Core Viewpoint - The company is actively advancing research and implementation of post-quantum cryptography and privacy computing solutions, targeting key industries such as banking, insurance, and telecommunications [1] Group 1: Post-Quantum Cryptography - The company is continuously progressing in post-quantum cryptography algorithm research, migration, and industry application [1] - The company has obtained relevant patents for key technologies in post-quantum cryptography [1] - Multiple core products support post-quantum cryptography algorithms, facilitating their replacement and migration in critical business scenarios for clients in banking, insurance, telecommunications, and securities [1] Group 2: Privacy Computing - The company has launched the NetPEC privacy computing platform and secured related technical patents [1] - The platform enables collaborative computing, data fusion, and joint modeling among multiple institutions, enhancing the ability to extract and utilize the immense value of data elements [1] - The company addresses two major issues: data silos and data privacy protection, promoting data security integration and shared circulation in finance, insurance, and government sectors [1] Group 3: Cloud Native Security - The company does not currently offer cloud-native security products, but its existing security products support cloud-native environments [1]

Group 1: Report Overview - The report is about a research on Zhejiang University Network New Co., Ltd. in the Internet service industry on September 17, 2025 [1][2][17] Group 2: Core Views - The company will continue to deepen the "AI DRIVEN" development strategy, build and improve the full - chain AI large - model service system, and accelerate the digital transformation of various industries [24] - The company will use IT infrastructure resources for high - quality and inclusive computing power matching, support mainstream model access for一站式 services, and participate in data platform construction for data asset value mining [24] - The company will drive with digital technologies, provide a full - stack empowerment platform for government and enterprise digital transformation, and expand the industry ecosystem [25] Group 3: Summary by Directory 01. Research Basic Situation - The research object is Zhejiang University Network New Co., Ltd., belonging to the Internet service industry. The reception time is September 17, 2025. The reception staff includes the chairman, vice - presidents, CFO, board secretary, and independent director [17] 02. Detailed Research Institutions - The reception objects include investors and others [20] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - The company's future business development focuses on building an AI large - model service system in three aspects: computing power service, model service, and data service [24] - There has been no large - scale block trading of more than 5% shareholders recently, and all equity changes of such shareholders have been disclosed as required [25] - In the first half of 2025, the company's intelligent computing cloud service achieved an operating income of 149.2423 million yuan. The transformation of the intelligent computing business takes time, and the overall business is in a loss state [26]

Group 1 - The controlling shareholder of Digital Certification has changed to Beijing Data Group, while the actual controller remains unchanged as Beijing State-owned Assets Management Co., Ltd [2] - The establishment of Beijing Data Group aims to optimize strategic layout and industrial structure, enhancing the development of information services and the digital industry [2] - The initiative is part of the municipal government's efforts to build a "one area and three centers" framework, focusing on the needs of Beijing's data industry [2] Group 2 - Beijing Data Group will enhance the technological innovation capabilities of state-owned capital investment companies, focusing on cutting-edge technology fields such as big data, artificial intelligence, blockchain, privacy computing, and cybersecurity [2] - The group aims to strengthen service and support functions, contributing to the construction of Beijing as a global digital economy benchmark city [2] - The overall goal is to assist in the high-quality development of the capital city [2]

Group 1 - The core viewpoint of the article is that Digital Certification (300579.SZ) has undergone a change in its controlling shareholder to Beijing Data Group, which aims to enhance the development of the digital industry in Beijing [2] - The actual controller of the company remains unchanged, still being Beijing State-owned Assets Management Co., Ltd [2] - The establishment of Beijing Data Group is part of the municipal government's initiative to build a "one zone and three centers" strategy, focusing on the needs of the data industry in Beijing [2] Group 2 - The objectives of Beijing Data Group include optimizing strategic layout and industrial structure, strengthening the role of state-owned capital investment companies in leading industries, and promoting the development of new productive forces [2] - The company aims to enhance its technological innovation capabilities in cutting-edge fields such as big data, artificial intelligence, blockchain, privacy computing, and cybersecurity [2] - The initiative also focuses on reinforcing service support functions to help establish Beijing as a global benchmark city for the digital economy, contributing to high-quality development in the capital [2]

Core Insights - The data trading market is a complex system focused on the circulation of data products and services, aiming to solve the challenges of data flow and unlock data value [1][5] - China's data trading market has rapidly evolved since its inception in 2015, with a projected market size of 2,115.4 billion yuan by 2024 and expected to exceed 7,159 billion yuan by 2030 [1][7] - The global data trading market reached approximately $126.1 billion in 2023, with Asia-Pacific being the fastest-growing region [7] Industry Overview - The data trading market consists of data providers, data consumers, trading venues, technical support, third-party service providers, and regulatory bodies, forming a complete ecosystem [2] - Data trading can be categorized by trading venues (on-exchange and off-exchange) and product types (data sets, data services, data applications, and off-exchange services) [3] Policy Framework - The Chinese government has implemented a series of policies, including the "Data Twenty Articles," to support the development of the data trading market, focusing on data ownership, circulation, revenue distribution, and security governance [6] - The policies aim to create a standardized, compliant, and scalable market structure, enhancing the overall ecosystem [6] Global Market Trends - The global data trading market is expected to grow to $177.9 billion by 2025 and surpass $370.8 billion by 2030, with North America, Europe, and Asia-Pacific as the three core markets [7] - Key industries driving data trading include finance, healthcare, retail, and manufacturing [7] China's Market Development - By 2025, China's data trading market is expected to reach 2,840.9 billion yuan, with a compound annual growth rate of 20.3% from 2025 to 2030 [7][8] - The market has developed a multi-layered structure with one national-level exchange and over 50 regional institutions [7] Regional Market Dynamics - The data trading market in China exhibits a "gradient differentiation and collaborative development" pattern, with leading regions including Guangdong, Zhejiang, Jiangsu, Shanghai, Beijing, and Guizhou [15] - The Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area are identified as the primary trading regions [15] Future Trends - The data trading market is transitioning towards "fine value mining" driven by technologies such as privacy computing and AI, with significant growth expected in vertical industries like manufacturing and healthcare [16] - The integration of data trading with logistics and finance is anticipated to create new growth opportunities, particularly in cross-border data flow [17] - A nationwide integrated market is forming, with key nodes like Beijing, Shanghai, and Guizhou collaborating to enhance resource allocation and break down data silos [18]

Core Viewpoint - The 12th China International Fair for Trade in Services (CIFTIS) showcased China UnionPay's (CUP) independent exhibition, highlighting its advancements in financial technology and international business development, aligning with the theme of "Digital Intelligence Driving Open Cooperation" [1] Group 1: Digital Financial Innovations - China UnionPay exhibited several technological achievements, including AI-integrated payment services and a marketplace for financial tools, demonstrating its commitment to integrating cutting-edge technologies like artificial intelligence and big data into its services [3] - The UnionPay MCP intelligent payment service allows users to complete payments through dialogue, covering both domestic and international scenarios [3] - The "UnionPay Cloud Intelligence" product architecture and privacy computing practices were also showcased, emphasizing the company's focus on financial technology advancements [3] Group 2: International Expansion - China UnionPay has accelerated its internationalization strategy, establishing a global acceptance network in 183 countries and regions with over 2,600 partner institutions [5] - The exhibition highlighted innovations in cross-border payment tools, including mobile POS products, cross-border remittances, and tax refund services, showcasing UnionPay's diverse offerings in the cross-border payment sector [5] - The new "four-party model" for QR code cross-border interoperability was a focal point, with UnionPay facilitating digital upgrades in local payment industries across 19 countries, including Indonesia, Vietnam, Japan, and Brazil [5] Group 3: Services for Beijing - The "Chuangyou Tong" innovative terminal was presented, designed to enhance the experience of inbound tourists by supporting multiple services such as Wi-Fi, UnionPay QR code payments, translation, and maps [6] - This terminal aims to provide a seamless experience for visitors, contributing to Beijing's development as an international exchange and consumption center [6] - UnionPay's participation in CIFTIS reflects its commitment to leveraging technology in payment solutions and fostering global connections [6]

Core Viewpoint - The ownership of patient medical records is a contentious issue, with hospitals, doctors, and patients each claiming rights over the data generated during medical treatment [1][2]. Group 1: Data Ownership and Privacy - Data is recognized as a new production factor, but its ownership remains disputed, particularly regarding patient medical records [1]. - Patients consider their medical records as personal privacy, while doctors argue that their expertise is necessary for data generation, and hospitals claim that without their equipment, data cannot exist [1]. - Ordinary outpatient medical records are typically owned or managed by patients, while inpatient records are managed or owned by hospitals [1]. Group 2: Challenges in Data Utilization - The complexity of data ownership leads to difficulties in data circulation and utilization, with concerns about data leakage and privacy infringement [2]. - The concept of "privacy computing" is proposed as a potential solution, allowing data value extraction without accessing original data, thus addressing ownership ambiguities [2]. - Privacy computing enables collaborative data use without transferring data outside its original domain, mitigating security and privacy risks [2]. Group 3: Technical Aspects of Privacy Computing - Privacy computing faces performance limitations, particularly in distributed models that rely on complex algorithms and frequent data transmission [3]. - New centralized privacy computing models have emerged to alleviate performance issues by encrypting data within a trusted execution environment [3]. - A hybrid approach combining centralized and distributed privacy computing is recommended based on specific needs, balancing data security and performance [3].

Core Viewpoint - The 2025 China International Big Data Industry Expo will be held from August 28 to 30 in Guiyang, where the Yellow River Delta Wetland Ecological Data Element Circulation Service Platform will be launched [1] Group 1: Platform Overview - The platform integrates over 1 billion multi-source data points, including bird, water quality, and soil data, through a "sky, land, sea" integrated monitoring network [1] - It establishes a service system that combines data integration, development, and quality control, creating service areas for ecological protection, scientific research, and industrial development [1] Group 2: Technological Innovations - Artificial intelligence technologies will be utilized to develop models for ecological health assessment and biodiversity indices, achieving a full-cycle loop of "monitoring - analysis - decision-making - application" [1] - The platform employs privacy computing and dynamic hierarchical authorization technologies to ensure data security while establishing a "data available but invisible" circulation mechanism [1] Group 3: Future Directions - The platform aims to break down departmental data barriers and promote cross-domain collaborative governance [1] - The management committee of the Shandong Yellow River Delta National Nature Reserve will continue to deepen "data + ecology" innovative practices to enhance wetland ecological management and contribute to ecological protection and high-quality development in the Yellow River Basin [1]

Core Insights - Nantong's home textile industry has an annual output value of 220 billion, accounting for 55% of the national market share [1] - The industry faces challenges from market changes, design infringement, and data constraints [1] - Traditional design processes were slow and prone to piracy, leading to annual losses of 100 million [1] - The introduction of privacy computing and blockchain technology is creating a trusted data space [1] - The industry is now able to facilitate the circulation of 300,000 square meters of data [1] - AI technology is being utilized for originality protection, enhancing design efficiency to eight times the previous rate [1] - Quality inspection rates have improved by 80%, indicating a significant transformation in the textile sector [1]

Group 1 - Yunfeng Financial (0376.HK) experienced an initial surge of over 19%, reaching HKD 3.99, following the announcement of a strategic cooperation agreement with Ant Group's Ant Financial and a strategic investment in the Pharos blockchain [1] - Yunfeng Financial's subsidiaries hold licenses from the Hong Kong Securities and Futures Commission, allowing them to engage in securities trading, securities consulting, institutional financing consulting, and asset management [3] - Ant Financial, which will operate independently from Ant Group in 2024, has extensive experience in foundational technologies such as blockchain, artificial intelligence, and privacy computing, with its Ant Chain holding a 26.5% market share in China's BaaS market, ranking first for four consecutive years [3]