Core Viewpoint - The company has completed the "Research and Development Center Construction Project" and plans to permanently supplement its working capital with the remaining raised funds amounting to 37.7487 million yuan, enhancing the efficiency of fund utilization [2][8]. Fundraising Basic Situation - The company raised a total of 705.92 million yuan through its initial public offering, with a net amount of 626.12 million yuan after deducting issuance costs. The funds were deposited in a dedicated bank account [3]. Project Overview - The "Research and Development Center Construction Project" has reached the expected usable state, meeting the conditions for project completion. The project timeline was extended from November 2023 to November 2025 [4][6]. Reasons for Fund Surplus - The company adhered to regulations regarding the use of raised funds, implementing cost control measures that resulted in savings. Additionally, some temporarily idle funds were managed to generate cash management income [6]. Plan for Surplus Funds - The company intends to transfer the surplus funds of 37.7487 million yuan into its general bank account for permanent use in daily operations. The dedicated fundraising account will be closed following this transfer [7][9]. Review Procedures and Opinions - The board of directors approved the proposal to conclude the project and allocate surplus funds without requiring shareholder meeting approval. The sponsor, Huatai United Securities, confirmed that the decision followed necessary procedures and aligns with the company's operational needs and long-term strategy [8][10].

Core Viewpoint - Recent initiatives from regions like Shaanxi, Guangdong, Yunnan, and Guangxi aim to guide and support enterprises in better utilizing multi-level capital markets to enhance the effectiveness of financial empowerment for the real economy [1] Group 1: Financing Channels - Shaanxi Province introduced 16 measures to strengthen the cultivation of listed backup enterprises and support technology-based companies in listing and financing [2] - Guangdong's financial management departments issued a plan to broaden direct financing channels for enterprises, encouraging the establishment of comprehensive service platforms for listings [2] - Yunnan's government proposed actions to support private enterprises in listing and financing, including training and guidance for eligible companies [2] Group 2: Support for Refinance and Mergers - Policies in various regions provide support for enterprises in refinancing and mergers, such as Guangxi's incentive policy that offers financial subsidies for listed companies' refinancing efforts [4] - The support for refinancing aims to reduce direct financing costs and alleviate financial pressures on enterprises, thereby activating market transactions and innovation [4] Group 3: Targeted Support for Key Sectors - Policies are designed to guide financial support towards key sectors like information technology, artificial intelligence, and biotechnology, facilitating appropriate listings for these enterprises [5] - The introduction of these policies is seen as a timely boost for technology and innovation-driven companies, significantly lowering their financing costs [5] Group 4: Consumer Sector Support - Recent plans from multiple departments in Beijing focus on supporting the consumer sector by enabling quality enterprises to raise funds through listings and other means [6] Group 5: Future Outlook - The concentration of quality enterprises, especially technology-driven and industry-leading firms, in the capital market is expected to enhance overall listing quality and better serve the real economy [7] - Recommendations for improving the financing environment include strengthening policy coordination and creating a financing environment led by government guidance and market-driven initiatives [7]

香港各界：把握"十五五"机遇，开拓新发展空间 中新社香港11月26日电 (记者 戴梦岚)24日至25日，中共二十届四中全会精神中央宣讲团在香港特区进 行宣讲，广大市民收看相关直播。香港各界人士在接受中新社记者采访时表示，宣讲活动有助于香港社 会深入把握国家"十五五"时期的发展机遇，推动香港积极融入和服务国家发展大局。 11月25日，中共二十届四中全会精神宣讲会在香港特区政府总部举行。中央宣讲团成员，中国科学 院院长、党组书记侯建国(右)，以及中央宣讲团成员，中央财经委员会办公室副主任、中央农村工作领 导小组办公室副主任祝卫东(左)分别作宣讲。 中新社记者 李志华 摄 港区全国政协委员、港区妇联代表联谊会副会长张佐姣表示，她将积极向香港各界别，特别是广大香港 妇女同胞，深入浅出地宣讲国家的大政方针和发展规划；努力提升香港妇女的综合素质和竞争能力，鼓 励和支持她们在国家发展的新征程中展现作为，为香港发展注入更多"她力量"和"她智慧"。 中国侨联委员、宁夏回族自治区政协港澳委员阎伟宁说，听完宣讲会受益良多，更清晰地理解全会精神 对香港长远发展的重要指导意义。当前，国家正推进粤港澳大湾区建设，香港可发挥金融优势助力人 ...

Group 1 - The core viewpoint emphasizes that China's modernization relies on technological modernization, with a strong call for enhancing independent innovation capabilities among enterprises [1] - The "14th Five-Year Plan" highlights that over 500,000 high-tech enterprises have emerged, with enterprises accounting for over 77% of total R&D investment, indicating significant progress in independent innovation [1] - Key core technologies cannot be acquired through purchase or imitation; only through persistent independent innovation can enterprises secure their position in the competitive market [1] Group 2 - The current global landscape is rapidly changing, and technological innovation is seen as a critical variable for addressing risks and driving high-quality development [2] - There is a pressing need to strengthen basic research to build a solid foundation for innovation, as recent years have shown a growing shortfall in this area [2] - Enterprises are encouraged to increase R&D investment, particularly in basic research, to address key technological challenges from the ground up [2] Group 3 - Optimizing the innovation ecosystem is essential for enhancing innovation efficiency, as current challenges include a shortage of high-level scientific talent and insufficient enterprise-led collaboration in industry-university-research partnerships [3] - Companies are urged to take on roles as "problem solvers" and to foster a culture that encourages innovation and tolerates failure [3] - The collective innovation efforts of numerous Chinese enterprises are expected to drive high-quality economic and social development [3]

Core Insights - Nansha is positioned as a key opportunity area within the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging multiple national strategies to enhance its role in technological and financial innovation [1] - The implementation of significant policies such as the "Nansha Financial 30 Measures" and "Double 15% Tax Incentives" is accelerating high-quality development in Nansha, with GDP growth rates ranking second in the city for the first three quarters of 2025 [1] - Nansha's strategic emerging industries account for 37.8% of GDP, with R&D investment intensity rising to 5.48% and over 1,300 high-tech enterprises established [1] Financial Innovation - Nansha has developed a strong pillar industry in financial innovation, with financial sector value-added accounting for over 11% of the district's GDP and consistently ranking among the top five in tax revenue [2] - The district has implemented nearly 100 financial innovation achievements, with around 40 recognized as national, provincial, or municipal innovation cases or pilot projects [2] - Nansha is a leading region for cross-border trade and investment openness, as well as a hub for aircraft and ship leasing in South China [2] Core Initiatives in Financial Empowerment - Nansha has launched five core initiatives to empower technology through finance, including the "Yiqi Gongying Plan" and a 10 billion yuan "Yueke Rong" special fund, facilitating over 6.8 billion yuan in credit to 583 technology enterprises [2] - The district has nurtured 17 listed companies with a total market value exceeding 210 billion yuan and a financing scale surpassing 35 billion yuan [2] - Nansha's venture capital and private equity initiatives have attracted over 18 billion yuan in sub-fund scale, with a 200 billion yuan Guangzhou industrial investment fund operational [2] Comprehensive Services and Innovation Platforms - Nansha promotes innovative financial products such as intellectual property pledge loans, with total credit exceeding 10 billion yuan [3] - The district is enhancing its technology financial ecosystem through a series of supportive policies for technology enterprise cultivation and achievement transformation [3] - The Nansha Science City, covering 99 square kilometers, is under rapid construction, with significant projects and research institutions being established to foster innovation [3]

新华社广州11月23日电 题：以赛为媒，大湾区融合发展加速奔跑 新华社记者 骑手们连续穿行，经过珠海情侣路、横琴粤澳深度合作区、澳门大桥、香港迪士尼乐园等地标，多次跨境通关。跑者们从深圳南山区出发，经深 圳湾公路大桥踏上香港元朗区赛道，两次穿越深圳湾口岸也无需驻足片刻。 11月21日拍摄的广东深圳前海湾夜景。新华社记者 郝源 摄 11月8日，第十五届全国运动会公路自行车男子个人赛参赛选手在比赛中冲向终点。新华社记者 连振 摄 以赛为媒，深圳、珠海、香港、澳门不是孤立的城市，它们拥有着共同的名字——粤港澳大湾区。 早在1992年，香港—深圳国际马拉松就曾尝试将两座一河之隔的城市串联起来。彼时，选手可手持"通关卡"，在口岸通过人工完成核验。"中途的 停顿仍会打断奔跑的节奏。"当时的香港参赛者吴辉扬说。 如今，港珠澳大桥、深中通道等"超级工程"为大湾区"硬联通"提速，"港车北上""澳车北上"、横琴口岸"合作查验、一次放行"等"软联通"制度安排 让各城市紧密串联，粤港澳大湾区融合发展的节奏越来越顺畅。 科技应用让融合发展的底座更加坚实。在全运会的跨境赛事中，人脸识别、无线定位、射频识别等技术手段的应用，让"无感通关" ...

来源：雷军公众号 今天，我们迎来了小米汽车史上一个重要的里程碑：第50万辆汽车下线。 这也标志着，小米汽车得到了广大消费者的认可，到了一个新的规模化阶段。小米SU7 成为过去一年 20万以上的轿车销量冠军；小米YU7，7月份开始交付，上个月，成为了所有 SUV 的销量冠军，无论能 源形式，还是价钱，这也是在中国市场最近几年来，第一辆能够超过 Model Y 的车型。 今年年初我们提出了今年的交付目标是 30 万辆，今年 3 月，我们调高到 35 万辆，预计本周，我们就提 前完成全年任务。目前我们最新的预估：2025年全年预计交付将超过40万辆。 小米汽车能够取得今天的一系列成绩，离不开各方面的支持。 首先，要感谢所有用户朋友对小米汽车的信赖和支持。50万台小米汽车，背后是50万份车主朋友的信 任。尤其是，很多在发布会结束后第一时间盲订、锁单的车主朋友们。每一份信任，对我们来说，都弥 足珍贵，我们一定会持续不断地努力。 还有，要感谢所有合作伙伴。尤其是供应商伙伴的支持。产能爬坡，是一项极其浩瀚的工程，需要供应 链上下游共同努力才能完成。供应商伙伴凭实力，让中国汽车产业得以飞速发展，与产业链上最优秀的 供应商伙伴 ...

Core Viewpoint - The Hong Kong government is committed to encouraging mainland entrepreneurs to establish regional headquarters in Hong Kong for managing international businesses, including e-commerce centers, R&D platforms, and multinational supply chain management centers [1] Group 1: Government Initiatives - The Hong Kong government will continue to strengthen its efforts in attracting investment and talent, enhancing international engagement, and expanding its economic network [1] - A new "Overseas Expansion Task Force" has been established to provide tailored services for mainland enterprises coming to Hong Kong, assisting them in deploying global supply chains [1] Group 2: Support for Mainland Enterprises - The services offered include support through Hong Kong's domestic and international networks, helping mainland enterprises address trade financing challenges and understand overseas market regulations [1] - Hong Kong has accumulated significant experience, with many mainland enterprises successfully using Hong Kong as a platform for international expansion [1]

智通财经APP获悉，香港财政司司长陈茂波表示，香港金融管理局和沙特公共投资基金即将推出一支10 亿美元的基金，以支持香港和大湾区企业拓展沙特阿拉伯市场。基金将助力沙特非石油经济部门发展。 沙特一家大型开发公司下个月将在香港举办路演，寻求战略合作伙伴和专业服务提供商，以支持基础设 施建设。 陈茂波表示，创新及科技是香港的新增长引擎，会专注于人工智能、生物科技及金融科技等具有竞争优 势范畴。他认为，科技、人才、市场、土地资源及资金都不可或缺，很多企业已在港设立研发中心或区 域总部，可带动上下游合作伙伴来港，完善香港的创新生态系统。他说，香港政府亦正透过创新政策及 度身订造的鼓励措施，加快北部都会区发展。 ...

Core Insights - The company HanSang Technology (301491) experienced a stock price decline of 1.76%, closing at 60.75 yuan on November 17, 2025, with a trading volume of 12,700 shares and a turnover of 77.52 million yuan [1] Group 1: AI and Innovation - The company is actively investing in research and development, particularly in the application of AI technology and the development of related new products, including AI music creation, which is seen as an innovative direction [2] - The company is monitoring the development of AI music technology and maintains communication and experimentation with industry partners, planning to advance product launches when the ecosystem matures [2] Group 2: Market Environment and Strategy - The recent tariff adjustments between China and the U.S. are perceived as creating a relatively favorable external environment for the company's business expansion in the U.S. market [3] - The company's performance is influenced by multiple factors, including industry policy changes, market competition, global supply chain efficiency, exchange rate fluctuations, and internal operational strategies [3] - The company remains vigilant regarding external policy changes and is prepared to adjust its operational strategies to effectively manage risks and seize potential market opportunities [3] Group 3: Trading Information - On November 17, the main funds experienced a net outflow of 13.64 million yuan, while retail investors saw a net inflow of 15.72 million yuan [4][5] - The trading data indicates a mixed sentiment in the market, with institutional investors withdrawing funds while retail investors are actively buying [5]