据了解，众多企业在制造业绿色转型步伐上显著加快。联想相关负责人向记者介绍，联想已在合肥、天 津、武汉、深圳等地完成"东西南北中"的全方位供应链布局，绿色智造理念深度融入其中。其中，联想 天津零碳工厂作为ICT行业首座从零起步打造的"生态级零碳工厂"，于2023年顺利建成投产。该工厂构 建起"六位一体"零碳框架，在建筑设计、生产制程、仓储物流等九大领域实施了90个减碳举措，为制造 业响应政策号召、推进绿色转型提供了切实可行的"实操指南"。 北京商报讯（记者 和岳）1月30日，记者获悉，工业和信息化部等五部门日前联合发布《关于开展零碳 工厂建设工作的指导意见》，明确规划，至2027年，将在汽车、锂电池、光伏、电子电器等行业培育并 建设一批零碳工厂。 ...

当前，AI正在从互联网行业向千行百业渗透，从通用大模型向行业大模型发展。紫光股份的"云— 网—安—算—存—端"全栈布局，使其在赋能产业智能化浪潮中占据了有利位置。例如，在智慧城市项 目中，公司可以提供从边缘感知设备（端）、城域承载网络（网）、城市数据中心（算、存）到城市云 平台与安全体系（云、安）的整体方案。全栈能力使其不仅是产品供应商，更是客户的数字化转型合作 伙伴。 紫光股份的实践表明，中国科技企业正通过聚焦核心技术与系统级创新，在全球AI产业浪潮中积 极争夺定义未来的话语权。当然，紫光股份也面临来自国内外顶尖科技公司的全方位竞争。能否持续胜 出，取决于以下几个关键点，包括技术创新的深度与速度、海外市场的突破广度、生态构建的开放度、 运营效率的持续优化等。 人工智能的竞争，本质上是算力、算法与数据的竞争，而算力基础设施是这一切的基石。在该寒 道，紫光股份有限公司通过内生外延并举，已成功跻身国内第一梯队。 在全球科技竞争格局和国内强调科技自立自强的背景下，ICT产业链的自主可控重要性日益凸显。 紫光股份作为国内数字化解决方案的头部企业，其发展与中国数字经济的战略方向高度契合。公司持续 加大研发投入，在高端网 ...

Core Viewpoint - The speech by Zhang Yu, Chief Economist of Huachuang Securities, at the 2026 Global and China Capital Market Outlook Forum, presents a new perspective on the development stage of Chinese manufacturing, emphasizing the resilience of the midstream sector and its potential for recovery [1][7]. Group 1: Midstream Sector Resilience - The four key areas of midstream external demand (electromechanical exports) show resilience, with expectations for other electromechanical sectors to benefit from a mild recovery cycle in industrial production driven by global monetary policy easing [3][9]. - The ICT sector is anticipated to benefit from the ongoing technological revolution and the sustained prosperity of the global semiconductor market [3][9]. - Shipbuilding exports are expected to gain from high growth in existing orders, while automotive exports are projected to benefit from enhanced competitiveness and the ongoing electrification process in global automotive exports [3][9]. Group 2: Return on Equity (ROE) Insights - Focusing on the ROE of midstream listed companies, it is noted that ROE aligns with midstream Producer Price Index (PPI), which in turn correlates with midstream fixed asset turnover rates [5][11]. - Predictions regarding midstream fixed asset growth are based on reduced capital expenditures in 2024-2025, alongside forecasts for midstream demand benefiting from high prosperity in electromechanical exports, suggesting that midstream ROE may continue to rise [5][11].

Core Insights - The company, StarNet Ruijie, is seizing opportunities in the digital economy during the "14th Five-Year Plan" period, focusing on technological innovation as a core engine for growth [1][2] - StarNet Ruijie has achieved significant market leadership, maintaining the top position in the global thin client market and ranking first in both the Asia-Pacific and Chinese markets [1] - The company is actively involved in ICT infrastructure development and AI applications, participating in major projects and launching various innovative products across multiple sectors [1][2] Business Performance - StarNet Ruijie has a strong presence in the data center switch and enterprise switch markets, ranking among the top three in China, with a continuous 15-quarter lead in the 200G/400G switch market [1] - The company is a key player in the network supply chain for large-scale intelligent computing centers, collaborating with leading enterprises [1] Research and Development - The company invests over 13% of its annual sales revenue into R&D, with a projected R&D expenditure of 2.668 billion yuan in 2024, accounting for 15.92% of its revenue [2] - StarNet Ruijie has launched several leading products, including the AIGC high-density box switch and the TH6800G/1.6T switch, and has filed over 5,400 patents, with more than 4,300 being invention patents [2] Future Strategy - Looking ahead to the "15th Five-Year Plan," StarNet Ruijie aims to deepen its R&D innovation model, accelerate the deployment of cutting-edge technologies, and focus on creating comprehensive AI solutions for key industries [2] - The company plans to enhance collaboration with top domestic and international firms, universities, and research institutions to build an open industrial ecosystem and drive technological self-reliance [2]

文：科技商业 于洪涛 新年伊始，华为中国政企照例在第一时间发布了2026年伙伴政策。 表面上看，这是一次延续"以客户为中心"的"伙伴+华为"体系的常规升级；而从NA、商业、分销三大市场的差异化策略，以及首次引入的"伙伴成长指数 （PGI）"来看，华为正在用更清晰的规则，指引着合作伙伴的未来发展方向。 这套政策背后，实际上指向了合作伙伴未来几年的核心努力路径：不只是做规模，更要拼能力、拼结构、拼长期成长性。 值得注意的是，为应对行业数智化对算力的蓬勃需求，今年华为进一步将计算OEM伙伴作为加速增长型伙伴的一类独立出来，并给予更多支持。这类伙伴 可以自主研发、生产及销售自有品牌的嵌入了鲲鹏、昇腾"芯"的整机产品，满足政企客户对国产算力的需要。 在作为增长引擎的商业市场，华为正在用更明确的规则，把项目主导权、交易权和成长责任交还给伙伴。 华为自身聚焦于为商业客户提供5易（易集成、易配置、易销售、易安装、易维护）的产品及产品组合，合作伙伴则投入资源拓展客户，主导项目运作，集 成华为产品或技术方案为客户提供解决方案和服务。 2026年，华为将支持有能力的商业市场伙伴实现快速、敏捷地自主销售与交易，在目前60%伙伴自主交 ...

Group 1 - The core viewpoint of the article is that the company, Unisplendour Corporation (紫光股份), has seen an increase in inventory, primarily due to rising demand for ICT products and related materials [1] Group 2 - The company's inventory mainly consists of ICT products, raw materials, and spare parts [1] - The increase in inventory is attributed to several factors: 1. Increased reserves of key components based on market conditions 2. Rising demand for servers, leading to an increase in raw materials and stock 3. Longer business acceptance cycles for direct customers, resulting in increased shipments as business grows [1]

Core Viewpoint - Huawei's commitment to "not weaponizing patents" sets a benchmark in the technology sector amidst escalating patent disputes, emphasizing innovation as a fundamental principle rather than a competitive weapon [1][10]. Group 1: Patent Strength and Investment - As of the end of 2024, Huawei holds over 150,000 globally effective authorized patents, with over 90% being invention patents, covering critical areas such as 5G and WiFi6 [3]. - Huawei has invested over 1.2 trillion yuan in research and development over the past decade, with 179.7 billion yuan allocated for technological innovation in 2024, accounting for 20.8% of its annual revenue [3]. Group 2: Patent Philosophy and Licensing - Huawei's patent strategy revolves around "shared and win-win" principles, contrasting with companies that use patents to suppress competitors [5]. - The company has signed over 230 patent licensing agreements with major ICT firms globally, adhering to reasonable international standards for patent fees, such as charging no more than 50 yen per communication device for Japanese SMEs [5]. Group 3: Fairness and Compliance in Patent Operations - Huawei views patents as "stepping stones" for industry development rather than obstacles, advocating for fair negotiations to achieve technology sharing and mutual benefits [7]. - The company maintains a compliance framework throughout its patent operations, refusing to export technologies that could be used for manufacturing weapons of mass destruction or threaten regional peace [9]. Group 4: Industry Responsibility and Innovation Goals - Huawei's approach to patents reflects a commitment to responsible industry development, emphasizing that true technological leadership involves fostering collective growth within the industry [10]. - The ultimate goal of innovation, as stated by Huawei, is to bring the digital world to every individual, family, and organization, with patents serving as a bridge to achieve this vision [10].

Core Viewpoint - K Wave Media Ltd. has announced a strategic acquisition of 42.25% of Hansol Inticube, aiming to integrate AI, ICT, and global entertainment IP to enhance fan engagement and transform into an EnterTech company [1][2][7] Group 1: Acquisition Details - The acquisition involves K Wave Media's wholly owned subsidiary, Play Company Co., Ltd., and is expected to close in the first quarter of 2026, pending customary closing conditions [1] - Hansol Inticube is a KOSDAQ-listed company specializing in AI language and software development, with a strong foundation in B2B ICT infrastructure [3] Group 2: Strategic Implications - This acquisition is positioned to combine K Wave Media's expertise in global entertainment with Hansol Inticube's advanced AI and ICT solutions, aiming to create personalized, data-driven experiences for K-culture fans [2][6] - The integration is expected to drive innovation in customer experience, fan engagement, and IP monetization within the content and entertainment industry [3] Group 3: Financial Expectations - For the first nine months of 2025, Hansol Inticube reported revenues of KRW 51 billion (approximately USD $35 million), which K Wave Media anticipates will significantly contribute to its financial performance [4] - K Wave Media aims to double its revenue in 2026 following the completion of the acquisition [4] Group 4: Future Business Development - Post-acquisition, K Wave Media plans to develop new AI service models and interactive communication platforms, enhancing its global competitiveness in the K-culture ecosystem [5][7] - The company expects to expand into AI solutions, fandom-based community platforms, and data-driven content distribution, marking a full transition into an EnterTech company [7]

Core Viewpoint - Unisplendour Corporation Limited (紫光股份) has submitted a prospectus to list on the Hong Kong Stock Exchange, marking its second attempt after a previous application lapsed in May 2025. The company is a leading provider of digital and AI solutions, with a market capitalization of approximately RMB 70.96 billion as of December 3, 2025 [2][16]. Business Overview - Established in 1999 and listed on the Shenzhen Stock Exchange, Unisplendour is recognized as one of the three companies in China providing comprehensive digital solutions. It offers a full-stack intelligent ICT infrastructure, software, and cloud services primarily for AI training and big data processing [3][18]. - The company's main business segments include (i) digital solutions and (ii) ICT product distribution. Digital solutions support clients' digital transformation and AI applications, while ICT product distribution involves selling a wide range of products sourced from well-known domestic and international brands [4][18]. Financial Performance - For the fiscal years ending December 31, 2022, 2023, and 2024, and the first half of 2025, Unisplendour reported revenues of RMB 73.75 billion, RMB 77.54 billion, RMB 79.02 billion, and RMB 47.42 billion, respectively. Corresponding net profits were RMB 3.74 billion, RMB 3.68 billion, RMB 1.98 billion, and RMB 1.28 billion [13][28]. - The revenue breakdown for 2024 indicates that digital solutions accounted for 70.5% of total revenue, while ICT product distribution contributed 29.3% [19][22]. Market Position - According to Frost & Sullivan, Unisplendour ranks third in China's digital infrastructure market with an 8.6% market share as of 2024. It holds the second position in the network market with a 12.8% share and is also second in the computing infrastructure market with an 8.2% share. In the storage infrastructure market, it ranks fifth with a 3.1% share [7][20]. Shareholder Structure - Prior to its listing in Hong Kong, the major shareholder of Unisplendour is Tibet Unisplendour Communication, which holds approximately 28% of the company. This entity is fully owned by Beijing Unisplendour Communication, which in turn is wholly owned by New Unisplendour Group [23][24]. Management Team - The board of directors consists of nine members, including two executive directors: Yu Yingtao (Chairman) and Wang Hongtao (President). There are three non-executive directors and four independent non-executive directors, ensuring a diverse governance structure [11][26].

Core Viewpoint - Unisoc Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with a market capitalization of approximately 70.96 billion RMB as of December 3, 2023 [2]. Group 1: Company Overview - Unisoc is a leading global provider of digital solutions, including ICT infrastructure products, software, and cloud services, primarily used for artificial intelligence training and big data processing [3][4]. - Over 90% of Unisoc's revenue comes from mainland China, with less than 10% from overseas markets [3]. - According to Frost & Sullivan, Unisoc is the third-largest supplier in China's digital infrastructure market by revenue, holding an 8.6% market share in 2024 [3][4]. Group 2: Product Offerings - The company's digital solutions support clients' digital transformation and AI applications, including ICT infrastructure products such as computing, storage, connectivity, and security [3][4]. - Unisoc also distributes ICT products from domestic and international brands, leveraging expertise in AI technology to provide necessary infrastructure and technical capabilities [4]. Group 3: Financial Performance - Unisoc's revenue for the years 2022, 2023, and 2024, as well as for the six months ending June 30, 2024, and 2025, were 73.75 billion RMB, 77.54 billion RMB, 79.02 billion RMB, 37.95 billion RMB, and 47.43 billion RMB, respectively [7]. - The overall gross margin decreased from 19.8% in 2022 to 18.5% in 2023, and further to 16.0% in 2024 [7]. - Net profits for the same periods were 3.74 billion RMB, 3.69 billion RMB, 1.98 billion RMB, 1.73 billion RMB, and 1.29 billion RMB, respectively [7]. Group 4: Market Strategy and Expansion - Unisoc plans to use the net proceeds from its Hong Kong IPO for R&D focused on high-performance computing, cloud, and digital solutions, aiming to enhance product offerings and seize future opportunities [8]. - The company seeks strategic investments and acquisitions that align with its core technologies in chips, software, or next-generation AI [8]. - Unisoc has established a broad domestic sales network with over 30 representative offices in China and has expanded its services to over 100 countries and regions globally [8].