Report Investment Rating No investment rating for the industry is provided in the report. Core Views The report provides a comprehensive analysis and forecast of the futures market, including stock index futures, treasury bond futures, precious metal futures, base metal futures, energy futures, and agricultural product futures. Through macro - fundamental and technical analysis, it predicts the price trends, support, and resistance levels of various futures contracts on April 1, 2025, and also gives the expected trends for April 2025 in some cases [2][4][5]. Summary by Directory 1. Futures Market Forecast for April 1, 2025 - **Stock Index Futures**: Expected to oscillate and consolidate. For example, IF2506 has resistance at 3886 and 3902 points, and support at 3833 and 3808 points [2]. - **Treasury Bond Futures**: Ten - year T2506 and thirty - year TL2506 are likely to oscillate strongly, with specific resistance and support levels provided [3][4]. - **Precious Metal Futures**: Gold futures AU2506 will likely oscillate strongly and reach new highs, while silver futures AG2506 will likely oscillate weakly [4]. - **Base Metal Futures**: Copper, aluminum, lead, nickel, and other base metal futures are mostly expected to oscillate weakly, while zinc futures will oscillate and consolidate, and tin futures will oscillate strongly [4][5]. - **Energy Futures**: Crude oil and fuel oil futures will likely oscillate strongly, while natural rubber and 20 - number rubber futures will likely oscillate weakly [10]. - **Other Futures**: PTA, PVC, glass, and soda ash futures are expected to oscillate strongly, while steel - related futures such as rebar and hot - rolled coil are expected to oscillate weakly [5][7][9][10]. 2. Macro Information and Trading Tips - **Domestic Macro News**: China's economic recovery signs are more obvious, with the manufacturing PMI, non - manufacturing PMI, and comprehensive PMI rising in March. The government will take measures to reduce corporate burdens, and the central bank has carried out open - market operations [12]. - **International Macro News**: Trump plans to announce a tariff policy, which has affected the Asian - Pacific stock markets. Goldman Sachs has raised the probability of a US economic recession and lowered the GDP growth forecast. The global economic outlook may be slightly revised downward, but there are no signs of recession [14][15]. 3. Futures Market Analysis and Forecast for March 31, 2025 - **Stock Index Futures**: Most stock index futures contracts closed down on March 31, with increased short - term downward pressure [19][20][21]. - **Treasury Bond Futures**: Ten - year and thirty - year treasury bond futures had different trends on March 31, with the ten - year showing a slight decline and the thirty - year showing a slight increase [43][46]. - **Precious Metal Futures**: Gold futures closed up, reaching a new high, while silver futures closed slightly down [49][52]. - **Base Metal Futures**: Most base metal futures closed down on March 31, with varying degrees of downward pressure [59][64][73][77][79]. - **Energy Futures**: Crude oil and fuel oil futures closed down on March 31, with increased short - term downward pressure [110][112]. - **Other Futures**: Steel - related futures such as rebar and hot - rolled coil closed down, while glass and soda ash futures also closed down, with increased downward pressure [87][90][104][106]. 4. Expected Trends for April 2025 - **Stock Index Futures**: IF, IH, IC, and IM are expected to oscillate weakly in April 2025, with specific support and resistance levels provided [24][25]. - **Precious Metal Futures**: Gold and silver futures are expected to oscillate strongly in April 2025, with expected resistance and support levels [49][52]. - **Base Metal Futures**: Copper, aluminum, and other base metal futures have different expected trends in April 2025, such as copper oscillating strongly and aluminum having a wide - range oscillation [59][64]. - **Energy Futures**: Crude oil futures are expected to oscillate strongly in a wide range in April 2025 [110].

Core Viewpoint - The company is optimistic due to three main factors: active shareholder return measures, stable core business, and steady progress in innovative business layout [1][9]. Shareholder Return Measures - The company plans to conduct two dividends in 2024, with a second-half dividend rate of 55.07% and an overall annual dividend rate of 61.93% [1][3][9]. - The controlling shareholder has cumulatively increased holdings by over 1% [1][9]. Core Business Stability - The main subsidiary, Bianfeng Network, has shown stable performance, focusing on casual games and promoting a boutique strategy, with its core product, Bianfeng Guandan, achieving significant user engagement [1][4]. - Bianfeng Network's revenue for the year was 21.35 billion, a decrease of 3.43% year-on-year, while net profit was 5.29 billion, down 17.16% year-on-year, primarily due to strategic adjustments in social business [4]. - Fuchun Cloud's IDC unit construction is progressing steadily, with expectations for improved power utilization rates [1][4]. Innovative Business Layout - The Zhejiang Big Data Trading Center has completed consolidation and is expected to benefit from the completion of data element construction [1][5]. - The company continues to deepen cooperation with Alibaba, focusing on cultural service intelligence, large model applications, data business collaboration, and talent training [5][6]. - Two subsidiaries have developed AI algorithms that have been approved by the National Cyberspace Administration [1][6]. Financial Performance - For the reporting period, the company achieved operating revenue of 30.97 billion, a year-on-year increase of 0.61%, while net profit attributable to shareholders was 5.12 billion, a decrease of 22.84% [2]. - The company expects net profit attributable to shareholders to reach 5.75 billion, 6.37 billion, and 6.99 billion from 2025 to 2027, with year-on-year growth rates of 12.33%, 10.94%, and 9.66% respectively [1][9].

Core Viewpoint - Daily Interaction (300766.SZ), known as the "first domestic data intelligence stock," has reported significant growth in data resource integration, with 87.58% of its revenue coming from data factor monetization as of the end of the reporting period [1][3]. Group 1: Financial Performance - As of the end of the reporting period, Daily Interaction's data resources amounted to 43.691 million yuan, fully accounted for as intangible assets [1]. - The total revenue for Daily Interaction in 2024 was 470 million yuan, representing a year-on-year increase of 9.4% [8]. - The net profit attributable to the parent company was -64.755 million yuan, a decrease of 29.69% year-on-year, primarily due to penalties for information disclosure violations [8]. Group 2: Business Transformation - Daily Interaction has transitioned its main business focus to the data factor sector, with revenue from the internet industry accounting for 27.94% and government services making up 63.65% of total revenue [3]. - The company has accumulated over 1.15 billion installations of its developer service SDK, covering more than 1 billion devices, with daily active independent devices exceeding 400 million [3]. Group 3: Government Services - The public service segment primarily provides SaaS services and data solutions to government departments, covering over 2,900 districts and counties nationwide as of June 2024 [6]. - The high proportion of government service revenue has led to challenges such as long payment cycles, with accounts receivable reaching 165 million yuan, a year-on-year increase of 28.9% [6]. Group 4: Data Products and Innovations - Daily Interaction is actively involved in public data authorization operations in sectors like transportation and healthcare, developing various data products and industry-specific models [8].

Core Viewpoint - The article discusses the launch of Shanghai Pudong Development Bank's (SPDB) "Artificial Intelligence+" initiative, highlighting its commitment to integrating AI technology into financial services to enhance operational efficiency and customer experience [5][9]. Group 1: AI Integration in Banking - Artificial intelligence is recognized as a strategic technology driving a new wave of technological revolution and industrial transformation, reshaping the financial industry's underlying logic [3]. - SPDB's "Artificial Intelligence+" initiative aims to build core competitiveness in financial technology, promoting deep integration of AI with financial services, driven by technological innovation and application needs [5][6]. - The bank has established a large-scale enterprise knowledge asset library and developed over 200 digital employee application scenarios to enhance its smart capabilities in customer insights, industry research, and financial analysis [6]. Group 2: Reports and Findings - SPDB released two significant reports: the "Artificial Intelligence+ Application Planning White Paper 1.0" and the "Commercial Bank Data Management Practice Report," which provide insights into the bank's AI applications and data management strategies [5][7]. - The white paper outlines SPDB's large model application system and explores technical practices in foundational engineering, knowledge assets, application creation, and security management [5][6]. - The data management report emphasizes the importance of data elements in driving financial services and provides a framework for commercial banks to enhance their data management systems [7]. Group 3: AI Application Achievements - SPDB has made significant strides in AI applications across various sectors, including inclusive finance, investment banking, corporate banking, treasury management, and custody services [9][10]. - The bank's AI-enabled services aim to transform customer experiences from passive responses to proactive insights, enhancing the overall digital financial service experience [9]. - Specific AI applications include intelligent marketing for inclusive finance, smart credit assessment for corporate lending, and AI-driven wealth management solutions [10]. Group 4: Future Directions - SPDB plans to focus on five key areas: technology finance, supply chain finance, inclusive finance, cross-border finance, and treasury finance, as part of its digital transformation strategy [9]. - The bank aims to continue innovating and exploring AI applications in finance, contributing to the intelligent development of the financial industry [10].

Company and Industry Summary Company Overview - The company specializes in OCR (Optical Character Recognition) and AR (Augmented Reality) technologies, focusing on commercial big data applications, particularly in the office sector. It is identified as a leading SaaS (Software as a Service) provider in the industry [1][2]. Core Business Segments - The company operates primarily in two business segments: 1. **Artificial Intelligence**: Focused on image recognition and OCR technology. 2. **Big Data**: Known for its product "Qixingbao," which converts enterprise data into commercial data products [1][2]. Financial Performance - The company has shown rapid growth, with revenue increasing from approximately 100 million in 2018 to 900 million in 2023, reflecting a compound annual growth rate (CAGR) of 52.08% from 2018 to 2023 [2]. - The global OCR service market is valued at 10 billion USD, with a projected CAGR of 17% until 2027. The domestic market is expected to reach 16.89 billion RMB by 2027, growing at a CAGR of 27.3% [3]. Market Position and Competitive Advantage - The company has established a strong competitive moat, with continuous advancements in OCR technology and a growing market share. The introduction of large models is expected to further enhance its competitive edge [4]. - The company has a solid user base, with a significant increase in monthly active users and paid subscribers, particularly in overseas markets [5][6]. Product Offerings - Key products include: - **Scanning All-in-One App**: A widely used application for document scanning and management. - **Qixingbao**: A B2B service that provides enterprise-level data solutions [7][8]. - The company has a diverse product portfolio catering to both C-end (consumer) and B-end (business) clients, with a strong emphasis on SaaS subscription models [2][5]. Growth Projections - Future revenue growth is projected at 25% annually, with profits expected to reach 628 million by 2026. The company is currently valued at approximately 26 billion, with significant upside potential [6][34]. - The company anticipates continued growth in both its C-end and B-end segments, with the latter expected to grow at a slower pace of 5-10% [34]. User Engagement and Market Penetration - The company has seen a steady increase in user engagement, with monthly active users growing from 8.86 million in 2020 to 12.1 million in 2023. The paid user conversion rate has also improved significantly [20][24]. - The company’s products have received high ratings in app stores, indicating strong market acceptance and user satisfaction [18][22]. Challenges and Risks - The company faces competition in the OCR and big data sectors, with pricing pressures impacting profit margins. However, its established brand and technology leadership provide a buffer against new entrants [27][30]. Conclusion - The company is well-positioned in the OCR and big data markets, with strong growth prospects driven by technological advancements and increasing market demand. Its robust financial performance and competitive advantages suggest a favorable investment opportunity [35].

当数据成为新要素，一家中国公司在数据与 AI 融合下的六年坚守。 硅谷巨头们正在再次放大数据的价值—— ChatGPT 催生大模型热潮的这两年，随着 AI Agent 的成熟， 越来越多企业级场景正在可以被大模型能力所改变。而场景和技术的融合，需要数据支撑。我们已经看 到，数据厂商 Databricks 正将数据湖仓升级为 AI 原生架构，几千亿美元市值的 Palantir 则通过数据与 AIP （Artificial Intelligence Platform，该公司的人工智能平台）重新定义企业决策。 全球企业服务市场在 2024 年似乎达成了新共识：大模型真正的价值短期内不在于无限增加参数量级，而 在于如何将数据资产转化为决策燃料。 这种转变正在中国市场加速发酵。 AI 发展提升数据要素价值释放效率、重塑数据平台产品组合与市场份额格局，在此背景下滴普科技成为 "幸运儿"。 2015 年，中国企业服务行业蓬勃发展，衍生出了众多像数据库、中台以及销售管理系统等等的细分行业。 尽管方向有差异，但参与的公司本质上都是在做一件事——帮助企业积累 "数据"。但在大模型出现以前， 人们不知道这些生产资料该如何充分发挥价 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [9]. Core Insights - The low-altitude and data infrastructure sectors continue to show high prosperity, with January building materials and home furnishings sales increasing year-on-year [12][20]. - The construction activity post-Spring Festival is recovering slowly due to various factors, including local investment directions and weather conditions, necessitating close monitoring of cement and steel shipments [12][13]. - The building materials home furnishings index (BHI) for January was 110.35, reflecting a month-on-month increase of 1.53 points and a year-on-year increase of 8.46 points [20]. - The report emphasizes the positive effects of the "old-for-new" policy on sales, with January sales reaching 1095.27 billion yuan, a year-on-year increase of 3.09% [20]. - Short-term recommendations focus on domestic cyclical demand and supply-constrained varieties, highlighting companies such as Shenzhen Urban Transport, Tunnel Co., China Nuclear Engineering, and others [12][20]. Summary by Sections Industry Overview - The report notes that the low-altitude economy and data infrastructure policies are being actively promoted, with significant investment expected in underground pipelines and existing infrastructure upgrades [12][13]. - The construction material sales recovery is expected to be gradual, influenced by local government investment shifts towards technology and consumption [13][20]. Market Dynamics - As of February 14, the national cement shipment rate was 11.5%, with a week-on-week increase of 5.9 percentage points [12]. - The average price of float glass was 75 yuan per weight box, showing a week-on-week increase of 0.8% but a year-on-year decrease of 30.6% [2][32]. - The report highlights a significant increase in inventory levels for float glass, with a total of 55.27 million weight boxes, a week-on-week increase of 3.9% [2][34]. Company Recommendations - The report recommends several companies for investment, including Shenzhen Urban Transport (301091 CH), Tunnel Co. (600820 CH), and China Nuclear Engineering (601611 CH), among others, with target prices and buy ratings [10][20]. - The report also identifies companies with strong performance in the past week, such as Lifan Technology and Hainan Huatie, which saw significant stock price increases [10][11]. Future Outlook - The report anticipates that the construction and building materials sectors will benefit from improved domestic investment demand in 2025, with a focus on large construction and cement as foundational investments [12][20]. - The potential for growth in the fiberglass and consumer building materials sectors is highlighted, with expectations for continued demand recovery in the coming years [12][20].

Financial Data and Key Indicators Changes - The decision from the 20th Central Committee emphasizes the goal of promoting Chinese-style modernization, with a timeline set for preliminary establishment by 2029, covering various aspects including economy, politics, culture, society, ecological civilization, national security, and defense [3][4] - Significant progress in digital economy development over the past decade, driven by innovation and the intersection of global technological revolutions and industrial transformations [5][6] Business Line Data and Key Indicators Changes - The digital economy is highlighted as a crucial component of the modern industrial system, necessitating comprehensive institutional construction to promote deep integration with the real economy [4][5] - New business models and production methods have emerged, such as e-commerce platforms and industrial internet applications, showcasing the impact of new generation information technologies [5][6] Market Data and Key Indicators Changes - China has achieved remarkable success in the application layer and model innovation of the digital economy, leveraging its large market size and institutional advantages [7][8] - The active user base for platforms like TikTok and Pinduoduo demonstrates China's competitive position in the global digital economy [7] Company Strategy and Development Direction and Industry Competition - The strategy emphasizes the deep integration of the real economy and digital economy, addressing challenges such as technological bottlenecks, funding constraints, and high costs [11][12] - The government aims to support enterprises in utilizing digital technologies to upgrade traditional industries and reduce transformation barriers for SMEs [11][12] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the risks and challenges facing the digital economy, including platform economic health, foundational issues, and the societal impacts of artificial intelligence [9][10] - Measures have been proposed to enhance regulatory frameworks and promote healthy development within the digital economy [10][11] Other Important Information - The construction of a unified national market is crucial for the promotion of new digital economy models, providing necessary infrastructure support [16][27] - The relationship between data resources and digital technology is highlighted as a driving force for the development of new business models [24][25] Q&A Session Summary Question: What are the significant changes in China's digital economy over the past decade? - The transition to an innovation-driven development model began around 2012, coinciding with a global technological revolution that has led to new business models and production methods [5][6] Question: What are the main challenges in promoting the deep integration of the real economy and digital economy? - Challenges include technological bottlenecks, funding constraints, and high costs, with proposed solutions focusing on reducing costs and supporting digital transformation [11][12] Question: How does the government plan to address the risks associated with the digital economy? - The government has outlined measures to enhance regulatory frameworks, promote healthy development, and address foundational issues [9][10]