（编辑 王雪儿） 证券日报网讯 金溢科技11月21日发布公告，在公司回答调研者提问时表示，公司将会按照证监会、深 交所的相关规定在定期报告中披露相关股东人数，敬请关注公司相关公告。另外根据《公司章程》的相 关规定，股东提出查询股东名册有关信息，应当向公司提供证明其持有公司股份的类别以及持股数量的 书面文件，公司经核实股东身份后按照股东的要求予以提供。 ...

Core Viewpoint - The company, Jin Yi Technology, announced its capabilities in the fields of vehicle-road collaboration and smart transportation, highlighting its ability for large-scale implementation and practical experience [1] Group 1 - The company stated that it will disclose information regarding significant demonstration projects, strategic partnerships, and market share if they meet the standards for information disclosure [1]

Core Insights - The company, Jin Yi Technology, has established itself as a leader in the intelligent vehicle-road collaboration sector, spearheading the development of key technologies and equipment for the Ministry of Transport [1] - The company has developed a comprehensive self-research system covering V2X communication modules, terminal products, application platforms, algorithms, and protocol stacks, with significant advancements in DSRC-V2X, 4G-V2X, and 5G-V2X technologies [1] - Jin Yi Technology is actively involved in the 2024 C-V2X pilot application practices, having completed testing and verification in both closed and open road environments, and has achieved C-V2X consistency certification [1] Company Developments - The company's vehicle-road collaboration business has expanded to cover numerous intelligent connected demonstration zones across the country, providing complete solutions for scenarios such as autonomous ride-hailing and smart parks [1] - In the smart highway sector, the company has launched a full suite of ETC2.0 products and multi-beam intelligent roadside antennas, successfully applying its ETC vehicle-road collaboration solutions in the "Traffic Guardian" program [1] - The company continues to optimize new toll collection systems, achieving technological breakthroughs in scenarios like pre-transaction at highway ramps and mobile emergency toll collection, with related products already promoted in multiple provinces [1] Technological Innovations - The company has developed a voice-interactive OBU device for the Traffic Guardian initiative, significantly enhancing vehicle-road collaboration interaction capabilities in smart highway scenarios [1] - As a pioneer in the Internet of Things and intelligent transportation sectors, the company has built a complete "vehicle-road-cloud" collaborative ecosystem through products like V2X intelligent connected OBU and automotive electronic identification [1] - The company leverages its self-developed vehicle-road collaboration algorithms and protocol stacks to achieve real-time data processing and decision support in complex traffic environments through edge computing [1]

Core Viewpoint - The integration of "Artificial Intelligence + Transportation" is crucial for enhancing the transportation system in Hainan Free Trade Port, aiming for a digital and intelligent upgrade in response to the new technological revolution [6][7]. Group 1: Development of Smart Transportation - The concept of smart transportation involves the digital and intelligent upgrade of the transportation industry through technologies like IoT, cloud computing, and AI, which can enhance efficiency, safety, and service experience [7]. - Hainan is positioned as a natural "testbed" for smart transportation innovations due to its unique advantages in policy, scenarios, and geographical units, providing a conducive environment for technological iteration and industry development [7][8]. - The province has implemented supportive policies such as "zero tariffs" and "low tax rates," which have attracted numerous enterprises to establish operations in Hainan [7]. Group 2: Infrastructure and Technological Support - Hainan is accelerating the integration of energy, road, communication, and vehicle networks to build a solid foundation for smart transportation, with over 42,000 kilometers of roads and 36,800 5G base stations covering all administrative villages and tourist routes [8]. - The number of new energy vehicles has surpassed 500,000, with a charging station ratio of 2.1:1, ensuring comprehensive coverage of charging facilities [8]. Group 3: AI Integration and Data Utilization - The deep integration of AI in transportation is essential for advancing smart transportation in Hainan, with a focus on building high-quality data sets and promoting the fusion of public and enterprise data [9]. - Experts suggest that Hainan should develop a comprehensive transportation model that encompasses various transport modes and integrates infrastructure, service, and governance [9][10]. Group 4: Collaborative Efforts and Case Studies - A case study highlighted the collaboration between Haikou traffic police and Baidu Intelligent Cloud, which utilized AI to enhance emergency response and operational efficiency following a severe typhoon [11]. - Recommendations include adopting a "lightweight, wide-area, fast coverage" model for the integration of vehicle-road-cloud systems, transforming the relationship between vehicles, roads, and people [11][12]. Group 5: Strategic Initiatives - Hainan Transportation Group is implementing a strategic plan focused on digital transformation and smart transportation, emphasizing the integration of various transportation modes and the development of a modern transportation industry system [12].

Group 1: Technological Advancements - The company has established a comprehensive R&D system covering V2X communication modules, terminal products, application platforms, algorithms, and protocol stacks, achieving significant breakthroughs in DSRC-V2X, 4G-V2X, and 5G-V2X technologies [2][3]. - The company has participated in the 2024 C-V2X pilot application, completing tests and obtaining C-V2X consistency certification, enhancing the accuracy of warnings and stability of scenarios for automotive enterprises [2][3]. - The company has developed a full suite of products, including multi-beam intelligent roadside antennas and ETC 2.0 solutions, successfully applied in various provinces [3][4]. Group 2: Core Competencies and Revenue Growth - The company has mastered three core technologies: ETC, V2X, and RFID, and has actively participated in the formulation of national and industry standards [4]. - As of mid-2025, the company has obtained 655 independent intellectual property rights, with several patents awarded national "Excellent Patent Awards," establishing a solid technical foundation [4]. - Revenue proportions from the highway ETC business, smart transportation, and vehicle-road collaboration have not significantly changed compared to the same period in 2024 [4]. Group 3: Strategic Collaborations and Investments - In 2025, the company completed the acquisition of 100% of the shares of Che Lu Tong Technology (Chengdu) Co., Ltd., enhancing its core technical capabilities in smart transportation [5]. - The company established a venture capital partnership focusing on smart connected vehicles and low-altitude economy, marking a strategic move to integrate resources and expand market reach [5]. Group 4: Market Position and Competitive Strategy - The company maintains a leading position in the smart transportation and vehicle-road collaboration markets, leveraging its dual expertise in transportation and IT [8]. - The company has implemented a differentiated competitive strategy by integrating ETC with AI and edge computing, achieving large-scale deployment of unmanned toll stations [8]. - The company is actively involved in multiple national-level intelligent connected vehicle demonstration projects, enhancing its market share and brand influence [8]. Group 5: Financial Performance and Future Outlook - The overall gross margin has declined due to intensified market competition, while net profit margins are under pressure due to increased strategic investments in innovation and talent [7][10]. - The company is focused on balancing performance and shareholder returns, aiming to enhance core capabilities and build an ecosystem for long-term growth [10]. - The smart transportation industry is expected to experience robust growth driven by national policies, technological advancements, and market demand, positioning the company for future success [10].

Core Viewpoint - The Hainan Free Trade Port is showcasing its advancements in smart transportation at the 2025 20th China Intelligent Transportation Conference, highlighting the integration of digital technologies and infrastructure development in the transportation sector [2][5]. Group 1: Transportation Infrastructure Development - Hainan has successfully constructed a unique "Five Ring" transportation network, achieving "county-level highway access" and improved road connectivity for natural villages [3]. - The province has enhanced its waterway facilities, with the approval of major port plans and the ongoing expansion of the Yangpu International Container Hub Port, establishing a comprehensive international shipping network with 74 container shipping routes [3]. - The civil aviation sector is thriving, with four airports and annual passenger throughput exceeding 20 million at Meilan and Phoenix airports, alongside significant expansion of international flight routes [3]. Group 2: Digital Transformation in Transportation - Hainan is leading in digital transportation initiatives, implementing a "one line open, two lines manage" regulatory approach and enhancing the digital supervision of transportation elements [4]. - The province has launched a "car-road-cloud integration" pilot project covering 1,230 kilometers, showcasing its commitment to digital transformation in transportation [4]. Group 3: Opportunities for Smart Transportation - The upcoming full closure operation of Hainan Free Trade Port is expected to provide significant benefits for the smart transportation industry, promoting deep integration of technological and industrial innovation [5]. - Hainan aims to develop smart ports, smart shipping, intelligent road networks, and smart civil aviation, leveraging technologies like Beidou navigation, IoT, and blockchain [6]. - The province is exploring policy innovations such as zero-tariff imports for smart transportation equipment and facilitating cross-border data flow, positioning itself as a preferred destination for global smart transportation investments [6].

Core Insights - The focus is on "vehicle-road-cloud integration" to drive industry development and promote smart transportation in everyday life [1][2] - Hainan is the only province in China conducting application trials with a "three cities, two lines" approach, providing a model for the development of the intelligent connected vehicle industry nationwide [1] - The core technology path is based on a data-driven intelligent driving solution (C-FSD), aiming to create a unique demonstration province with the longest mileage and most diverse scenarios [1] Group 1 - Hainan's initiative includes digital upgrades of traffic facilities along the "Ring Island Tourist Road" and "Ring Island Expressway" to empower smart transportation and promote the application of intelligent connected vehicles [1] - The project involves four cities: Haikou, Sanya, Qionghai, and Danzhou, with a unified platform architecture, mutual recognition of identities, complementary scenarios, and data interoperability [2]

Core Insights - The 20th China Intelligent Transportation Conference, themed "Artificial Intelligence - New Driving Force for High-Quality Development of Intelligent Transportation," opened in Haikou on November 19, 2025 [2] - The conference gathered leaders, experts, and executives from the domestic and international intelligent transportation sectors to explore new paths for development and contribute to the construction of a strong transportation nation [2] - The event included the 2025 China Intelligent Transportation Association Science and Technology Award ceremony, recognizing outstanding contributions in scientific research, technological innovation, and achievement promotion in the intelligent transportation field [2] Event Highlights - The conference will host various forums over three days, including a high-level forum, the 20th China Intelligent Transportation Annual Conference, and the "Artificial Intelligence + Transportation" Innovation Development Conference [2] - Specialized forums will cover topics such as urban intelligent transportation, smart highways, aerial transportation, traffic control and optimization, traffic safety, rail transportation, and waterway transportation [2] - Additional discussions will focus on integrated transportation empowered by digital intelligence, vehicle-road-cloud integration, testing of intelligent connected vehicles, electrification technologies in intelligent transportation, traffic big models, and digital intelligence in transportation [2] - The event will also feature forums on the integration of industry, academia, and research in intelligent transportation, as well as a招商大会 for the intelligent transportation industry in Hainan Free Trade Port [2]

Core Viewpoint - China Intelligent Transportation (01900.HK) announced the termination of its subscription for Class A shares in a fund, following the investment manager's decision to suspend investments in the target company [1] Group 1 - The company has agreed with the investment manager to terminate the subscription, resulting in a full refund of the subscription amount of $5 million (approximately RMB 35.45 million) [1] - As of the announcement date, the company does not hold any shares in the fund [1] - The board believes that the termination of the subscription will not have a significant adverse impact on the company's existing business, operations, or financial condition [1]

Core Viewpoint - The company Yihualu has shown fluctuations in its stock performance and financing activities, indicating a mixed outlook for investors [1][2]. Financing Activities - On November 17, Yihualu's stock rose by 3.00%, with a trading volume of 341 million yuan. The financing buy-in amount for the day was 27.66 million yuan, while the financing repayment was 30.26 million yuan, resulting in a net financing outflow of 2.59 million yuan [1]. - As of November 17, the total financing and securities lending balance for Yihualu was 707 million yuan, with the financing balance at 700 million yuan, accounting for 4.80% of the circulating market value. This financing balance is below the 30th percentile level over the past year, indicating a low level [1]. - In terms of securities lending, on November 17, Yihualu repaid 28,200 shares and sold 13,600 shares, with a selling amount of 275,400 yuan. The remaining securities lending volume was 341,400 shares, with a balance of 6.91 million yuan, which exceeds the 90th percentile level over the past year, indicating a high level [1]. Company Overview - Yihualu, established on April 30, 2001, and listed on May 5, 2011, is located in Beijing and specializes in providing intelligent traffic management solutions through its self-developed integrated command platform software ATMS [1]. - The company's main business revenue composition is 59.45% from digital systems and infrastructure, and 40.55% from data operations and services [1]. Shareholder Information - As of November 10, the number of Yihualu shareholders was 68,300, a decrease of 1.73% from the previous period. The average circulating shares per person increased by 1.76% to 10,230 shares [2]. - For the period from January to September 2025, Yihualu reported a revenue of 415 million yuan, a year-on-year decrease of 3.91%. The net profit attributable to the parent company was -535 million yuan, showing a year-on-year increase of 12.78% [2]. - Since its A-share listing, Yihualu has distributed a total of 415 million yuan in dividends, with no dividends paid in the last three years [2]. - As of September 30, 2025, major shareholders include E Fund's ChiNext ETF, which holds 10.02 million shares, a decrease of 1.69 million shares from the previous period. Other notable shareholders include Nuode Growth Mixed A and Southern CSI 500 ETF, with varying changes in their holdings [2].