Core Viewpoint - The Jining government has prioritized the "breakthrough in industrial economy 'number one project'" in its 2026 work report, reflecting a significant shift towards a modern industrial system centered on advanced manufacturing [1] Group 1: Project Objectives and Strategies - The "number one project" aims to enhance the overall level of the industrial value chain through measures such as focusing on advantages, strengthening supply chains, and promoting ecological empowerment [1] - The implementation path includes enhancing industrial chains, upgrading traditional industries, and developing emerging industries, which are crucial for establishing a competitive industrial identity for Jining [1][2] Group 2: Industrial Development and Transformation - Several industrial enterprises and projects with technological leadership and market competitiveness have emerged as key examples of the project's effectiveness, such as the Shandong Times New Energy Battery project and the Great Wall Heavy Industry headquarters [2] - The project promotes the simultaneous upgrading of traditional industries and the cultivation of emerging industries, setting specific goals like achieving a 50% deep digital transformation rate for large-scale industrial enterprises [2] Group 3: Industrial Ecosystem and Infrastructure - Jining focuses on optimizing the "1+15+N" park layout to concentrate resources and create a more robust and specialized industrial development platform [3] - The acceleration of productive service industries, such as R&D and headquarters economy, is essential for completing the modern industrial system and fostering a conducive industrial ecosystem [3]

Core Insights - Jining's 2026 government work report emphasizes the "No. 1 project" aimed at breaking through the industrial economy, reflecting a strong focus on the real economy and manufacturing [1][3] - The strategy involves a systemic innovation that aims to reshape the city's growth model by building a modern industrial system centered on advanced manufacturing [3] - Key initiatives include enhancing industrial chains, upgrading traditional industries, and developing emerging sectors, which are crucial for establishing a competitive industrial identity for Jining [3][4] Group 1 - The "No. 1 project" signifies a profound restructuring of development logic, moving away from traditional growth models to enhance urban competitiveness [3] - Jining aims to achieve a comprehensive rise in industrial value chains through focused measures such as "focusing on advantages, strengthening chains, and ecological empowerment" [1][4] - The emphasis on "greater intensity" highlights the urgency and strength of execution in the implementation of the strategy [3] Group 2 - By the end of 2025, the Shandong Times New Energy Battery Base is expected to produce 22.5 GWh of batteries, generating a revenue of 8 billion yuan and an export value of 1.35 billion yuan [4] - The establishment of a new energy vehicle production line at the Great Wall Heavy Industry headquarters has already received an order for 1,000 vehicles, indicating strong market demand [4] - The initiatives for upgrading traditional industries and developing new sectors are seen as essential for driving industrial growth and transformation in Jining [4][5] Group 3 - Jining's industrial park and modern service industry strategies aim to create stronger and more specialized incubation platforms, enhancing the overall industrial ecosystem [5] - The "1+15+N" park layout optimization and resource concentration policies are designed to support the development of research and design, as well as headquarters economy [5] - The ultimate goal is to foster a complete and smoothly functioning industrial ecosystem that supports the growth of enterprises [5]

一、公司概况：零碳智慧矿山标杆，全球化布局提速博雷顿作为工信部"专精特新重点小巨人" 企业， 是全球领先的零碳与智慧矿山解决方案提供商，核心围绕 "光储微电网+新能源工程设备 + 自动化协同 作业"构建生态体系。公司发展历程跨越式推进，2016 年成立后，2019 年实现电动装载机商业化落地， 2022 年推出全球首台 700kWh纯电动矿卡，2024 年市占率跻身行业前三，2025 年发布新一代无人驾驶 矿卡并拓展至非洲等海外市场。核心产品电动宽体自卸车（2024 年收入占比 57.4%）与装载机（占比 35.3%）合计贡献 92.7% 营收。 二、核心业务：新能源工程机械，引领行业替代浪潮新能源装载机：下游采矿业、建筑业需求增长驱动 行业扩容，电动装载机具备显著降碳与成本优势 —— 五吨级产品五年可减碳 342 吨、节省成本 120 万 元，105 吨级电动宽体自卸车最高减碳 625 吨。随着新能源工程机械渗透率持续提升（2023-2028E 复合 年增长率超 20%），公司产品迭代至 BRT970EV 型号，市场覆盖持续扩大。 机构：天风证券 研究员：孙潇雅 三、新兴业务：光储能源破局，构建全链条优势针 ...

Group 1 - The core message emphasizes the importance of project construction as a key driver for high-quality development, with a focus on early production and efficiency in major projects [1] - The government aims to stabilize the economy and expectations by supporting enterprises, encouraging them to maximize production and fulfill orders in the first quarter [1] - There is a strong emphasis on accelerating the transformation towards green and low-carbon technologies, enhancing core competitiveness through cost reduction and quality improvement [1] Group 2 - The government is prioritizing winter agricultural production management to ensure the safety of wheat seedlings during winter [2] - There is a call for local agricultural authorities to take responsibility in contributing to the construction of a higher-level "Qilu Granary" [2] - The focus is on promoting consumption, expanding investment, stabilizing foreign trade and investment, and enhancing the development of the service industry [2]

Core Viewpoint - The collaboration between Jieli Trading Treasure, Boreton Technology, and Golden Continent Holdings aims to establish a strategic partnership for the global issuance of Real World Assets (RWA) [1][2] Group 1: Strategic Collaboration - The three parties plan to sign a Strategic Cooperation Agreement to enhance their capabilities in RWA issuance [1] - Boreton is a high-tech enterprise in the new energy engineering machinery sector, possessing valuable underlying assets such as new energy equipment operating rights and green carbon reduction assets [1] - GCH's subsidiary holds licenses for virtual asset trading and compliance, enabling RWA issuance [1] Group 2: Core Cooperation Areas - The collaboration focuses on three main areas: tokenization of RWA, building a compliant Web3 payment system, and facilitating digital asset issuance and circulation under Hong Kong's regulatory framework [2] - RWA tokenization will involve packaging Boreton's new energy equipment operating rights and green carbon reduction assets into auditable on-chain financial products [2] - The partnership aims to create a complete link for asset tokenization, issuance, and trading, enhancing the efficiency of payment settlements within Boreton's business ecosystem [2] Group 3: Market Position and Future Prospects - The collaboration is expected to leverage the strengths of all three parties, integrating Boreton's green asset base, GCH's compliance capabilities, and Jieli's underwriting advantages [2] - This strategic partnership is positioned to enhance the company's market position in Hong Kong's digital finance sector and create potential long-term value for shareholders [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 – 1 – TradeGo FinTech Limited 捷利交易寶金融科技有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：8017） 自願公告 擬 與 博 雷 頓、GCH就RWA全球發行建成戰略合作 本公告乃捷利交易寶金融科技有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）自 願 作 出，以 向 其 股 東（「股 東」）及 潛 在 投 資 者 更 新 本 集 團 的 近 期 發 展。 本公司董事（「董 事」）會（「董事會」）欣 然 宣 佈，本 集 團 擬 與 博 雷 頓 科 技 股 份 公 司 （「博雷頓」）、Golden Continent Holdings Limited（「GCH」）就現實世界資產（「RWA」）全 球 發 行 建 成 戰 略 合 作，三 方 擬 於 近 日 共 ...

Core Viewpoint - The recent stock price surge of Boreton (01333) is attributed to strategic positioning around the H-share full circulation policy, which has injected strong momentum into the company's stock price [1][3][14] Group 1: Stock Performance - As of August 11, Boreton's stock price increased by approximately 8.55%, closing at HKD 29.96, with a trading volume of about 686,000 shares and a turnover of approximately HKD 20.07 million [1] - From August 4 to August 8, the stock experienced a price increase of 2.22%, with a significant volume ratio of 8.2:1 between buying and selling, indicating strong accumulation before the price rise [4][5] - On August 11, the trading volume surged to 686,000 shares, nearly 13 times the average daily volume from the previous week, confirming the strategy of "low volume accumulation followed by high volume increase" [8][10] Group 2: Market Strategy - The trading strategy observed for Boreton follows a "concealment-raise-distribution" pattern, with a notable concentration of buying activity and a low turnover rate of 0.15%, indicating high control over the stock [4][10] - The top five buying institutions during this period included Citibank, BNP Paribas, and others, with slight increases in their shareholding percentages, reflecting institutional interest [6][7] Group 3: Company Overview - Boreton, established in November 2016, specializes in electric engineering machinery, focusing on electric loaders and dump trucks, and has achieved significant market rankings in China [11] - The company reported a compound annual growth rate of 32.8% in revenue from 2022 to 2024, with revenues of RMB 360.1 million, RMB 464.7 million, and RMB 635.5 million for the respective years [11][13] - Electric dump trucks have become the primary revenue source, contributing 57.4% of total revenue by 2024, showcasing the company's strong market position [12] Group 4: Financial Performance - Boreton's gross profit margin has shown improvement, with the electric dump truck segment maintaining a gross margin of around 13.5% in 2024 [12] - However, the company faces challenges in cost control, with an overall expense ratio reaching 39.5% in 2024, significantly higher than industry benchmarks [13]

Market Performance - The Hong Kong stock market showed a mixed performance last week, with the Hang Seng Index rising by 1.61% to close at 22,867.74 points, marking five consecutive weeks of gains [1] - The Hang Seng Tech Index fell by 1.22% to 5,180.25 points, while the National Enterprises Index increased by 0.95% to 8,308.83 points [1] Economic Factors - The market's upward movement was primarily driven by a package of financial policies introduced by relevant authorities and the positive sentiment from high-level Sino-U.S. trade talks [1] - These developments improved risk appetite marginally and conveyed a clear message from policymakers to stabilize the market and expectations, enhancing investor confidence [1] IPO Market Activity - The IPO market remains active, with two new stocks, Boleton and Hu Shang Ayi, listed on May 7 and May 8, respectively [2] - Boleton, a leader in the new energy engineering machinery sector, saw its shares rise by 50% on debut, reaching a market capitalization of HKD 10.251 billion [2] - Hu Shang Ayi's shares opened at HKD 190.6, a 68.5% increase from its issue price of HKD 113.12, continuing the trend of strong performance in the beverage sector [2] Company Insights - Hu Shang Ayi has expanded its store network to 9,367 locations and is recognized as the third-largest mid-priced tea beverage brand in China [3] - The company operates on a light asset franchise model, with 99.7% of its stores being franchises, contributing over 96% of its total revenue [3] Market Trends - The first quarter of 2025 saw a strong continuation of IPO activities in Hong Kong, with 17 companies raising a total of HKD 18.7 billion, nearly four times the amount raised in the same period of 2024 [3] - The trend of consumer brands seeking to list in Hong Kong is driven by factors such as improved liquidity, valuation advantages, and the influx of companies due to stricter IPO standards in the A-share market [4] Monetary Policy - The Hong Kong Monetary Authority injected a record HKD 60.543 billion into the market on May 6, marking the third instance of intervention since May 3 [5] - Cumulatively, the authority has injected over HKD 116.6 billion to stabilize the Hong Kong dollar, which is pegged to the U.S. dollar under a linked exchange rate system [5]

Group 1: Company Overview - Hu Shang A Yi successfully listed on the Hong Kong Stock Exchange on May 8, with an opening price of 190.6 HKD, significantly above the initial price range of 95.57-113.12 HKD, resulting in a market capitalization of approximately 20 billion HKD [1] - The company has expanded rapidly since its inception, growing from a single store in Shanghai to 9,176 stores nationwide, with a year-on-year increase of 46.8% in store count [6][7] - Hu Shang A Yi's product pricing ranges from 7 to 16 RMB, targeting the mid-range tea drink market and focusing on high cost-performance to capture the vast lower-tier market [7] Group 2: Market Position and Strategy - The company has positioned itself strategically in the lower-tier market, leveraging its experience in store operations and consumer preferences to effectively enter these markets [7] - Hu Shang A Yi has undergone significant brand upgrades, including the introduction of fruit tea products, which have become popular among consumers, leading to a monthly sales volume exceeding 1 million cups in 2021 [6][8] - The tea drink market in China is projected to grow from 4.748 trillion RMB in 2019 to 8.189 trillion RMB by 2024, with a compound annual growth rate (CAGR) of 11.5%, indicating a robust growth environment for Hu Shang A Yi [9] Group 3: Investment and Financial Backing - Prior to its IPO, Hu Shang A Yi attracted significant investment from notable firms such as Jia Yu Capital and Zhi Yi Investment, which have supported its growth through multiple funding rounds since 2020 [1][8] - The company has successfully integrated capital from cornerstone investors, including Yingfeng Holdings and Huabao Co., which also supplies its key product ingredients [1] - The investment community views Hu Shang A Yi as a leading player in the tea drink sector, with strong product innovation and competitive pricing strategies that align with current consumer demands [8][11] Group 4: Competitive Landscape - The current landscape for ready-to-drink tea is competitive, with a notable increase in both new entrants and closures among existing brands, indicating a challenging environment for market players [10] - The number of closures among tea drink brands has risen significantly, with over 20,000 closures reported in 2024, highlighting the intense competition within the sector [10] - As the market matures, brands are increasingly looking to expand internationally, with Hu Shang A Yi opening its first overseas store in Kuala Lumpur, Malaysia, in February 2024 [10]

Core Viewpoint - Boreton Technology Co., Ltd. is progressing towards its IPO on the Hong Kong Stock Exchange, positioning itself as a leader in the electric engineering machinery sector, akin to "Tesla" in its field [3][10]. Company Overview - Boreton's main products include electric loaders, electric wide-body dump trucks, and electric tractors, ranking 3rd in the domestic electric loader market and 7th in the electric wide-body dump truck market [3][10]. - The company's valuation has exceeded 5 billion yuan [3]. Founder Background - Founder Chen Fangming, an 80s graduate from South China University of Technology, transitioned from a successful investment career in the renewable energy sector to entrepreneurship in engineering machinery [5][6]. - Chen identified significant opportunities in the electrification of engineering machinery, which has a substantial carbon emission reduction potential [6][9]. R&D and Product Development - Boreton chose a forward R&D approach for electric engineering machinery, which requires significant investment and has faced skepticism from industry peers [9][10]. - After two years of development, Boreton launched its first product, the 5-ton electric loader BRT951EV, filling a market gap for electric loaders [9][10]. Market Growth and Financial Performance - The Chinese renewable engineering machinery market is projected to grow at a compound annual growth rate (CAGR) of 17.2%, reaching 176 billion yuan by 2029 [14]. - Boreton's revenue increased from 360 million yuan in 2022 to 636 million yuan in 2024, with a CAGR of 32.8% [14]. - The company’s sales volume for electric wide-body dump trucks rose from 59 units in 2022 to 307 units in 2024, while electric loaders increased from 326 to 450 units [14]. Challenges and Losses - Despite revenue growth, Boreton faces high sales costs leading to increasing losses, with figures of 178 million yuan, 229 million yuan, and 275 million yuan from 2022 to 2024 [15]. - The low gross margin is attributed to significant inventory impairment losses and high R&D investments [15]. Investment and Financing - Boreton has completed seven rounds of financing since its inception, with notable investors including state-owned funds from Hunan, Shanghai, and Hubei [17][20]. - The company has established a production base in Hunan with an annual capacity of 5,000 electric mining trucks, with a total investment of 1.5 billion yuan [20]. Strategic Direction - Boreton is expanding its product offerings towards automation and smart machinery, including the launch of a remote-operated loader [10][12]. - The company aims to accelerate its global expansion by targeting markets in the Americas, Africa, and Southeast Asia by 2025 [22].