参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9256，近一年增长59.95%。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 公司供应链运营业务保持稳定的回报水平，在2021-2024年间归母净利润规模在33-40亿元区间，对应 ROE超15%，业绩压舱石作用凸显。面对全球政治经济环境波动，公司通过完善风控体系和优化业务布 局来应对外部挑战，形成了"专业化、分级化、流程化"的风险管控体系，并构建起辐射全球超170个国 家和地区的供应链运营服务体系，近5年内签约合作的境外供应商和客户数量超过2万家。 在数智化转型方面，建发股份积极探索AI等新技术在供应链运营中的应用，将数智化技术深入应用于 产业链生态圈构建、风控体系建设以及日常经营管理活动中。美凯龙方面，截至2025年三季度末自营商 场出租率达84.7%，较2024年末提升1.7个百分点，公司通过推进"3+星生态"战略，升级高端电器馆、推 进M+高端设计中心、引进多元化 ...

Core Viewpoint - Jianfa Co., Ltd. has entered into a strategic partnership with Huawei Terminal to promote the scale deployment and penetration of HarmonyOS products in the retail and engineering markets, leveraging each company's strengths in their respective fields [1] Group 1: Partnership Details - The signing ceremony for the HarmonyOS Smart Selection cooperation took place on November 11 in Xiamen [1] - Jianfa Co., Ltd. will utilize its core capabilities in channel networks and supply chain operations [1] - Huawei Terminal will rely on its technological innovation and product strength within the HarmonyOS ecosystem [1] Group 2: Market Impact - The collaboration aims to enhance user scale and market influence for HarmonyOS products [1] - The focus is on driving the large-scale implementation of HarmonyOS products in both retail and engineering sectors [1]

Core Insights - Midea Group and Huawei have signed a strategic cooperation agreement to leverage their strengths in technology and information communication across various key areas, including enterprise management, AIGC, ICT infrastructure, green low-carbon initiatives, cloud business, product development, and internationalization [2][3] - The collaboration in the AIGC field focuses on "technology empowerment + scenario implementation," with the establishment of a special working group to research AI applications in smart homes and smart manufacturing, addressing challenges in multimodal AI algorithm optimization, edge computing, and AI security [2] - In the smart factory sector, Midea will utilize its self-developed visual large model algorithm platform in conjunction with Huawei's Ascend AI visual inspection technology to enhance production efficiency and product quality stability [2] Smart Home and Ecosystem Development - Midea will collaborate with Huawei's HiSilicon and open-source HarmonyOS to create integrated smart home appliance solutions, enhancing product innovation and user experience [3] - The partnership aims to deepen the smart home ecosystem through cross-brand device collaboration and scenario linkage, creating HarmonyOS smart selection products for a smoother user experience [3] - The cooperation also includes interconnectivity among "people," "vehicles," and "homes," digital energy temperature control products, and the digital transformation of medical imaging equipment [3] Strategic Significance - The signing of the strategic cooperation agreement marks a new phase in the collaboration between Midea and Huawei, aiming to continuously deepen technological synergy and scenario innovation [3] - Midea's Chairman Fang Hongbo emphasized the importance of connectivity and computing technology in their core areas, including smart homes, smart factories, smart buildings, and smart hospitals [3] - Huawei's Supervisory Board Chairman Guo Ping highlighted the exploration of new paths for the integration of technology and industry, setting new benchmarks for industry development and enhancing user product and service experiences [3]