Group 1 - The core viewpoint of the articles highlights the positive performance of the data ETF and its underlying index, indicating a growing interest in the data industry and AI-related sectors [1][2] - As of May 8, the CSI Big Data Industry Index rose by 0.86%, with notable increases in constituent stocks such as *ST Dongtong (up 15.62%) and Donghua Software (up 9.96%) [1] - The data ETF (516000) experienced a significant increase, reaching a price of 0.96 yuan, with a 5-day cumulative rise of 6.12% as of May 7 [1] Group 2 - Market sentiment has improved in May, with a focus on technology growth, particularly in domestic computing power and AI Agent sectors, driven by investments from major companies like Google and Microsoft [2] - The emergence of the DeepSeek-R1 model is seen as a foundational development for domestic AI Agent creation, indicating a shift towards deeper thinking models in AI [2] - The data ETF and its associated funds closely track the CSI Big Data Industry Index, focusing on key areas such as data elements, data security, and the East Data West Computing initiative, with major stocks including iFlytek and Inspur Information [2]

Core Viewpoint - The People's Bank of China Shenzhen Branch, along with nine other departments, has issued the "Implementation Opinions" to accelerate the digital transformation of financial institutions and support the development of a "Digital Shenzhen" model through 18 specific measures aimed at enhancing digital finance innovation and governance [1] Group 1: Digital Transformation and Innovation - The "Implementation Opinions" require financial institutions to establish a coordinated mechanism led by top management to enhance cross-departmental resource allocation and task supervision, promoting the application of artificial intelligence and domestic reasoning models [2] - Financial institutions are encouraged to leverage major national strategic platforms to expand cross-border cooperation with Hong Kong and innovate in supply chain finance [2] Group 2: Product Development and Services - Financial institutions are urged to utilize digital technologies such as AI and big data to create innovative products like "Tengfei Loan," "Carbon Reduction Loan," and "Cross-border Loan," while exploring data asset credit enhancement and green financial products [3] - The "Implementation Opinions" promote the development of standardized, traceable green bonds and insurance products, as well as the innovation of cross-border financial services using blockchain technology [3] Group 3: Payment and Credit Systems - The document emphasizes the promotion of digital RMB applications in public services and supply chain finance, and the establishment of a comprehensive payment demonstration area in Shenzhen [4] - It highlights the integration of credit information across various sectors to enhance the effectiveness of financial services and support the "Five Major Articles" of finance [4] Group 4: Regulatory Framework and Risk Management - Shenzhen is focusing on financial regulatory innovation and risk prevention, having initiated testing for 15 financial technology innovation projects [5] - The "Implementation Opinions" advocate for the enhancement of digital regulatory capabilities and the establishment of a comprehensive data governance system to mitigate risks related to data privacy and security [5]

及时发现热异常点，提高禁烧工作效能，保障空气质量。 ▎合作需求 ▎合作方式 联合运营、测试验证、采购应用 ▎预算金额 ✦+ 合肥市场景公司 合肥市场景应用创新促进中心有限公司(简称合肥市场景公司)，是由科大硅谷服务平台公司、合肥市滨投公司、合肥市高新控股集团、合肥兴泰金融控股 集团、合肥市科创集团以及长城战略共同出资设立，接受合肥市发改委指导，是统筹全市场景创新工作和联动全市场景资源的平台公司，是全国首个以场 景应用创新命名的企业法人机构，是"政府指导、国资参股、市场运作"的创新载体，是促进新技术新产品新场景大规模应用示范、赋能科技创新企业发 展、培育未来产业的创新平台。 场景机会 ▎巢湖市卫星遥感监测秸秆焚烧火点 ▎安徽瞬芯科技有限公司 50万元 ▎报名方式 国家发改委价格成本和认证中心与安徽瞬芯科技签署了《低空经济物联网公共数据价格形成机制研究》课题合作围绕低空经济领域数据定价的核心问题开 展研究，旨在建立符合低空经济物联网领域特点的公共数据价格形成机制，并推动形成低空经济物联网公共数据价格评估行业标准与技术规范。 申报单位于5月15日18:00前提交PPT资料(内容包括但不限于单位基本情况、核心技术产品 ...

证券研究报告：计算机|点评报告 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 4675.66 | | --- | --- | --- | | 52 | 周最高 | 5440.49 | | 52 | 周最低 | 2805.53 | 行业相对指数表现（相对值） 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 -24% -17% -10% -3% 4% 11% 18% 25% 32% 39% 46% 计算机 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 近期研究报告 《MCP 开启智能体新时代》 - 2025.04.27 数据价值转化加速，高质量数据集赋能 AI 多地市提出建设高质量数据集。4 月 17 日，广州城市可信数据 空间平台正式上线，首批 48 个高质量数据集发布。厦门、武汉等地 提出针对企业 ...

截至11:05，中证大数据产业指数下跌0.52%。成分股方面涨跌互现，中科星图领涨5.34%，*ST东通上 涨2.49%，航天宏图上涨2.22%；润泽科技领跌3.72%，税友股份下跌3.56%，深信服下跌2.72%。数据 ETF(516000)下跌0.52%，最新报价0.95元。拉长时间看，截至2025年5月6日，数据ETF近2周累计上涨 5.16%。 流动性方面，数据ETF盘中换手8.28%，成交3472.39万元。拉长时间看，截至5月6日，数据ETF近1周日 均成交2018.74万元。 份额方面，数据ETF近1年份额增长2.35亿份，实现显著增长，新增份额位居可比基金1/3。 中信证券研报表示，2024年计算机行业整体收入实现稳健增长，归母净利润和扣非净利润承压。各板块 业绩有所分化，服务器、AI等方向表现优异。2025Q1，行业整体营收保持稳步增长，盈利能力大幅改 善，拐点有望逐步显现。建议把握"AI主线"机遇，重点看好AI Agent及算力主线方向，如管理/办公软 件、教育IT、服务器、云厂商等板块；同时建议兼顾信创、低空经济、机器人等结构性机遇，如工业软 件、基础软件等板块。 数据ETF（51600 ...

Group 1 - Shenzhou Holdings (00861.HK) signed a cooperation agreement with Beijing Jiaotong University to promote green supply chain initiatives, focusing on talent cultivation, research collaboration, and sustainable development in the transportation and logistics sector [1] - The new generation Yanyun Infinity, introduced by Shenzhou Holdings, is an AI and data-driven decision-making platform designed to enhance supply chain efficiency through collaborative decision-making between humans and AI [1] - Shenzhou Holdings' subsidiary, KJ Logistics, has over 20 years of experience in the smart supply chain sector, providing a comprehensive service system that includes warehousing, transportation, e-commerce operations, and supply chain digitalization [2] Group 2 - Shenzhou Holdings has recently signed contracts with major automotive companies such as Changchun FAW and SAIC-GM-Wuling, leveraging its extensive network of over 2,600 integrated service points to enhance operational efficiency and reduce costs [2][3] - The company's standardized service and solution replication model across regions and industries has been validated by recent contracts, indicating strong market acceptance [3] - With the acceleration of digital transformation in China and the promotion of AI applications, Shenzhou Holdings is positioned to capitalize on market opportunities by focusing on data value release and AI scenario applications [3]

Group 1: Digital Economy Development - In 2024, the core industry value added of China's digital economy is expected to account for about 10% of GDP, with data production reaching 41.06 ZB, a year-on-year growth of 25% [1] - The total computing power scale is projected to reach 280 EFLOPS, with 5G base stations totaling 4.251 million and mobile IoT terminal users reaching 2.656 billion [1] - The eight major hub regions account for over 60% of the newly added computing power nationwide [1] Group 2: Artificial Intelligence Integration - The "Artificial Intelligence +" initiative aims to better integrate digital technology with manufacturing and market advantages, supporting the widespread application of large models [2] - In 2024, the number of enterprises developing or applying artificial intelligence is expected to increase by 36%, with high-quality data sets growing by 27.4% [3] - The number of enterprises utilizing large model data technology and data application enterprises is projected to grow by 57.21% and 7.14%, respectively [3] Group 3: Data Element Reform - The national data market transaction scale is expected to exceed 160 billion yuan in 2024, with a year-on-year growth of over 30% [5] - The national public data resource registration platform has approved 700 items of registered data since its launch [5] - The "data element" theory proposed by China Electronics aims to optimize data flow and enhance data utilization efficiency [6] Group 4: Data Infrastructure and Security - The construction of data infrastructure is crucial for high-quality supply, credible circulation, and high-level application of data [8] - The "密态可信数据空间" product supports secure data integration and processing, addressing challenges in data value release [8] - A multi-dimensional defense system is being developed to mitigate risks associated with data leakage and misuse in large model applications [9]

Group 1 - The core viewpoint is that data elements have evolved from a technological resource to a strategic resource, becoming a key engine for building a unified national market in the context of the digital economy [1][4] - The National Development and Reform Commission and other departments have initiated a market access barrier cleanup action to eliminate local protectionism and promote the construction of a unified national market [1][4] - The construction of the data element market is closely related to the market access environment, and a well-developed data element market will enhance the multiplier effect on economic growth [2][4] Group 2 - The Shenzhen Data Trading Center has established an ecosystem of "data merchants - data brokers - data investment banks," with a transaction volume exceeding 5 billion yuan in 2023 [2] - The Ministry of Industry and Information Technology has developed 694 product data standards covering 12 industries, which will facilitate cross-system data recognition [2] - By the end of 2024, the Beijing International Big Data Exchange is expected to issue over 370 data asset registration certificates, expanding its business to 22 provinces and cities nationwide [2] Group 3 - The construction of the data element market requires institutional innovation, technical support, and regional collaboration to clear market access barriers [3] - The Hainan Free Trade Port has implemented simplified approval processes for cross-border data flow, significantly reducing approval times [3] - The "East Data West Computing" project aims to lower data circulation costs, with Shenzhen establishing a data security early warning platform using AI technology [3] Group 4 - The current cleanup of market access barriers and the construction of the data element market form a policy synergy that drives high-quality economic development [4] - The innovative exploration of platforms like the Shenzhen Data Trading Center and the Beijing International Big Data Exchange is continuously lowering circulation costs and improving allocation efficiency [4] - The ongoing process of institutional innovation, technical support, and regional collaboration will create a unified national market with smooth access for data elements, injecting strong momentum into high-quality economic development [4]

Core Insights - The 2025 Data Security Development Conference will be held in Wenzhou from May 16 to 18, focusing on data security and industry development trends [1] - Wenzhou is positioning itself as a leader in the data industry, showcasing significant growth and competitive advantages [3] Group 1: Data Industry Development - The National Data Bureau released the "Data Element × Three-Year Action Plan (2024-2026)", guiding the national data element industry development [3] - Wenzhou has established a 4.42 square kilometer industrial park known as the China (Wenzhou) Data Security Port, which is a pioneer in data element market-oriented reform [3] Group 2: Achievements of Data Security Port - The Data Security Port has attracted 602 data enterprises and developed 469 data products, achieving a transaction volume of 5.02 billion yuan in 2024 [5] - Wenzhou is the only city in the country designated as a national pilot for data infrastructure, which will enhance the city's data industry development [5] Group 3: Challenges and Solutions - The lack of clear scenarios and guidelines in data circulation is a major challenge for the industry [6] - The Data Security Port has created a unique data security risk assessment system and established a comprehensive legal protection framework to facilitate data sharing [6] Group 4: Ecosystem Optimization - Initiatives such as the establishment of a 10 billion yuan digital industry fund and the creation of research institutions aim to support rapid growth of enterprises [7] - The annual Data Security Development Conference serves as a platform for local enterprises to engage with top domestic and international experts, enhancing Wenzhou's competitiveness in the data industry [7]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024 and Q1 2025, but maintains a strong cash flow to support business transformation [1] Financial Performance - In 2024, the company achieved revenue of 658 million yuan, a year-on-year decrease of 21.93%, and a net profit of 20.38 million yuan, down 72.13% [1] - For Q1 2025, revenue was 132 million yuan, a decline of 12.75%, with a net profit of 6.51 million yuan, down 5.19% [1] - The company’s gross margin remained stable, and absolute values of three major expenses (sales, management, R&D) decreased year-on-year [1] Business Transformation - The company is extending its social security card services into areas such as employment, medical services, and government services, aligning with national policies promoting consumer services [1] - The company is focusing on internal cost reduction and efficiency improvements, although the conversion of expenses into performance has been low [1] Social Security Card Services - The decline in the core social security card service is attributed to a shift in government strategy from rapid issuance to a service-driven approach [2] - As of the end of 2024, the number of holders of the third-generation social security card exceeded 500 million, with nearly 900 million cards remaining to be issued [2] Employment Services - The company differentiates itself from traditional HR firms by focusing on government resources and providing services to specific demographics such as blue-collar workers and veterans [3] - The company aims to increase its revenue from human resources operations and big data services, which are expected to contribute over 50% of total revenue in the future [3] Data Element Business - The company won a bid for the operation of the Guangzhou Data Exchange service area and received the first global ISO 55013 certification for data asset management [4] - The company plans to integrate data resources and participate in public data governance, aiming to unlock the value of data elements [4] Mergers and Acquisitions - The company is actively looking for market acquisition opportunities and has previously acquired an internet HR company [4] - Future acquisitions will focus on business synergy and enhancing regional service capabilities, as well as improving R&D strength in AI and data resource utilization [4]