Company Overview - Beijing Advanced Communication Technology Co., Ltd. is located in Haidian District, Beijing, and was established on October 31, 2000. The company went public on September 13, 2016. Its main business involves providing IT solutions and services primarily for commercial banks, including software solutions, IT infrastructure construction, and IT operation and maintenance services [2]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 1.38 billion yuan, representing a year-on-year growth of 33.06%. The net profit attributable to shareholders was 62.60 million yuan, showing a significant increase of 694.25% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 173 million yuan in dividends, with 78.28 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 24, the company's stock price increased by 2.03% to 15.59 yuan per share, with a trading volume of 129 million yuan and a turnover rate of 2.16%. The total market capitalization stands at 6.704 billion yuan [1]. - Year-to-date, the company's stock price has risen by 15.21%, but it has seen a decline of 1.89% over the last five trading days and a 7.75% drop over the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on January 3, where it recorded a net buy of -8.58 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 58,300, up by 9.43% from the previous period. The average number of circulating shares per person decreased by 1.33% to 6,628 shares [2]. - Among the top ten circulating shareholders, the Huabao Zhongzheng Financial Technology Theme ETF holds 3.6043 million shares, an increase of 861,000 shares compared to the previous period [3].

Core Viewpoint - In the digital economy era, data is recognized as the fifth production factor, and the transformation of data resources into assets for capitalization is a central strategic focus for enterprises, financial institutions, and nations [1] Group 1: Data Compliance - Data compliance is deemed a prerequisite for data assetization, requiring enterprises to ensure legal data sources and clear authorizations while strictly adhering to legal requirements for data collection, storage, usage, and sharing [1] - Compliance is not only a legal obligation but also a key factor in enhancing data credibility and market recognition [1] Group 2: Data Rights and Legal Framework - The issue of data rights is complex and critical, with the "three rights separation" system proposed in the "Data Twenty Articles" needing further clarification regarding data resource holding rights, data processing and usage rights, and data product operating rights [1] - Existing legal precedents can provide guidance, particularly regarding the "data product operating rights," which legally protect the labor results and profit rights of data processors, thus providing legal assurance for the commercialization of data products [1] Group 3: Pathway to Data Assetization - The pathway to data assetization is a systematic project that starts from compliance, moves through rights confirmation and entry into financial statements, and ultimately leads to securitization [1] - Future areas of focus include the role of technologies such as blockchain and the Internet of Things in providing more reliable verification and management support for data assets, as well as the ongoing demand for asset liquidity and transparency driving innovative applications of data assets [1]

Core Viewpoint - Guomai Technology's stock price has experienced fluctuations, with a year-to-date increase of 45.54% but a recent decline in the last five trading days by 4.44% [2] Financial Performance - For the first half of 2025, Guomai Technology achieved operating revenue of 250 million yuan, representing a year-on-year growth of 11.78%, and a net profit attributable to shareholders of 151 million yuan, which is a significant increase of 94.39% [2] - The company has distributed a total of 324 million yuan in dividends since its A-share listing, with 199 million yuan distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Guomai Technology was 92,200, a decrease of 26.49% from the previous period, while the average circulating shares per person increased by 36.00% to 10,915 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 12.84 million shares, and several new institutional shareholders such as Southern CSI 1000 ETF and Fortune Innovation Trend Stock A [3] Market Activity - On September 23, Guomai Technology's stock fell by 2.02%, trading at 11.18 yuan per share with a total transaction volume of 73.27 million yuan and a turnover rate of 0.64% [1] - The net outflow of main funds was 809,600 yuan, with large orders buying 12.60 million yuan, accounting for 17.19%, and selling 13.41 million yuan, accounting for 18.30% [1]

Core Viewpoint - The first Qinghai Data Element Ecological Conference aims to promote the new development pattern of data elements in Qinghai, injecting new momentum into the high-quality development of the digital economy in the western region [2] Group 1: Data Assetization - The data element market in China is transitioning from "resource" to "asset," with the implementation of the "Interim Provisions on Accounting Treatment of Enterprise Data Resources" on January 1, 2024, marking the operational phase of data assetization [3] - China is the first country globally to classify data as a production factor, representing significant theoretical and institutional innovation [3] - The legal framework for data governance in China is built around three core laws: the Cybersecurity Law, the Data Security Law, and the Personal Information Protection Law, supported by policies like the "Data Twenty Articles" and the aforementioned accounting provisions [3][4] Group 2: Legal and Compliance Framework - The first step in data assetization is to clarify "who has the right to use and how to use" the data, emphasizing the need for data property legislation [4] - The "Data Twenty Articles" introduces a three-rights separation system: holding rights, processing and usage rights, and product operation rights [4] - Compliance is seen as a prerequisite for data assetization, with the three fundamental laws in the compliance field being crucial [5] Group 3: Risk Management and Future Outlook - Common compliance issues include illegal acquisition, usage, disclosure, processing, trading, and data leakage, with specific risks identified in data sourcing, processing, and product development [5][6] - A four-part support system is proposed for data assetization: legal framework, compliance system, rights confirmation mechanism, and trading platform [6] - The data element market is expected to reach a scale of approximately 500 billion yuan by 2026, driven by policies promoting public data authorized operations and financial innovations like data asset securitization and data trusts [6]

Company Overview - Changshan Beiming Technology Co., Ltd. is located in Shijiazhuang, Hebei Province, and was established on December 29, 1998, with its listing date on July 24, 2000 [2] - The company's main business includes the production and sales of pure cotton and polyester-cotton yarns, import and export of self-produced products and technologies, cotton wholesale and retail, as well as software and computer services [2] - The revenue composition of the company is as follows: system integration and industry solution services 85.94%, custom software and services 11.77%, agency product value-added sales 1.61%, and others 0.68% [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 3.722 billion yuan, representing a year-on-year growth of 32.11% [2] - The net profit attributable to the parent company was -92.9944 million yuan, showing a year-on-year increase of 61.83% [2] - The company has cumulatively distributed 469 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3] Stock Performance - As of September 22, the stock price of Changshan Beiming increased by 2.12%, reaching 24.10 yuan per share, with a trading volume of 504 million yuan and a turnover rate of 1.33%, resulting in a total market capitalization of 38.527 billion yuan [1] - Year-to-date, the stock price has risen by 19.66%, with a decline of 0.82% over the last five trading days and a decrease of 7.56% over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on July 17, where it recorded a net purchase of 558 million yuan [1]

Company Overview - Shenzhen Sanda Industrial Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on December 4, 1993. The company was listed on October 28, 1993. Its main business includes logistics transportation, warehousing, electronic manufacturing (mainly railway GSM-R terminals, commercial and tax control cash registers, power supplies, and LED lighting), trade services, and real estate [2]. Business Performance - For the first half of 2025, Shenzhen Sanda achieved operating revenue of 23.434 billion yuan, a year-on-year decrease of 29.52%. The net profit attributable to the parent company was -97.4891 million yuan, a year-on-year decrease of 157.29% [2]. - The company's main business revenue composition is as follows: high-tech industry engineering services 92.43%, digital heating and new energy services 4.70%, digital and information services 2.26%, and other industrial services 0.61% [2]. Stock Performance - As of September 22, the stock price of Shenzhen Sanda A increased by 2.36%, reaching 23.02 yuan per share, with a trading volume of 1.27 billion yuan and a turnover rate of 0.52%. The total market capitalization is 26.196 billion yuan [1]. - Year-to-date, the stock price has risen by 31.39%, with a slight decline of 0.60% over the last five trading days and a decrease of 7.85% over the last 20 days. However, it has increased by 13.79% over the last 60 days [1]. - The stock has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on August 1, where it recorded a net purchase of 193 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Shenzhen Sanda A was 66,800, a decrease of 11.78% from the previous period. The average circulating shares per person increased by 91.51% to 16,316 shares [2]. - The company has distributed a total of 911 million yuan in dividends since its listing, with 353 million yuan distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, notable changes in the top ten circulating shareholders include the exit of Hong Kong Central Clearing Limited, Nuoan Active Return Mixed A (001706), and Southern CSI 500 ETF (510500) from the list [3].

Core Viewpoint - The company Jian Design (300668.SZ) has stated on its investor interaction platform that it is currently not involved in data rights confirmation business [1] Company Summary - Jian Design has clarified its position regarding data rights confirmation, indicating no current involvement in this area [1]

Company Overview - Jinqiao Information Co., Ltd. is located in Xuhui District, Shanghai, and was established on August 17, 1994. The company was listed on May 28, 2015. Its main business includes smart scene solutions, smart building solutions, and big data and cloud platform services [1]. - The revenue composition of Jinqiao Information is as follows: smart scene solutions account for 51.82%, smart building solutions for 26.73%, and big data and cloud platform services for 21.45% [1]. Financial Performance - For the first half of 2025, Jinqiao Information achieved operating revenue of 273 million yuan, representing a year-on-year growth of 50.65%. However, the net profit attributable to shareholders was -40.71 million yuan, an increase of 24.18% year-on-year [2]. - Since its A-share listing, Jinqiao Information has distributed a total of 178 million yuan in dividends, with 21.92 million yuan distributed over the past three years [3]. Stock Performance - As of September 19, Jinqiao Information's stock price was 18.02 yuan per share, with a market capitalization of 6.585 billion yuan. The stock has increased by 41.67% year-to-date, but has seen a decline of 1.74% over the last five trading days, 8.76% over the last 20 days, and 10.66% over the last 60 days [1]. - The stock has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on May 15, where it recorded a net buy of -82.28 million yuan [1]. Shareholder Structure - As of June 30, 2025, Jinqiao Information had 68,600 shareholders, a decrease of 10.58% from the previous period. The average number of circulating shares per person increased by 11.49% to 5,324 shares [2]. - Notable institutional shareholders include: - FuGuo New Emerging Industries Stock A/B (001048) as the third-largest shareholder with 7.8524 million shares, a new entry - HuaAn Media Internet Mixed A (001071) as the fifth-largest shareholder with 5.7334 million shares, also a new entry - Financial Capital Asset Management Digital Economy Mixed Initiation A (017483) as the sixth-largest shareholder with 5.4919 million shares, a new entry [3].

Group 1 - The core viewpoint of the news is that Shenzhen Sanda Industrial Co., Ltd. (深桑达A) has experienced fluctuations in its stock price and significant changes in its financial performance, with a notable decline in revenue and profit in the first half of 2025 [1][2][3] - As of September 19, the stock price of 深桑达A decreased by 2.01% to 22.48 CNY per share, with a total market capitalization of 25.581 billion CNY [1] - The company has seen a year-to-date stock price increase of 28.31%, but it has declined by 3.89% in the last five trading days and 8.51% in the last 20 days [1] Group 2 - The main business segments of 深桑达A include logistics transportation, warehousing, electronic manufacturing, and real estate, with high-tech industry engineering services accounting for 92.43% of revenue [2] - As of June 30, 2025, the company reported a revenue of 23.434 billion CNY, a year-on-year decrease of 29.52%, and a net profit attributable to shareholders of -97.4891 million CNY, a decrease of 157.29% [2] - The company has distributed a total of 9.11 billion CNY in dividends since its listing, with 3.53 billion CNY distributed in the last three years [3]

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of Guotou Intelligent, indicating a decline in stock price and significant net outflow of funds [1][2] - As of September 18, Guotou Intelligent's stock price was 16.01 yuan per share, with a market capitalization of 13.76 billion yuan and a trading volume of 2.09 billion yuan [1] - The company has seen a year-to-date stock price increase of 16.10%, but a decline of 1.48% over the last five trading days and 12.32% over the last twenty days [1] Group 2 - Guotou Intelligent's main business segments include electronic data forensics (37.02% of revenue), public safety big data (35.83%), digital government and enterprise digitalization (22.66%), and new network security (4.49%) [1] - The company operates in the software development sector, specifically in vertical application software, and is involved in concepts such as electronic identity cards and data rights [2] - For the first half of 2025, Guotou Intelligent reported revenue of 558 million yuan, a year-on-year increase of 1.63%, but a net profit loss of 208 million yuan, a decrease of 63.16% compared to the previous year [2] Group 3 - Since its A-share listing, Guotou Intelligent has distributed a total of 554 million yuan in dividends, with 38.68 million yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders include Southern CSI 1000 ETF and Harvest Information Industry Stock, with notable increases in their holdings [3]