] - Exhibitors are currently in the preparation stage, focusing on sample selection, booth design, material preparation, and customer invitations to showcase the quality products and brand image of "Chaozhou manufacturing" [2]

Group 1 - The first domestically developed turbine engine in China has received production approval, highlighting the significant financial support from local banks to address funding challenges in the aerospace sector [1] - The People's Bank of China (PBOC) in Hunan has initiated the "Bank Leaders Visit Cities and Counties" campaign to enhance financial services for the real economy, resulting in 2,705 financing issues resolved and 141 financing events held, with a total signed amount of 155.3 billion yuan [1] - Local banks have actively engaged with enterprises, providing tailored financial solutions and support for various industries, including new materials and specialized manufacturing [2][4] Group 2 - The PBOC has organized over 380 financial policy promotion activities, reaching more than 5,460 market entities, and distributed 49,000 financial product manuals to enhance understanding of financial policies [3] - Financial institutions in Hunan have developed innovative financing products, such as "Xiang Porcelain Loan" and "Ceramic Master Loan," to support the local ceramics industry, with over 9.26 billion yuan in loans issued [6] - The PBOC has emphasized the importance of addressing financial service challenges for enterprises, establishing a system to track and resolve specific financial service requests from market entities [4][6] Group 3 - The PBOC has facilitated the establishment of a data asset value assessment system to support local enterprises in securing loans, exemplified by the first data asset pledge loan for a private enterprise in Zhangjiajie [7] - Customized financial products have been developed across various banks in Hunan, such as "Fireworks Loan" for the fireworks industry and specialized loans for agricultural enterprises, demonstrating a shift towards tailored financial services [8] - The collaboration between financial institutions and enterprises has led to significant loan approvals, such as 500 million yuan for a new materials company and 3.5 billion yuan for a steel structure enterprise [2][4]

Core Insights - The article highlights the significant role of China Construction Bank's Foshan branch in supporting the local economy and industrial transformation through financial services and loans [1][2][4][6]. Financial Support for Industrial Development - Foshan Construction Bank has provided over 12 billion yuan in credit to nearly 30 industrial park projects, facilitating the development of billion-level industrial clusters [2]. - The bank has tailored financial service solutions, such as the "Yuejian Tong" program, offering long-term credit support for the entire lifecycle of industrial park projects [2]. - A strategic cooperation agreement worth 30 billion yuan was signed to assist in the transformation of scientific research achievements into production [2]. Green Transformation Initiatives - Foshan Construction Bank has initiated a financial service standard for the ceramic industry, supporting companies in their low-carbon transformation efforts [4]. - The bank has issued the first transformation-linked loan of 5 million yuan in the ceramic industry, providing interest rate discounts tied to carbon emission targets [4]. - The bank's manufacturing loans have increased by over 10 billion yuan since 2025, with a growth rate of 25% [4]. Green Financing Growth - The balance of green loans at Foshan Construction Bank has increased by over 10 billion yuan this year, with a growth rate exceeding 40%, and green loans now account for 30% of corporate loans [6]. - The bank has launched various green financing products, including the first green acquisition loan of 1.1 billion yuan in the system [6]. - The bank has partnered with automotive dealers to promote green consumption, leading to over 100 million yuan in consumer spending [6]. Renewable Energy Projects - Foshan Construction Bank has provided over 400 million yuan in loans for the construction of a large-scale "fishing-light complementary" photovoltaic power station, which can supply 322 million kilowatt-hours of clean energy annually [7]. - The bank has granted over 3.1 billion yuan in credit to support various photovoltaic projects in Foshan, contributing to the city's goal of exceeding 4 million kilowatts of installed solar capacity [7].

Core Insights - The 2025 Hunan (Liling) International Ceramic Industry Expo has opened, featuring 341 ceramic enterprises and 47 international brands from 19 countries, marking the largest scale and number of exhibitors in its history [1][2] - Liling is recognized as the birthplace of underglaze colorful porcelain and has developed a complete ceramic industry cluster, exporting daily-use porcelain to over 150 countries and regions, with electrical porcelain sold to over 40 countries, leading in export volume in China [1] Group 1 - The theme of this year's expo is "Thousand-Year Porcelain Capital, Colorful Liling," with an indoor exhibition area of 30,000 square meters and 1,350 standard exhibition booths [1] - Exhibits include representative ceramic products from major domestic ceramic production areas, local Liling ceramic masterpieces, products from international exhibitors, and outstanding works from the national ceramic innovation competition, covering various fields such as daily-use porcelain, artistic porcelain, electrical porcelain, and special ceramics [1] Group 2 - During the expo, 24 activities will be held across three categories: industry, cultural tourism, and mass consumption, including the National Ceramic Innovation Competition and a forum on "Innovation and Globalization" in the electrical porcelain industry [2] - The expo aims to enhance engagement and experience for exhibitors and visitors, facilitating connections between global buyers, distributors, and quality ceramic enterprises through the Liling Quality Products Matching Summit [2] - French ceramic artist Aima Saint Hunon expressed admiration for the vibrant local ceramic art and highlighted the expo as a bridge for cultural exchange between the East and West [2]

Core Viewpoint - Huida Sanitary Ware's asset disposal plan has faced setbacks, as the company failed to attract interested buyers for the 100% equity and debt transfer of Guangxi Xingaosheng Thin Ceramic Tile Co., Ltd. at a base price of 144 million yuan [1][3]. Company Summary - The asset sale was initiated with a controversial pricing strategy, offering the 100% equity of Guangxi Xingaosheng for 1 yuan, while the total debt of approximately 269 million yuan was set at a base price of 144 million yuan, representing 53.6% of the total debt [3]. - Guangxi Xingaosheng, a high-tech enterprise specializing in ceramic thin slate products, has been continuously losing money and is currently insolvent, with a net loss of 34.886 million yuan in 2024 and an additional loss of 29.3084 million yuan in the first half of 2025 [3]. - As of June 30, 2025, Guangxi Xingaosheng's net assets were reported at -154 million yuan and the company is currently in a state of suspension [3][6]. - Huida Sanitary Ware aims to adjust and optimize its industrial structure through this transaction, and if completed, Guangxi Xingaosheng will no longer be included in the company's consolidated financial statements [3]. Industry Summary - The failure of the asset disposal is closely related to the severe challenges facing the entire ceramic industry, with a reported 12.18% year-on-year decline in national ceramic tile production in 2024 and a capacity utilization rate of less than 50%, indicating a serious overcapacity issue [5]. - Huida Sanitary Ware's half-year report for 2025 reflects the industry's difficulties, showing a 9.94% year-on-year decline in revenue and a 70.21% drop in net profit attributable to the parent company, primarily due to decreased income from the tile/slate segment and asset impairment [6]. - The ongoing downturn in the real estate market and overall pressure on the building materials industry make Huida Sanitary Ware's divestiture of loss-making assets a critical move to focus on its core business and mitigate losses [8].