Core Insights - The AI-enabled Shenzhen Pharmaceutical and Medical Device Industry High-Quality Development Conference successfully took place, focusing on how data and algorithms can enhance drug development, precision medicine, and health management [1] - Shenzhen is a major hub for AI pharmaceutical companies, with 18 AI drug companies representing 17% of the national total, including notable firms like Crystal Technology, Star Pharmaceutical, and Eglen Pharmaceuticals [1] - Shenzhen's AI drug clinical pipelines are advancing rapidly, with 10 AI pipelines entering clinical stages, accounting for 10% globally and 30% nationally [1] - The "AI + Medical Devices" industry in Shenzhen is also leading nationally, with products concentrated in various disease areas such as cardiovascular, neurological, and oncology [1] Product and Data Development - The conference announced a list of outstanding AI + pharmaceutical and medical device products, including high-throughput peptide synthesizers and AI diagnostic models for chronic diseases [2] - The biomedicine and high-end medical device sectors are key strategic emerging industry clusters in Shenzhen, relying on a high-quality data flow environment for digital and intelligent development [2] - Shenzhen Data Exchange introduced five high-quality medical data products focused on public health, chronic disease management, and vaccination, providing a solid data foundation for AI pharmaceutical companies [2] - The Shenzhen Data Exchange has made breakthroughs in data property registration, trusted circulation, and revenue distribution, creating replicable and scalable innovative results in various fields, including healthcare [2]

Group 1 - Wuchang District has completed the registration of 3D map data resources, becoming the first in Wuhan to receive a public data resource registration confirmation, which will be opened to departments and enterprises in need [1][2] - The public data includes information on buildings, streets, and lakes in key areas of Wuchang District, facilitating access for enterprises and institutions that previously faced challenges in obtaining such data [2][3] - The registration of public data resources is part of a broader initiative in China to encourage government agencies to provide high-quality public data to enterprises and institutions, enhancing the development of emerging industries like artificial intelligence and humanoid robots [1][3] Group 2 - The registered 3D map data can be shared and operated under three models: sharing, opening, and authorized operation, allowing low-altitude economy enterprises to access data without redundant collection [2] - Companies like Hubei Zhongxing Weitong Communication Co., Ltd. express that the opening of 3D map data will reduce data collection costs and support market applications in low-altitude economy and smart emergency sectors [2] - Wuchang District aims to establish a public data property registration system to clarify data ownership and unlock the value of public data, while also supporting local enterprises in participating in data circulation [3] Group 3 - Ten provinces and municipalities, including Beijing, Shanghai, Tianjin, and Guangdong, have completed the first batch of public data resource registrations nationwide [4]

Core Viewpoint - The National Information Center and the Yongchuan District People's Government of Chongqing signed a strategic cooperation agreement to enhance collaboration in digital economy development, focusing on infrastructure, data flow, talent cultivation, and creating a data element industry ecosystem [1][3]. Group 1: Strategic Cooperation - The agreement emphasizes "complementary advantages, mutual benefit, and long-term cooperation" to leverage strengths in policy research, industry cultivation, technological innovation, market expansion, and talent training [1]. - The collaboration aims to establish a long-term cooperation mechanism and build a "cross-border trusted data space" to promote high-quality development of the digital economy [1][3]. Group 2: Yongchuan District's Digital Economy - Yongchuan District is positioned to become a hub for digital economy innovation, with a focus on data element circulation and integration into the data element industry ecosystem [3]. - The district plans to enhance its digital government and smart city initiatives, and develop a data element circulation system to facilitate cross-border data transactions [3][4]. Group 3: Technological Infrastructure - Yongchuan has implemented a "1358" action plan to create a nationally influential technology film industry ecosystem, featuring a state-of-the-art film studio with 12 professional studios and advanced equipment [4]. - The district is developing a digital asset platform for technology films, integrating AI scheduling and digital watermarking to create a comprehensive service platform that serves the southwestern region [4].

Core Insights - The event "Walk Through China" highlighted the rapid development of the digital economy in Inner Mongolia, showcasing key projects in Hohhot and Ulanqab [1][5] - The Inner Mongolia Data Trading Center has established itself as a significant data circulation hub, with 503 data products and a computing power of 67,000 P, which is recognized internationally for its impact on capital market efficiency [1][5] - The Chahar High-tech Development Zone aims to achieve a computing power of 120,000 P by 2025, with a planned investment of 7.5 billion and a revenue target of over 10 billion [5] Data Hub: Core Engine for Value Activation - The Inner Mongolia Data Trading Center, operational since October 2024, has developed a diverse product matrix across various sectors, including finance and transportation [1] - The center's computing power is noted to be at a world-class level, enhancing the efficiency of financial transactions and data transmission [1] - The center is part of a national initiative to promote data trading and integration across the country [1] Virtual and Cultural Innovation - The Cloud Valley Exploration Port in Hohhot serves as a platform for digital cultural experiences, utilizing VR technology to enhance cultural dissemination [2][3] - The port has attracted numerous visitors and aims to become a renowned digital exhibition landmark [3] Computing Power: A Global Benchmark for Intelligent Computing Industry - The Chahar High-tech Development Zone has implemented 16 major data projects, supporting a computing power system of 58,000 P with 440,000 servers [5] - The zone is home to significant enterprises like Huawei and Alibaba, focusing on large-scale model training and inference [5] - Future plans include expanding computing power and investment in the big data industry, with ambitious revenue goals [5]

Core Viewpoint - The Central Enterprise Innovation-Driven Index (000861) has shown a slight decline of 0.16% as of April 30, 2025, with mixed performance among constituent stocks, indicating a volatile market environment for central enterprises [3][4]. Group 1: Index and ETF Performance - The Central Enterprise Innovation-Driven ETF (515900) has decreased by 0.14%, with the latest price at 1.4 yuan, and has a trading volume of 413.75 million yuan, reflecting a turnover rate of 0.12% [3][4]. - Over the past year, the ETF has achieved an average daily trading volume of 38.99 million yuan, ranking first among comparable funds [3]. - The ETF has recorded a net value increase of 20.30% over the past three years, placing it in the top 16.57% among 1,744 index equity funds [5]. Group 2: Fund Characteristics - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [5]. - The tracking error of the ETF over the past five years is 0.038%, indicating the highest tracking precision among similar funds [5]. - The current price-to-book ratio (PB) of the index is 1.37, which is below the historical average for over 84.64% of the past year, suggesting a favorable valuation [5]. Group 3: Key Holdings - As of March 31, 2025, the top ten weighted stocks in the index account for 34% of the total index, with notable companies including Hikvision (002415) and State Grid NARI (600406) [6][8]. - The performance of individual stocks within the top ten has varied, with Hikvision showing a slight increase of 0.36% and China Merchants Bank declining by 3.19% [8].

Core Insights - The construction of a trusted data space is seen as a new opportunity to address challenges in data circulation and value release in China [1][2][3] - The digital economy's rapid growth highlights the increasing importance of data as a core production factor, with the core industries of the digital economy projected to account for about 10% of GDP in 2024 [1] Group 1: Challenges in Data Utilization - Many enterprises have concerns regarding the security, compliance, and efficient circulation of data, leading to a significant amount of data remaining "asleep" and not realizing its potential value [1] - Issues such as unclear responsibilities, imperfect rules, and difficulties in establishing trust hinder effective matching between data supply and demand, restricting the scale and efficiency of data circulation [1] Group 2: Trusted Data Space as a Solution - The trusted data space is likened to a "data sandbox," allowing data providers to share data securely while enabling smaller enterprises to access necessary data, thus breaking the bottleneck in data integration and utilization [2] - The trusted data space is considered a new type of data infrastructure and a crucial part of the national data element system, aimed at solving the issues of data underutilization among enterprises [2] Group 3: Development and Implementation - Experts emphasize the need for unified concepts, practical benchmarks, and a long-term operational model to drive the development of the trusted data space [3] - The Shenzhen Data Exchange has pioneered a "1+N dynamic compliance" system and initiated a national data transaction credit system to facilitate cross-domain and cross-border data circulation [3] Group 4: Future Outlook - Continuous efforts in interconnectivity across technology, standards, data, and resources are essential for the long-term development of the trusted data space [4] - The role of operators as trusted third parties is critical, with a focus on market mechanisms and transparent rules to encourage active participation in data supply and usage [4]

Core Viewpoint - The data element circulation market in China is experiencing significant growth, driven by favorable national policies, accelerated construction of public data operation platforms, and advancements in emerging technologies [2][6]. Group 1: Industry Overview - Data elements are considered a new type of production factor alongside land, labor, capital, and technology in the digital economy [3]. - The data element circulation process involves the compliant, secure, and efficient flow, sharing, trading, and utilization of data among different entities, platforms, and scenarios [4][6]. Group 2: Current Market Status - The market size of data element circulation in China grew from 37.5 billion yuan in 2019 to 133.2 billion yuan in 2023, with projections of approximately 166.2 billion yuan in 2024 and over 200 billion yuan in 2025 [6][10]. - The market is expected to further expand as industries such as energy and healthcare begin to participate [6]. Group 3: Market Segmentation - In 2024, the market shares for various segments of data element circulation are projected as follows: data collection (5.17%), data processing (19.74%), data trading (28.52%), and data security and services (46.51%) [8]. - For 2025, the expected market shares are: data collection (5.09%), data processing (19.78%), data trading (27.80%), and data security and services (47.29%) [8]. Group 4: Related Companies - Listed companies in the data element circulation sector include AsiaInfo Technologies (01675) and other relevant firms such as Ant Group, Beijing Chongliang Online Technology Co., Ltd., and Shenzhen Insight Wisdom Technology Co., Ltd. [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 BAIWANG CO., LTD. 百望股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6657） 自願公告 業務更新 本 公 告 由 百 望 股 份 有 限 公 司（「本公司」）連 同 其 附 屬 公 司 統 稱 為（「本 集 團」），自 願 性 地 通 知 其 股 東 及 潛 在 投 資 者 有 關 本 公 司 的 最 新 業 務 發 展。 本公司董事會（「董事會」）欣 然 宣 佈，於2025年2月，本 集 團 與 國 家 信 息 中 心 簽 署 合 作 協 議，憑 藉 在 數 據 領 域 和 人 工 智 能(AI)領 域 的 積 累，本 集 團 支 持 建 設 並 上 線 了 數 據 資 源 登 記 系 統。本 次 合 作 體 現 了 本 集 團 政 府 重 大 ...