Company Overview - Shenzhen Sanda Industrial Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on December 4, 1993. The company was listed on October 28, 1993. Its main business includes logistics transportation, warehousing, electronic manufacturing (mainly railway GSM-R terminals, commercial and tax control cash registers, power supplies, and LED lighting), trade services, and real estate [2]. Business Performance - For the first half of 2025, Shenzhen Sanda achieved operating revenue of 23.434 billion yuan, a year-on-year decrease of 29.52%. The net profit attributable to the parent company was -97.4891 million yuan, a year-on-year decrease of 157.29% [2]. - The company's main business revenue composition is as follows: high-tech industry engineering services 92.43%, digital heating and new energy services 4.70%, digital and information services 2.26%, and other industrial services 0.61% [2]. Stock Performance - As of September 22, the stock price of Shenzhen Sanda A increased by 2.36%, reaching 23.02 yuan per share, with a trading volume of 1.27 billion yuan and a turnover rate of 0.52%. The total market capitalization is 26.196 billion yuan [1]. - Year-to-date, the stock price has risen by 31.39%, with a slight decline of 0.60% over the last five trading days and a decrease of 7.85% over the last 20 days. However, it has increased by 13.79% over the last 60 days [1]. - The stock has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on August 1, where it recorded a net purchase of 193 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Shenzhen Sanda A was 66,800, a decrease of 11.78% from the previous period. The average circulating shares per person increased by 91.51% to 16,316 shares [2]. - The company has distributed a total of 911 million yuan in dividends since its listing, with 353 million yuan distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, notable changes in the top ten circulating shareholders include the exit of Hong Kong Central Clearing Limited, Nuoan Active Return Mixed A (001706), and Southern CSI 500 ETF (510500) from the list [3].

Company Overview - Daily Interactive Co., Ltd. is located in Hangzhou, Zhejiang Province, established on December 7, 2010, and listed on March 25, 2019. The company specializes in big data-based mobile internet comprehensive services, providing technical services for mobile application developers, mobile internet marketing services for advertisers, and data services for other vertical clients [2]. Business Performance - As of June 30, 2025, Daily Interactive reported a revenue of 218 million yuan, a year-on-year increase of 0.67%. However, the net profit attributable to shareholders was -31.89 million yuan, a decrease of 869.01% compared to the previous year [2]. - The company's main business revenue composition is as follows: data services account for 86.32%, developer services 11.06%, and others 2.62% [2]. Stock Performance - On September 22, Daily Interactive's stock price increased by 2.18%, reaching 41.79 yuan per share, with a trading volume of 287 million yuan and a turnover rate of 1.93%, resulting in a total market capitalization of 16.497 billion yuan [1]. - Year-to-date, the stock price has risen by 186.04%, but it has seen a decline of 1.44% over the last five trading days and a 12.24% drop over the last 20 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Daily Interactive was 103,100, a decrease of 17.18% from the previous period. The average circulating shares per person increased by 20.74% to 3,449 shares [2]. - The company has distributed a total of 78.81 million yuan in dividends since its A-share listing, with 19.61 million yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 3.51 million shares, a decrease of 1.5496 million shares from the previous period [3].

Core Viewpoint - Guangdian Measurement experienced a stock price decline of 2.03% on September 22, with a current price of 18.38 CNY per share and a market capitalization of 10.72 billion CNY [1] Financial Performance - For the first half of 2025, Guangdian Measurement reported a revenue of 1.478 billion CNY, representing a year-on-year growth of 10.01%, and a net profit attributable to shareholders of 97.32 million CNY, up 22.11% year-on-year [2] Stock and Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 13.47% to 29,400, while the average circulating shares per person increased by 13.16% to 18,011 shares [2] - The company has distributed a total of 607 million CNY in dividends since its A-share listing, with 481 million CNY distributed over the past three years [3] Ownership Structure - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth largest circulating shareholder with 13.32 million shares, a decrease of 1.54 million shares from the previous period [3] - New shareholders include Xingye Xingrui Two-Year Holding Period Mixed A and Huisheng Huize Mixed A, while Zhaoshang Quantitative Selected Stock Initiation A and Jinying Technology Innovation Stock A have exited the top ten circulating shareholders [3] Business Overview - Guangdian Measurement, established on May 24, 2002, and listed on November 8, 2019, specializes in measurement services, testing services, and the development of testing equipment [1] - The company's main revenue sources include reliability and environmental testing (25.28%), measurement services (23.54%), life sciences (14.24%), and electromagnetic compatibility testing (11.22%) [1]

Core Points - The stock price of Fengyuzhu experienced a decline of 2.02% on September 22, trading at 9.68 CNY per share with a market capitalization of 5.758 billion CNY [1] - Year-to-date, Fengyuzhu's stock price has increased by 6.14%, but it has seen a decline of 1.73% over the last five trading days and 13.03% over the last 20 days [2] - The company reported a revenue of 775 million CNY for the first half of 2025, representing a year-on-year growth of 33.97%, and a net profit of 16.95 million CNY, up 112.62% year-on-year [2] Company Overview - Fengyuzhu, established on August 12, 2003, and listed on October 20, 2017, specializes in digital cultural display experience systems, including planning, design, implementation, and maintenance services [2] - The company's revenue composition includes 63.41% from cultural and brand digital experience spaces, 32.61% from urban digital experience spaces, and 3.98% from digital products and services [2] - As of June 30, 2025, the number of shareholders decreased by 8.55% to 41,200, with an average of 14,437 circulating shares per person, an increase of 9.35% [2] Financial Performance - Fengyuzhu has distributed a total of 744 million CNY in dividends since its A-share listing, with 259 million CNY distributed over the past three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, increasing its holdings by 1.4728 million shares [3]

Core Insights - Hubei Province has established a data industry fund with a total scale of 10 billion yuan, focusing on key areas such as big data, data circulation, data security, green computing power, industrial internet, and artificial intelligence [1][2] - The digital economy in Hubei is experiencing strong growth, with the core industry value expected to reach 574.29 billion yuan by 2024, which is 2.4 times that of 2020, and is projected to exceed 10% of GDP by 2025 [1][2] - The fund aims to invest in the entire data industry chain, including upstream sectors like chips and optical communication, midstream data centers, and downstream data applications and AI [1][2] Investment Strategy - The fund will prioritize local enterprises in Hubei while also attracting leading companies from major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, creating a dual-driven approach of "internal cultivation + external introduction" [2] - The Hubei Big Data Group is developing the Xiaohongshan Data Industry Park, with a total investment of 2.5 billion yuan, to foster a data ecosystem by attracting and nurturing data-related enterprises [2] Infrastructure Development - A provincial computing power interconnection platform has been launched to integrate computing resources, aiming to make Hubei a central node in the national integrated computing network [3] - The Hubei Health Medical Big Data Center has been established to enhance healthcare services and research, focusing on a comprehensive operational framework [3] Talent Development - The Hubei Big Data Academy has been inaugurated to provide comprehensive talent services, aiming to create a high-end talent cultivation system for the data industry [4]

9月21日，以"数聚青海·链通丝路"为主题的2025首届青海数据要素生态大会在西宁召开。这场聚焦数字 经济核心动能的行业盛会，会聚了来自全国各地的行业专家、学界精英与领军企业代表，众人齐聚一 堂，围绕数据要素的价值释放、市场构建与发展趋势展开深度研讨，为青海数字经济高质量发展凝聚智 慧共识。 "数据作为数字经济时代的基础性、战略性资源，其重要性不言而喻。"张恒山表示，在数字技术加速渗 透的今天，加快培育数据要素市场，促进数据高效流通与充分利用，已然成为推动经济高质量发展的关 键之举，更是区域抢占发展先机的核心抓手。 同时，张恒山表示，城西区将始终坚持以市场主体需求为导向，持续优化营商环境，与企业保持常态化 沟通，切实解决企业面临的实际难题，让企业能够安心经营、放心投资、舒心发展。 "数聚青海，需要汇聚各方力量，如同百川汇海；链通丝路，更需要携手同行，共同努力。"在发言尾 声，张恒山向与会企业家发出诚挚邀请。他表示，城西区将以最大的诚意、最优的服务、最好的环境， 欢迎各位企业家走进城西区，在数据市场化配置、场景开发应用、人才培养等多个领域开展深度合作， 携手打造数据要素市场化配置的 "西区样板"，为全省数字经济 ...

Core Insights - The first Qinghai Data Element Ecological Conference was held in Xining, marking a significant milestone in the vision of "Data Gathering in Qinghai, Connecting the Silk Road" [1] - Qinghai is recognized as a crucial ecological security barrier and clean energy base in China, as well as a key passage of the ancient Silk Road [1] Group 1: Data Element Development - Qinghai has established and is constructing 189,000 standard racks, a year-on-year increase of 38 times [2] - The computing power scale has surpassed 17,000 PFLOPS, accounting for 4.7% of the national total, with the highest annual growth rate in the country [2] - The province has achieved a 100% coverage rate of green finance for data center projects, with an average PUE of 1.18, significantly lower than the national average of 1.49 [2] Group 2: Strategic Initiatives - Qinghai aims to transform its clean energy advantages into computing power advantages, and then into institutional advantages for data elements, creating a model that is "non-replicable but can be promoted" [2] - Three initiatives proposed include building green computing infrastructure, cultivating data element application scenarios, and establishing a "Digital Silk Road" rule system [2][3] Group 3: Digital Silk Road - Qinghai is positioned as a key hub for constructing the "Digital Silk Road" in the northwest, leveraging its natural advantages [3] - The province plans to enhance cooperation with countries along the "Belt and Road" in areas such as smart logistics, digital trade, and cross-border data applications [3]

Core Viewpoint - The first Qinghai Data Element Ecological Conference emphasizes the importance of data as a new production factor driving high-quality economic development, focusing on "data assetization and capitalization" and "data empowering industrial development" [3][4]. Group 1: Data Classification and Value Realization - Data is categorized into four levels: data resources, data assets, data products and services, and data elements, highlighting the hierarchical nature of data and its value realization pathways [3][4]. - The narrow definition of data elements requires participation in production activities and value creation, with mechanisms for value creation manifesting as micro-efficiency improvements and macro-reuse multipliers [3][4]. Group 2: Data Value Realization Process - The lower limit of data element value is determined by costs related to data collection and infrastructure, while the upper limit is defined by revenue growth and profit enhancement [4]. - Data must undergo multiple stages, including collection, processing, and analysis, to transform from resources to elements that can directly participate in value creation [4][5]. Group 3: Data Industry Ecosystem - The data industry ecosystem consists of various stakeholders, including data holders, users, vendors, third-party intermediaries, and regulatory bodies, each playing distinct roles in driving data value extraction and release [4][5]. - A specialized division of labor will emerge within the ecosystem, leading to the development of sub-industries such as data cleaning, processing, evaluation, analysis, and compliance [5]. Group 4: Importance of Standards and Regulations - Effective coordination among stakeholders and the realization of data value depend on the establishment of comprehensive standards, regulations, and systems [5]. - A robust standard system is essential for the organic operation of the data industry ecosystem, ensuring the smooth realization of data value [5]. Group 5: Opportunities for Qinghai's Digital Economy - Qinghai province has unique advantages for developing its digital economy, leveraging its high-altitude climate for efficient data center cooling and its status as a major clean energy base [5]. - The province's abundant renewable energy resources can support the green operation of data centers, enhancing its competitive edge in the "green electricity + unique data" sector [5].

Investment Rating - Industry investment rating: Overweight [1] Core Views - Nvidia is under further investigation for antitrust violations by the State Administration for Market Regulation, leading to a decline in its stock price and raising investor concerns about its risks in the Chinese market [3][12] - Nvidia has invested $5 billion in Intel stock, which has positively impacted Intel's stock price [5][14] - The investigation of Nvidia may create uncertainties in the global semiconductor industry and redefine the rules and landscape of the China-U.S. semiconductor supply chain, potentially accelerating the development of domestic chip companies [5][14] Summary by Sections 1. Computer Industry Views - Nvidia's antitrust violations have prompted further investigation by the State Administration for Market Regulation, causing a drop in its stock price and investor concerns about risks in the Chinese market [3][12] 2. Market Review 2.1 Computer Sector Performance - The computer industry index increased by 1.12%, outperforming the Shanghai Composite Index by 2.43 percentage points and the CSI 300 Index by 1.56 percentage points, while underperforming the ChiNext Index by 1.22 percentage points. Year-to-date, the computer industry index has risen by 26.57% [16][17] 2.2 Computer Stock Performance - Notable performers in the computer sector include Information Development, Tianze Information, and Kaipu Cloud, with recommendations to focus on investment opportunities in financial IT, industrial software, and trusted computing [19] 3. Technology Software Industry News 3.1 Computing Power - Huawei has launched the world's strongest computing power supernodes and clusters, supporting significant advancements in AI development [22] 3.2 Low-altitude Economy - The second International Low-altitude Economy Expo will be held in July 2026, focusing on the high-quality development of the low-altitude economy [23] 3.3 Automotive Intelligence - Hong Kong is accelerating the development of autonomous driving with government support, aiming for commercial operations [24] 3.4 Cybersecurity - New regulations require timely reporting of cybersecurity incidents, emphasizing the need for improved security operations among enterprises [25][27] 3.5 Data Elements - The National Data Bureau is advancing the construction of data element pilot zones to enhance data circulation and value [26] 3.6 Artificial Intelligence - The Zhangjiang AI Innovation Town aims to become a hub for AI innovation, providing various support measures for startups [28]

Group 1 - The core viewpoint is that data elements are accelerating penetration across various industries, injecting new momentum into industrial development, with big data becoming a core engine for upgrading the drinking water industry [1] - The drinking water industry is undergoing deep transformation due to increasingly diversified market demands, with companies leveraging data insights to enhance products and experiences [1] - Yili Mineral Water has actively pursued digital transformation, launching a one-stop online purchasing platform and adjusting marketing strategies to target younger consumers [1] Group 2 - In the context of growing health consumption demands, data provides strong support for companies to optimize decision-making and solidify advantages [3] - Yili has achieved sustainable extraction and scientific management of water sources through data analysis, reinforcing its core competitiveness of "natural high-quality water sources" amid fierce market competition [3] - The company is driving scenario innovation and channel collaboration through data, expanding brand communication coverage via online live streaming, and enhancing sales efficiency for distributors and water stores [3] Group 3 - The future of the industry requires further exploration of data application value, iteration of franchise water stores, expansion of consumption scenarios, focus on health-oriented product lines, and strengthening of customized product development to better respond to market changes and meet consumer needs [3]