证券研究报告·公司点评报告·IT 服务Ⅱ 航天宏图（688066） 2024 年年报和 2025 年一季报点评：24 年报 业绩低于预期，积极拓展数据要素服务 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,819 | 1,575 | 2,108 | 2,677 | 3,298 | | 同比（%） | (25.98) | (13.39) | 33.81 | 26.99 | 23.21 | | 归母净利润（百万元） | (374.21) | (1,392.89) | 125.73 | 211.31 | 328.17 | | 同比（%） | (241.51) | (272.23) | 109.03 | 68.06 | 55.30 | | EPS-最新摊薄（元/股） | (1.43) | (5.33) | 0.48 | 0.81 | 1.26 | | P/E（现价&最新摊薄） | (12.57) | (3.38) ...

Core Insights - The Northern Big Data Trading Center (referred to as "Beishu") has officially launched a points data trading section, enhancing its platform capabilities and driving innovation in the national data factor market [1] Group 1: Innovative Model - Beishu has developed the first domestic trading platform for consumer points data, named "Shufen Tong," utilizing cutting-edge technologies such as blockchain and smart contracts [2] - The platform allows users to freely transfer idle points through a "real consumption + smart listing" model, ensuring transparent and trustworthy transactions, thus creating a virtuous cycle of "consumption - points - trading - re-consumption - data value enhancement" [2] - The brand "Jindian Yichong," operated by Beijing Jindian Chuangzhi Technology Co., Ltd., is the first practitioner of this cycle, focusing on building a nationwide intelligent charging network for electric bicycles and cars, serving over 1.4 million customers [2] - The trading volume of "source power value" has exceeded 80,000, demonstrating market vitality in the circulation of consumer data [2] Group 2: Ecological Collaboration - Beishu plans to collaborate with operators, financial institutions, and consumer merchants to deeply integrate points trading with derived services from consumer data [3] - By activating points circulation, high-value data products such as consumer behavior analysis and regional consumption trend forecasting will be developed to empower precise decision-making for enterprises [3] - Beishu aims to expand multi-industry cooperation and explore innovative scenarios for points consumption data applications and data trusts, establishing a unified national market for consumer data [3] - The company is committed to contributing to the construction of a digital China with its "Tianjin solution" by leveraging technology and compliance for high-quality development [3]

Core Viewpoint - The restructuring and optimization of data trading institutions in China is progressing steadily, driven by multiple factors including policy, market conditions, and internal development needs [3]. Group 1: Policy Influence - The national strategic planning for the digital economy is promoting the standardization and improvement of the data factor market, as highlighted by the approval of the decision to cultivate a unified national technology and data market [1]. - The restructuring of local data trading institutions is necessary to align with national strategic directions and integrate into a nationwide data market system [1]. Group 2: Market Conditions - The current construction of data trading venues is diverse, including government-led, enterprise-based, and independent operations, which, while stimulating market vitality, has led to ambiguities in the public service and profit-driven goals of institutions [2]. - The integration and restructuring of data trading institutions are seen as key to resolving deep-seated contradictions, enabling a low-cost, high-efficiency trading environment and establishing a scientific data pricing mechanism [2]. Group 3: Internal Development - The competition landscape of the data trading industry is being reshaped by technological advancements and security demands, with emerging technologies like AI and blockchain requiring higher standards for technical architecture and security capabilities [2]. - Through restructuring, the industry can concentrate technical resources to develop unified data trading technology standards and security systems, facilitating a comprehensive upgrade from data rights confirmation to risk management [2]. Group 4: Differentiated Development - The optimization and restructuring process is not merely about homogenization; data trading institutions must leverage their existing product characteristics and advantages to achieve differentiated development [3]. - Institutions are encouraged to accurately position their strengths and develop unique data products and services, contributing to a rich and collaborative data trading market system [3].

行 业 研 究 DONGXING SECURITIES 格局持续分化，前沿技术打开行业成长性 ——金融科技板块2024年经营情况小结—— 分析师 张永嘉 联系方式：010-66554016 执业证书编号：S1480523070001 东兴计算机团队 2025年5月13日 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 东 摘要 整体经营承压，产业数字化核心领域研发投入持续。2024年，A股金融科技板块35家上市公司合计实现收入1186.37亿元（同比- 2.73%），实现归母净利润147.62亿元（同比-13.85%），整体经营承压；分板块看，金融信息服务、保险IT板块24年增速相对稳健，保持 中个位数增长，证券IT板块营收增速降幅较大，银行IT板块分化明显，24家公司2024年合计实现收入782.11亿元（同比-3.41%），实现归 母净利润21.48亿元（同比-49.29%），在行业整体收入规模下滑的情况下，部分公司收入实现两位数逆势增长。在收入水平承压的条件下， 金融科技公司研发费用占总营收的比率相对稳定，24年行业整体研发费用率达11.41%。 政策大力扶持，需求端新兴领域机会带来行业成长 ...

Group 1 - The "Three Data One Chain" initiative marks a significant step in the market-oriented reform of data factor allocation in China, with the release of phase results at the 2025 China Data Valley West Lake Forum [1] - The initiative includes a data trading venue, data invoices, a data internet, and a cross-chain recognition mechanism, aimed at establishing a credible data circulation infrastructure and governance system [1] - Key components of the initiative include a co-creation platform, two testing standards, three trusted data spaces, six tool platforms, eight industry application scenarios, and the involvement of over 120 data service enterprises [1][2] Group 2 - Over 120 data service enterprises have joined the "Three Data One Chain," covering sectors such as finance, agriculture, and education across 10 provinces [2] - The initiative has led to the establishment of a trusted data space in agriculture, involving over 100 agricultural enterprises, and has provided precise marketing support for 38 categories in the consumer sector [2] - A new initiative titled "Data Elements × Artificial Intelligence Empowering High-Quality Development" was launched to foster collaboration among government, industry, academia, research, and application sectors [2] Group 3 - The conference also announced several significant outcomes, including the phase results of the marine economy's trusted data space and the "Data Service Enterprise Evaluation Standards (Trial)" [3] - The Hangzhou High-tech Zone (Binjiang) aims to leverage national policy opportunities to advance the construction of "China Data Valley," focusing on becoming a new engine for the digital economy and a new landmark for industrial development [3] - The region plans to enhance its data infrastructure and resource supply efficiency while expanding its digital industry cluster to contribute significantly to the high-standard construction of "China Data Valley" [3]

根据《行动方案》，河南将实施数据基础设施夯基行动，加快高速数据网络设施建设。扩大千兆光纤网 络覆盖范围，创建国家(郑州)新型互联网交换中心，持续推进郑州国家级互联网骨干直联点扩容提质。 推进5G网络深度覆盖、10G PON规模部署，到2027年5G基站达到27万个、10G PON及以上端口达到160 万个。打造全国重要算力高地。统筹全省通用算力、智算算力、超算算力一体化布局，实施国家超算互 联网核心节点、郑州人工智能计算中心等重大项目，打造面向东部、辐射全国的算力调度核心枢纽和全 国重要算力高地。到2027年，全省算力规模超过120EFlops(每秒浮点运算次数)，智算、超算等高性能算 力占比超过80%，打造10个以上算力规模达到E级的大型算力中心。推动数据流通利用基础设施建设。 支持郑州市加快基于数据元件的国家数据流通利用基础设施试点建设，开展省级数据流通利用基础设施 建设先行先试，建设与全国互联互通的数据流通利用基础设施底座。推进可信数据空间建设，到2027 年，建成10个左右省级可信数据空间，形成一批企业、行业、城市、个人、跨境数据空间解决方案和实 践案例。(子千) 日前，河南省人民政府办公厅印发《河南 ...

唤醒"沉睡"的医疗大数据 广州发布卫生健康行业可信数据空间首批成果 近日，广州市卫生健康委员会举行广州卫生健康行业可信数据空间成果发布会，发布包括5个数据产品 及28个高质量数据集。据了解，广州卫生健康行业可信数据空间借鉴了国内外先进的数据技术和管理经 验，结合广州实际，力求打造一个能够实现医疗健康数据安全可信流通、促进数据价值释放的平台，解 决卫生健康数据"供不出""流不动""用不好"的问题，目前已成功汇聚了多家医疗机构的高质量数据。医 疗机构可依托空间在通用全科、专科专病和便民服务方面进行创新，破解"三长一短"就医痛点；药械企 业、科研机构可依托空间，在药械研发、临床试验和药械应用等方面进行场景创新，对生物医药产业实 现全链条升级，缩短药械研发周期，赋能生物医药产业高质量发展。 推动医疗数据合法合规安全流通 "共和国勋章"获得者、中国工程院院士钟南山在视频致辞中表示，当下"人工智能+""数据要素×"正在以 前所未有的速度改变着我们的生活方式、工作模式和社会结构，同样也牵引健康医疗事业深刻变 革，"从科学研究到临床实践各个环节，以新质生产力赋能医疗健康行业和生物医药产业的高质量发 展，聚焦民生福祉、开展行业 ...

5月9日，广州数据交易所（汕尾）服务基地（下称"汕尾服务基地"）正式揭牌运营，标志着全省一体化 数据要素市场进一步发展壮大。 这为数据要素市场的蓬勃发展提供了重要平台，也是汕尾主动融入数字经济发展浪潮、对接粤港澳大湾 区数据产业协同布局的重要举措。近年来，汕尾创新构建"政府引导+市场运作"模式，推动广州、深圳 数据交易所在汕尾设立服务基地，成为粤东西北唯一拥有2家数据交易所服务基地的地市。 深圳数据交易所汕尾数据要素服务工作站于2024年8月揭牌成立，是深圳数据交易所在粤东地区设立的 首个数据要素服务工作站。汕尾服务基地是广州数据交易所在粤东片区设立的首个数据服务基地，于去 年11月成立，5月9日正式挂牌。 汕尾服务基地构建了"3+8+N"数据服务体系，将围绕汕尾市重点发展规划，聚焦文旅康养、海洋牧场、 数字经济、新能源、数字金融、数字农业等领域精耕细作，不断创新数据要素服务领域的新产品、新业 态。该基地依托自主研发的从数据采集到应用全链条的一站式服务平台，实现数据"通、治、管、用、 营、安"全生命周期管理，挖掘和孵化特色数据产品。同时，其为市场主体提供基础配套、会员管理、 数据资产合规登记指引等三大基础服务 ...

证券代码：301178 证券简称：天亿马 广东天亿马信息产业股份有限公司 | 具有竞争力的算力服务综合解决方案。 | | --- | | 截至报告期末，公司已获得在手订单约 8 亿元，为 2025 年业绩 | | 提升和改善打下坚实的基础。 | | 4、你们行业本期整体业绩怎么样？你们跟其他公司比如何？ | | 2024 年智慧城市行业市场需求放缓、竞争加剧。公司谨慎承接 | | 业务，继续巩固政务、教育、医疗等领域优势，进一步开拓了智慧 | | 轨道交通、智慧企业、智慧能源业务；同时，公司加速布局数据要 | | 素和算力服务领域。2025 年一季度财报，公司营收同比增长 21.95%， | | 净利润扭亏为盈，经营活动现金流同比改善超 79%，反映出运营管理 | | 的成效。 | | 5、贵公司在整个市场环境下行的情况下能否详细的阐述一下未来发 | | 展战略规划！ | | 2025 年，公司继续围绕"转型、提质"的战略总目标，紧抓"数 | | 字经济"发展机遇，坚持内生增长与外部并购相结合策略，不断增 | | 强自身实力和核心竞争力。 | | 在原有核心业务方面，我们巩固夯实"智慧政务、智慧教育、 | | ...

每经记者｜张蕊 每经编辑｜陈旭 张向宏，现任北京交通大学信息管理理论与技术国际研究中心特聘教授，为享受国务院特殊津贴专家。 他曾担任中国软件评测中心常务副主任、中国电子信息产业发展研究院副院长、中国信息安全研究院副院长等职，主持过50多项国家级重大课题研究和100 多项地方和企业项目研究，曾参与起草十多部国家政策文件。 要在数据高速流通过程中解决数据安全问题 NBD：在当前数字经济快速发展的背景下，您认为我国数据基础设施技术路线的核心目标是什么？为实现这一目标，需要在哪些关键技术领域取得突破？ 5月10日，以"数智无界 安全共生"为主题的2025中国数谷·西湖论剑大会在杭州举行。大会期间举办了数据安全流通论坛，该论坛首次邀请18个数据基础设施 试点城市中超过半数的城市数据运营管理机构掌舵人齐聚一堂，共商数据基础设施建设大事。 张向宏在论坛上发布了《数据基础设施技术路线研究报告》，并作了解读。论坛期间，他还接受了《每日经济新闻》（以下简称NBD）记者的采访。 一是是否有大量数据在应用、流通。如果只有三五个人或者三五十人的数据在流通，这也不能算，像滴滴、美团、携程等平台，上面有几亿用户的海量数据 在高速流通，这才 ...