Group 1 - The core point of the article highlights that the Dachen Internet + Big Data A index fund has reached a historical high amidst generally pressured market sentiment, with a cumulative increase of 236% and an annualized return of 22.4% over the past six years, outperforming other popular funds [1][12][24] Group 2 - The driving force behind the Dachen Internet + Big Data A fund is not traditional fundamentals but rather a big data intelligence strategy based on internet search behavior, utilizing the 360 Internet + Big Data 100 index, which incorporates real-time search data into its compilation logic [3][15][24] - The 360 Internet + index is the first in China to integrate real-time search data, transforming user queries into quantifiable market attention indicators, which serve as key forward-looking signals in a multi-factor stock selection model [3][15][24] - The index is designed to capture emotional changes and shifts in market hotspots, maintaining an advantage in structural market conditions [3][15][24] Group 3 - The index employs a "data + quantitative" methodology, demonstrating strong elasticity and growth during technology cycles or favorable policy releases [4][16] - Currently, Dachen Internet + Big Data A is the only public fund tracking this index, having been stable since its establishment in 2016, providing a tool for investors to engage with this strategy [4][16] Group 4 - The fund's annual report indicates that in 2024, the fund significantly underperformed the index due to market volatility affecting subscription and redemption activities, leading to a deviation from the index [6][18] - The fund exhibits a small-cap investment style, with a majority of its heavy holdings being companies with market capitalizations below 10 billion [8][20] - In terms of industry allocation, while there is a relative focus on TMT (Technology, Media, and Telecommunications), over 20% of the portfolio is also allocated to home appliances and other sectors [9][21] Group 5 - The index's monthly rebalancing results in a relatively high turnover rate, placing it in the top 25% of its peers, with approximately 3-4 major rebalances each year [11][23]

Core Viewpoint - The "14th Five-Year Plan" emphasizes the combination of an effective market and a proactive government, aiming to enhance the role of the market in resource allocation while improving government functions to build a unified, open, competitive, and orderly market system [1] Group 1: Financial Models for New Factors - Local governments are encouraged to create new financial models that support new factors by focusing on value formation, capital support, and ecological collaboration [3] - Financialization of new factors is essential for discovering their prices and enhancing their value, with local governments needing to explore financialization paths tailored to local characteristics [3][4] - The introduction of "patient capital" is crucial for the high-quality development of new factor enterprises, which often face challenges in obtaining traditional credit funding [4] Group 2: Integration of Financial Services and Industry - There is a need for a dual empowerment approach where financial services enhance industrial development and vice versa, leveraging digital technologies for improved risk control and service capabilities [5] - Local governments should promote deep integration between financial elements and digital industry systems, encouraging the development of financial products tailored to the characteristics of digital industries [5] Group 3: Case Study of Hangzhou - Hangzhou has pioneered a comprehensive financial service model that integrates industry, data, and finance to support the growth of new industries and technologies [6] - The city has established a data trading center and a data exchange to facilitate the assetization and securitization of data elements, becoming the first city in China to legislate for data circulation and trading [7] - Hangzhou's financial innovation has led to the development of customized financial tools that replace traditional collateral with new factors like talent and intellectual property, significantly supporting the digital economy [9]

作为数字经济的重要引擎，平台经济正加速向专业化、智能化方向演进。南京凯奥思数据技术有限 公司推出的全国首个数据要素创新示范平台——"超思"设备精护平台，聚焦工业设备预测性维护领域， 依托物联网传感器实时采集振动、温度等多维运行数据，融合边缘计算与云端大数据建模技术，构建 起"远程监控—智能预警—自动诊断—主动运维"的全链条闭环服务体系。 在数据要素市场化配置改革方面，南京也走在前列。本次共有4个来自南京的案例入选该类别。针 对水利行业数据孤岛、标准不一、共享不畅等问题，南京中禹智慧水利研究院有限公司创新打造以数据 要素底板为基础，模型、知识平台为核心，以"无/少代码"一体化智能应用搭建环境的智能中枢，支撑水 利业务场景实现"历史可重现、现实可演绎、未来可预知"，同时归集水利数字资源统一封装，基于资产 化管理为各企事业单位搭建核心技术和产品线上交易平台。 值得一提的是，雨花台区作为南京数字经济发展核心承载区，集聚涉软企业超4800家、软件从业 人员37万余人，2025年软件业务收入突破3000亿元，占全市35%、全省20%，成为全省软件产业发展 的"压舱石"。此次该区有6个案例入选，占全市入选数量的三分之一，表 ...

Core Points - The establishment of the China-ASEAN Free Trade Area 3.0 marks a significant step towards deepening regional cooperation and building a community of shared destiny in the context of global changes [1][2] - The transition from factor-driven to institutional openness is essential for high-quality regional economic cooperation, necessitating updates to trade rules and standards [2][4] - The focus on digital economy and green trade represents new opportunities for cooperation, with Chinese enterprises encouraged to leverage their technological advantages in ASEAN countries [4][6] Group 1: Institutional Openness - The signing of the upgraded protocol for the China-ASEAN Free Trade Area will shift cooperation from factor flow to institutional openness [1] - There is a need for the government to enhance domestic openness while updating trade rules to lower tariffs and eliminate hidden trade barriers [2] - The upgrade of the China-ASEAN Free Trade Area agreement is seen as a key measure to counter Western institutional hegemony and promote multilateralism [2] Group 2: Regional Cooperation - The upgrade of the China-ASEAN Free Trade Area is opening new avenues for regional cooperation, particularly in digital economy and green trade [4] - Chinese enterprises are encouraged to participate in the digital infrastructure development of ASEAN countries, utilizing their strengths in 5G and AI [4] - The complete layout of the new energy vehicle industry chain by Chinese companies aligns with ASEAN countries' urgent need for green transformation [4][6] Group 3: Think Tank Support - The construction of the China-ASEAN community of shared destiny requires robust theoretical research and decision-making support from think tanks [5] - Local universities with overseas Chinese resources are playing a crucial role in deepening China-ASEAN cooperation through research on overseas Chinese communities [5][6] - The collection of oral histories from overseas Chinese in ASEAN countries contributes to the cultural foundation of the China-ASEAN community [6]

Core Insights - The digital economy is identified as a core driver for high-quality development in the province, with significant growth projected in the coming years [1] Digital Infrastructure - The province has built a total of 240,000 5G base stations, ranking 6th nationally, achieving full coverage of 5G networks in towns and above, and all administrative villages have access to gigabit optical networks [1] - The province's computing power has reached 9.8 E Flops, with major projects like the national supercomputing internet core node accelerating construction [1] - A total of 16,000 kilometers of old urban pipelines have been updated, and over 243,000 IoT sensing devices have been installed [1] Data Resource Development - The province has initiated 23 provincial-level data resource development pilot projects, with over 1,000 data backbone enterprises and an industry scale of approximately 200 billion [2] - The Zhengzhou data trading center has surpassed a transaction volume of 4.2 billion [2] - The province has established several key laboratories and technology research institutes, focusing on breakthroughs in core technologies [2] Digital Industry Growth - The smartphone production has consistently ranked among the top three in the country, and the integrated circuit industry has transitioned from "no chips available" to "monthly production of one million pieces" [2] - The software industry revenue has exceeded 100 billion, and the province has been recognized for its blockchain development and e-commerce initiatives [2] Digital Governance and Services - The province has constructed a foundational framework for comprehensive digital transformation, with significant applications in smart city management and healthcare [3] - The integration of 59 provincial and municipal government clouds has made it the first province in the country to achieve full integration of government cloud services [3] - The "one-stop" service has benefited 381 million transactions, with a comprehensive reduction rate of 81.5% in processing steps and time [3]

Core Viewpoint - The company, Pulu Tong (002769), is planning to issue shares and pay cash to acquire assets, specifically targeting Leqee Group Limited, with the aim of gaining control over the company [2] Group 1: Company Announcement - On December 3, Pulu Tong announced its plan to issue shares and cash for asset acquisition, with shares to be issued to Guangzhou Zhidu Investment Holding Group Co., Ltd. or its controlled entities for raising matching funds [2] - The company's stock will be suspended from trading starting December 4, with an expectation to disclose the transaction plan and apply for resumption of trading within 10 trading days [2] - If the company fails to hold a board meeting and disclose the restructuring plan within the specified timeframe, its stock will resume trading at the latest on December 18, 2025, and the related matters will be terminated [2] Group 2: Stock Performance - Notably, the stock has been performing strongly, with a limit-up on December 3 [4] Group 3: Zhidu Group Overview - Zhidu Group is a state-owned enterprise in Huadu District, Guangzhou, with total assets exceeding 20 billion yuan by the end of 2024 [5] - The group focuses on revitalizing existing assets and optimizing new asset layouts to support regional development, aiming to become a comprehensive urban asset operation platform [6] - Zhidu Group's business spans multiple sectors, including financial services, urban construction, new energy, and cultural tourism, with over 20 wholly-owned subsidiaries [6] Group 4: Strategic Cooperation - In March 2024, Pulu Tong's controlling shareholder changed to Green Investment, with the actual controller being the Huadu District State-owned Assets Supervision and Administration Commission [7] - Pulu Tong signed a strategic cooperation agreement with Zhidu Group in September 2023, leveraging Zhidu's resource advantages and credibility [7] - The company expressed confidence in maintaining a stable and healthy development trend, supported by its state-owned shareholder [7]

超大规模市场锻造了企业竞争优势。国内完整的工业体系和庞大的消费市场相结合，形成了一个复 杂而精细的产业链与供应链网络，企业能够便捷地找到几乎所有环节的供应商，极大降低了交易成本与 物流成本，提升了生产效率。同样，消费者需求也可快速反馈到生产端，带动企业不断提升供需适配能 力，实现生产和消费的良性互动。各类经营主体紧密连接在一起，通过产业协同，相互依托、彼此赋 能，构成了一个富有生命力的生态系统，形成了"百舸争流"的生动局面。 将超大规模市场的优势转化为企业的经营优势，离不开有为政府与有效市场的紧密结合。这需要进 一步全面深化改革，破除地方保护和区域壁垒，纵深推进全国统一大市场建设，让各种生产要素在全国 范围内更加自由高效地流动。同时，营造市场化、法治化、国际化一流营商环境，稳定市场预期，让每 一个企业都能安心经营、专心创业、放心投资。 超大规模市场意味着海纳百川的容量。在一个拥有14亿多人口和4亿多中等收入群体的市场中，细 分领域之多样，需求层次之丰富，世所罕见。市场容量越大、环境越好，越能涌现形态丰富、充满活力 的企业。大企业可通过规模经济提升竞争力，而中小企业则能在细分领域精耕细作，形成差异化优势， 我国 ...

超大规模市场带来了丰富的应用场景。我们拥有众多的新领域新赛道应用场景、产业转型升级应用 场景、民生领域应用场景等，这些场景为新技术、新业态、新模式创造了理想的试验场地，能让新技术 新业态迅速产业化、规模化，创新成本被快速摊薄，潜在收益不断放大。更重要的是，场景也带来了庞 大数据，并成为驱动数字经济发展的核心生产要素，为算法优化、用户体验提升提供了关键支撑。企业 拥有丰富的场景，可以通过"创新—应用—反馈—再创新"的良性循环，迅速壮大自身实力，在创新中实 现成长。 超大规模市场锻造了企业竞争优势。国内完整的工业体系和庞大的消费市场相结合，形成了一个复 杂而精细的产业链与供应链网络，企业能够便捷地找到几乎所有环节的供应商，极大降低了交易成本与 物流成本，提升了生产效率。同样，消费者需求也可快速反馈到生产端，带动企业不断提升供需适配能 力，实现生产和消费的良性互动。各类经营主体紧密连接在一起，通过产业协同，相互依托、彼此赋 能，构成了一个富有生命力的生态系统，形成了"百舸争流"的生动局面。 党的二十届四中全会指出，我国超大规模市场优势更加彰显。在国际合作和竞争格局发生深刻变化 的今天，我国所拥有的超大规模市场正不断 ...

发展数字经济，必先投资于人。 近日，国家发展改革委、国家数据局、教育部、科技部等部门联合印发《关于加强数据要素学科专业建 设和数字人才队伍建设的意见》（下称《意见》），明确提出促进数据领域教育链、人才链与产业链、 创新链深度融合，为数字人才培养搭建起制度框架。 这一政策的出台恰逢其时，与我国数字经济的发展态势形成有力呼应。数据显示，2024年我国数字经济 核心产业占GDP的比重已突破10%，数字经济规模稳居世界第二。根据预测，2025年，我国数字经济年 产值有望迈过80万亿元大关。 "投资于人"不仅是短期内缓解人才缺口的务实之举，更是筑牢长期发展根基的战略选择。数字技术迭代 速度快、应用场景广，只有保持高素质人才供给的充沛性与适配性，才能快速响应技术变革需求，持续 激活数据要素潜能。 数字经济规模的持续扩大，必然带来对人才的旺盛需求，尤其是在"人工智能+"行动全面推进的背景 下，人才与产业的匹配度、技术与实践的融合度，直接决定了数字经济的创新效能与发展后劲。 "十五五"规划建议明确提出要深入推进数字中国建设，将健全数据要素基础制度、深化数据资源开发利 用放在重要位置。这一部署精准契合了当前数字经济发展的核心趋 ...

Core Insights - The article discusses the significant talent gap in the data sector, emphasizing the need for specialized graduates in data science and digital economy fields to meet market demands [1][4][5]. Group 1: Talent Demand and Supply - As of the end of 2024, China's digital economy talent pool is projected to reach 32.86 million, while the demand is approximately 65 million, resulting in a talent gap exceeding 32 million [4]. - The shortage of high-level composite talents is particularly severe, with only about 40,000 graduates annually from data science and big data technology programs, which is insufficient to fill the gap [5][6]. - The demand for data labeling professionals is also expected to reach a million-level shortage in the next five years [4]. Group 2: Educational Policy and Professional Development - The National Development and Reform Commission and other departments issued an opinion to enhance the construction of data-related disciplines and talent cultivation models [1][12]. - The opinion emphasizes the importance of integrating data-related disciplines and strengthening vocational education in the data industry [1][12]. - The establishment of a national data vocational education teaching guidance committee is proposed to align educational outcomes with market needs [13]. Group 3: Curriculum and Professional Focus - The article highlights the need for differentiated professional settings based on institutional characteristics and local industry demands, suggesting that non-technical colleges may focus on "data+" programs rather than solely data science [9][11]. - It is recommended to cultivate data technology talents, data industry talents, and data legal talents to form a comprehensive talent cultivation chain [7][8]. - The focus on practical education through industry collaboration is emphasized, with suggestions for enterprises to participate in vocational education and create real-world application scenarios for students [14].