股权研究 | 医疗保健 Healthcare Services and 2025年11月12日行业报 告 +1 312 364 8418 瑞安·S·丹尼尔斯，CFA rdaniels@williamblair.com +1 312 364 5135 贾里德·哈斯，CFA jhaase@williamblair.com +1 312 364 5385 马修·马尔杜拉 mmardula@williamblair.com 请参考第71页和第72页的重要披露。分析师认证在第71页。威廉·布莱尔公司或其附属机构与研究报告涉及的公司有业务往来，并寻求 进一步开展业务。因此，投资者应意识到公司可能存在利益冲突，这可能会影响该报告的客观性。本报告的目的不是提供个人投资建议 。此处表达的看法和建议并未考虑到个别客户的状况、目标或需求，也不旨在作为向特定客户推荐特定的证券、金融工具或策略。报告 接收者必须对其提到的任何证券或金融工具做出自己独立的决策。 本报告仅供adoherty@williamblair.com收阅。未经授权禁止分发。 89516_e1aed583-0855-404a-bc6a-59959aa79ecd.pdf ...

| 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 688191 | 智洋创新 | A 股 复牌 | | | 2026/2/25 | 2026/2/26 | 图片来源：公司公告 2月25日晚间，科创板上市公司智洋创新发布公告称，公司决定终止筹划以发行股票、定向可转债及支 付现金等方式购买深圳市灵明光子科技有限公司控股权的重大资产重组事项，公司股票将于2月26日 （星期四）开市起复牌。 根据灵明光子网站，灵明光子是一家专注于单光子雪崩二极管（SPAD）技术自主研发的硬科技企业， 深耕3D感知领域，广泛赋能汽车、智能手机、机器人、自动控制、人机交互、智慧家居等领域。灵明 光子是国家级专精特新重点小巨人企业，深圳市专精特新中小企业，国家高新技术企业。 对于终止重组的原因，智洋创新在公告中表示，主要系受市场环境变化影响，公司与交易相关方经过多 轮积极磋商和沟通，最终未能就交易核心条款达成一致意见。为切实维护公司及全体股东的合法权益， 经公司审慎研究后，决定终止筹划本次重大 ...

广州 以产业之进托举城市之兴 新年初启，广州增芯科技有限公司的晶圆制造厂内，巨大的屏幕上，海量生产数据实时跳动。通过智能 调度，光刻机等上百台核心设备被连接成一个网络，整条生产线"马力全开"。 产业事关城市的能级量级。今年，广州将焕新传统产业动能，推进400家中小企业完成数字化改造；育 强新兴未来产业，推动100个亿元以上项目开工建设；实施"人工智能+"行动，以人工智能赋能千行百 业；推动海洋经济加快发展，做强做优"港、船、能、药、游"等重点产业；做优生产性服务业，强化白 云机场、南沙港区、广州国际港等物流枢纽功能布局及衔接联动；优化重大平台载体，推动自贸片区扩 围提质、知识城上升为中新政府间合作项目、白云机场国际商务合作区获批建设。 坚持工商并举、互促双强，广州全力以赴推动数智化和绿色化转型、制造业和服务业融合，以产业之进 托举城市之兴。 深圳 两大项目迎首批企业入驻 2月24日，深圳南山智造（红花岭基地）和南山智城开园并迎来首批企业入驻。 南山智造（红花岭基地）项目一期建设了厂房、综合楼、宿舍楼及相关配套工程，构建"123+N"产业运 营服务体系。首批入驻企业包括速腾聚创、众擎机器人、越疆科技等，涵盖机器 ...

Group 1 - The core viewpoint of the news highlights the recent stock performance of ASGN, which saw a significant increase of 5.04% on January 9, 2026, alongside financial results showing revenue of $1.011 billion and a net profit of $38.1 million [1] Group 2 - On November 21, 2025, ASGN announced a comprehensive partnership with Salesforce to jointly provide artificial intelligence solutions on enterprise platforms [2]

Core Viewpoint - Unisplendour Corporation plans to raise no more than 5.57 billion RMB through a private placement of A-shares while terminating the issuance of H-shares for listing on the Hong Kong Stock Exchange [1][6] Group 1: Fundraising and Investment Plans - The company intends to issue up to 430 million shares, with the net proceeds after issuance costs aimed at acquiring a 6.98% stake in H3C, purchasing R&D equipment, and repaying bank loans [1][2] - The total investment for acquiring the 6.98% stake in H3C is approximately 3.53 billion RMB, while the R&D equipment purchase is estimated at 401 million RMB, and bank loan repayment amounts to 1.67 billion RMB, totaling around 5.6 billion RMB [2] Group 2: Strategic Importance of H3C Acquisition - The acquisition of the additional stake in H3C is expected to enhance the company's control over H3C and improve profitability, as the company has seen significant growth in asset quality, revenue, and profit since acquiring a 51% stake in 2016 [2][3] - By increasing its stake in H3C to 81%, the company aims to bolster its net profit attributable to shareholders, thereby strengthening its operational sustainability [2][3] Group 3: R&D and Financial Structure - The company is focusing on capital investment to accelerate technological innovation in a rapidly evolving industry characterized by digital technologies such as AI, cloud computing, and big data [3] - The fundraising will also help reduce the company's debt-to-asset ratio, which has risen above 80% as of September 30, 2025, and optimize its financial structure by alleviating financial pressure through loan repayment [3] Group 4: H3C's Financial Performance - As of September 30, 2025, H3C reported total assets of 57.14 billion RMB, with revenues of 59.62 billion RMB and a net profit of 2.53 billion RMB for the first three quarters of 2025 [4][5]

Group 1 - The core viewpoint of the news is that CloudWalk Technology has seen a stock price increase of 5.09%, reaching 15.49 CNY per share, with a trading volume of 292 million CNY and a turnover rate of 2.29%, resulting in a total market capitalization of 16.087 billion CNY [1] - CloudWalk Technology, established on March 27, 2015, and listed on May 27, 2022, is based in Shanghai and focuses on providing efficient human-machine collaboration operating systems and industry solutions, aiming to promote the industrialization of artificial intelligence and the intelligent transformation of various industries [1] - The revenue composition of CloudWalk Technology is as follows: 75.55% from artificial intelligence solutions, 24.19% from human-machine collaboration operating systems, and 0.25% from other sources [1] Group 2 - Among the top ten circulating shareholders of CloudWalk Technology, one fund from Bosera Fund ranks, specifically the Bosera SSE STAR Market Artificial Intelligence ETF, which entered the top ten in the third quarter with 9.6927 million shares, accounting for 1.16% of circulating shares, resulting in an estimated floating profit of approximately 7.2695 million CNY [2] - The Bosera SSE STAR Market Artificial Intelligence ETF was established on March 11, 2025, with a current size of 1.21 billion CNY and a year-to-date return of 7.11%, ranking 1157 out of 5580 in its category; since inception, it has achieved a return of 26.88% [2] - The fund manager of the Bosera SSE STAR Market Artificial Intelligence ETF is Li Qingyang, who has been in the position for 2 years and 9 days, managing total assets of 9.348 billion CNY, with the best fund return during his tenure being 187.05% and the worst being 0.63% [2]

Group 1 - The core point of the article is that Zhiyang Innovation (688191.SH) is planning to acquire control of Shenzhen Lingming Photon Technology Co., Ltd. through stock issuance, convertible bonds, and cash payments, which is expected to constitute a significant asset restructuring and related party transaction [1][4] - Zhiyang Innovation will suspend trading starting February 4, with the suspension expected to last no more than five trading days [1] - As of the close on February 3, Zhiyang Innovation's stock price was 38.41 yuan per share, reflecting a 2.13% increase, with a total market capitalization of 8.898 billion yuan [1] Group 2 - Lingming Photon, established in May 2018, specializes in high-quality dToF (direct time-of-flight) sensing chips and system solutions, with applications in automotive lidar, smart cockpit sensing systems, smartphones, XR headsets, and various robotic 3D sensor terminals [4] - Zhiyang Innovation is engaged in artificial intelligence, providing AI solutions across industries such as electricity, water conservancy, rail transportation, and new energy, aiming for commercial implementation of AI [4] - The company has expressed intentions to deepen existing industry applications while actively exploring new sectors to assist clients in digital and intelligent transformation [4]

Group 1 - The core point of the article is that Zhiyang Innovation (688191.SH) is planning to acquire control of Shenzhen Lingming Photon Technology Co., Ltd. through stock issuance, convertible bonds, and cash payments, which is expected to constitute a major asset restructuring and related party transaction [1] - The stock of Zhiyang Innovation will be suspended from trading starting February 4, 2026, for a period not exceeding five trading days [1] - Lingming Photon, founded in May 2018, specializes in single-photon avalanche diodes (SPAD), which are essential components for 3D perception in modern electronic devices, applicable in automotive, smartphones, robotics, automation, human-computer interaction, and smart home sectors [1] Group 2 - In September of the previous year, Lingming Photon announced the completion of its C3 round of financing, securing nearly 100 million yuan from a state-owned platform in Zhejiang Province [1] - Lingming Photon reported a "explosive" growth in business, with its automotive laser radar receiver chip shipments leading the market, and significant commercial breakthroughs in array solutions for consumer-grade robots [1] - Zhiyang Innovation's main business focuses on providing AI solutions for industries such as electricity, water conservancy, rail transportation, and new energy [2] - For the first three quarters of 2025, Zhiyang Innovation achieved an operating income of 753 million yuan, a year-on-year increase of 11.38%, and a net profit attributable to shareholders of 45.94 million yuan, up 24.97% year-on-year [2]

Core Viewpoint - Zhiyang Innovation (688191.SH) is planning to acquire control of Shenzhen Lingming Photon Technology Co., Ltd. through stock issuance, convertible bonds, and cash payments, which is expected to constitute a significant asset restructuring and related party transaction [1][4]. Group 1: Company Overview - Zhiyang Innovation announced a stock suspension starting February 4, with an expected duration of no more than five trading days [1]. - As of February 3, Zhiyang Innovation's stock price was 38.41 yuan per share, reflecting a 2.13% increase, with a total market capitalization of 8.898 billion yuan [1]. Group 2: Lingming Photon Technology - Lingming Photon, established in May 2018, specializes in high-quality dToF (direct time-of-flight) sensing chips and system solutions, with applications in automotive LiDAR, smart cockpit sensing systems, smartphones, XR headsets, and various robotic 3D sensor terminals [4]. - The company is positioned in a growing market, providing advanced technology solutions that align with Zhiyang Innovation's focus on artificial intelligence [4]. Group 3: Strategic Alignment - Zhiyang Innovation is engaged in artificial intelligence, offering solutions across sectors such as electricity, water conservancy, rail transportation, and new energy, aiming for digital and intelligent transformation for its clients [4]. - The company has expressed intentions to deepen existing industry applications while actively seeking new sectors for expansion, indicating a strategic focus on external growth and industry integration [4].

Core Viewpoint - Zhiyang Innovation is planning a significant asset restructuring by acquiring control of Shenzhen Lingming Photon Technology Co., Ltd. through stock issuance, convertible bonds, and cash payments, which is expected to constitute a major asset restructuring and related party transaction [1][9]. Group 1: Company Announcement - On February 3, Zhiyang Innovation announced the plan and will suspend trading from February 4 for up to five trading days [1][9]. - As of February 3, the stock price of Zhiyang Innovation was 38.41 CNY per share, with a market capitalization of 8.898 billion CNY, reflecting a 2.13% increase [1][9]. Group 2: Transaction Details - The company has signed a "Share Investment Intent Agreement" with major counterparties including Lingming Technology (Zhuhai) Partnership and Zang Kai [2][11]. - The specific transaction methods, pricing, and arrangements are still under negotiation among the parties involved [5][14]. Group 3: Lingming Photon Technology - Lingming Photon, established in May 2018, specializes in high-quality dToF (direct time-of-flight) sensing chips and system solutions, with applications in automotive lidar, smart cockpit systems, smartphones, XR headsets, and various robots [6][15]. - The company recently received AEC-Q100 automotive electronic reliability certification for its HAWK series SPAD (Single Photon Avalanche Diode) array chip, indicating its capability in automotive-grade products [7][15]. Group 4: Financial Performance - For the first three quarters of 2025, Zhiyang Innovation reported revenue of 753 million CNY, an increase of 11.38% year-on-year, and a net profit attributable to shareholders of 45.943 million CNY, up 24.97% year-on-year [8][15].