Core Viewpoint - The Chinese capital market is entering a new historical stage characterized by clear policy signals emphasizing stability and strength, with a focus on inclusivity, adaptability, and the coordination of financing and investment functions as key elements for high-quality development [1][5]. Group 1: Inclusivity - Market vitality is predicated on inclusivity, which manifests in both the financing and investment sides [1][7]. - The establishment of the Sci-Tech Innovation Board and the Beijing Stock Exchange, along with the promotion of the registration system reform, aims to enhance the inclusivity of the financing side, allowing more hard-tech and specialized enterprises to access capital [7]. - On the investment side, a diverse range of market participants, from venture capital to individual investors, is essential for maintaining market resilience, requiring a fair and transparent market environment [2][7]. Group 2: Adaptability - The adaptability of capital market systems is crucial in an era of rapid technological change and blurred industry boundaries, necessitating dynamic adjustments and iterative mechanisms [2][8]. - Traditional regulatory and valuation frameworks need updates to accommodate emerging fields such as data assets, artificial intelligence, and green energy [8]. - Recent enhancements in regulatory technology, information disclosure systems, and delisting regulations reflect efforts to improve adaptability [3][8]. Group 3: Coordination of Financing and Investment Functions - Effective operation of the capital market relies on a positive cycle between financing and investment functions, avoiding an overemphasis on either side [3][9]. - Sustainable market balance is achieved when investors trust that their investments can drive corporate growth and yield returns, ensuring continuous capital flow [9]. - The core of this coordination is investor protection, which serves as a lubricant and stabilizer for sustainable market functions [9]. Group 4: Investor Protection - The concept of investor protection is evolving from merely preventing risks to promoting value sharing, emphasizing the need for investors to participate in corporate growth and share in value creation [4][9]. - Measures to enhance investor protection include strengthening dividend constraints, improving governance transparency, and refining institutional investor behavior standards [4][9]. - The ongoing reform of the capital market is a long-term endeavor, with each optimization contributing to market maturity and supporting China's economic transition [5][10].

（一）技术实力 供应商的技术能力是关键因素。像沈阳创链信息技术有限公司这样的企业，其核心技术团队成员来自清华大学、吉林大学等知名院校，具 备丰富的技术研发与项目实施经验。他们自主研发的多个应用场景解决方案，显示出强大的技术实力，能够保障数据资产的稳定供应。 （二）行业经验 丰富的行业经验意味着供应商能够更好地应对各种情况。创链信息在区块链技术研发、工业互联网等领域有着深厚的积累，对不同行业的 数据需求和特点有深入的理解。 引言 在当今数字化时代，数据已成为企业最重要的资产之一。数据资产的供应稳定性对于企业的正常运营和发展至关重要。那么，如何找到数据资产供应稳定的 供应商呢？ 一、数据资产供应商的重要性 数据资产如同企业的血液，贯穿于企业的各个业务环节。稳定的数据资产供应能够保证企业决策的及时性和准确性。例如，在金融领域，数据的缺失或不准 确可能导致投资失误；在制造业，生产数据的延迟可能影响整个供应链的效率。 二、选择稳定供应商的标准 （一）过往案例 查看供应商的过往成功案例，了解其在类似项目中的表现。 （二）客户评价 参考其他客户的评价，从侧面了解供应商的服务质量和稳定性。 总结 选择数据资产供应稳定的供应商 ...

Core Viewpoint - The meeting of the Asset Securitization (ABS) Business Committee of the China Securities Investment Fund Industry Association emphasized the importance of ABS and multi-level REITs markets in promoting high-quality development and supporting the real economy, aligning with the "14th Five-Year Plan" [1][2] Group 1: Meeting Highlights - The meeting discussed the implementation of the spirit of the 20th National Congress and the "14th Five-Year Plan," focusing on high-quality development of ABS and multi-level REITs markets [1] - It was noted that ABS and multi-level REITs have significantly contributed to revitalizing existing assets, stabilizing macro leverage ratios, optimizing asset-liability structures, and broadening financing channels [1] - The meeting recognized the ongoing efforts to enhance the quality and efficiency of services to the real economy through ABS and REITs [1] Group 2: Strategic Recommendations - The meeting recommended aligning the development of the ABS market with national strategies, enhancing services for the real economy, and improving wealth management for residents [2] - It suggested actively optimizing the ABS market structure by focusing on sectors such as computing assets, data assets, green energy, and pension infrastructure [2] - The meeting called for strengthening the capabilities of industry institutions, exploring paths for financial technology empowerment, and improving asset transparency and risk management [2] Group 3: Regulatory Insights - Officials from the Securities Regulatory Commission highlighted the positive impact of ABS and multi-level REITs in revitalizing existing assets and supporting the capital market's service to the real economy [2] - Future regulatory efforts will focus on enhancing the adaptability and inclusiveness of the system, optimizing mechanisms related to valuation and market-making, and encouraging financial technology integration [2]

Group 1 - The article discusses the evaluation of data assets of listed companies in China from 2007 to 2024, focusing on the methodologies used for assessment [2][3] - Three methods for calculating data assets are introduced: text analysis, value method, and actual method [4][5][6] - The text analysis method involves collecting annual reports of A-share listed companies and analyzing the "Management Discussion and Analysis" (MD&A) section using Python and pdfplumber tools [2][3] Group 2 - The value method quantifies data asset value by considering both current data resources and their future potential value, emphasizing the increasing market recognition of data assets [5] - The formula for measuring data asset value is provided: Data Assets (DA) = ln(Market Value - Fixed Assets - Intangible Assets - Financial Assets), highlighting the importance of market value in assessing data assets [5] - The actual method categorizes data resources into directly usable and those requiring further processing, detailing the accounting treatment for each type [6]

Core Insights - The event "Jin" Empowerment: Safeguarding Intelligent Manufacturing and Financial Integration was held in Dongguan, focusing on policy interpretation, case sharing, and trend analysis to help enterprises leverage intellectual property and data assets for innovation and industrial upgrading [1][2] Group 1: Event Overview - The event was co-hosted by Guangdong Equity Exchange Center and Dongguan Intellectual Property Operation Center, with support from various local organizations [1] - The event aims to enhance the integration of intellectual property and capital markets to stimulate innovation and support high-quality development in Dongguan [1] Group 2: Expert Insights - Fang Yuan, Director of Fund Services at Guangdong Equity Exchange Center, discussed the functions and achievements of regional equity markets, highlighting the development of specialized boards for "specialized, refined, distinctive, and innovative" enterprises [2] - Li Jianlian, Market Director of Dongguan Intellectual Property Operation Center, provided an in-depth analysis of the new Company Law and its implications for compliance and risk management [2] - Pan Mingjun, an expert from Dongguan Big Data Association, shared case studies on transforming data assets into tangible financial resources, emphasizing the importance of data in enhancing the quality of manufacturing [2] Group 3: Objectives and Outcomes - The seminar served as a high-level dialogue platform for financial exchanges between Dongguan's tech enterprises and institutions, aiming to help businesses understand new dynamics in capital markets and legal compliance [2] - The event promotes the deep integration of innovative resources and industrial upgrading, aligning with the current economic transformation and upgrading phase [1][2]

Core Insights - The transformation of Ganzhou into a digital economy hub began with the establishment of the Ganzhou Digital Industry Group in June 2024, integrating the digital economy sector of the state-owned asset investment group [1] - The city is leveraging data as a new core asset, creating a comprehensive trading platform for data that includes registration, compliance review, transaction circulation, and security supervision [2] - The "Digital Brain" command center enhances urban governance by providing real-time data for traffic management and city operations, contributing to the city's recognition in global smart city awards [3] - The "iSports" platform improves public fitness services by allowing citizens to easily book sports facilities, supported by government subsidies [4] - The Ganzhou Digital Industry Group is advancing from "digital empowerment" to "AI intelligence enhancement," focusing on integrating AI into various sectors [5][7] Digital Economy Development - The Ganzhou Digital Industry Group has launched a full-chain trading platform for data, enabling the circulation of previously dormant data assets [2] - The platform currently features 432 data products across finance, healthcare, and ecology, with 148 data merchants participating [2] - The group has achieved a significant milestone by obtaining the first "data asset transaction" certificate for a state-owned enterprise in Ganzhou [2] Urban Governance and Services - The "Digital Brain" command center has been recognized for its capabilities in urban management, winning awards for its innovative practices in smart city development [3] - The implementation of a unified enterprise scanning registration platform has streamlined government inspections, significantly improving the business environment [3] - The "iSports" platform has served over 8,000 citizens, creating a digital map for fitness services that enhances accessibility [4] AI Integration and Future Prospects - The Ganzhou Digital Industry Group is utilizing AI tools to automate data reporting processes, significantly reducing the time required for generating reports [6] - The group has achieved over 100 million yuan in revenue and received numerous accolades for its contributions to the digital economy [6] - The focus on AI integration aims to enhance government services and social welfare, positioning Ganzhou as a leader in the digital economy [7]

Core Insights - AI technology is rapidly evolving, and companies across various industries are embracing digital transformation, making it essential for businesses to reshape their organizational structures through digitalization [3][4] - Data resource management is identified as the primary element in data-driven management, encompassing data collection, architecture, governance, cleaning, and value extraction [3] - As of 2025, only 101 listed companies in China are expected to report data resource values totaling 2.475 billion yuan [3] Data Resource Challenges - Companies face challenges in data ownership verification, especially for externally sourced data, which raises questions about data rights and usage [4] - Cost tracing is another challenge, as companies need a clear system to measure and trace the costs associated with data resource development [4] - Information disclosure regarding data resources is limited, with only a small number of companies currently reporting data assets, indicating a need for more practical exploration and policy guidance [4] Data Asset Valuation Methods - Companies can evaluate data asset value using three methods: cost method (initial development costs), income method (net benefits and cash flow generated), and market method (comparable market values) [5] - Key indicators for valuation include cost tracking for the cost method, estimating lifecycle benefits for the income method, and assessing market activity for the market method [5] Utilizing Data Assets for Business Value - Companies should recognize data assets as strategic resources and integrate them into core asset management, necessitating a shift in management philosophy [6] - Establishing a data-driven decision-making system is crucial, requiring the breaking down of departmental silos and creating a unified data platform for sharing and integration [6] - Organizations must adapt their structures and talent pools to support data-driven management, fostering a culture of innovation and creativity [6] Risk Management and Ethical Considerations - While leveraging AI, companies must also address potential risks such as data security and privacy, necessitating robust risk management frameworks and adherence to legal and ethical standards [6] Innovation in Business Models - Digital empowerment should focus not only on operational efficiency but also on creating new business models and value growth opportunities, such as personalized products and services through AI [6] Data Utilization in the Greater Bay Area - The Greater Bay Area, particularly Shenzhen, has many tech companies that can leverage internal and external data for AI algorithm training, necessitating effective data management and privacy protection policies [7] - Financial support for data-driven companies is essential, including policies that enhance data asset credibility for loans and insurance [7] - Utilizing data exchanges can facilitate active trading of data products, promoting overall market development for data assets [7]

Core Insights - The company has made deeper attempts in intelligent data governance and data security, serving various banking clients including state-owned banks and several joint-stock banks [1] - The company has implemented its data middle platform solution and integrated product "Liuhe Shangjia" in multiple provincial rural credit cooperatives [1] - The company collaborated with Hengfeng Bank to publish a research report on "Financial Data Asset Valuation and Trading" [1] Group 1 - The company focuses on building capabilities in data assets, intelligent data governance, and data security [1] - The company is actively involved in the reform of rural credit institutions, providing tailored solutions [1] - The collaboration with Hengfeng Bank indicates a commitment to advancing financial data asset management [1]

Core Insights - The "Data Element X" competition, co-hosted by multiple government agencies, awarded Sichuan Digital World Cultural Technology Co., Ltd. third place for its COG Game Trusted Asset Comprehensive Service Platform, the only cultural enterprise in the financial track [1] Group 1: Company Overview - Sichuan Digital World aims to address the growth bottlenecks of cultural and creative enterprises, which face challenges such as "light assets, difficult valuation, and expensive financing" in a market with nearly 600,000 game companies and over 700 million users [1] - The COG platform utilizes blockchain and big data technologies to create a "full lifecycle management loop" for game industry data, transforming intangible game data into measurable, valuable, and tradable assets recognized by financial institutions [1] Group 2: Financial Collaboration - Sichuan Digital World has formed a game asset investment and financing consortium with 11 financial institutions, including China Bank, Construction Bank, and Xinwang Bank, launching exclusive financial products like "Star Game Treasure" and "Good Game Pass," with a total credit scale of 60 billion yuan [1] - Since its launch in May 2025, the COG platform has injected 530 million yuan in funding support to 32 game companies, effectively converting previously idle data into tangible financial resources for business development [2] Group 3: Future Developments - The project team plans to further optimize the COG platform by developing products such as data revenue rights pledge and IP securitization, enhancing the connection between cultural data and capital markets [2]

Core Insights - Guo Xin Health (000503.SZ) is actively participating in pilot projects under the guidance of national medical insurance data authorities [1] - The company has implemented a public data authorization operation mechanism in Hangzhou to facilitate the practical application of commercial insurance underwriting and claims scenarios [1] - Currently, the commercial insurance data services provided by the company focus on scenario operation services and do not involve data asset-related matters [1]