国新健康AI中心主任白玮详细介绍了国新健康"数智创新"战略升级以及在数字医保、数字医疗、数字医 药等方面的重点工作。他表示，医保数据一手牵动医疗端，一手牵动医药端。以医保数据为驱动，充分 发挥医保支付杠杆作用和数据要素价值，推动医药产业全链条创新发展。今年2月，国家医保局印发 《关于加快推进定点医药机构医保结算药品追溯信息采集工作的通知》，要求2025年7月1日前，三级医 院必须实现带码结算；2026年1月1日起，所有医药机构必须实现药品追溯码的全量采集与上传。这对药 品"生产-流通-使用-支付"全链路数据的打通起到了有力的推动作用，助力医药企业和医疗机构从被动合 规走向主动赋能，为"三医"协同发展和治理构筑数字化基座与引擎。据了解，今年6月，国新健康发布 了"天枢·三医"大模型与"灵犀"智能体开发平台，将重点围绕医保效益管理、医药协同创新和医疗质量 提升等方面，数智驱动"三医"标准深度融合，体系同频共振，以场景×技术×生态兑现"三医"协同发展和 治理的新价值。 新华财经北京8月21日电（刘苏毅）8月18日，中国经济信息社数字经济研究中心（以下简称"中经社数 研中心"）联合中国信息通信研究院云计算与大数据研究 ...

Core Viewpoint - The company is focusing on the opportunities in the data element industry and has initiated business operations in the data labeling sector, collaborating with several domestic clients [1] Group 1 - The company emphasizes the importance of the data element industry and is actively developing its capabilities in this area [1] - The company has already engaged in specific collaborations with domestic clients in the data labeling field [1] - The company plans to continuously monitor industry trends and steadily advance its business expansion to achieve high-quality development in the data element sector [1]

Market Overview - Technology stocks impacted US markets, with the Nasdaq falling over 1%, marking its second-largest drop since April due to tariff impacts. The S&P 500 declined by 0.59%, while the Dow Jones increased by 0.02% [1] - Nvidia experienced a 3.5% drop, its largest single-day decline in nearly four months. Palantir fell over 9% for five consecutive days, while Intel rebounded by 7%. The Nasdaq Golden Dragon China Index preliminarily dropped by 0.9% [2] Economic Indicators - US Treasury yields reversed a three-day increase, with the ten-year yield retreating from a two-week high [3] - The US dollar index moved away from a two-week low, while the implied volatility of the Chinese yuan fell to a 17-month low [4] Commodity Markets - Oil prices fell over 1%, with US crude reaching a two-month low and Brent crude nearing a two-month low. Gold prices also declined, hitting a new low in over two weeks [5] Industry Developments - OpenAI launched a low-cost ChatGPT subscription in India, priced under $5 per month [6] - Elon Musk's Memphis supercomputer cluster is powered by over 200 Megapack energy storage systems, with a total investment expected to reach $40 billion [7] Domestic Policy and Industry Support - The Guangdong Provincial Government issued policies to promote high-quality development in commercial aerospace from 2025 to 2028, encouraging satellite internet services and supporting enterprises in satellite constellation investments [8][10] - The report from the securities firm pointed out that the recent surge in Cambricon's stock price indicates a potential overheating in the market, with a price-to-sales ratio reaching hundreds of times, reflecting a sentiment premium rather than traditional financial metrics [9] Technology Sector Updates - Apple’s iPhone 17 has entered mass production, with Foxconn ramping up hiring at its Zhengzhou plant. The supply chain is reportedly preparing over 90 million units [11] - Huawei's HarmonyOS has surpassed 10 million terminal devices, marking a significant milestone in its ecosystem development [12] Financial Performance - Companies like Zhongjing Electronics reported a net profit of 18.29 million yuan in the first half of the year, benefiting from AI technology and electric vehicle trends [16] - Dazhu CNC's net profit increased by 83.82% year-on-year to 263 million yuan, driven by demand in automotive electronics and advanced packaging solutions [16] New Stock Offerings - Hongyuan Co., a manufacturer of electromagnetic wires for high-voltage transformers, is set to launch an IPO at a price of 9.17 yuan per share on the Beijing Stock Exchange [14]

Group 1 - Guangdong Provincial Government issued policies to promote high-quality development of the commercial aerospace industry from 2025 to 2028, leveraging its advantages in application scenarios, industrial support, and market mechanisms to build an integrated commercial aerospace ecosystem [5] - The new Sichuan Urban Football League will be held across years, starting on September 20, 2025, and lasting until July 2026, featuring a total of 162 matches across 28 rounds [5] - Alibaba's Tongyi Qianwen launched Qwen-Image-Edit, an image editing version of Qwen-Image, enhancing text rendering capabilities for precise editing of images [5] Group 2 - The Chinese government continues to actively host international high-level sports events during the 14th Five-Year Plan period, with multiple world championships in athletics, swimming, gymnastics, and other sports scheduled to be held in China [4] - The Ministry of Industry and Information Technology and the National Health Commission announced a call for innovative technology applications in the food processing sector, focusing on synthetic biology, fermentation engineering, and enzyme engineering [4] Group 3 - The robot concept sector saw a surge in activity, with several companies experiencing significant stock price increases due to supportive policies for the domestic robot industry [8] - The Shanghai Municipal Economic and Information Commission released an implementation plan to accelerate the application of robots in key industries, supporting the deployment of industrial robots in hazardous work environments [8] - The global market for humanoid robots is expected to exceed $150 billion by 2035, driven by policy support, technological maturity, and increasing demand [8] Group 4 - The HarmonyOS ecosystem has surpassed 10 million devices, marking a significant milestone in its development, with over 20,000 native applications launched [11][12] - The upcoming 2025 China International Big Data Industry Expo will focus on internationalization and feature specialized exhibition areas for data infrastructure and artificial intelligence [13] Group 5 - Gree Electric Appliances reported a significant increase in revenue and net profit for the first half of the year, with a revenue of 25.18 billion yuan, up 28.49%, and a net profit of 6.45 billion yuan, up 24.50% [17] - Other companies like Bestme and Meihua Biological also reported revenue growth, with Bestme's revenue increasing by 16.57% and Meihua's net profit growing by 19.96% [17] Group 6 - Goldman Sachs projected that China would receive a net inflow of $780 million in passive funds from the upcoming MSCI index adjustments, with 28 new stocks added to the emerging markets index [23] - Significant inflows into brokerage-themed ETFs were noted, with substantial net subscriptions reported for various funds, indicating strong market interest [24]

Core Viewpoint - The company is focusing on the market-oriented reform of data elements, positioning data elements as a core direction for strategic transformation, and achieving phased results in data resourceization, assetization, and capitalization [2]. Group 1: Data Element Strategy - The company is leveraging its self-developed Blu-ray storage technology to create integrated storage solutions, promoting efficient and green data storage, and supporting the national "East Data West Computing" strategy [2]. - The company is actively responding to the national call for data element market construction, focusing on building a trusted data space and developing benchmark applications in sectors such as healthcare, cultural heritage, and intelligent driving [2]. - A comprehensive service system covering data authorization consulting, compliance assessment, asset registration, accounting, and value evaluation has been established to support the value realization of data elements [2]. Group 2: Industry Empowerment - The company is concentrating on three major fields: transportation, healthcare, and culture, utilizing its 20 years of experience in transportation services to build a trusted data space for smart travel, logistics optimization, and traffic governance [4]. - In the healthcare sector, the company aims to solve data storage challenges, promote data circulation and sharing, and assist in cost control for medical insurance [4]. - The company is developing a traceable and tradable cultural data resource library and a digital cultural consumption platform to enhance the cultural sector [4]. Group 3: Market Activity - As of August 19, 2025, the company's stock closed at 23.79 yuan, with a slight increase of 0.13%, a turnover rate of 3.87%, a trading volume of 270,200 shares, and a transaction amount of 645 million yuan [1]. - On the same day, the net inflow of main funds was 18.96 million yuan, while speculative funds and retail investors experienced net outflows of 7.15 million yuan and 11.81 million yuan, respectively [6].

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7]. Core Insights - The computer sector experienced a significant increase of 5.44% last week, ranking 5th among major industries in the Yangtze River region, with a trading volume accounting for 9.93% of the total market [2][4]. - The rapid growth of AI applications in China is highlighted, with the daily average token consumption increasing from 100 billion at the beginning of 2024 to over 30 trillion by June 2025, reflecting a growth of over 300 times in just a year and a half [6][45]. - The report emphasizes the importance of AI infrastructure, overseas applications, and vertical integration companies in sectors like education, taxation, and healthcare [6][59]. Summary by Sections Market Performance - The overall market showed strength, with the Shanghai Composite Index surpassing 3700 points, closing at 3696.77 points, up 1.70% [4][15]. - The computer sector's trading activity was notably robust, particularly in financial IT-related stocks [2][17]. Key Recommendations - Focus on AI applications, particularly in infrastructure, overseas markets (video, coding, solutions), and vertical integration in specific sectors [6][59]. - The report suggests that the data industry is entering a rapid development phase, with the number of data companies expected to exceed 400,000 and the industry scale reaching 5.86 trillion yuan, a 117% increase from the end of the 13th Five-Year Plan [19][25]. AI and Robotics Developments - The 2025 World Humanoid Robot Games held in Beijing showcased advancements in humanoid robotics, indicating a new phase of development for the industry [26][31]. - The report notes that the performance of domestic AI models is improving, which is expected to accelerate the commercialization of AI applications [54][57].

Group 1 - The core viewpoint is that Kexin Information has shown significant stock performance, with a 19.99% increase and a market capitalization of 5.124 billion yuan [1] - The company has a strong technological advantage in the digital government sector, holding 754 software copyrights and 20 patents, which has attracted market attention [2] - Kexin Information has an unfulfilled contract amounting to 518 million yuan, indicating a robust order reserve that supports performance growth expectations [2] Group 2 - The company is capitalizing on the marketization of data elements, developing a trusted data space and a public data authorization operation platform, benefiting from the promotion of data element policies [2] - Kexin Information is primarily involved in sectors such as digital government, digital economy, trusted innovation, data elements, and machine vision [2]

Core Viewpoint - The National Development and Reform Commission plans to introduce over ten systems, including data property rights, to accelerate the release of data factor value, which is becoming a new engine for high-quality economic development, particularly in the financial sector [1][2]. Group 1: Data Factor Value in Financial Sector - Data factors are being recognized as valuable assets, with policies facilitating their entry into capital markets through instruments like Asset-Backed Securities (ABS) and Real Estate Investment Trusts (REITs) [2]. - The first closed-end infrastructure securities investment fund based on data centers was launched, with significant market recognition reflected in the buying amounts of 233 million and 388 million yuan for two specific funds [2]. - Data factors are enhancing credit assessment by integrating various data sources, which helps financial institutions with risk pricing and enables small and medium enterprises to convert hidden credit into financing capabilities [2][3]. Group 2: Challenges in Data Factor Financial Applications - Despite initial successes, the integration of data factors into financial services faces challenges such as data ownership confirmation, compliance, and security issues [4][5]. - The complexity of data as an asset, including its non-standard nature and valuation difficulties, complicates its integration into standardized financial products [5][6]. - Policies are being developed to address these challenges, including the establishment of data factor comprehensive experimental zones in various regions to explore data asset circulation models [6].

近日，国家发展改革委党组成员、国家数据局局长刘烈宏透露，今年还将推出数据产权等10多项制度， 以加快数据要素价值释放。 事实上，近年来，在一系列政策"组合拳"的引导下，数据要素价值在赋能实体经济、驱动产业变革等方 面的作用持续显现，成为推动经济社会高质量发展的新引擎。特别是在金融领域，围绕数据要素价值展 开的诸多探索，不但有效破解了中小微企业融资难、信用评估难等传统痛点，让金融服务更精准地触达 实体经济的薄弱环节，而且加速了金融业态的创新迭代，推动形成更高效、更安全、更普惠的现代金融 生态，为金融领域的长远发展注入了可持续的动能。 接受《证券日报》记者采访的专家表示，数据要素正加速赋能金融服务，推动模式创新、解决企业融资 难题。不过，金融行业因涉及大量敏感信息与资金资产，且监管严格，"数据要素×金融服务"仍面临诸 多挑战，如数据确权、评估、合规、安全等问题，未来需着力解决这些难题，以推动数据要素在金融领 域的深入应用。 粤港澳大湾区大数据研究院理事长杜平表示，数据价值释放过程中存在诸多突出问题：数据权属确认及 其财产收益分配问题尚未得到有效解决，这在一定程度上挫伤了数据供给方的积极性；数据资源转化为 另一方面 ...

2025年08月15 F 证券研究报告|公司研究|公司点评 浙数文化（600633） 公司基本盘稳固,AI 与消费增长曲线逐步打开 事件：公司发布 2025 年半年报，2025 年上半年公司实现营业收入 14. 14 亿元，同比+0.09%；归母净利润 3.77 亿元，同比 156.26%；扣非 后归母净利润 2.03 亿元，同比+0.14%。毛利率 55.67%，同比-7.13p ct；净利率 26.27%，同比+17.24pct。 单季度来看，25Q2 公司实现营收 7.08 亿元，同比-3.66%；归母净利 润 2.34 亿元，同比+386.45pct; 毛利率 53.81%，同比-8.26pct, 环 比-3.71pct；净利率 31.47%，同比+28.23pct，环比+10.41%。 投资评级 买入 维持评级 2025 年 08 月 14 日 收盘价(元): | 公司基本数据 | | | --- | --- | | 总股本(百万股) | 1,268.07 | | 总市值(百万) | 18,856.27 | | 流通股本(百万股) | 1,268.07 | | 流通市值(百万) | 18,856.2 ...