财通资管数字经济混合发起式A（017483）成立日期2022年12月26日，最新规模9.2亿。今年以来收益 17.92%，同类排名478/8887；近一年收益65.45%，同类排名587/8134；成立以来收益142.07%。 财通资管数字经济混合发起式A（017483）基金经理为包斅文。 截至发稿，包斅文累计任职时间4年97天，现任基金资产总规模60.14亿元，任职期间最佳基金回报 137.46%， 任职期间最差基金回报8.01%。 2月26日，泰豪科技涨5.92%，截至发稿，报14.84元/股，成交11.13亿元，换手率9.27%，总市值126.57 亿元。 资料显示，泰豪科技股份有限公司位于江西省南昌市高新开发区清华泰豪大楼，成立日期1996年3月20 日，上市日期2002年7月3日，公司主营业务涉及军工装备、智能电力产品的研发、生产、销售与服务。 主营业务收入构成为：应急装备业务66.49%，军工装备业务32.08%，售后服务0.68%，房租及物业管理 类0.66%，材料让售0.09%。 从泰豪科技十大流通股东角度 数据显示，财通证券资管旗下1只基金位居泰豪科技十大流通股东。财通资管数字经济混合发起式 ...

此外，公司持续推行降本增效措施，加大应收账款回收力度，成本管控及营运效率进一步提升，对当期 利润产生正向影响。 同日，公司公告称，拟终止发行股份购买资产暨关联交易事项。此前，泰豪科技拟通过发行股份的方式 向北京国发航空发动机产业投资基金中心(有限合伙)、中兵国调(厦门)股权投资基金合伙企业(有限合 伙)、中兵投资管理有限责任公司、重庆泰和峰私募股权投资基金合伙企业(有限合伙)、榆林市煤炭资源 转化引导基金合伙企业(有限合伙)(以下合称"交易对方")购买其合计持有的江西泰豪军工集团有限公司 27.46%股权(以下简称"本次交易")。 本报讯(记者曹琦)1月30日晚间，泰豪科技（600590）股份有限公司(以下简称"泰豪科技")公布，经公司 财务部门初步测算，预计2025年度实现归属于上市公司股东的净利润4700万元至7000万元，与上年同期 相比，将实现同比扭亏为盈。预计2025年度实现归属于上市公司股东扣除非经常性损益后的净利润为 4600万元至6800万元。 本次业绩预盈，泰豪科技表示主要系2025年度，公司紧密围绕"聚焦军工及军工技术民用化的应急产品 业务"发展战略，实现双轮驱动增长。其中，公司应急装备板 ...

2025年度，公司紧密围绕"聚焦军工及军工技术民用化的应急产品业务"发展战略，实现双轮驱动增长。 其中，公司应急装备板块抓住智算数据中心建设及应急保障装备需求增加的市场机遇，不断优化产品结 构，实现业务规模及盈利能力稳步提升；军工装备板块呈现复苏企稳态势，经营业绩较上年同期实现一 定增长。此外，公司持续推行降本增效措施，加大应收账款回收力度，成本管控及营运效率进一步增 强，对当期利润产生正向影响。 格隆汇1月30日丨泰豪科技(600590.SH)公布，经公司财务部门初步测算，预计2025年度实现归属于上市 公司股东的净利润4,700万元至7,000万元，与上年同期相比，将实现扭亏为盈。预计2025年度实现归属 于上市公司股东扣除非经常性损益后的净利润为4,600万元至6,800万元。 ...

Core Viewpoint - Taihao Technology's stock has shown significant growth this year, with a year-to-date increase of 72.32%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - On December 25, Taihao Technology's stock price rose by 2.08%, reaching 9.34 CNY per share, with a trading volume of 1.63 billion CNY and a turnover rate of 2.09%, resulting in a total market capitalization of 79.66 billion CNY [1]. - The stock has experienced a 4.83% increase over the last five trading days and a 6.99% increase over the last 20 days, while it has decreased by 4.30% over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) 14 times this year, with the most recent appearance on August 20 [1]. Group 2: Financial Performance - For the period from January to September 2025, Taihao Technology reported a revenue of 2.903 billion CNY, reflecting a year-on-year growth of 12.40%, and a net profit attributable to shareholders of 49.0114 million CNY, which is a substantial increase of 124.48% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 523 million CNY, with no dividends distributed in the past three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Taihao Technology is 96,900, a decrease of 13.88% from the previous period, while the average number of tradable shares per shareholder has increased by 16.12% to 8,709 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest with 7.6894 million shares, marking it as a new shareholder, while several funds have exited the top ten list [3].

Core Viewpoint - Beiben Heavy Truck aims to achieve a sales target of 12,000 heavy trucks in 2026, focusing on market trends and strategic partnerships to enhance its competitive position in the industry [1][8]. Group 1: 2025 Performance and Strategic Adjustments - In 2025, Beiben Heavy Truck achieved stable growth despite a complex industry environment, establishing a "1+5+2" business structure focusing on five key civilian product segments and two core channels [2][3]. - The company streamlined its supply chain from 495 to 415 suppliers, increasing the number of top 100 suppliers to 48, with a 96.44% acceptance rate for outsourced components [3]. - Beiben Heavy Truck's marketing efforts in 2025 included deepening market penetration in five sectors: coal logistics, petroleum and petrochemicals, emergency municipal services, and construction engineering [5][7]. Group 2: Technological Advancements and Market Expansion - The company has achieved significant advancements in both intelligent and green technologies, covering hydrogen, methanol, and hybrid power across its product lines [5]. - Beiben Heavy Truck's foreign trade exports exceeded 2,000 units, with increased market shares in Mongolia, Kenya, and Singapore, and a cumulative production of over 10,000 units by its South African joint venture [7][8]. - The company actively participated in disaster relief efforts, delivering 810 emergency vehicles during a flood in Baotou, demonstrating its commitment to social responsibility [7]. Group 3: 2026 Sales Strategy and Goals - For 2026, Beiben Heavy Truck anticipates a total heavy truck market sales volume of 1.1 million units, with domestic sales expected to remain around 800,000 units and a projected penetration rate of over 35% for new energy vehicles [8]. - The company plans to leverage its supply chain integration advantages to create a fair and win-win cooperative ecosystem, focusing on the transition of heavy trucks towards new energy, intelligence, and automation [8][9]. - Beiben Heavy Truck's marketing strategy for 2026 includes enhancing product competitiveness, optimizing dealer networks, and integrating resources to drive high-quality development across five key market segments [9][13].

Core Viewpoint - Taihao Technology is utilizing its capital reserve and surplus reserve to cover significant accumulated losses, which may have gone unnoticed by the market without this action [2][12]. Group 1: Financial Measures and Regulations - The company plans to use 1.04 billion yuan from surplus reserves and 12.63 billion yuan from capital reserves, totaling 13.67 billion yuan, to offset accumulated losses by December 31, 2024 [2]. - The new Company Law effective from July 1, 2024, allows the use of capital reserves to cover losses, which was previously prohibited, thus facilitating a wave of loss compensation among A-share companies [3][12]. - Over 30 listed companies have disclosed loss compensation plans, with a total amount exceeding 30 billion yuan, indicating a trend in the market [3]. Group 2: Company Performance and Losses - Taihao Technology has reported losses for five consecutive years since 2020, with a significant loss of 9.1 billion yuan at the parent company level in 2024 [4][5]. - The company's consolidated net profit turned negative, dropping to -5.4 billion yuan due to the losses incurred [4]. - The losses in 2024 were attributed to multiple factors, including cyclical adjustments in the military industry and substantial asset impairment [5]. Group 3: Historical Context and Asset Quality - The company's previous profitability was largely supported by non-recurring gains from asset sales, which raises concerns about the sustainability of its earnings [6][10]. - Taihao Technology's goodwill from acquisitions has fluctuated significantly, with a peak of 12.7 billion yuan in 2018, and has since decreased to 3.2 billion yuan by the end of 2024 [7][9]. - The company faces ongoing risks related to accounts receivable, with over 48% of its accounts aging over one year, posing potential impairment risks [9]. Group 4: Strategic Investments and Business Segments - The investment in Guokai Military Industry has provided substantial returns, contributing over 700 million yuan to the company's cash flow [10]. - The emergency equipment business has emerged as a core growth area for the company's strategic transformation [11].

Core Insights - The emergency industry in China is a comprehensive and emerging sector that intersects multiple departments and fields, primarily encompassing emergency equipment and emergency services, with the former holding the majority share [1][12] - The development of the emergency industry is crucial for enhancing the national emergency system, improving emergency capabilities, ensuring public safety, and promoting economic growth [1][12] - The industry has entered a rapid growth phase, with significant investments and a mature technology and industrial chain being established [1][12] Market Size and Growth - The scale of China's emergency industry is projected to grow from 5,510.1 billion yuan in 2016 to 13,934.7 billion yuan in 2024, with expectations to reach 14,589.2 billion yuan by 2025 [4][12] - In 2024, the emergency equipment market is expected to be 9,199.8 billion yuan, accounting for 66.02% of the emergency industry, while emergency services and maintenance will reach 4,734.9 billion yuan, making up 33.98% [4][12] - By 2025, the emergency equipment market is anticipated to grow to 9,629 billion yuan (66.00%), and emergency services and maintenance to 4,960.2 billion yuan (34.00%) [4][12] Industry Definition and Classification - The emergency industry is defined as the sector that supports the first three phases of sudden events requiring urgent response, characterized by a wide coverage, long industrial chain, and cross-industry interactions [3][7] - According to the Ministry of Industry and Information Technology, the emergency industry is categorized into four main classes: safety protection, monitoring and early warning, emergency rescue and disposal, and safety emergency services [3][7] Regulatory Framework and Policies - The "14th Five-Year Plan" has marked a significant advancement in emergency management in China, with many key indicators being completed ahead of schedule [3][9] - The government has initiated revisions to several laws, including the "Emergency Response Law" and the "Production Safety Law," and has issued various policies to enhance emergency management capabilities [3][9] Industry Chain and Key Players - The upstream of the emergency industry includes emergency equipment suppliers and software information service providers, while the midstream focuses on emergency system services, and the downstream involves applications in natural disasters, accidents, public health, and social security [3][9] - Major players in the emergency industry include companies like Huatie Emergency, Beijing Lingtian Equipment Group, and Chuan Emergency, with some firms like Chuan Emergency and Chen An Technology involved in both monitoring and emergency rescue services [4][14] Technological Innovation - To promote the development of the emergency industry, it is essential to enhance technological innovation through measures such as talent cultivation, innovation platform construction, and the promotion of result transformation [5]

Core Viewpoint - The emergency industry in China is a comprehensive and emerging sector that spans multiple departments and fields, primarily consisting of emergency equipment and emergency services, with a significant focus on equipment. The development of this industry is crucial for enhancing national emergency systems, improving emergency capabilities, ensuring public safety, and promoting economic growth. The industry has entered a rapid growth phase, with projections indicating a market size of 13,934.7 billion yuan in 2024 and 14,589.2 billion yuan in 2025 [1][5]. Industry Definition and Classification - The emergency industry is defined as the sector that supports the response to sudden events requiring urgent handling, covering a wide range of applications and lacking clear industry boundaries. It is categorized into four main types: safety protection, monitoring and early warning, emergency rescue and disposal, and safety emergency services [2][4]. Current Development Status - The emergency industry in China has seen significant growth, with its market size increasing from 5,510.1 billion yuan in 2016 to an expected 13,934.7 billion yuan in 2024. The emergency equipment market is projected to reach 9,199.8 billion yuan in 2024, accounting for 66.02% of the total industry, while emergency services and maintenance are expected to reach 4,734.9 billion yuan, making up 33.98% [5][7]. Market Structure - The emergency industry consists of emergency equipment and emergency services, with equipment holding the majority share. The market for emergency services has been expanding in recent years, indicating a shift in focus within the industry [7]. Industry Chain - The emergency industry chain includes upstream suppliers of emergency equipment and software information services, midstream emergency system services, and downstream applications in various scenarios such as natural disasters, accidents, public health, and social security [8]. Development Environment and Policies - The Chinese government has made significant strides in emergency management, transitioning towards a preventive governance model. Key policies include the revision of laws such as the Emergency Response Law and the Safety Production Law, as well as the issuance of development action plans for emergency equipment [9][10]. Competitive Landscape - The main participants in the emergency industry include companies involved in safety protection equipment manufacturing, monitoring and early warning, and emergency rescue services. Notable companies include Hikvision, Dahua Technology, and China Shipbuilding Industry Corporation, among others [11][12]. Technological Innovation Measures - To enhance the technological innovation level of the emergency industry, measures such as talent cultivation, innovation platform construction, and promotion of result transformation are essential [14].

Core Viewpoint - 361° International Limited has made an emergency donation of HKD 15 million in cash and equipment to support rescue and post-disaster reconstruction efforts following a level five fire in the Tai Po District of Hong Kong [1] Group 1: Emergency Response - The company activated its emergency response mechanism immediately after the fire incident, reallocating resources to provide cash and various emergency supplies to assist affected individuals [1] - 361° Group expressed its commitment to continuously monitor the disaster situation and actively cooperate with local government and social forces to support the Hong Kong community [1] Group 2: Corporate Social Responsibility - The company emphasized its ongoing commitment to fulfilling social responsibilities and collaborating with various sectors of Hong Kong society to help the affected areas restore normalcy [1]

Group 1 - The core point of the article is that Taihao Technology (SH 600590) held its eighth meeting of the ninth board of directors on November 18, 2025, via video conference, where it reviewed a proposal regarding providing guarantees for its controlling subsidiary [1] - For the first half of 2025, the revenue composition of Taihao Technology is as follows: emergency equipment business accounted for 66.49%, equipment information business accounted for 32.08%, after-sales service accounted for 0.68%, rental and property management accounted for 0.66%, and material sales accounted for 0.09% [1] - As of the time of reporting, the market capitalization of Taihao Technology is 7.8 billion yuan [1]