据央视新闻6月5日从国家数据局了解到，我国将在北京、浙江、安徽等地部署建设10个国家数据要素综 合试验区，支持各地在培育经营主体、繁荣壮大数据市场等方面开展先行先试，全面释放实体经济和数 字经济融合效能。 5月底，国家数据局曾举办"数据要素×"首场新闻发布会，介绍"数据要素×"行动实施情况及2025年"数据 要素×"大赛总体考虑。国家数据局政策和规划司副司长栾婕表示，根据有关方面的研究测算显示，中 央企业成立数字科技类公司近500家，约66%的行业龙头企业购买过数据，同时还有一批以数据为主营 业务的企业成功上市。 另外，国家数据局综合司日前还印发了《数字中国建设2025年行动方案》，方案提出，到2025年底，数 字中国建设取得重要进展，数字领域新质生产力不断壮大，数字经济发展质量和效益大幅提升，数字经 济核心产业增加值占国内生产总值比重超过10%，数据要素市场建设稳步推进。 中邮证券指出，随着政策体系加速完善的大框架下，数据要素的资本化潜力加速释放。据数据要素社不 完全统计，2024年已有55家上市公司、228家非上市公司实现数据资产入表。《2024年中国数据交易市 场研究分析报告》预测，数据资产入表规模将从 ...

Group 1 - The Chinese government will establish 10 national data element comprehensive pilot zones in Beijing, Zhejiang, and Anhui to support the cultivation of business entities and the expansion of the data market [3] - The Ministry of Commerce will actively cooperate with relevant departments to strengthen comprehensive rectification and compliance guidance in the automotive industry to maintain fair competition and promote healthy industry development [4] - The China Securities Regulatory Commission's chief lawyer stated that efforts are being made to formulate a comprehensive policy document on investor protection for small and medium-sized investors in the capital market [5] Group 2 - The company Co-Creation Turf, which has seen a four-day stock increase, stated that the hosting of domestic football sports events will not have a significant impact on its business activities and performance [6] - Sanofi's new drug application for a humanized monoclonal antibody injection targeting IL-1β has been accepted for restructuring [6] - Lianhua Technology, which has seen a six-day stock increase, reported stable gross margins for its K-amine products and has not received any notifications of increased customer demand [6] - Wentech Technology's shareholder, Wuxi Guolian Integrated Circuit Investment Center, plans to reduce its holdings by no more than 3% of the company's shares [6]

Group 1 - The core viewpoint of the articles emphasizes the transformative role of data as a key asset in driving innovation and sustainable development across various industries, particularly in healthcare [1][2] - The healthcare sector is experiencing a shift where data is evolving from a "sleeping gold mine" to "flowing blood," facilitating the expansion of internet medical services, mobile health applications, personalized medical services, AI-assisted diagnosis, medical big data analysis, and personal health management [1] - Ark Health, a leading internet medical platform in China, has excelled in data management and has developed the "H2H Smart Medical New Ecosystem Innovation Platform," achieving an "AI+H2H" upgrade in 2024 to enhance seamless medical service experiences for patients [1][2] Group 2 - Ark Health has been recognized for its innovative capabilities in data governance, receiving the "2024 Guangzhou Data Governance Demonstration Enterprise" award and achieving a robust level certification from the Data Capability Maturity Model (DCMM) [2] - The recent release of the "Pharmaceutical Industry Digital Transformation Implementation Plan (2025-2030)" indicates a push towards intelligent and automated development in the pharmaceutical industry, with a focus on marketizing data elements and building industry big data platforms [2] - Looking ahead, Ark Health aims to leverage technological innovation and the synergy between data management and AI to reshape its competitive edge, accelerate the release of data value in the healthcare sector, and contribute to the "Healthy China 2030" strategy [2]

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Viewpoints - The "Data Element ×" initiative is entering a practical phase, with potential for value reassessment across the entire industry chain, suggesting a focus on companies with vast data resources and strong capabilities in data processing, management, and analysis [2][9] - The enthusiasm for data development and utilization is increasing, with approximately 66% of leading enterprises having purchased data, indicating significant potential and space for the data element industry [9] - The 2025 "Data Element ×" competition emphasizes data governance, aiming to promote efficient and compliant data circulation, which may accelerate the construction of a data trading system [9] Summary by Sections Event Description - On May 29, the National Data Bureau held the first press conference on the "Data Element ×" initiative, discussing its implementation and the overall considerations for the 2025 competition [4] Industry Analysis - In the healthcare sector, as of May 26, 2025, the National Medical Insurance Bureau has collected 39.236 billion drug traceability records, ensuring traceability of each drug's source and flow [9] - In the industrial sector, leading enterprises have reduced product development and procurement cycles by over 30% through data integration, and inventory cycles have decreased from 3 months to 1 month [9] - In agriculture, data empowerment has led to a 5.5% increase in crop yield and a 5.3-fold increase in marine biological resources in aquaculture [9]

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [8]. Core Insights - The Hong Kong Legislative Council has officially passed the "Stablecoin Ordinance," establishing a comprehensive regulatory framework for stablecoins, expected to take effect within 2025 [7][43][61]. - The computer sector experienced a slight rebound, increasing by 1.79%, ranking 6th among primary industries in the Yangtze River region, with a trading volume share of 8.85% [2][5][12]. - The report highlights investment opportunities in companies with issuance qualifications, those with technological accumulation in blockchain, and firms holding relevant licenses [7][61]. Summary by Sections Market Performance - The computer sector saw a minor rebound last week, with the Shanghai Composite Index closing at 3347.49 points, a slight decrease of 0.03% [5][12]. - The sector's trading volume accounted for 8.85% of the total market, indicating active participation in stablecoin-related concepts [2][5]. Key Developments - China Construction Bank announced a procurement project for domestic servers, with a total value exceeding 4.4 billion yuan, indicating a strong push for domestic innovation in the financial sector [19][21]. - The DeepSeek R1 model underwent a minor upgrade, significantly enhancing its reasoning capabilities, with accuracy in tests rising from 70% to 87.5% [26][29]. - The National Data Bureau held a press conference on the "Data Element X" initiative, showcasing the growing enthusiasm for data utilization and its potential economic impact [35][38]. Investment Recommendations - The report emphasizes the importance of stablecoins and suggests focusing on companies that are eligible to issue stablecoins, those with blockchain technology expertise, and firms with relevant licenses [7][61]. - It also recommends monitoring the developments in the domestic server procurement by financial institutions, which may accelerate the adoption of domestic technology solutions [25][34].

Core Viewpoint - Aerospace Hongtu has reported its worst performance since its listing, leading to inquiries from the stock exchange regarding its 2024 annual report and various operational challenges [1][3]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.575 billion yuan, a year-on-year decrease of 13.39%, and a net profit attributable to shareholders of -1.393 billion yuan, a decline of 277.94% [3]. - The company's main business gross margin for 2024 was 22.48%, down 13.44 percentage points from 2023 [4]. - The end of 2024 saw a total inventory balance of 1.811 billion yuan, with a significant impairment provision of 925 million yuan due to the suspension of military procurement qualifications [4]. Group 2: Impact of Military Procurement Suspension - The suspension of military procurement qualifications, effective from July 6, 2024, has significantly impacted the company's operations, preventing it from signing contracts and leading to inventory impairment [2][3]. - The company reported that its revenue from specialized and civilian sectors decreased by 14.24% and 12.75% respectively in 2024, primarily due to the inability to participate in military tenders [3]. Group 3: Strategic Shifts and Future Opportunities - In response to the challenges, the company is focusing on the data element market, leveraging opportunities in commercial aerospace and low-altitude economy sectors [5]. - The company reported that its revenue from space infrastructure planning and construction was 293 million yuan, while its proprietary software PIE+ generated 1.270 billion yuan in revenue [6]. - The company is exploring synergies between low-altitude data acquisition and its existing business to enhance its data service system and drive future growth [6]. Group 4: Data Resource Management - The company’s data resource business model involves providing satellite remote sensing data services, with a specific project generating revenue of 50.175 million yuan [7]. - The satellite data is classified as "intangible assets," with a useful life of five years, and is amortized using the straight-line method [7].

Group 1 - The stock price of Zhongke Jincai (002657.SZ) experienced a rapid increase, reaching a peak of 23.76 CNY per share, with a daily gain of 7.9% on June 3 [1] - The stock price movement is attributed to the company's investor relations activity report, where it indicated strong capabilities in stablecoin-related business scenarios, technical reserves, and team building [3] - The company plans to explore stablecoin business in collaboration with banks, leveraging global assets and business scenarios while ensuring compliance [3] Group 2 - A company representative stated that the stock price fluctuation should be judged by the market, and the company does not engage in hype around stablecoin concepts [5] - The representative confirmed that there are existing partnerships with banks, and relevant business is in progress, but specific partners cannot be disclosed [5] - Stablecoins are defined as cryptocurrencies pegged to various fiat currencies, offering advantages in deep integration with blockchain projects [6] Group 3 - The Hong Kong government has enacted the "Stablecoin Regulation," establishing the first legal framework for fiat-backed stablecoin licenses in the Asia-Pacific region [6] - Companies issuing fiat stablecoins in Hong Kong must apply for a license from the Hong Kong Monetary Authority [6] - Zhongke Jincai has faced financial challenges, reporting a net profit loss of 61 million CNY for 2024, marking eight consecutive years of losses [6] - In Q1 2025, the company reported a revenue increase of 41.38% to 175 million CNY, but the net profit still declined by 28.41%, resulting in a loss of 40 million CNY [6]

Core Viewpoint - The company has shown steady revenue growth in Q1 2025, with a significant increase in profits, particularly driven by its gaming business and advancements in digital technology and data elements [1][2]. Revenue and Profit Summary - In 2024, the company's revenue reached 3.097 billion yuan, reflecting a year-on-year growth of 0.61%, while the net profit attributable to shareholders was 512 million yuan, a decrease of 22.84% [2]. - For Q1 2025, the company reported a revenue of 706 million yuan, marking a year-on-year increase of 4.16%, and a net profit of 144 million yuan, which is a substantial year-on-year growth of 44.86% [2]. Gaming Business Performance - The gaming segment has shown stable growth, with the "边锋掼蛋" app becoming the first of its kind in China to surpass one million daily active users [3]. - The company continues to explore the integration of culture and technology within its gaming business [3]. Digital Technology and Data Initiatives - The company is advancing its digital technology initiatives, including the 富春云IDC business and the Zhejiang Big Data Trading Center, which has achieved full coverage in the province [3]. - The digital marketing business has seen rapid growth, with revenues reaching 775 million yuan in 2024, a year-on-year increase of 130% [3]. Future Earnings Projections - The company expects EPS for 2025, 2026, and 2027 to be 0.53, 0.59, and 0.65 yuan respectively, with a target price of 14.84 yuan based on a 28x dynamic PE for 2025 [2].

Core Viewpoint - Data elements are increasingly recognized as a core production factor of new quality productivity, with significant multiplier effects and innovation engine roles [1][2]. Group 1: Company Involvement and Achievements - Desheng Technology has actively participated in the construction of the Guangzhou Data Exchange (Tianhe) service area, contributing to the government's goal of creating a data element aggregation hub and promoting the regional digital economy strategy [1]. - The cumulative transaction amount of the Guangzhou Data Exchange (Tianhe) service area has exceeded 1 billion yuan, accounting for over 50% of the total data transaction volume in Guangzhou [1]. - As of May 2025, the transaction amount in the service area is expected to surpass 280 million yuan, with 41 transactions recorded [1]. Group 2: Strategic Initiatives and Ecosystem Development - In 2024, Desheng Technology successfully won the bid for the "Guangzhou Data Exchange (Tianhe) Service Area Operation Service" project and was selected as one of the first batch of data element enterprises in Guangzhou [2]. - The company aims to build an integrated data ecosystem by combining "data elements" with "assisting regional data ecosystem development," providing comprehensive services for data circulation and transaction [2]. - The service area is designed to activate the potential of data elements through innovative services, offering full-cycle growth support for enterprises, including product refinement, market promotion, financing connections, and international certification [2]. Group 3: Recognition and Future Plans - Desheng Technology received the world's first "ISO 55013 Data Asset Management System Certification" by the end of 2024, establishing its leading position in data asset management [3]. - This certification signifies the company's professional strength and industry status in data asset management, recognized by international organizations [3]. - The company plans to efficiently integrate data resources, participate in the registration and governance of local public data resources, and promote the collaborative development of national "data supermarkets" and local "service areas" to fully unleash the value of data elements [3].

Market Overview - The Shanghai Composite Index rose by 0.7% to close at 3363.45 points, with a daily high of 3368.63 points [1] - The Shenzhen Component Index increased by 1.24% to close at 10127.2 points, reaching a peak of 10139.18 points [1] - The ChiNext Index saw a rise of 1.37%, closing at 2012.55 points, with a maximum of 2016.21 points [1] ETF Market Performance - The median return for stock ETFs was 1.04%, with the highest return from the E Fund ChiNext Mid-Cap 200 ETF at 3.09% [2] - The highest performing industry index ETF was the China Asset Management CSI All-Share Software Development ETF, yielding 3.86% [2] - The top thematic index ETF was the China Thailand CSI Information Technology Innovation Theme ETF, which achieved a return of 6.41% [2] ETF Gain and Loss Rankings - The top three ETFs by gain were: - Guotai CSI Information Technology Innovation Theme ETF (6.41%) - Bosera CSI Financial Technology Theme ETF (5.9%) - Huaxia CSI Financial Technology Theme ETF (5.81%) [5] - The three ETFs with the largest declines were: - Jiao Yin Shanghai Stock Exchange 180 Corporate Governance ETF (-0.86%) - Ping An CSI Hong Kong and Shanghai Gold Industry Stock ETF (-0.79%) - Huaxia CSI Hong Kong and Shanghai Gold Industry Stock ETF (-0.64%) [6] ETF Fund Flow - The top three ETFs by fund inflow were: - Southern CSI 500 ETF (inflow of 1.666 billion) - Huatai-PB CSI 300 ETF (inflow of 1.438 billion) - Southern CSI 1000 ETF (inflow of 1.231 billion) [8] - The largest outflows were from: - E Fund ChiNext ETF (outflow of 218 million) - Huabao CSI Financial Technology Theme ETF (outflow of 207 million) - Huabao CSI Medical ETF (outflow of 192 million) [9] ETF Margin Trading Overview - The highest margin buy amounts were for: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (468 million) - Huatai-PB CSI 300 ETF (241 million) - Southern CSI 500 ETF (229 million) [11] - The largest margin sell amounts were for: - Huatai-PB CSI 300 ETF (24.55 million) - Southern CSI 500 ETF (8.14 million) - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (5.24 million) [12] Institutional Insights - Dongxing Securities noted that the financial technology industry is experiencing a sustained increase in overall prosperity due to strong policy support and emerging demand in new fields [13] - The demand from banks, insurance, and securities institutions is expected to rise, particularly in IT investments driven by system upgrades and digital platform construction [13][14] - Guotai Haitong Securities highlighted the accelerating application of AI across various sectors, including securities research, banking, and insurance, indicating a broad future potential [15]