Financial Performance - In 2024, the company achieved operating revenue of 179 million yuan, a year-on-year increase of 14.95% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 5.83 million yuan, up 1.43% year-on-year [2] - The net profit attributable to the parent company after deducting non-recurring gains and losses reached 1.53 million yuan, marking a significant year-on-year increase of 121.18%, the highest growth rate since 2012 [2] - The net cash flow from operating activities turned positive, increasing by 104.38% year-on-year [2] Dividend Distribution - The company announced a dividend distribution plan, proposing a cash dividend of 0.50 yuan (tax included) for every 10 shares, totaling approximately 3.72 million yuan [4] - Additionally, the company plans to increase capital by issuing 2 shares for every 10 shares held, resulting in a total of 14.88 million shares to be distributed [4] Industry Position and Advantages - The company is a professional service provider in the spatiotemporal information technology sector, integrating various technologies such as satellite remote sensing and AI remote interpretation [5] - It holds comprehensive qualifications and licenses necessary for operating in a sensitive information industry, including top-level surveying qualifications and various certifications [5] - The spatiotemporal information industry in China reached a total output value of 811.1 billion yuan in 2023, with a year-on-year growth of 4.2% and a compound annual growth rate of 12.1% over the past decade [6] Strategic Support and Development - The industry is supported by national strategies, with recent policies aimed at enhancing data resource circulation and promoting digital and green transformation [7] - The Ministry of Natural Resources has introduced measures to optimize surveying processes and improve service quality, which will drive technological innovation in the spatiotemporal information sector [7] Technological and Brand Strength - The company has a strong research and development capability, with significant investments in areas such as remote sensing applications and artificial intelligence [8] - It has received multiple awards and recognitions, enhancing its brand reputation and industry standing [8] Market Opportunities and Order Backlog - The company is actively expanding its market presence, with a focus on digital economy opportunities and a robust order backlog [9] - It aims to strengthen its technological innovation and cost reduction efforts, leading to improved profitability and revenue growth [9]

截至4月29日14:02，上证科创板综合指数上涨0.34%，成分股大面积飘红。其中，精进电动-UW涨停， 新相微上涨12.76%，中国电研上涨11.45%，微导纳米上涨10.78%，德马科技上涨10.66%。科创综指 ETF华夏（589000）上涨0.43%，最新价报0.93元。 流动性方面，科创综指ETF华夏盘中换手3.38%，成交1.25亿元。拉长时间看，截至4月28日，科创综指 ETF华夏近1周日均成交2.36亿元，位居同类产品第一。 民生证券指出，通过市场化运作，公共数据资源可以更高效地转化为数据产品和服务，推动数据要素的 市场化配置和数据产业的创新发展。在多个重磅政策陆续落地之后，顶层设计的完善有助于推动数据互 联互通，加速数据要素资源市场化进程。 科创综指ETF华夏（589000）及其联接基金（A/C：023719；023720）紧密跟踪科创综指，均衡配置电 子、医药、机械、计算机、电力设备、基础化工、国防军工等"硬科技"领域，合计权重超过97%，而这 些行业都属于新质生产力行业范畴，契合国家发展的方向和趋势。 数据ETF（516000）紧密跟踪中证大数据产业指数，指数中DeepSeek含量超40 ...

广东辰宜信息科技有限公司（以下简称"辰宜科技"）花费10余年完全自主研发的"博流中文分布式多模数据库"（以下简称"博流数据库"），作为支持数据流 通的关键技术支撑，实现中国基础软件领域从"跟跑"到"领跑"的跨越式突破。 该数据库融合了链型、图型、关系型三重数据结构，攻克了长期困扰全球行业的"数据孤岛"难题。其核心价值体现在： 全栈自研技术体系：从第一行到1000万行代码完全自主编写，实现从底层架构到核心算法的完全自主可控，打破对海外数据库的依赖，避免"卡脖子"风险。 数据安全与隐私保护：全球首创全同态加密数据库，实现理想的数据三权分立架构，通过全同态加密技术，在数据库的底层把数据管理、技术开发、和应用 创新的权限分离，数据"可用不可见"，杜绝数据泄露风险，安心培育与释放新质生产力，开拓数据管理新格局。依托区块链与数字签名技术，确保每条数据 可溯源、可确权，为数字经济提供安全可信的基础设施。 普惠化技术门槛：开发博流中文编程语言，以自然语言降低数字化门槛，让企业无需依赖专业技术人员即可高效管理数据，推动数据要素普惠化应用。 | 博流新一代中文编程语言 | | | | --- | --- | --- | | De ...

Group 1 - Boeing has returned three Boeing 737 Max aircraft intended for Chinese airlines, stating that China has stopped accepting Boeing passenger planes. The Chinese Ministry of Commerce expressed willingness to support normal business cooperation between the two countries and urged the U.S. to create a stable and predictable environment for trade and investment activities [1] - The National Development and Reform Commission has issued the second batch of 81 billion yuan in ultra-long-term special government bonds this year, continuing to support the replacement of consumer goods [1] - The head of the National Bureau of Statistics announced at the 8th Digital China Construction Summit that efforts will be made to promote the marketization and valuation of data elements, and to refine the "three rights separation" scheme for data property rights [1] Group 2 - The Ministry of Natural Resources reported that the preliminary calculation of the marine production value in the first quarter was 2.5 trillion yuan, with a year-on-year growth of 5.7%, which is 0.3 percentage points higher than the GDP growth rate [1] - The National Bureau of Statistics released data indicating that cultural enterprises achieved operating income of 339.39 billion yuan in the first quarter, representing a year-on-year growth of 6.2% on a comparable basis [1] - Preliminary results show that the Liberal Party led by Carney won the federal House of Commons election in Canada on the 28th [1] Group 3 - The market experienced narrow fluctuations in early trading, with the three major indices showing mixed results. The Shanghai and Shenzhen markets had a half-day trading volume of 645.7 billion yuan, a decrease of 70.1 billion yuan compared to the previous trading day. By the close, the Shanghai Composite Index fell by 0.03%, while the Shenzhen Component Index rose by 0.09%, and the ChiNext Index increased by 0.05%. In Hong Kong, the Hang Seng Index rose by 0.12%, and the Hang Seng Tech Index increased by 0.81% [2]

Core Viewpoint - The Director of the National Data Bureau, Liu Liehong, emphasized the importance of promoting the marketization and valuation of data elements, as well as refining the "three rights separation" scheme for data property rights [1] Group 1: Market Development - The initiative aims to accelerate the cultivation of a unified national data market [1] - There is a focus on constructing a standard system for data circulation and transaction [1] Group 2: Regulatory Framework - The plan includes detailing circulation and transaction rules for data [1] - The promotion of standard demonstration contracts for data circulation and transactions is also highlighted [1]

Core Viewpoint - The National Data Bureau emphasizes the importance of accelerating the construction of Digital China by leveraging unprecedented opportunities brought by artificial intelligence, promoting market-oriented data factor allocation reform, and synchronizing the "AI+" initiative [1] Group 1: High-Quality Data Supply - The National Data Bureau aims to continuously promote high-quality data supply by integrating data factors with AI, technological innovation, and industrial development [1] - The focus will be on building high-quality data sets for industries to provide a solid data foundation for AI technology innovation and application [1] - The goal is to ensure that the construction and promotion of high-quality data sets align with the implementation of the "AI+" initiative [1] Group 2: Computing Power Infrastructure - The Bureau plans to systematically advance the construction of a national integrated computing power network [1] - An innovative mechanism for coordinating computing power and electricity will be developed, promoting integrated, centralized, and green development of computing facilities [1] - The target is to ensure that over 60% of new computing power is concentrated at national hub nodes, with more than 80% of electricity used in new large data centers coming from green sources [1] Group 3: Data Circulation and Trading - The Bureau will vigorously promote the market-oriented valuation of data factors and refine the three rights division scheme for data property rights [1] - Efforts will be made to cultivate a national integrated data market and establish a standard system for data circulation and trading [1] - The initiative includes detailing circulation and trading rules, promoting the release of standard demonstration contracts for data circulation and trading, and enhancing data infrastructure to facilitate cross-entity, cross-industry, and cross-domain data collaboration and reuse [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, while showing slight growth in Q1 2025, indicating ongoing challenges during its transformation period [1][2]. Group 1: Financial Performance - In 2024, the company's revenue was 465 million, a year-on-year decrease of 39.24%, and the net profit attributable to shareholders was a loss of 2.865 billion, down 51.59% year-on-year [1]. - For Q1 2025, the company achieved revenue of 204 million, reflecting a year-on-year growth of 5.22%, while the net profit attributable to shareholders was a loss of 120 million, which is a 35.51% increase in loss compared to the previous year, aligning with market expectations [1]. Group 2: Business Challenges - The decline in revenue and net profit is attributed to several factors: the long construction period for smart transportation projects, rapid growth in data element business from a small base, and adjustments in existing government and enterprise digitalization projects leading to reduced settlement amounts [2]. - The company has paused new investments in data lake projects, and as previous contracts are settled, some projects are experiencing reduced settlements [2]. - Poor performance from affiliated companies has led to impairment provisions and investment losses accounting for approximately 78% of the current period's losses [2]. Group 3: Strategic Initiatives - The company is focusing on deepening its data element business by creating a "public data operation platform product system" to provide a compliant and secure circulation platform for data providers, users, and service providers [3]. - It is involved in various projects, including financing solutions for government procurement suppliers and establishing data asset evaluation systems for local governments, indicating a commitment to enhancing data asset management [3]. - The company is also returning to its core smart transportation business, with ongoing projects in multiple regions and plans to expand both domestically and internationally, particularly along the "Belt and Road" initiative [4]. Group 4: Earnings Forecast and Investment Outlook - Due to the impact of asset impairment provisions and the revenue rhythm of new businesses during the transformation period, the company's EPS forecasts for 2025-2026 have been adjusted from 0.09/0.23 to -0.13/0.22, with a projected EPS of 0.55 for 2027 [4]. - The company is expected to leverage its relationship with China Electronics Technology Group to enhance data asset services and expand its customer base, maintaining a "buy" rating [4].

事件 投资建议 考虑到公司算力中心核心成本高算力GPU 仍维持高价，我们预计公司2025-2027年营业收入分别为 66.21/77.98/91.05 亿元， 同比增速分别为17.76%/17.77%/16.77%，归母净利润分别为2.63/3.09/3.64 亿 元，同比增速分别为30.19%/17.13%/17.96%，EPS 分别为0.19/0.23/0.27 元/股，3 年CAGR 为21.62%。 鉴于公司深度参与上海城市数字化，松江二期项目建成，有望受益于数据要素产业发展和算力设施建 设，建议保持关注。 风险提示：市场竞争加剧风险，产品和技术不及预期，租赁价格波动风险。 云赛智联发布2025 年第一季度报告，公司实现营收14.10 亿元，同比下降2.07%；归母净利润0.42 亿 元，同比下降29.03%；扣非归母净利润0.39 亿元，同比下降26.98%；毛利率为17.29%，同比下降 1.01pct。 强化主业结构优化整合，布局算力聚焦主业业务公司2024 年积极布局智能算力业务，夯实"做优IDC"的 基础底座。松江大数据计算中心二期是上海市为打造超大规模自主可控智能算力基础设施而部署的政策 ...

大家早上壕！ 先看海外要闻： 美股涨势消减，科技股打压大盘，标普惊险五连涨，纳指回落，收盘道指涨0.28%，标普500指数涨0.06%，纳斯达克跌0.1%。 跌超2%的英伟达止步四连涨，特斯拉盘中跌超4%后转涨，和苹果五连阳；公布财报警告关税影响后，芯片股恩智浦盘后一度跌超8%。 中概股总体表现亮眼，中概指数反弹至三周高位，热门中概股中，被花旗建议30天内关注利好催化剂后，蔚来汽车大涨超7%，理想汽车涨超 3%，阿里跌超1%。 美国财政部本季度借款实际预估规模不增反降，美债收益率创近两周新低。 美元指数回落，离岸人民币一度涨近200点、涨破7.29。 黄金反弹，期金一度涨近2%。原油回落，盘中转跌超2%，美油收创近两周新低。 西葡两国大范围停电，民众抢购物资以备不时之需，目前部分地区电力供应已恢复 国内重大事件汇总： 1、外交部重申中美未就关税问题磋商或谈判。 7、网传称：大厂"抢购"算力资源，消息称腾讯今年Q1从字节购入约20亿元GPU。阿里也在今年一季度DeepSeek爆红之后，向字节跳动下了GPU 订单。字节相关负责人回复称，以上为不实信息。（财经） 点评：中信建投指出，公共数据已经成为数据要素市场最重 ...

Group 1 - The National Bureau of Statistics emphasizes the importance of public data as a key resource in the data factor market, with potential value estimated between 10 trillion to 15 trillion yuan according to McKinsey [1] - The national data market transaction scale exceeds 160 billion yuan, showing a year-on-year growth of 30% [2] - Companies with data resource capabilities or data product development abilities are expected to benefit from the evolving public data operation authorization model [2] Group 2 - Companies providing data products/services include Shanghai Steel Union (bulk commodities), Tongxingbao (transportation), Jiuyuan Yinhai (medical insurance), and others [3] - Companies involved in data operation include Deep Sanda A, Shanda Diwei, Jiuyuan Yinhai, and others [3] - Companies engaged in data trading include Anheng Information, Guangdian Yuntong, and others [4]