Core Insights - The understanding of "data" by enterprises has evolved from retrospective analysis to becoming a crucial production factor, driven by policies like "Digital China" and "data assets on the balance sheet" [1] - XunCe Technology has gained attention in the capital market due to its advantages in real-time data infrastructure, with its stock price rising 5.2% on its debut on the Hong Kong Stock Exchange [1] Group 1: Industry Challenges and Solutions - Asset management is one of the most data-intensive industries, characterized by high regulatory scrutiny and the risk of data errors being magnified [2] - Many asset management institutions still rely heavily on manual operations and fragmented systems, leading to data silos and human errors [2] - XunCe Technology has developed a unified real-time data infrastructure that can collect, clean, manage, analyze, and govern data within milliseconds to seconds, differentiating itself from traditional multi-system approaches [2] Group 2: Market Position and Client Base - According to Frost & Sullivan, XunCe Technology ranks first in the real-time data infrastructure and analytics market in China's asset management sector, with a market share of 11.6% [3] - The company serves top-tier clients, including the top ten asset managers in China, which include insurance companies and mutual funds, providing strong validation of its reliability [3] Group 3: Expansion Beyond Asset Management - The capabilities validated in asset management are transferable to other industries, allowing XunCe Technology to expand into sectors like telecommunications, urban management, and manufacturing [4] - The revenue from non-asset management sectors increased from 25.6% in 2022 to 34.1% in 2023, and is projected to reach 61.3% in 2024 [5] Group 4: Financial Performance and Growth - XunCe Technology exhibits characteristics typical of a tech-driven company, with revenue growing from 288 million yuan in 2022 to 632 million yuan in 2024, reflecting a compound annual growth rate of 48.2% [6] - The gross margin has consistently remained above 70%, indicating a platform and product-oriented business model [6] - The company maintains a high R&D investment, with 71.3% of total revenue allocated to R&D in 2024, focusing on real-time computing and AI capabilities [6] Group 5: Strategic Positioning and Future Outlook - The current losses are primarily due to strategic investments, but the adjusted net loss has decreased from 96.51 million yuan in 2022 to 82.37 million yuan in 2024, indicating improving profitability [7] - The company has a strong liquidity position with cash resources of 421 million yuan and unused bank credit of 134 million yuan, supporting ongoing R&D and business expansion [7] - The backing from top asset management firms and long-term capital investors like Tencent and KKR enhances the company's credibility and market recognition [7] Conclusion - XunCe Technology represents a successful example of long-term strategic investment in infrastructure, focusing on foundational capabilities rather than chasing short-term trends [8] - The arrival of AI technology is seen as a favorable development for the company, potentially accelerating its growth trajectory [9]

Core Viewpoint - The recent joint announcement by four regulatory bodies aims to enforce stricter accounting standards for data assets, emphasizing cost measurement and enhancing cost management to curb valuation irregularities in data assets [1] Group 1: Regulatory Changes - The new regulations require companies to measure data assets based on actual costs incurred, eliminating the use of future value assessments, thereby preventing asset bubbles from forming [2] - Companies are prohibited from retroactively capitalizing previously expensed data resources, ensuring the authenticity and comparability of financial data [2] - An annual impairment test is mandated for data assets, requiring companies to assess and adjust the book value of data assets based on their current utility and potential obsolescence [2] Group 2: Information Disclosure - Companies must provide detailed disclosures regarding data asset classification, measurement methods, useful life, and impairment status, increasing transparency and reducing information asymmetry [3] - The new rules aim to enhance the reliability of financial data, thereby reducing the risk of investors falling into overvaluation traps when making investment decisions [3] - The regulations offer clear guidelines for auditing firms, enabling them to perform their roles more effectively and reducing the risk of professional judgment errors [3]

挖掘文化资产"新矿藏"，省互联网传媒集团迈出重要一步 数据资产入表，对企业意义重大。"融资难、融资贵一直是制约文化企业发展的'痛点'，高质量数 据资产可以有效壮大企业资产规模、夯实资产质量，进而显著提高文化企业的融资能力，这对破解文化 企业融资困境有着很强的现实意义。此外，数据资产入表可以推动企业合规、高效地利用数据资源，助 力企业数字化转型和培育数字文化新业态。"对于网媒集团数据资产入表的重要意义，山东文化产权交 易所副总经理李鸣说。 山东省属文化企业数据资产入表首单落地 数字化时代，数据已成为新型生产要素。在文化传媒领域，每天都在产生大量数据，如何挖掘、用 好这些"沉睡矿藏"？近日，山东省互联网传媒集团（以下简称"网媒集团"）以"山东省互联网和相关服 务互联网舆情数据"为基础，完成相关数据资产入表，不仅为同类型企业开展相关业务提供了参考借 鉴，也标志着山东在推进文化数据资产挖潜应用上迈出关键一步。 数据资产入表，是指将数据作为一种资产体现在企业的财务报表中。这一过程是数据产品化、价值 化、资产化的重要步骤，标志着数据已从抽象概念变成能为企业带来真金白银的新资源。据悉，此次网 媒集团数据资产入表金额为130 ...

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) is leading initiatives to develop a trusted data space system within state-owned enterprises (SOEs), aiming to enhance the value realization of data elements through pilot projects and policy support [1][6]. Group 1: Policy and Initiatives - The SASAC has issued a notice to initiate pilot projects for the construction of trusted data spaces, with 14 SOEs taking the lead [1]. - The issuance of the "Opinions on Promoting the Development and Utilization of Enterprise Data Resources" in December 2024 provides a regulatory framework for the open circulation of data [2]. - Multiple departments are spearheading various pilot projects related to data asset management and the innovative development of trusted data spaces, with SOEs playing a significant role [2]. Group 2: Data Resource Management - As of now, SOEs have formed four industry data industry communities, with significant progress in data asset management [3]. - The State-owned Assets Supervision and Administration Commission is promoting the construction of high-quality data sets across ten sectors, with the first batch of 30 exemplary construction results already published [5]. - Many SOEs have established large-scale data infrastructures, such as the National Pipeline Network Group's data platform, which aggregates over 10 billion core data entries [5]. Group 3: Challenges and Recommendations - Experts highlight ongoing challenges in realizing the value of data elements, including issues related to compliance, costs, and benefits [8]. - The lack of active market pricing and the high initial investment required for data transactions are significant barriers for enterprises [8]. - Recommendations include the need for clearer operational guidelines on data rights confirmation and the establishment of unified standards for data valuation and circulation [9].

Core Viewpoint - The successful integration of the "AI Perception Prediction Model" as a data asset into financial statements marks a significant milestone in the financialization of data assets, facilitating a pioneering data asset pledge financing of 30 million yuan in the AI sector in Shandong Province [1][2][5][6] Group 1: Data Asset Evaluation and Integration - The company established a dual evaluation mechanism for data asset quality and value, ensuring comprehensive assessment through compliance checks, quality testing, model performance evaluation, and application scenario validation [3] - The "AI Perception Prediction Model" was incorporated into the financial statements as an intangible asset, enhancing the diversity of the company's asset structure and providing a compliant basis for future financing [4] Group 2: Financing Innovation - The financing model innovatively uses AI model data assets as collateral, breaking away from traditional financing methods that rely on physical assets or credit guarantees, thus exploring a deep integration of data elements and financial capital [5][7] - The 30 million yuan loan represents the first instance of data asset pledge financing in the AI field within Shandong Province, signifying a critical transition of data assets from "resources" to "capital" [5][6] Group 3: Impact and Future Directions - The case serves as a "new district sample" for national data element market-oriented configuration reform, effectively promoting the capitalization, assetization, and financialization of data elements [6][7] - The funds obtained from this pledge financing will be utilized to enhance data infrastructure and analytical capabilities, further driving the monetization and appreciation of the company's data assets [5]

从"科研积累"到"市场资产"，定义医疗数据要素化的新"样板" 脉图精准的实践，为医疗健康领域的数据要素化提供了一个可复制的"样板"。一方面，它将企业无形的 数据沉淀，转化为可计量、可交易、可融资的资产，直接提升了企业自身的资产结构与市场估值，开辟 了全新的价值增长曲线。另一方面，它验证了通过规范化的数据治理与技术手段，能够安全、高效地释 放医疗数据的巨大潜能。 近日，广东数联数据要素有公司作为项目牵头方助力哈尔滨脉图精准技术有限公司(以下简称"脉图精 准")以其自主研发的多模态代谢组学数据产品，成功在浙江大数据交易中心与贵阳大数据交易所完成登 记，并依法实现资产入表。这标志着黑龙江省首个医疗健康领域的数据资产入表案例正式落地，不仅跑 通了从数据资源到合规资产的全流程闭环，更意味着其长期积累的科研数据，正转化为驱动企业创新与 增长的新质生产力。 攻克合规与技术壁垒，实现数据价值"从0到1"的跨越 将医疗数据转化为被市场与会计准则认可的资产，面临权属界定、隐私安全、价值评估等多重挑战。作 为一家专注于代谢组学技术研发与数据应用的高科技企业，脉图精准依托其前沿的质谱检测技术与生物 信息学分析平台，经过多年科研积累， ...

Core Insights - The conference "2026 Annual Dialogue and Global Wealth Management Forum" focuses on the theme "China's Resilience in Changing Circumstances" and highlights the importance of investing in human capital as a new focus for financial institutions [1] - Xu Junming, General Manager of Xicheng Zhiyuan Private Equity Fund Management Company, emphasizes the need for rationality in venture capital and the search for structural opportunities, particularly in digital transformation and artificial intelligence [3][12] Group 1: Investment Opportunities - There are significant opportunities in the "Finance + Technology + Industry" integration, especially in sectors requiring digital transformation and AI empowerment [3][11] - The emergence of innovative financial tools like "Science and Technology Loans" has helped SMEs, but there is still room for further innovation, such as using intellectual property as collateral for financing [3][12] - The concept of investing in human capital is gaining traction, as the knowledge and skills of managers and engineers can be transformed into data assets in the AI era [3][12] Group 2: Challenges in Investment - The dominance of local guiding funds as the main source of capital presents two major bottlenecks: spatial and temporal conflicts between local fund management and the free flow of capital [4][14] - The short tenure of decision-makers in local guiding funds often does not align with the long-term nature of venture capital investments, creating challenges for sustained support of innovative projects [4][15] - The need for new fund models, such as talent funds or patent-based funds, is highlighted as a potential solution to overcome existing bottlenecks in the investment landscape [4][15] Group 3: Market Dynamics - The current investment landscape shows a significant divide between commercial viability and technological competition, with varying attitudes towards AI among major tech companies [8][9] - The market is experiencing a fear of missing out (FOMO) among investors, leading to a rush towards early-stage investments despite the high valuations of many AI companies [9][10] - Historical comparisons are drawn between the current AI wave and past technology bubbles, emphasizing the need for careful evaluation of investment opportunities [10][11]

｜2025年12月19日 星期五｜ NO.1 数据显示：美国投资者今年爆买中国科技ETF 每经记者｜杨建 每经编辑｜彭水萍 12月18日，按管理资产规模计，在美上市最大中国股票ETF——KraneShares中国海外互联网 ETF(KWEB)今年以来已累计吸金23亿美元，有望创下2021年以来最佳年度表现。资产规模排名第四的 景顺中国科技ETF(CQQQ)也录得21亿美元资金流入，有望创下历史最佳年度表现。 NO.2 央行加大跨年流动性投放力度，专家：明年初降准预期升温 央行12月18日在公开市场开展883亿元7天期逆回购操作，利率维持在1.40%，并同步进行1000亿元14天 期逆回购操作。东方金诚首席宏观分析师王青表示，年末临近，央行按惯例在这一时点开启14天期逆回 购，可以有效熨平资金面波动，引导市场流动性处于较为稳定的充裕状态。综合当前经济金融运行态势 及货币政策取向，预计2026年1月央行有可能宣布降准，降准幅度估计为0.5个百分点，向市场注入约1 万亿元的长期流动性。 NO.5 商汤科技将与大晓机器人、中科曙光共建国产化"算力基础设施+具身智能 "生态 据商汤科技官微12月18日消息，在今日的首届 ...

科技日报记者 王禹涵 西安中科西光航天科技集团有限公司董事长兼总经理秦静表示："数据资产入表实现了企业核心数据价 值的财务显性化，不仅直接提升资产规模，也为拓宽融资渠道奠定了合规基础。更为重要的是，它推动 公司建立起完善的数据治理体系，提升了数据管理的规范与安全水平。" 记者18日从西安中科西光航天科技集团有限公司获悉，该公司自主研发的"高光谱遥感卫星应用平台数 据"近日完成资产确权、评估与入表，成为全国首单高光谱卫星数据资产入表实践，评估价值约2700万 元，并获得陕西丝路数据交易中心等8家数据交易机构的认证。 "这标志着我国商业航天领域数据资产管理取得重要突破，实现了商业航天数据从'资源'向'资产'转化路 径的全面打通。"陕西丝路数据交易中心总经理张海刚说。 记者了解到，此次入表的高光谱卫星数据资产，依托企业自主构建的"天—空—地"一体化数据采集体系 与全链条技术平台，已在农业监测、环境治理、矿产勘探等领域实现落地应用。责任编辑：陈可轩 相关稿件： ...

Core Insights - The article emphasizes the transition towards a "carbon + data" dual-factor driven era in China's industry, highlighting the importance of carbon as a tradable and financeable asset rather than just a compliance cost [2][4] - It discusses the implementation of significant policies aimed at promoting the construction of zero-carbon parks and the integration of clean energy, traditional industry carbon reduction, and intelligent carbon management [2] - The "China Climate Lighthouse Enterprise 3060 Partner Program" is introduced, focusing on the integration of energy, carbon, and data, aiming to assist high-potential enterprises in overcoming carbon barriers and seizing historical opportunities for green transformation [2] Policy and Strategic Framework - The article outlines several key policies, including the "Notice on the Construction of Zero-Carbon Parks" and the "Opinions of the Central Committee of the Communist Party of China and the State Council on Building a More Perfect Market-Oriented Allocation System for Factors" [2] - It mentions the shift in focus from energy consumption control to carbon emission control, with the establishment of a national carbon market involving 6,000 key emission enterprises [2] - The article highlights the need for a collaborative development of clean energy, traditional industry carbon reduction, and intelligent carbon management to decouple economic growth from carbon emissions [2] Educational Initiatives - The article introduces a training program titled "Zero-Carbon Park and Data Assets," aimed at enhancing understanding of zero-carbon park policies, standards, and technological pathways [5][6] - The program includes modules on zero-carbon park policy, technical paths, and case studies, designed to provide participants with a comprehensive knowledge framework [5][6] - It targets various sectors, including platform enterprises, energy companies, financial institutions, and technology sectors, emphasizing the importance of green digital economy and carbon asset management [7] Course Details - The course is scheduled for January 31 to February 1, 2026, at the People's Daily in Beijing, with fees set at 8,900 RMB for in-person attendance and 6,900 RMB for online participation [6][7] - Special discounts are available for early registration and group sign-ups, with additional benefits for companies recognized in the ESG100 [7] - The course aims to build a community of high-quality industry participants and enhance leadership in green transformation [5][7]