丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 北京打造国家数据要素综合试验区，关注数据要 素产业进展 [Table_Summary] 11 月 6 日，北京市发布了《关于建设数据要素综合试验区 深化数据要素市场化配置改革的实 施意见》（以下简称《实施意见》）。11 月 7 日，北京市人民政府新闻办公室召开国家数据要素 综合试验区（北京）新闻发布会，对《实施意见》进行解读。当前时点，以北京为代表的数据 要素试点工作正加速开展，并带动数据规范流通与高效利用，因此我们认为当前数据要素有望 随着试点工作的完成进入落地阶段，进而迎来数据要素价值的重估，惠及全产业链，建议关注 具备海量数据资源的企业，以及在数据处理、管理和分析方面具备深厚积累的企业。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 报告要点 事件评论 风险提示 1、政策推进不及预期； 2、数据要素市场交易额扩张速度不及 ...

Core Viewpoint - Huatai Co., Ltd. announced that its wholly-owned subsidiary, Shunjie Digital Technology (Shandong) Co., Ltd., won third place in the national finals of the 2025 "Data Element ×" competition for its project titled "'Data Element' Empowering New Industrialization Solutions for the Paper Industry" [1] Group 1 - The project focuses on applying data elements to enhance the industrialization process within the paper industry [1] - The competition aims to promote innovative solutions leveraging data elements across various industries [1]

Core Insights - The National Data Bureau is actively engaging with private enterprises to enhance the development of the data industry and artificial intelligence, emphasizing the importance of private sector involvement in the digital economy [1] Group 1: Industry Overview - As of November 10, there are 751,900 existing big data service-related companies in China, primarily concentrated in new first-tier and first-tier cities, accounting for 30.08% and 21.3% respectively [2][5] - Over 40% of these companies belong to the information transmission, software, and information technology services sector, with a significant 40.14% share, followed by scientific research and technical services at 26.2% [6][5] Group 2: Registration Trends - The annual registration of big data service-related companies has shown an upward trend over the past decade, with 186,600 companies registered this year, surpassing the total registration for the previous year [9][6] - In the first ten months of this year, 181,700 companies were registered, reflecting a year-on-year growth of 28.28% [9] Group 3: Future Projections - The Chinese data industry is projected to reach a scale of 5.8 trillion yuan by 2025, with an expected annual growth rate of over 15%, potentially exceeding 13 trillion yuan by 2030 [9]

人民财讯11月10日电，华泰股份（600308）11月10日公告，根据2025年"数据要素×"大赛组委会发布的 获奖项目名单，公司全资子公司瞬捷数字科技申报的"'数据要素'赋能造纸产业新型工业化解决方案"项 目，在2025年"数据要素×"大赛全国总决赛中荣获三等奖。此次大赛由国家数据局等多部委联合主办， 是国内聚焦数据要素赋能发展的国家级赛事。 ...

Group 1 - Weichai Power is a leading enterprise in China's internal combustion engine sector, achieving the highest global sales of heavy-duty engines with a total engine sales volume of 734,000 units in 2024 [2] - The company is building a new intelligent manufacturing ecosystem driven by data, utilizing high-quality datasets to enhance efficient data circulation and collaborative applications within the industrial ecosystem [2] - By integrating over 4TB of daily vehicle network data, 30TB of R&D data, and 8,000 technical standards, the company has reduced R&D cycles by 20% and improved fault diagnosis efficiency by 98% [2] Group 2 - Weichai Power is enhancing collaborative ecosystems to upgrade power equipment clusters, achieving a 10% increase in process execution efficiency through AI data governance [3] - The innovative integration of computing and networking has led to a 40% improvement in inventory turnover rates and a 6% reduction in procurement costs, facilitating the digital collaborative leap of manufacturing enterprises [3] - The company has established a replicable new paradigm of industrial data elementization, providing robust data and technical support for the construction of a manufacturing powerhouse and enhancing its core competitiveness in the global supply chain [3]

Core Insights - Huatai Co., Ltd. (600308.SH) announced that its wholly-owned subsidiary, Shunjie Digital Technology (Shandong) Co., Ltd., won third place in the national finals of the 2025 "Data Element ×" competition for its project titled "'Data Element' Empowering New Industrialization Solutions for the Papermaking Industry" [1] Group 1 - The award recognizes Shunjie Digital Technology's technical strength and innovation capability in the field of data element integration applications [1] - This recognition is expected to help the company further expand its digital service market [1]

Domestic Market Overview - The domestic market experienced narrow fluctuations with slight declines on November 7, 2025. The Shanghai Composite Index closed at 3997.56 points, down 0.25%, while the Shenzhen Component Index closed at 13404.06 points, down 0.36%. The ChiNext Index fell by 0.51% and the STAR Market 50 Index decreased by 1.47%. The total trading volume of the A-share market was 202.02 billion yuan, showing a slight decrease from the previous day [1][4][9] - Among the 30 sectors tracked by CITIC, 14 sectors saw gains, with basic chemicals, petroleum and petrochemicals, and consumer services leading the increases. In contrast, the computer, electronics, and automotive sectors experienced the largest declines. Notably, indices related to lithium battery electrolytes, cultivated diamonds, and fluorine chemicals showed active performance [1][4][9] Overseas Market Overview - The U.S. stock market closed mixed on November 7, 2025. The Dow Jones Industrial Average rose by 0.16% and the S&P 500 increased by 0.13%, while the Nasdaq Composite fell by 0.21%. Coca-Cola and Sherwin-Williams led the Dow with gains exceeding 2%. The index tracking the seven major U.S. tech companies fell by 0.56%, with Tesla dropping nearly 4% and Google declining over 2%. Most Chinese concept stocks also fell, with Xpeng Motors down over 6% and Zai Lab down more than 5% [2][4] Economic Data Insights - In October 2025, the Consumer Price Index (CPI) turned from a decline to an increase, rising by 0.2% month-on-month and 0.2% year-on-year. The core CPI, excluding food and energy, rose by 1.2%, marking the sixth consecutive month of expansion. The Producer Price Index (PPI) shifted from flat to an increase of 0.1% month-on-month, marking the first increase of the year, while the year-on-year decline narrowed to 2.1%, a reduction of 0.2 percentage points from the previous month [3][12][13] - The increase in CPI was influenced by rising service prices, which turned from a decline of 0.3% to an increase of 0.2%. Notable price increases included hotel accommodations, airline tickets, and travel costs, which rose by 8.6%, 4.5%, and 2.5%, respectively. Food prices also increased by 0.3%, driven by fresh vegetables and lamb, while gold jewelry prices rose by 10.2% due to international gold price increases [12][13] Policy Developments - The Beijing municipal government announced plans to establish a national data element comprehensive pilot zone, aiming to enhance the market-oriented allocation of data elements. This initiative includes the construction of a national data management center and a national data resource center, with a focus on promoting data technology innovation and developing a robust data service and industry system [16][17] - The Sichuan provincial government introduced 25 measures to deepen employment reforms, focusing on expanding employment capacity in key industries such as artificial intelligence, healthcare, and high-end energy equipment. The measures aim to simplify employment procedures for recent graduates and encourage companies to relax age restrictions for hiring [18]

Core Viewpoint - The stock of Baoxiniang has shown fluctuations with a recent increase of 2.01%, while the company has experienced a year-to-date decline of 6.88% in its stock price [1] Group 1: Stock Performance - As of November 10, Baoxiniang's stock price reached 4.06 CNY per share, with a total market capitalization of 5.925 billion CNY [1] - The stock has seen a net inflow of 13.44 million CNY from main funds, with significant buying activity from large orders [1] - Over the past five trading days, the stock has increased by 3.31%, while it has decreased by 1.22% over the last 20 days [1] Group 2: Company Overview - Baoxiniang Holdings Co., Ltd. was established on June 20, 2001, and went public on August 16, 2007, focusing on the production, research, and sales of branded clothing [2] - The company's revenue composition includes T-shirts (19.20%), pants (17.26%), and shirts (15.34%), among other categories [2] - As of September 30, the number of shareholders increased by 17.31% to 75,400, while the average circulating shares per person decreased by 14.76% [2] Group 3: Financial Performance - For the period from January to September 2025, Baoxiniang reported a revenue of 3.48 billion CNY, a year-on-year decrease of 1.59%, and a net profit attributable to shareholders of 236 million CNY, down 43.18% year-on-year [2] - The company has distributed a total of 2.325 billion CNY in dividends since its A-share listing, with 832 million CNY distributed in the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 13.6687 million shares, an increase of 755,000 shares from the previous period [3] - The Southern CSI 1000 ETF and Huaxia CSI 1000 ETF have seen slight changes in their holdings, with the former decreasing by 10,400 shares and the latter by 7,307 shares [3]

Core Viewpoint - The stock of Sanliuwu Network has shown a slight increase recently, but the company has faced significant revenue decline year-to-date, indicating potential challenges ahead [1][2]. Financial Performance - As of September 30, 2025, Sanliuwu Network reported a revenue of 72.67 million yuan, a year-on-year decrease of 25.28% [2]. - The company recorded a net profit attributable to shareholders of -6.63 million yuan, which represents a year-on-year increase of 21.53% [2]. Stock Performance - The stock price increased by 2.22% to 13.33 yuan per share, with a trading volume of 21.81 million yuan and a turnover rate of 0.99% [1]. - Year-to-date, the stock has decreased by 19.75%, but it has seen a 1.76% increase over the last five trading days and a 9.26% increase over the last 20 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 22,700, with an average of 7,367 shares held per shareholder, a decrease of 0.91% [2]. - The company has cumulatively distributed 239 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Major Shareholders - Notable new institutional shareholders include Nuoan Multi-Strategy Mixed A and Southern Financial Theme Flexible Allocation Mixed A, holding 1.10 million shares and 1.07 million shares respectively [3].

Core Insights - The stock price of Zhonghe Technology increased by 2.10% on November 10, reaching 8.28 CNY per share, with a market capitalization of 5.6 billion CNY [1] - The company has experienced a year-to-date stock price decline of 4.50%, but has seen a recent increase of 5.48% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Zhonghe Technology reported a revenue of 1.446 billion CNY, representing a year-on-year growth of 31.47% [2] - The net profit attributable to shareholders was -46.22 million CNY, showing a year-on-year increase of 47.01% [2] Business Overview - Zhonghe Technology's main business segments include rail transit systems (54.76% of revenue), monocrystalline silicon and its products (32.74%), automatic ticketing systems (9.01%), smart products (2.24%), and others (1.25%) [1] - The company is classified under the mechanical equipment industry, specifically in rail transit equipment [2] Shareholder Information - As of September 30, the number of shareholders for Zhonghe Technology was 48,600, a decrease of 7.08% from the previous period [2] - The average number of circulating shares per shareholder increased by 7.62% to 13,847 shares [2] Dividend Information - Since its A-share listing, Zhonghe Technology has distributed a total of 78.68 million CNY in dividends, with 10.04 million CNY distributed over the last three years [3]