Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the significance of RDA (Real Data Assets) in promoting the marketization and value realization of data elements, enhancing the efficiency of connecting physical assets and capital, and fostering the deep integration of the real economy and digital economy [4][5] - RDA encapsulates data assets and their associated physical assets, forming a new asset type that leverages the multiplier effect of releasing the value of physical assets [6] Summary by Sections Industry Overview - The report highlights a projected industry performance that is expected to surpass the overall market [1][11] RDA Characteristics - RDA features include real-number integration, transparency, reliable returns, value reconstruction, and ecological collaboration, which collectively aim to break through the financing bottlenecks of physical assets [5] Investment Recommendations - Recommended companies benefiting from RDA include Zhuoyi Information, Hehe Information, Lais Information, and others, with a focus on those that can leverage the new asset forms created by RDA [6]

Core Viewpoint - Neusoft Corporation has decided to terminate the proposed share issuance for asset acquisition and related fundraising due to a lack of consensus among parties involved and changes in market conditions since the initial planning of the transaction [1][3] Group 1: Transaction Details - The company initially planned to acquire a total of 57% equity in Simi Technology through cash payments and an additional 43% through share issuance to Neusoft Holdings [1] - The acquisition aimed to enhance Neusoft's digital service capabilities and create a digital economy service ecosystem [2] - The termination of the transaction was officially communicated during an investor briefing held on July 3 [1][3] Group 2: Business Performance and Strategy - Neusoft reported that its business operations remain stable, with healthy development across various sectors [4] - The company has initiated a significant strategic transformation aimed at improving operational performance and has launched an intelligent solution strategy focusing on AI and big data [4] - In 2024, Neusoft signed new contracts worth 678 million yuan in vertical AI applications and 233 million yuan in data value-related businesses, marking a year-on-year growth of 207% [5] Group 3: Market Environment and Future Outlook - The market environment and the actual situation of the target company have positively changed since the initial planning of the transaction [3] - Simi Technology has been expanding its client base, including notable companies like ByteDance and JD Group, and has seen continuous growth in contracts [3] - Neusoft aims to leverage the opportunities presented by the new wave of AI and data value realization to enhance its product offerings and order acquisition [4][5]

Core Insights - The report emphasizes the increasing importance of data as a strategic resource in the digital economy, highlighting its role in enhancing the competitiveness of listed companies and the national economy [12][20][41] - Data valuation encompasses both internal and external value, with internal value arising from systematic processing of raw data and external value depending on market efficiency in data allocation [12][41] - The report outlines a progressive path for data valuation: resourceization, productization, assetization, and capitalization, where each stage creates independent value while supporting one another [12][41] Group 1: Importance of Data Valuation - Data valuation is crucial for listed companies as it can provide new growth opportunities and support economic structural optimization [12][20] - The report constructs a comprehensive evaluation index system covering operational efficiency, management systems, application value, and value-added potential [2][12] - Listed companies are identified as key players in the data valuation process, possessing substantial data resources and a strong governance structure [20][22] Group 2: Policy Framework and Institutional Design - The "Data Twenty Articles" policy framework has been established to facilitate data valuation, addressing issues of data ownership and market circulation [31][34] - The National Data Bureau is actively promoting industry consensus and standardizing terminology to enhance the understanding and implementation of data valuation [32][33] - The Ministry of Finance has clarified the asset attributes of data, allowing companies to recognize data as intangible assets or inventory in financial statements [34][35] Group 3: Practical Pathways and Case Studies - The report highlights successful case studies from companies like Tuolisi, Aerospace Hongtu, and Wanda Information, showcasing effective data resource management and valuation practices [2][10] - The data valuation process is seen as a critical pathway for companies to transition from traditional value creation methods to data-driven strategies [23][24] - The report suggests that companies should develop data valuation strategies, enhance operational capabilities, and improve data asset management systems to fully realize data value [2][12] Group 4: Future Outlook and Recommendations - Data valuation is expected to become a key strategic focus for companies, with an acceleration in the process of data asset recognition [2][12] - The report encourages companies to adopt proactive data governance and disclosure practices to enhance market transparency [12][14] - It anticipates that the integration of data assets into corporate valuations will increasingly influence investment decisions and market performance [2][12]

Core Insights - The "Smart Agriculture Data Industry Innovation Center" was officially inaugurated at the Shanghai Data Exchange, with four data products from Shanghai Langxia Jintudi Green Agriculture Co., Ltd. successfully listed for trading, indicating Shanghai's efforts to build a comprehensive value chain for smart agriculture data [1] - The center aims to create a credible and value-enhancing agricultural data ecosystem, establishing compliant trading rules and standards to develop a new networked trading system for smart agriculture [1][3] - The data products include a weather and warning database for facilities greenhouses, a multi-source data fusion yield prediction analysis, an indoor environment management query, and an environment management action analysis, which have been successfully traded with Pacific Anxin Agricultural Insurance Co., Ltd. [1][2] Company Insights - Jiqing Technology (Shanghai) Co., Ltd. plays a pivotal role in the value realization of smart agriculture data, focusing on the entire value chain of agricultural data and creating a complete ecological loop covering data collection, governance, circulation, and application [2] - The company has developed a high-precision yield prediction model that integrates multi-source data, with a prediction error controlled within 5%, providing critical data support for agricultural product trading [2] - The company is positioned as a "data element service provider," leveraging its capabilities in data processing and analysis to address the lack of applicable yield measurement equipment and technology in agricultural facilities [2] Future Developments - The "Smart Agriculture Data Industry Innovation Center" plans to leverage the advantages of the Shanghai Data Exchange and the capabilities of Jiqing Technology to gradually build a data trading ecosystem for the smart agriculture industry, focusing on green agriculture, quality improvement, and traceability [3]

Core Viewpoint - Neusoft Corporation is actively implementing strategic transformations focusing on AI and data value, leading to significant improvements in operational performance and market position across various sectors, particularly in healthcare and smart automotive solutions [2][3][11]. Group 1: Strategic Transformation and Performance - The company has made substantial progress in its strategic transformation, emphasizing the intelligentization of solutions and data value realization, resulting in a notable increase in net profit and cash flow [3][4]. - In 2024, the company signed new contracts worth 678 million yuan in vertical AI applications and 233 million yuan in data value-related businesses, marking a year-on-year growth of 207% [3][4]. - The company achieved a net profit of 36.13 million yuan, an increase of 111.14 million yuan year-on-year, with a main business net profit growth of 22.01% [3][4]. Group 2: Healthcare Sector Developments - Neusoft maintains the leading market share in healthcare IT solutions, focusing on high-quality reforms in public hospitals and the value realization of healthcare data [4][11]. - The company signed over 30 major healthcare project orders in 2024, enhancing its service capabilities in the healthcare sector [4][11]. - Neusoft's AI-driven healthcare solutions have been implemented in over 90 hospitals, showcasing its commitment to integrating AI with healthcare services [6][11]. Group 3: Smart Automotive Solutions - The company has developed the 8295 smart cockpit platform, achieving significant technological innovations and partnerships with major automotive manufacturers [5][22]. - In 2024, the overall shipment volume of automotive products increased by over 30%, with export-related business growing by 65% [5][24]. - Neusoft's automotive solutions have been recognized with multiple awards, including the "Best Overseas Practice Award" and "Top 10 AI Technology Partners for Chinese Automotive Enterprises" [5][24]. Group 4: Data Value and AI Integration - Neusoft is actively collaborating with various cities to build data value ecosystems, focusing on healthcare, smart cities, and government big data [8][15]. - The company has launched innovative applications in data governance and AI-driven solutions, enhancing its capabilities in the healthcare and social security sectors [15][16]. - Neusoft's cloud-native data platform has strengthened its compatibility with domestic innovations, facilitating the development of data-driven products across multiple industries [8][15]. Group 5: Recognition and Awards - The company has received numerous accolades for its contributions to the software industry and its innovative solutions in AI and healthcare [8][10]. - Neusoft was recognized as a leading enterprise in the new generation of information technology and awarded for its digital government solutions [10][28]. - The company continues to enhance its brand reputation and influence within the digital economy, receiving awards for its smart elderly care services and digital government products [9][10].

Core Viewpoint - Dongsoft Group is focusing on the intelligentization strategy for solutions in 2024, emphasizing AI and big data to enhance business innovation and achieve significant growth in new contracts [1][2]. Group 1: Business Performance - In 2024, Dongsoft signed new AI application contracts worth 678 million yuan and data value-related contracts worth 233 million yuan, representing a year-on-year growth of 207% [1]. - In Q1 2025, the company signed new AI application contracts worth 189 million yuan and data value-related contracts worth 78 million yuan, with a year-on-year growth of 54% [2]. - The AI+medical business saw a contract amount of 139 million yuan in Q1 2025, marking a year-on-year increase of 211% [2]. Group 2: Product Development - Dongsoft has launched innovative products in the fields of "AI+imaging and auxiliary diagnosis," "AI+medical assistant," and "AI+medical insurance," which are being applied in major medical institutions [3]. - The company released the "AI+medical" full series solution "Tianyi," covering eight medical industry empowerment bodies and implemented in dozens of hospitals [2][3]. - The "Flying Standard Medical Imaging Annotation Platform 5.0" has annotated 55 million images by the end of 2024, recognized as the only recommended commercial tool for AI-assisted marking by clinical experts [3]. Group 3: Strategic Acquisitions - Dongsoft's acquisition of 57% of Sire Technology has been approved by the shareholders' meeting and has passed the review by the State Administration for Market Regulation [4]. - The company is currently advancing the delivery and business change procedures related to this cash acquisition and is negotiating the purchase of the remaining 43% stake [4].

Core Viewpoint - The National Data Bureau has officially released 70 key public data demonstration scenarios aimed at enhancing the supply, circulation, and utilization of public data, marking a significant step in the market-oriented reform of data elements in China [1][2]. Group 1: Public Data Utilization - The initiative focuses on transforming public data from a "static archive" to a "dynamic flow," thereby enhancing its social benefits and economic development potential [2][3]. - The demonstration scenarios cover essential sectors such as healthcare, transportation, finance, and environmental protection, addressing public needs and improving service delivery [2][3]. Group 2: Governance and Service Optimization - The upgrade in governance philosophy emphasizes the need for technology to enhance public service efficiency, moving towards a model where data sharing reduces the burden on citizens [3]. - Examples include the "one-stop" service model for newborn documentation in Fujian and the establishment of a trusted data space in Guangzhou, which collectively improve service quality and decision-making accuracy [3]. Group 3: Future Prospects - The construction of demonstration scenarios is viewed as a starting point for further exploration and innovation in data utilization, with expectations for more scenarios to emerge that enhance public services [3].