（编辑 袁冠琳） 证券日报网讯 1月26日，金现代在互动平台回答投资者提问时表示，公司在军工航天领域深耕多年，持 有国家军工保密资质，与航天科工、航天科技等大型军工航天集团建立了长期稳定的合作关系。公司专 注于为军工航天客户提供全方位的数字化解决方案，包括质量管理系统（QMS）、低代码PaaS平台、 智能文档处理平台等软件产品及其他数字化服务，持续助力军工航天企业实现数字化转型。 ...

Group 1 - The Hong Kong stock market experienced a strong start in 2026, with 385 stocks rising over 100% in 2025, including 14 stocks that increased more than 10 times, indicating a bullish trend [1][2] - Notable high-performing stocks include Base Jinbiao Group with a 41.64 times increase, Beihai Kangcheng with over 18 times increase, and Zhu Feng Gold benefiting from rising gold prices with over 12 times increase [1] - The number of "red bottom stocks," which are stocks priced over 100 HKD, increased significantly from 22 at the beginning of 2025 to 45 by the end of the year, reflecting a growing recognition of quality leading enterprises [2] Group 2 - The increase in "red bottom stocks" indicates a shift towards valuing high market capitalization and high liquidity assets, with major companies like Tencent, Ctrip, and NIO leading this trend [2] - The concentration of "red bottom stocks" in sectors such as internet technology, finance, healthcare, and consumer goods suggests a reassessment of long-term value by the market [2] - Analysts from China Galaxy Securities and Huatai Securities express optimism for the Hong Kong stock market in 2026, highlighting technology as a key investment theme driven by multiple favorable factors [3]

Group 1 - Company received multiple industry honors, including "2025 China's Modern Circulation Excellent Case" at the 2025 Bulk Commodity International Development Conference [1] - Company was recognized as a "National Enterprise Digital Economy Typical Practice Case" for its achievements in digital services and model innovation at the 2025 20th China Advertisers Association Annual Meeting [3] - Company won two awards at the 2025 China (Rizhao) Industrial Internet Conference, being named one of the "Top 30 Listed Companies in China's Industrial Internet" and one of the "Top 100 Companies in China's Industrial Internet" [6] Group 2 - The upcoming year 2026 marks the beginning of the "14th Five-Year Plan," which is a critical starting point for the company to deepen its development strategy and shape its competitive advantages [9] - Company aims to align its development with the national modern industrial system and new development pattern, focusing on three key areas: optimizing traditional industries, implementing an "Artificial Intelligence +" strategy, and actively participating in the Belt and Road Initiative [9]

Group 1 - The company has officially submitted an application for the issuance and listing of overseas shares (H-shares) to the Hong Kong Stock Exchange, marking the initiation of its "A+H" dual capital platform layout [1][4] - Since its listing on the Shenzhen Stock Exchange's Growth Enterprise Market in 2011, the company has established a global service network with subsidiaries in nine countries, including Japan, Singapore, and the United States, demonstrating its mature global service delivery capabilities [4] - The company's board of directors approved the authorization for management to initiate preparatory work for the H-share issuance, indicating that the application aims to meet business development needs and enhance the company's strategic layout and international capital operation platform [4]

Core Viewpoint - The central economic work conference emphasizes the importance of domestic demand and aims to build a strong domestic market as the primary goal for economic work in the coming year [1] Group 1: Retail Industry's Role - The retail sector is crucial for both livelihood security and tax revenue, contributing 13.8 trillion yuan to GDP in 2024, accounting for 10.2% of GDP, and employing approximately 135 million people [3] - The retail industry is positioned as a key focus for cultivating a complete domestic demand system and enhancing domestic circulation, with strategic significance in the new dual circulation development pattern [3] Group 2: Current Development Trends - The retail industry is showing an overall positive development trend, supported by various initiatives from the Ministry of Commerce and the Ministry of Finance, including pilot projects in 38 cities aimed at transforming existing commercial facilities [3][4] - Despite progress, challenges remain, such as urban-rural development imbalances, insufficient supply-demand matching, and low operational efficiency of commercial facilities [3][4] Group 3: Innovative Models for High-Quality Development - Several innovative models focusing on quality and service have emerged, including service enhancement models, experiential scene models, and digital integration models [4] - Examples include the "service-driven" market value model represented by brands like Pang Donglai, and immersive consumption scenes in projects like Beijing's Zhonghai Dajixiang [4] Group 4: Key Strategies for Future Development - Strengthening top-level design and expanding pilot experiences to enhance rural commercial service capabilities is essential [5] - Promoting channel integration through mutual flow, experience complementarity, and data sharing to break down online and offline barriers is critical [5] - Improving supply quality and addressing supply-demand mismatches by encouraging direct connections between retail enterprises and upstream producers is necessary [6]

Core Viewpoint - The WTO's annual report indicates a significant increase in global trade protectionism, with the impact of new tariffs and measures on imports growing over fourfold compared to the previous year, marking the highest level in over 15 years [3][6]. Group 1: Trade Measures and Impact - From mid-October 2024 to mid-October 2025, $2.64 trillion of global imports will be affected by tariffs and other trade measures, a fourfold increase from $611 billion in the previous period [6]. - The total trade affected, including export measures, is approximately $2.966 trillion, compared to $888 billion recorded in the last report, indicating a threefold increase [6]. - WTO members initiated an average of 32.3 trade remedy investigations per month during the review period, slightly lower than the peak of 37.3 expected in 2024, suggesting potential for more measures to be implemented [6]. Group 2: Trade Growth Projections - The WTO projects a 2.4% growth rate for global goods trade in 2025, with a further slowdown to 0.5% in 2026, driven by early imports and strong demand for AI-related products [7]. - The first half of 2025 is expected to see stronger trade growth due to sustained trade increases among most WTO members, particularly developing economies [7]. Group 3: Services Trade - The WTO forecasts that global commercial services trade volume will grow by 4.6% in 2025 and 4.4% in 2026, outpacing goods trade growth [3]. - Digital services are highlighted as the most dynamic sector, with growth rates projected at 6.1% for 2025 and 5.6% for 2026, driven by the digital revolution [9]. - The importance of integrating services into national development strategies is emphasized, as services are crucial for economic diversification and resilience [10]. Group 4: Challenges in Services Trade - Despite its economic significance, services trade has not received adequate policy attention, with barriers often being more challenging to identify compared to goods trade [11]. - Many developing and least developed countries continue to be marginalized in global services trade, missing opportunities for growth and employment [11].

Core Viewpoint - Alibaba Health reported strong financial performance for the first half of the 2026 fiscal year, with revenue reaching RMB 16.697 billion, a year-on-year increase of 17%, and net profit growing by 64.7% to RMB 1.266 billion, indicating robust business growth and high-quality development [1] Financial Performance - Revenue for the six months ending September 30, 2025, was RMB 16.697 billion, up 17% year-on-year [1] - Gross profit reached RMB 4.184 billion, reflecting an 18.4% increase [1] - Net profit was RMB 1.266 billion, a significant rise of 64.7% [1] - Adjusted net profit stood at RMB 1.356 billion, marking a 38.7% year-on-year growth [1] Business Growth and User Engagement - Alibaba Health is one of the largest online B2C healthcare product retail platforms in China, with over 56,000 active merchants and more than 97 million SKUs [2] - The platform's annual active user count and ARPU (average revenue per user) continue to grow, with GMV (gross merchandise volume) showing stable year-on-year growth [2] - The self-operated pharmacy business generated RMB 14.38 billion in revenue, up 18.6% year-on-year, with a significant increase in active users and SKU growth of 98.8% to 1.61 million [2] Strategic Partnerships and Service Expansion - Alibaba Health has formed strategic partnerships with major pharmaceutical companies like Eli Lilly, AstraZeneca, and Bayer to enhance digital health services and expand market reach [3] - The company provides integrated online and offline healthcare services, with over 250,000 healthcare professionals offering online consultation services [3] - The self-operated chronic disease business has seen continuous growth in user numbers and ARPU [3] Digital Infrastructure and AI Development - The "Code on Trust" platform offers free traceability services to 56,000 pharmaceutical terminal enterprises, expanding into medical devices and traditional Chinese medicine [4] - Alibaba Health collaborates with over 900 leading pharmaceutical companies to provide data analysis services [4] - The company is investing in AI applications within the pharmaceutical e-commerce sector to enhance user experience and search conversion efficiency, while also exploring applications in serious medical fields [4]

Group 1 - The 10th anniversary of the China-Singapore (Chongqing) Strategic Connectivity Initiative marks deepening industrial cooperation between Singapore and Chongqing [2] - A delegation of over ten Singaporean companies visited Bora Network to explore ways to bring high-quality Singaporean products to China and enhance cooperation through digital means [2][4] - There is a strong interest from both large and small Singaporean enterprises to enter the Chinese market, leveraging digital tools to expand their presence and sales [4] Group 2 - Bora Network shared strategies for utilizing China's mature new media platforms to establish a matrix online operation system, converting online data into digital assets for future platform development and analysis [4] - Singaporean companies are particularly interested in Bora Network's capabilities in AI to enhance digital processes, improving efficiency and aligning with Chinese consumer preferences [5] - Bora Network aims to leverage its strengths in digital services and AI applications to assist Singaporean companies in entering the Chongqing and broader Chinese market, contributing to the China-Singapore project and multidimensional cooperation [5]

Group 1 - The core viewpoint of the collaboration is to align with the spirit of the 2025 Shanghai Cooperation Organization (SCO) summit, focusing on the construction of a digital economy platform and vocational education centers [1][2] - The agreement includes the establishment of a modern supply chain hub in Tianjin, integrating domestic warehousing, cross-border collection, and multimodal transport to provide end-to-end comprehensive supply chain services for Chinese brands going global [1][2] - The partnership aims to enhance cross-border trade efficiency and compliance capabilities, responding to the SCO's initiatives for digital economic cooperation [1] Group 2 - The strategic cooperation agreement was signed during the 2025 China Private Enterprises Investment and Financing Conference, marking the establishment of dual headquarters for the company in Tianjin [2] - The collaboration is seen as a significant step in implementing national strategies and enhancing regional industrial international competitiveness, contributing to the coordinated development of the Beijing-Tianjin-Hebei region and the Belt and Road Initiative [2][3] - Future cooperation will extend into areas such as digital services, less-than-truckload networks, and the integration of blockchain and artificial intelligence technologies [3]

Core Viewpoint - The meeting between China Electric Power Construction (China Electric) and the Samruk-Kazyna Sovereign Wealth Fund of Kazakhstan aims to deepen mutually beneficial cooperation and promote capacity collaboration between China and Kazakhstan [1] Group 1: Company Overview - China Electric is recognized as the largest Chinese contractor in Kazakhstan's power sector and actively participates in capacity cooperation between the two countries [1] - The company emphasizes its role as a proactive practitioner in the China-Kazakhstan capacity cooperation landscape [1] Group 2: Strategic Cooperation - The Samruk-Kazyna Fund is a crucial economic pillar for Kazakhstan, possessing unique advantages in policy coordination and resource integration [1] - Both parties have a solid foundation for cooperation, with their business scopes highly aligned [1] - China Electric expresses its willingness to leverage its integrated advantages across the entire industry chain to collaborate with the Samruk-Kazyna Fund [1] Group 3: Future Initiatives - The collaboration will focus on exploring strategic emerging fields and deepening practical cooperation in electricity, water services, and digitalization [1] - The partnership aims to empower Kazakhstan's modernization process and contribute to the country's energy structure transformation [1]