Group 1 - Standard Shares experienced a decline of 3.21% on February 11, with a stock price of 12.66 CNY per share, a trading volume of 162 million CNY, a turnover rate of 3.65%, and a total market capitalization of 4.38 billion CNY [1] - The stock price of Standard Shares has fallen for four consecutive days, with a cumulative decline of 8.13% during this period [1] - Xi'an Standard Industrial Co., Ltd. was established on May 28, 1999, and listed on December 13, 2000, primarily engaged in the research, production, and sales of sewing equipment, with 96.62% of its revenue coming from sewing machinery products [1] Group 2 - CITIC Prudential Fund has a fund that ranks among the top ten circulating shareholders of Standard Shares, specifically the CITIC Prudential Multi-Strategy Mixed (LOF) A (165531), which entered the top ten in the third quarter with 1.3314 million shares, representing 0.38% of circulating shares [2] - The estimated floating loss for CITIC Prudential Multi-Strategy Mixed (LOF) A during the four-day decline is approximately 149.12 thousand CNY, with a current floating loss of about 55.92 thousand CNY [2] - The fund was established on June 16, 2017, with a latest scale of 996 million CNY, and has achieved a year-to-date return of 11.94%, ranking 966 out of 8,884 in its category [2]

Group 1 - The company expects a negative net profit for the fiscal year 2025, primarily due to insufficient domestic demand in the sewing equipment market, leading to a decline in domestic sales revenue for industrial sewing machines [2] - The company anticipates a significant foreign exchange loss on its foreign currency receivables, resulting in increased financial expenses compared to the previous year [2] - The financial data provided is based on preliminary estimates from the company's finance department, with the final figures to be disclosed in the 2025 annual report [3]

Core Viewpoint - The company, Zhongjie Resources, anticipates a revenue range of 820 million to 860 million yuan for the fiscal year 2025, while projecting a net loss attributable to shareholders of 2.72 million to 4.08 million yuan [1] Group 1: Financial Projections - Expected revenue for 2025 is between 820 million yuan and 860 million yuan [1] - Projected net loss attributable to shareholders is between 2.72 million yuan and 4.08 million yuan [1] Group 2: Reasons for Financial Outlook - The overall demand in the domestic sewing equipment market is insufficient, leading to a contraction in the scale of domestic sales and a year-on-year decline in revenue from the main business of industrial sewing machines [1] - The company has incurred significant foreign exchange losses on foreign currency receivables due to exchange rate fluctuations, resulting in increased financial expenses compared to the same period last year [1]

Group 1 - The company Zhongjie Resources announced an earnings forecast on January 29, expecting a net loss attributable to shareholders of 2.72 million to 4.08 million yuan for 2025, marking a shift from profit to loss year-on-year [1] - The basic earnings per share are projected to be a loss of 0.0023 to 0.0034 yuan, compared to a profit of 0.0148 yuan in the same period last year [1] - The anticipated net loss is primarily due to insufficient overall demand in the domestic sewing equipment market, leading to a contraction in domestic sales and a corresponding decrease in profit contribution from the main business of industrial sewing machines [1] - Additionally, the company faces significant foreign exchange losses on its foreign currency receivables, resulting in increased financial expenses compared to the previous year [1]

Manufacturing Industry - Global manufacturing companies are actively releasing information regarding equity operations, strategic partnerships, technological innovations, and capacity planning [1] - The "Foshan Quality Products Linking Global" event on December 17, 2025, aimed to promote collaboration among Foshan manufacturing enterprises and attracted over 100 local suppliers and nearly 20 multinational companies for resource matching [3] - The establishment of the Foshan Enterprises Going Global Comprehensive Service Center marks the first city-level platform providing all-encompassing services for companies venturing abroad, covering policy consultation, market expansion, cross-border finance, foreign legal matters, and overseas rights [3] Electronic Information Manufacturing - Mingpu Optoelectronics engaged in discussions with multiple institutions regarding business integration, product development, and international network expansion [5] - Following the completion of a 60% equity transfer of Shenzhen ABB, the company plans to enhance collaboration in cost efficiency, technology R&D, and market channels [5] - The company has established multiple production bases in Dongguan, Henan, Jiangxi, Wuhan, and Vietnam to improve capacity flexibility and has set up sales branches in North America and Southeast Asia [5] Comprehensive Manufacturing Services - Boda Technology, a pioneer in the African market, aims to deepen cooperation with Foshan manufacturers, leveraging its resources in 10 African countries [6] - Guangdong Weijing Group participated in the Foshan event, emphasizing the importance of effective communication with multinational companies to facilitate substantial cooperation and reduce overseas costs [7] Textile Equipment Industry - Zhuolang Intelligent signed a cooperation agreement with Huawei to promote digital textile upgrades [8] - Changling Textile Electric announced a significant increase in jet loom sales [8] - China Textile Holdings plans to invest $4.74 million in the procurement of 12 spinning machines [9] - Rifa Precision Machinery intends to sell part of its assets for 155 million yuan [9] - Jinggong Technology won a bid for a high-performance carbon fiber production base project in Wuhan worth 729 million yuan [10] Sewing Equipment Industry - The 2025 China Sewing Machinery Industry Conference will be held on December 3, 2025, in Guangzhou [17] Apparel Industry - Li Hua Holdings Group's subsidiary LeverStyle Limited plans to acquire Active Apparel Group's sportswear business assets for an initial price of $130 million [19] - The third batch of apparel equipment procurement by Anhui Wuying Garment Co., Ltd. has a budget of 721,200 yuan [21] Footwear Equipment and Materials Industry - The "Innovation Driven, Intelligent Manufacturing Future" global footwear leaders summit will take place on December 12, 2025, featuring major domestic and international footwear companies [20]

岛岬交错，海屿星罗，浙江台州的海岸线绵延700.5公里，占浙江全省三分之一。向海而生、因海而 兴，"赶海"早已融入这座城市的发展基因。 闻潮而动—— "从无到有下好先手棋" "研发需要算力，如果我们把项目落在黄岩，你们能否提供购买算力的经费？"赴北京考察时，企业提出 的疑问，让台州市黄岩国有资本投资运营集团有限公司党委委员沈鑫记忆犹新。 400P算力，相当于20万台高性能计算机同时运行。浙东南智算中心驾驶舱显示大屏上，算力负载状 态、算法状态、能源效率等数据图表实时更新，屏幕中央橙色矢量线从黄岩向全国延伸，勾勒出一 幅"算力版图"。 硬件成型，政策跟进。黄岩区经济信息化和科学技术局数字经济科科长王瑜说，产业园开园之初，算力 产业支持政策已同步启动论证。2025年7月，《黄岩区支持算力产业高质量发展若干政策（试行）》正 式出台，推出"算力券""模型券"，用真金白银鼓励企业开展技术创新。 这里是民营经济的重要发源地。连续5年，台州"新春第一会"上，受邀民营企业家稳坐头排。新能源汽 车、医药健康、高端装备（工业母机）、低空经济（空天产业）、具身智能（机器人）……台州集聚了 2个千亿元级产业集群、32个百亿元级县域产 ...

Group 1 - Standard Shares increased by 5.15% on December 23, reaching a price of 10.20 CNY per share, with a trading volume of 60.27 million CNY and a turnover rate of 1.76%, resulting in a total market capitalization of 3.529 billion CNY [1] - Xi'an Standard Industrial Co., Ltd. was established on May 28, 1999, and listed on December 13, 2000, primarily engaged in the research, production, and sales of sewing equipment, with main business revenue composition being 96.62% from sewing machinery products and 3.38% from other sources [1] Group 2 - CITIC Prudential Fund's multi-strategy mixed fund (LOF) A (165531) entered the top ten circulating shareholders of Standard Shares in the third quarter, holding 1.3314 million shares, which accounts for 0.38% of the circulating shares, with an estimated floating profit of approximately 665,700 CNY [2] - The CITIC Prudential multi-strategy mixed fund (LOF) A (165531) was established on June 16, 2017, with a latest scale of 1.133 billion CNY, achieving a year-to-date return of 44%, ranking 1480 out of 8088 in its category, and a one-year return of 34.33%, ranking 2130 out of 8057 [2] Group 3 - The fund manager of CITIC Prudential multi-strategy mixed fund (LOF) A (165531) is Wang Ying, who has a cumulative tenure of 8 years and 313 days, with the fund's total asset scale at 4.904 billion CNY, achieving the best fund return of 54.64% and the worst fund return of -8.42% during the tenure [3]

[证券分析师： Table_Authors] 商俭 S0630525060002 shangjian@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20251222 [Table_Reportdate] 2025年12月22日 重点推荐 财经要闻 晨 会 纪 要 [table_summary] ➢ 1.商品走势分化，中美的高科技投资持续增长——资产配置周报（2025/12/15-2025/12/19） ➢ 2.美国11月通胀意外放缓，但参考性降低——海外观察：美国2025年11月CPI数据 ➢ 3.杰克科技（603337）：启航新程，科技引领，与客户共谋全球化新篇——公司简评报告 ➢ 1.日本央行宣布加息25个基点 ➢ 2.三部门发布《互联网平台价格行为规则》 ➢ 3.李强主持召开国务院常务会议，对贯彻落实中央经济工作会议决策部署作出安排 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | 1. 重点推荐 | | | 3 | | - ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Insights - The company is transitioning from a single machine manufacturer to a provider of complete intelligent manufacturing solutions, focusing on high-end markets and leveraging AI technology [6]. - The new president, who has over 20 years of experience within the company, is expected to drive this transformation and enhance operational efficiency [6]. - The company has seen significant growth in overseas markets, with overseas revenue reaching 1.785 billion yuan, accounting for 53% of total revenue in the first half of 2025 [6]. Financial Projections - Total revenue is projected to grow from 6,093.65 million yuan in 2024 to 8,288.12 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.09% [5]. - Net profit attributable to the parent company is expected to increase from 812.27 million yuan in 2024 to 1,303.36 million yuan in 2027, reflecting a CAGR of 17.56% [5]. - The diluted EPS is forecasted to rise from 1.70 yuan in 2024 to 2.74 yuan in 2027, with corresponding P/E ratios decreasing from 23.27 to 14.50 [5]. Strategic Initiatives - The company is enhancing its product offerings with the launch of the high-end brand Aitu, which features AI sewing machines designed to improve production efficiency [6]. - There is a strong emphasis on collaboration with major clients to develop customized solutions and establish digital model factories [6]. - The company has built a sales network of over 8,000 distributors globally and is focusing on empowering these channels to capture market opportunities [6].

Core Viewpoint - The company announced the resignation of a board member and the nomination of a new non-independent director, alongside a breakdown of its revenue composition for the first half of 2025 [1] Group 1: Board Changes - The company received a resignation letter from Ms. Huang Yingjian on November 26, 2025, due to work arrangements, resigning from the 10th Board of Directors and the Audit Committee [1] - On December 9, 2025, the company held the 19th meeting of the 10th Board of Directors, approving the proposal to elect a non-independent director, Mr. Lin Weijun, pending shareholder approval to cancel the Supervisory Board and amend the company's articles of association [1] Group 2: Financial Performance - For the first half of 2025, the company's revenue composition was as follows: sewing equipment accounted for 41.15%, logistics services 33.61%, automotive parts 20.93%, other businesses 2.78%, and other industries 1.0% [1] - The company's market capitalization was reported at 8.2 billion yuan [1]