南方财经记者郑康喜 广州报道 "一个人跑得快，一群人跑得远。"9月29日，2025世界粤商大会现代化产业体系建设专题会上，广东省 总商会名誉会长、香江集团董事长翟美卿这样形容"链主"企业。她认为，"链主企业"的真正使命不是垄 断，而是共创。 翟美卿表示，粤商向来以"敢为人先、务实创新"闻名天下。回顾历史，前辈们凭借一股 "闯劲"和 "韧 劲"，"下南洋、闯世界"，把生意做到全球各个角落。 如今，时代在变，新一代粤商应该如何传承和创新？ 从打破国外锂提取技术垄断，到打造"可兼容万物"的智能家居系统，翟美卿分享了香江集团如何以"硬 科技"和"开放生态"助力大湾区走向全球创新链高端。 "这些年的创新经历让香江集团深刻体会到，只有将企业创新融入国家战略，牢牢掌握创新主动权，才 能实现高质量发展。"翟美卿表示。 在新能源与新材料领域，香江集团自主研发并建成了全球首条氧化铝母液提碳酸锂产业化生产线，年产 能超万吨，锂回收率超过90%，可满足20万辆电动汽车的电池需求，关键技术指标位居行业前列。通过 AI驱动的传感网络，香江集团实时优化提纯工艺，使产品达到电池级标准，实现了新能源材料领域的 重大技术突破。 但来到深水区，科 ...

资料显示，广东安居宝数码科技股份有限公司位于广东省广州开发区科学城起云路6号安居宝科技园， 成立日期2004年12月29日，上市日期2011年1月7日，公司主营业务涉及楼宇对讲系统、智能家居系统、 防盗报警系统、停车场系统、监控系统、线缆等产品的生产和销售。主营业务收入构成为：楼宇对讲系 统49.97%，智能家居系统15.62%，房屋经营租赁11.92%，停车场系统及道闸广告业务10.41%，监控系 统及系统集成7.58%，其他4.50%。 安居宝所属申万行业为：计算机-计算机设备-安防设备。所属概念板块包括：食品安全、智慧停车、小 盘、区块链、微盘股等。 截至7月31日，安居宝股东户数2.41万，较上期增加1.25%；人均流通股13748股，较上期减少1.24%。 2025年1月-6月，安居宝实现营业收入7241.19万元，同比减少25.95%；归母净利润-2463.40万元，同比 减少31.27%。 9月25日，安居宝（维权）盘中下跌2.02%，截至13:33，报4.86元/股，成交2863.31万元，换手率 1.76%，总市值27.28亿元。 资金流向方面，主力资金净流出117.11万元，大单买入298 ...

Investment Rating - The report provides a cautious increase rating for the real estate sector, indicating a potential recovery in the market due to supportive policies and structural adjustments [61]. Core Insights - Since 2022, the real estate market in China has entered a multi-faceted adjustment phase, with significant declines in sales, development, and investment activities [7][14]. - Continuous policy support from central and local governments aims to stabilize the market, with measures focusing on risk mitigation and market confidence restoration [15][17]. - The smart home system market within the decorated housing sector has shown resilience, with increasing penetration rates despite overall market contraction [19][30]. - Downstream industries such as home appliances, light industry, and renovation credit have demonstrated strong resilience through proactive transformations and policy support [33][54]. Summary by Sections 1. Current Status of the Real Estate Market and Stabilization Policies - The sales area of commercial housing has significantly declined, with a 45.73% drop from 2021 to 2024 [7]. - The total sales value of commercial housing has also decreased by 46.82% during the same period [7]. - New construction and construction scale have seen a notable decline, with new housing starts down by 62.85% and construction area down by 24.82% by 2024 [9][11]. 2. Analysis of the Trend in Decorated Housing - The penetration rate of decorated housing peaked in 2022 but has since decreased by 16.92% by 2024, indicating a phase of adjustment [19]. - New decorated housing projects have decreased by 64.98% and the number of units has dropped by 76.79% by 2024 [26]. - The penetration of smart home systems has increased, with a growth of 12.29% from 2021 to 2024 [29]. 3. Resilience of Downstream Industries - The home appliance industry has shifted from dependence on new housing to benefiting from policies like the old-for-new program, leading to a retail value of 1,030.75 billion yuan in 2024, a year-on-year increase of 18.22% [36]. - The light industry has transitioned from a channel-driven model to a service-driven approach, resulting in an 11.11% increase in furniture production from 2021 to 2024 [48]. - The renovation credit industry has seen a 20% growth since 2022, with expectations to exceed 1.3 trillion yuan in market size by 2025 [53].

Core Viewpoint - The article emphasizes the evolution of charity in China, highlighting the importance of integrating various social forces to support the welfare of disabled individuals, who represent a significant portion of the population and require comprehensive support [2][5]. Group 1: Charity Development - The concept of charity in China has transitioned from traditional donations to a more systematic and diverse approach, involving both corporate social responsibility and internet-based philanthropy [2]. - The focus on the welfare of disabled individuals is crucial, as they represent 85 million people and impact 260 million family members in China [2]. Group 2: Technological Innovations - Technological advancements are redefining the possibilities for disabled individuals, with innovations such as a 32-channel implanted "artificial spinal cord" aiding paraplegics in standing and walking [3]. - Companies like Alibaba and iFlytek are leveraging technology to assist disabled individuals in overcoming barriers and sharing in the benefits of digital civilization [4]. Group 3: Corporate Social Responsibility - Businesses are redefining their social roles by creating sustainable models for assisting disabled individuals, such as providing job opportunities and inclusive work environments [4]. - Examples include YTO Express opening various job types to employees with disabilities and JD.com's "Sunshine Angel" project, which systematically recruits disabled workers [4]. Group 4: Financial and Legal Support - Financial innovations like charitable trusts are providing sustainable funding for services aimed at disabled individuals, exemplified by the launch of the "CITIC Trust · 2025 Life Charity Trust" [4]. - Legal frameworks, such as the "Barrier-Free Environment Construction Law," are enhancing the social landscape for disabled individuals by ensuring accessibility in both physical and digital spaces [4]. Group 5: Empowerment and Inclusion - The article stresses the importance of recognizing disabled individuals as active contributors to society, not just passive recipients of aid, highlighting their achievements in various fields [5]. - Policies that encourage corporate and social organization involvement in disability services are essential for fostering a more inclusive society [5][6]. Group 6: Call to Action - The article calls for increased societal attention and action towards the welfare of disabled individuals, emphasizing that collective goodwill can lead to significant improvements in their quality of life [6].

Core Insights - The article emphasizes the importance of selecting the right initial market for Chinese companies venturing abroad, highlighting Malaysia as an ideal entry point for construction material enterprises targeting Southeast Asia [1] - Malaysia's strategic position as a hub in Southeast Asia, combined with its membership in RCEP, allows for zero tariffs on products entering multiple countries, making it a competitive choice for Chinese businesses [2] Market Opportunities - The Malaysian government has launched the "13th Malaysia Plan," committing to an investment of 611 billion ringgit (approximately 140 billion USD) from 2026 to 2030, focusing on infrastructure, housing, and green energy, which creates a favorable environment for foreign investment [3] - The establishment of "special tourism investment zones" aims to boost demand for construction materials, decorations, and sanitary products [5] Market Environment - Malaysia's open market environment, characterized by a significant Chinese community (approximately 23% of the population), facilitates business interactions and reduces barriers for Chinese enterprises [5] - The country is experiencing a golden period of infrastructure upgrades, with an annual growth rate of 18% in infrastructure investment, driving demand for tiles, sanitary ware, and other construction materials [6] Market Growth Data - The construction materials market in Malaysia is projected to grow at an annual rate of 6% to 10%, with residential construction accounting for 40% of material consumption [7] - China's exports of construction materials to ASEAN countries are expected to increase from 38 billion RMB in 2020 to 127 billion RMB by 2024, reflecting a compound annual growth rate of 35.6% [6] Product Demand - There is a strong demand for high-quality steel and cement in Malaysia, with local production unable to meet the needs for specialty cement and high-end applications [9] - The smart home market in Malaysia is projected to grow at a compound annual growth rate of 21% from 2021 to 2026, driven by the "smart city" initiative [10] - The Malaysian government aims to reduce greenhouse gas emissions intensity by 45% by 2030, creating a demand for low-carbon construction materials [11] - The multicultural environment in Malaysia has led to a rising demand for customized decorative materials, such as tiles with Chinese patterns and personalized lighting products [12]

Core Insights - The online sales of digital products in China increased by 8.4% year-on-year from January to April, with smart robots and smart home systems growing by 87.6% and 16% respectively [1] - E-commerce in China is enhancing consumption quality and strengthening domestic circulation while deepening international cooperation [1] - The service consumption sector is leading growth, with online service consumption rising by 12.1%, particularly in online entertainment and online travel, which grew by 31.9% and 25.4% respectively [1] E-commerce Performance - The sales of old-for-new products have seen rapid growth, with 15 categories of home appliances and digital products increasing by 11.5%, and three categories of digital products growing by 18.5% [1] - More than 3,100 foreign trade enterprises have been attracted to e-commerce platforms, with foreign trade zone sales exceeding 1.1 billion and direct procurement around 10 billion [1] Silk Road E-commerce - The number of partner countries in the "Silk Road E-commerce" initiative has expanded to 34, with a growing recognition of "doing e-commerce, finding China" [2] - The initiative includes 40 key activities planned for the year, with over 120 online and offline national pavilions established in partner countries [2]

Group 1 - The latest stock price of Anjubao is 5.17 yuan, up 1.17% from the previous trading day, with a trading volume of 105,000 shares and a transaction amount of 54 million yuan [1] - Anjubao operates in the computer equipment industry, focusing on the research and sales of intercom systems and smart home systems, and also involves blockchain and artificial intelligence [1] - As of July 31, the number of shareholders increased by 298 to 24,100, representing a growth of 1.25%, with a total share capital of 561 million shares, of which 331 million are tradable [1] Group 2 - On August 4, the net outflow of main funds was 3.0566 million yuan, with a cumulative net outflow of 3.9803 million yuan over the past five trading days [1] - The current total market value of the company is 2.902 billion yuan, and the circulating market value is 1.710 billion yuan [1]

Market Performance - The North Exchange has seen significant liquidity improvement due to policy support and a 30% price fluctuation limit, attracting incremental capital[1] - As of July 29, 2025, the North Exchange has 268 listed companies with an average market capitalization of 3.187 billion yuan, with 69.03% of companies valued between 1 billion and 3 billion yuan[7][11] - The North Exchange's average daily turnover rate reached 7.88% as of July 29, 2025, significantly higher than other A-share indices[14] Supply Side - The pace of new stock issuance is expected to steadily increase, with 145 companies currently in the IPO process as of July 29, 2025[28] - The average net profit of new three-board listed companies increased from 44.61 million yuan in January 2024 to 61.96 million yuan in the first half of 2025, supporting high-quality expansion of the North Exchange[28] Investment Value - North Exchange funds have consistently performed well, with many ranking in the top 25% of the market in 2024[33] - As of July 29, 2025, the North Exchange's PE (TTM) ratio stands at 52.80, placing it in the historical high range since its inception[18][22] Investment Recommendations - Key recommended stocks include Lin Tai New Material, Na Ke Nuo Er, and Yuan Hang Precision, focusing on high-quality leaders in niche sectors[34] - Specific sectors to watch include machinery, electric new energy, basic chemicals, light industry and consumption, TMT, automotive, and biomedicine[34] Risk Factors - Potential risks include policy risk, liquidity risk, and the possibility of corporate earnings falling short of expectations[63]

Core Viewpoint - The real estate industry in 2025 has experienced significant turmoil, with multiple high-profile executives passing away or facing legal issues, raising concerns about the stability and future of companies within this sector [1][4]. Company Overview - On July 28, 2025, the actual controller and CEO of Juran Smart Home Group, Wang Linpeng, was reported to have passed away at home on July 27 [2][3]. - Wang Linpeng had been under investigation by the Wuhan Municipal Jianghan District Supervisory Committee since April 2025, but was released from detention on July 23, 2025, just days before his death [4]. Financial Performance - Juran Smart Home's net profit has seen a decline of 29%, 21%, and 41% from 2022 to 2024, with a further 39% drop reported in the first quarter of 2025 [15]. - The company's cash balance has decreased from 74 billion in 2020 to 16.7 billion by the end of the first quarter of 2025 [15]. Strategic Initiatives - In late 2024, Juran Smart Home rebranded and initiated a transformation focusing on three main areas: consolidating its core business, digital transformation, and international expansion [17]. - The company aims to transition its home furnishing stores into smart home experience centers and enhance its digital marketing capabilities [17]. - Juran Smart Home has expanded its international presence, with plans to open new stores in Cambodia and Kuala Lumpur, and has enhanced its online platforms to support multiple languages and payment channels [18]. Corporate Governance - Following Wang Linpeng's detention, the board appointed Wang Ning as the acting chairman and CEO, who is viewed positively by employees for his practical approach [4][19]. - The company has faced scrutiny regarding its past merger and acquisition activities, with allegations of potential asset loss and harm to minority shareholders during its shell listing process [12].

Core Insights - The article highlights the establishment of the Haizhu District's enterprise overseas service exchange center, aimed at facilitating the internationalization of businesses in the Guangdong-Hong Kong-Macao Greater Bay Area [1][4] Group 1: Enterprise Support Initiatives - The center has organized 32 "Set Sail Overseas" events, engaging nearly 3,000 representatives from local enterprises, significantly enhancing their global operational capabilities [3] - The center provides a one-stop "escort" service that includes legal, tax, and logistics support, integrating resources from leading institutions like Deloitte and Alibaba International [4][6] Group 2: Success Stories - Harmonik System, after receiving tailored support from the center, saw its profit margin increase from 8% to 36%, and is now preparing for its first round of financing [2] - A local clothing factory, after utilizing the center's global procurement data heat map, identified a market gap in the Mexican "light sports women's wear" sector, which has a 34% annual demand growth and a supply chain gap of $2.2 billion [4][5] - The AI-driven analysis provided by partners like探迹科技 has enabled local businesses to increase their sales by 300% and improve profit margins to 21.8% [5] Group 3: Overall Impact - The center has successfully assisted nearly 100 enterprises in their international ventures, facilitating overseas orders totaling over 1 billion yuan [6]