（文章来源：证券日报） 证券日报网讯米奥会展11月20日在互动平台回答投资者提问时表示，目前，阿里巴巴并非公司数字化营 销平台的直接服务客户。公司的平台主要通过数据关联与技术协同，与阿里巴巴的B2B跨境生态进行对 接，从而帮助公司的客户利用其在阿里巴巴平台的跨境贸易记录等数据，赋能其数字化营销策略，提升 营销效果。这体现了公司平台在整合行业生态资源方面的能力。 ...

Core Insights - Wuhan is emerging as a global hub for trade and innovation, hosting numerous international events and exhibitions that facilitate the exchange of goods, technology, talent, and capital [1][2]. Group 1: Trade and Exhibition Growth - The 2025 Wuhan (Hankou North) Commodity Trade Fair is set to feature over 3,000 enterprises across a massive exhibition area of 190,000 square meters, showcasing cutting-edge products and diverse demands [2]. - Over the past decade, the Hankou North Trade Fair has evolved from a regional platform to a significant global trade resource, attracting more than 50,000 enterprises and achieving a cumulative transaction volume exceeding 1 trillion yuan [2]. - The city's exhibition service industry has seen a 19% year-on-year revenue growth from January to September this year, indicating a robust development in the exhibition economy [5]. Group 2: International Collaboration and Innovation - Professional exhibitions in Wuhan are becoming bridges to connect global markets, with events like the World Health Expo showcasing innovative technologies such as AI-assisted diagnosis tools [3]. - The 2025 International Photochemistry Technology and Industry Conference highlighted Wuhan's advancements in photochemical research, with the successful development of a global first in photocatalytic technology [5][6]. - High-profile forums and international conferences are acting as catalysts for technology transfer and industry integration, attracting global experts and fostering collaboration [5][6]. Group 3: Economic Impact of Sports and Events - Major sporting events, such as the Wuhan Tennis Open and the Wuhan Marathon, have significantly boosted local consumption, with a 55% increase in group buying consumption during the events [11]. - The Wuhan Marathon attracted 4,000 participants, with 83.7% coming from outside the city, generating 975 million yuan in consumer spending during the event [11]. - The city has established a year-round schedule of events, enhancing hotel bookings, restaurant business, and overall tourism, contributing to a projected revenue of over 8 billion yuan from the exhibition industry in 2024 [12].

特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 以广东省科学技术厅为指导单位，国际标准化组织实验室设计技术委员会（ISO/TC 3 3 6）秘 书处、中国认证认可协会（CCAA）和中国计算机协会人工智能产业工作委员会（AIIC）联合 组织，联合国驻华协调员办公室（UNRCO Ch i n a）、联合国环境规划署（UNEP）、联合国 工 业 发 展 组 织 （ UNIDO ） 、 国 际 标 准 化 组 织 （ ISO ） 协 同 支 持 ， 上 海 品 恩 展 览 有 限 公 司 承 办 的"塑造未来"—2 0 2 5国际实验室创新发展大会（ILIS），于2 0 2 5年11月11日- 1 2日在广州圆满 举办。 大会现场 大会汇集了来自国际组织以及全球十四个国家的实验室专家，围绕全球实验室前沿技术、"人 工智能+实验室"发展趋势、发展中国家质量基础设施建设、气候变化公约对全球产业的影响等 议题展开深度交流研讨。国际标准化组织原主席张晓刚先生、第十四届全国政协委员、工业和 信息化部原副部长王江平先生、联合国驻华协调员Si d d h a ...

Group 1 - The 2025 Changsha International Procurement and Industrial Collaborative Innovation Conference commenced in Changsha, focusing on the deep integration of technological innovation and industrial collaboration, attracting nearly 800 enterprises and institutions from 30 countries [1] - The event featured over 390 international buyers, suppliers, and service providers, facilitating precise and efficient matching of supply and demand through global procurement trend analysis, project signing, and face-to-face meetings [1] Group 2 - Changsha's trade promotion association signed cooperation agreements with trade promotion associations from Haikou and Sanya, highlighting the complementary nature of Changsha's advanced manufacturing and Hainan's open policies, which will create new pathways for enterprises to share the benefits of the free trade port and expand into international markets [3] - The trade promotion association has also signed cooperation agreements with institutions from Changchun, Fuzhou, and Chengde, marking the gradual formation of a cooperative pattern that leverages local trade promotion advantages and strengthens resource-sharing mechanisms with key economic regions [5] Group 3 - The event emphasized the importance of creating a sustainable and trustworthy cooperation environment for enterprises going abroad, with a focus on safety and compliance in international operations [6] - Changsha launched a "Service Enterprises Going Abroad Action" earlier this year, providing systematic support in areas such as market access, legal protection, and intellectual property protection, with a comprehensive service provider list covering ten key areas [6] Group 4 - The conference featured partnerships with industry giants and professional institutions, marking a shift in Changsha's trade promotion services from merely "platform building" to "in-depth cultivation" [7] - Notable participants included Donghao Lansheng Exhibition Group and Yimiao Automotive Technology, indicating a focus on precise industrial landing services in core areas such as digital intelligence, AI, and aerospace [9] - A collaborative network centered around Changsha is rapidly developing, enhancing the pathways for "Hunan products going abroad" and facilitating the entry of "global resources" into Hunan [9]

Core Points - The 2025 China Golden Rooster and Hundred Flowers Film Festival service delivery ceremony was held on November 7 at the Xiamen International Convention and Exhibition Center, marking the full launch of the "Golden Rooster Service" system by the Xiamen Guomao Group, a Fortune Global 500 company [1] - The event signifies the first time the nomination ceremony will be held outside the island, enhancing the festival's reach and impact [2] - The festival coincides with significant anniversaries, including the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the 130th anniversary of world cinema [2] Company Involvement - Guomao Group has been a consistent partner for seven years, providing comprehensive service capabilities to support the film festival [2] - The company aims to showcase its brand charm and provide a detailed experience during the festival, including guest reception and forum organization [2] - Various subsidiaries of Guomao Group, including Guomao Exhibition and Guomao Paper, will collaborate with the Xiamen Film Festival Company to deliver services across venue operations, conference support, paper supply, and food security [2] Event Details - The festival will take place from November 11 to 15, featuring key events such as the 38th China Golden Rooster Awards nomination ceremony and the "Future of Film" forum [5] - The Xiamen International Convention and Exhibition Center, operated by Guomao Exhibition, is a strategic project for the high-quality development of Xiamen's exhibition industry, boasting a net meeting area of 42,000 square meters and 46 meeting halls [5] - Preparations for the 2025 film festival are progressing smoothly, with Guomao Group set to present a comprehensive image and professional service capabilities to enhance the festival experience [5]

Core Viewpoint - The "2025 Kunming Trade Resource Promotion Conference" aims to deepen cooperation between Shanghai and Yunnan, showcasing Kunming's unique position and opportunities as a gateway to South Asia and Southeast Asia, while promoting cross-border e-commerce and consumption growth [1][3][11] Group 1: Economic Development and Opportunities - Kunming is actively promoting the integration of diverse consumption formats, focusing on emerging fields like coffee consumption to create nationally influential consumption scenarios [3][5] - The city is leveraging its rich "old brand" resources to rejuvenate traditional brands and stimulate various consumption potentials to meet diverse consumer needs [3][5] - The promotion conference highlighted Kunming's commitment to building a regional international center city, enhancing its role as a hub for international trade and commerce [1][4][7] Group 2: International Cooperation and Trade - Kunming is enhancing its exhibition platform to host international events, facilitating efficient connections and deep cooperation between domestic and foreign enterprises [3][4] - The city is focusing on high-quality foreign trade development through three main paths: improving trade efficiency, creating new open platforms, and enhancing international logistics channels [7][10] - The event attracted over a hundred well-known enterprises and investment institutions from Shanghai and the Yangtze River Delta, fostering discussions on international supply chain cooperation and collaborative market development [11][13] Group 3: Event Highlights and Outcomes - The promotion conference featured representatives from seven key units, emphasizing cross-border e-commerce and exhibition platforms, with 28 quality enterprises showcasing their products [10][11] - The event facilitated discussions between 22 representatives from Fortune 500 companies and participating enterprises, resulting in multiple cooperation intentions and agreements [10][11] - Attendees expressed optimism about Kunming's potential, recognizing it as a vibrant city with significant commercial opportunities and a welcoming business environment [13]

Core Points - The 8th China International Import Expo (CIIE) is scheduled to be held in Shanghai from November 5 to 10, 2025, with all exhibition setups completed [1] - The largest exhibit in the technology equipment exhibition area is a CNC boring and milling machine, nearly 7 meters tall and weighing 45 tons, with the main structure of the exhibition booth nearly finished [3] - The exhibition aims for a green approach, utilizing simplified designs and eco-friendly materials for booth construction [5] Cost Reduction Measures - The setup period for exhibitors has been shortened by two days to reduce overall participation costs, with a wider selection of construction service providers available [7] - A total of 56 new specialized construction units are participating for the first time, aligning with international and market-oriented exhibition standards [7] - Fee standards for various setup-related services have been optimized, with reductions ranging from 20% to 50% [7] Service Enhancements - The CIIE has implemented measures to enhance on-site service support, including shortened setup periods, open selection of construction companies, and reduced service pricing [8] - These initiatives are designed to effectively lower the comprehensive participation costs for exhibitors, receiving positive feedback from various stakeholders [8]

Core Viewpoint - Miao Exhibition has experienced a decline in stock price and financial performance, with a notable drop in revenue and net profit for the first nine months of 2025 compared to the previous year [2][3]. Financial Performance - As of September 30, 2025, Miao Exhibition reported a revenue of 401 million yuan, a year-on-year decrease of 5.67% [2]. - The net profit attributable to shareholders was 34.63 million yuan, reflecting a significant year-on-year decline of 49.17% [2]. Stock Performance - Miao Exhibition's stock price decreased by 8.83% year-to-date, with a 3.23% drop over the last five trading days and a 10.77% decline over the past 60 days [1]. - The stock was trading at 13.78 yuan per share, with a market capitalization of 4.119 billion yuan as of October 31 [1]. Shareholder Information - The number of shareholders decreased by 6.98% to 12,000 as of September 30, 2025, while the average number of circulating shares per person increased by 7.36% to 14,435 shares [2]. - Miao Exhibition has distributed a total of 344 million yuan in dividends since its A-share listing, with 244 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the ninth largest circulating shareholder was the Jiashi Theme New Power Mixed Fund, holding 1.3794 million shares, which is a decrease of 189,200 shares from the previous period [3].

Core Insights - The Tianjin government is focused on achieving high-quality completion of the "14th Five-Year Plan" in the Jinnan District, emphasizing ecological, scientific, and exhibition advantages to drive development [3][4][5][6][7][8][9] Group 1: Development Strategies - Jinnan District aims to implement Xi Jinping's important directives and promote coordinated development in the Beijing-Tianjin-Hebei region, focusing on high-quality development actions and specific strategies [3] - The district is leveraging its unique advantages in ecology, science education, and exhibitions to enhance its functional positioning and become a significant growth area in Tianjin [3][4] Group 2: Environmental Improvements - Significant improvements in environmental quality have been reported, with PM2.5 annual average concentration improving by 18% and heavy pollution days decreasing by 85% compared to the end of the "13th Five-Year Plan" [4] - The district has achieved a 29.5% reduction in coal consumption and established 12 national-level green factories, with 90% of bulk materials transported cleanly [4] Group 3: Innovation and Technology - Jinnan District has established a high-energy innovation platform, with 734 technology-based enterprises registered and 321 currently operating in the Tianjin-Kai Jinnan Park [5] - The district has attracted 76 projects from Beijing, resulting in over 36 billion yuan in investments, and has seen a significant increase in national high-tech enterprises [5] Group 4: Exhibition Economy - The district has hosted over 170 large-scale exhibitions, attracting more than 6.2 million visitors and covering an exhibition area of 7.3 million square meters [6] - The strategic emerging service industry revenue has increased by 280.9%, and high-tech service industry revenue has surged by 551% compared to the end of the "13th Five-Year Plan" [6] Group 5: Urban and Rural Integration - Urban and rural integration efforts have led to the successful implementation of various urban renewal projects and the establishment of new markets and parks [7] - The district has created over 2,800 community welfare projects and has seen a significant increase in employment, with 98,000 new jobs created [7] Group 6: Resource Optimization - The district has implemented a comprehensive resource optimization strategy, leading to the activation of 243,300 square meters of idle resources and attracting 1.32 billion yuan in social investment [9] - The deep integration of digital platforms for resource management has enhanced the efficiency of urban development and investment attraction [9]

Core Viewpoint - The company reported its Q3 2025 results, which met expectations, with a significant increase in contract liabilities indicating a promising Q4 peak season [1] Financial Performance - In Q3, the company achieved revenue of 160 million yuan, a year-on-year decrease of 2.89%, and a net profit attributable to shareholders of 19.09 million yuan, down 30.36% year-on-year [1] - For the first three quarters, total revenue was 401 million yuan, a decline of 5.67%, with a net profit of 34.63 million yuan, down 49.17% year-on-year [1] - R&D expenses increased by 37.43% year-on-year, primarily due to heightened investment in the "AI Hui Zhan" platform [1] Contract Liabilities and Q4 Outlook - As of the end of September, contract liabilities reached 242 million yuan, a substantial increase of 171.07% from the beginning of the year, mainly due to pre-received payments for Q4 exhibitions [1] - The Q4 is expected to be the company's most critical operational quarter, contributing a significant portion of annual revenue and profit [2] - The company has scheduled several exhibitions in Q4, including new events in Saudi Arabia, Indonesia, Japan, and Dubai, which are anticipated to drive revenue growth [2] New Business Initiatives - The company is launching a new overseas warehouse business, with initial operations in Indonesia and Brazil, which is expected to create new growth opportunities [2] - A joint venture with Panex WD International Limited will focus on supply chain management and international logistics, potentially generating significant revenue in the coming year [2] Profit Forecast Adjustments - Due to delays in the Indian exhibition and the impact of new business on average profit margins, the company has revised its profit forecasts downward for 2025-2027 [3] - The new projections for net profit attributable to shareholders are 144 million yuan, 203 million yuan, and 227 million yuan for 2025, 2026, and 2027 respectively, reflecting declines of 49%, 42%, and 47% from previous estimates [3] - The current stock price corresponds to a PE ratio of 29, 20, and 18 for 2025-2027, with a target market value of 5.5 billion yuan, indicating a potential upside of 34% from the current market value [3]