Company Overview - Tianyang Technology Co., Ltd. is located in Chaoyang District, Beijing, and was established on July 9, 2003. The company was listed on August 24, 2020. Its main business includes technology development, technical services, consulting services, and system integration [1][2] - The revenue composition of Tianyang Technology is as follows: technology development 69.43%, technical services 28.56%, consulting services 1.40%, system integration 0.47%, and others 0.13% [1] Financial Performance - For the first half of 2025, Tianyang Technology achieved operating revenue of 999.7 million yuan, representing a year-on-year growth of 7.33%. However, the net profit attributable to the parent company was 51.04 million yuan, a decrease of 44.01% year-on-year [2] - Since its A-share listing, Tianyang Technology has distributed a total of 110 million yuan in dividends, with 42.78 million yuan distributed over the past three years [3] Stock Market Activity - As of September 15, Tianyang Technology's stock price was 23.61 yuan per share, with a market capitalization of 11.525 billion yuan. The stock has increased by 50.38% year-to-date, but has seen a decline of 1.58% over the last five trading days and 11.24% over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on June 16, where it recorded a net purchase of 231 million yuan [1] Shareholder Information - As of June 30, 2025, Tianyang Technology had 65,100 shareholders, an increase of 90.69% from the previous period. The average number of circulating shares per shareholder was 6,257, a decrease of 46.14% [2] - Among the top ten circulating shareholders, Huabao Zhongzheng Financial Technology Theme ETF is the seventh largest shareholder with 3.1997 million shares, marking a new entry. Hong Kong Central Clearing Limited has exited the top ten shareholders list [3] Industry Classification - Tianyang Technology belongs to the Shenwan industry classification of Computer - IT Services II - IT Services III. It is associated with concepts such as electronic payment, cross-border payment, Huawei Kunpeng, Alibaba Cloud, and data elements [2]

Group 1: Policy Expectations - Eight major policy expectations have been identified, covering areas such as monetary policy and consumption, with a focus on the new energy storage construction plan [1] - The upcoming meeting between China and the US in Spain will address issues including TikTok and potential tariffs on China and India [1][3] - The expectation for the resumption of government bond trading operations by the central bank has increased, as highlighted by recent articles from Securities Times and China Securities Journal [1][3] Group 2: Energy Storage - The National Development and Reform Commission and the National Energy Administration have issued the "New Energy Storage Scale Construction Action Plan (2025-2027)", which is expected to meet its goals ahead of schedule [2] - The plan includes various application scenarios, including AIDC, and anticipates a national pricing policy for energy storage capacity [2] - There is an expectation of price increases in the upstream supply chain for energy storage, particularly for energy storage cell prices [2] Group 3: Industry Growth Plans - The Ministry of Industry and Information Technology has released several industry growth action plans, including those for the electronic information manufacturing, automotive, and power equipment sectors for 2025-2026 [2] - The automotive plan has more detailed demand-driven policies and increased deployment for L3 autonomous driving compared to the 2023-2024 version [2] - The power equipment plan emphasizes a more detailed approach to main objectives and a shift in focus from demand to supply structure adjustments [2] Group 4: Other Policy Developments - Recent policies have been issued regarding public utilities, artificial intelligence, data elements, and the regulation of excessive competition [4] - The National Development and Reform Commission has solicited public opinions on the revised pricing and cost supervision methods for power transmission and distribution [4] - Various local governments, including Shanghai and Hangzhou, have released policies related to artificial intelligence [4]

Core Insights - Data is recognized as the fifth production factor, characterized by non-competition, replicability, and unlimited growth potential, making its value extraction process more complex than traditional production factors [1] - The development of the data factor market relies heavily on a clear policy framework and implementation pathways, with local data trading institutions and data merchants emerging as key drivers [1] - The establishment of a robust ecosystem for data supply and usage is essential to achieve the goals of effective data flow and security [1] Group 1: Industry Overview - The data factor market is currently in a critical phase driven by policies and practical explorations, with the establishment of the National Data Bureau marking a significant step towards a unified national data market [19][20] - The market is projected to exceed 200 billion by 2025, with a compound annual growth rate of over 25% [23] - The construction of a complete national data circulation system is planned over the next five years, aiming to empower the real economy and break data monopolies [27] Group 2: Service Providers and Evaluation - The "iResearch - Top 30 Data Factor Service Providers" list includes companies recognized for their comprehensive capabilities in the data factor industry [7][9] - The evaluation model for service providers includes four core dimensions: industry depth, product and technology capabilities, service capabilities, and ecosystem capabilities [4] - The selection process involved consultations with industry experts and was based on a thorough assessment of the companies' current capabilities [2][3] Group 3: Case Studies and Applications - Neusoft's City Data Value Empowerment Platform focuses on key areas such as smart healthcare and employment, creating a comprehensive service ecosystem [11][12] - The platform aims to enhance urban digital transformation and improve governance through data integration and intelligent services [12] - The "Fujian Public Service Operation Platform" exemplifies a model that integrates service, regulation, and operation across various sectors [15] Group 4: Challenges and Future Directions - The industry faces challenges such as an incomplete pricing system and compliance barriers that hinder data circulation [31][28] - A dual approach involving standardization and case studies is proposed to address these challenges and facilitate the deep release of data value [31][29] - The focus on high-quality data sets and specialized intelligent entities is expected to become mainstream, with ecosystem building and scenario construction as core competitive advantages [20][21]

Core Insights - The "Data Elements ×" competition in Guangdong focuses on the integration of data elements with the cultural tourism industry, showcasing innovative applications and solutions [1][2] - The event highlights the importance of data-driven innovation in enhancing the value of cultural tourism resources and addressing industry challenges such as homogenization [4][6] Group 1: Competition Overview - The Guangdong division of the competition features 15 teams competing in the cultural tourism track, which includes eight key topics such as digitalization of cultural resources and smart tourism innovation [2][3] - The competition adopts a public roadshow format, allowing teams to present their projects in an "8+6" format, emphasizing the potential of data elements in enhancing visitor experiences and creating new business models [2][3] Group 2: Regional Development and Innovation - Jiangmen, as a key city in the Guangdong-Hong Kong-Macao Greater Bay Area, leverages its rich cultural heritage and tourism resources to explore new paths for data-driven cultural tourism development [6][7] - The city has established various data infrastructure initiatives, including a data trading service base and a supercomputing center, to support the circulation and application of cultural tourism data elements [6][7] Group 3: Project Highlights - Notable projects include the "Digital Cultural Creative Value Chain" platform, which addresses challenges in cultural product development and enhances the efficiency of cultural resource dissemination [3][4] - The "Digital Diaolou" IP project utilizes 3D data models of cultural heritage sites to create digital products, exploring new models for public data authorization and operation [7] Group 4: Future Prospects - The competition aims to foster a virtuous cycle of data utilization and economic growth in Jiangmen, attracting technology, talent, and capital to enhance the value of cultural tourism data [7] - Future plans include deepening the integration of data elements across various sectors, including cultural tourism, advanced manufacturing, and public services, to build a more comprehensive data industry ecosystem [7]

Core Viewpoint - The "Data Element × Medical Security" competition held in Zhuhai focuses on enhancing the management level of medical data and improving the convenience of medical insurance services through data empowerment in the healthcare sector [1][2]. Group 1: Event Overview - The Guangdong division of the "Data Element ×" competition featured a "Medical Security" track, guided by the Guangdong Provincial Government and various local authorities, with a focus on driving data empowerment across multiple industries [1]. - The competition included 10 teams that presented projects aimed at improving medical data management and enhancing medical insurance services [1]. Group 2: Project Highlights - The project by Guoxin Health Insurance Service Co., Ltd. introduced a "data-driven, technology-enabled" model for intelligent supervision of medical insurance funds, achieving a 70% accuracy rate in identifying high-risk operations [2]. - The "Cloud Medical Insurance Prescription Data Element Empowerment Supervision Platform" by Qiyi Tianxia Big Data Technology aims to break down data barriers in healthcare, covering 17 medical institutions and 258 pharmacies in Zhuhai, with a prescription turnover exceeding 500 million yuan over five years [2]. Group 3: Expert Insights - Zhang Lei, a judge from Sun Yat-sen University, emphasized the importance of separating medical and insurance aspects in the competition, highlighting the use of AI and big data for effective management of medical insurance funds [2]. - Zhang also noted that digital tools for medical insurance should be continuously improved to balance the workload of doctors and policy feedback, promoting sustainable development for hospitals and rational use of insurance funds [2].

Core Insights - The "Data Elements × Green Low Carbon" competition's Guangdong division finals took place in Zhuhai, focusing on integrating data elements to promote green and low-carbon initiatives across various industries [1] Group 1: Event Overview - The competition was guided by the Guangdong Provincial Government and involved multiple local authorities, showcasing 19 teams competing in areas such as ecological environment governance and energy efficiency [1] - The event featured 13 specific tracks, including industrial manufacturing, and aimed to enhance the application of data elements in various sectors [1] Group 2: Project Highlights - Guangdong Blue Kun Marine Technology Co., Ltd. presented a project utilizing marine hydrometeorological data for storm surge early warning and multi-scenario service platform, achieving a reduction in inundation depth forecast error from 15% to 10% [2] - The "5D Carbon Ecosystem" project aims to support carbon neutrality goals by creating a comprehensive service system for carbon management, already implemented in Guangzhou and connecting various sectors [3] Group 3: Industry Implications - The competition fosters a positive atmosphere for the industry, demonstrating a wide range of participants and application scenarios, including traditional sectors like energy and emerging fields such as low-altitude and marine economies [3] - The future of the energy sector is expected to focus on increasing the share of renewable energy, optimizing resource allocation, and enhancing intelligent supply systems, which are crucial for green and low-carbon transitions [4]

Core Viewpoint - The "Data Element ×" competition in Guangdong focuses on the integration of data elements with technological breakthroughs, showcasing innovative projects that enhance the digital economy and data governance [1][2]. Group 1: Event Overview - The Guangdong division of the competition featured 19 teams competing in various technological innovation areas, including AI model development and data governance [1]. - The event is guided by the National Data Bureau and aims to promote data-driven innovation across multiple industries [1][2]. Group 2: Strategic Goals - The competition aligns with Zhuhai's strategic goals of becoming a hub for AI model industries and enhancing data sharing and innovation [2]. - Zhuhai aims to cultivate 1,200 data enterprises over the next three years and establish itself as a model for data-driven economic integration [2]. Group 3: Innovative Projects - Teams presented projects that address key areas such as data sharing, AI model development, and new paradigms in scientific research [3][4]. - A project by the Bay Area Digital Grid Pioneer Team focuses on real-time measurement data centers for the power industry, enhancing cross-border data security for energy management [3]. - The Zhuhai State-owned Data Cross-border Data Asset Operation Service Team introduced a project to facilitate compliant and efficient cross-border data services for enterprises [4]. Group 4: Evaluation and Fairness - The competition maintained a fair evaluation process with a panel of industry experts assessing projects based on innovation, feasibility, and application value [5]. - The event utilized a transparent scoring system, ensuring that all teams received equal opportunities to present their projects [5]. Group 5: Future Directions - The integration of AI and data elements is seen as crucial for breaking down application barriers in traditional industries, with a focus on standardization and data governance [6]. - Zhuhai is actively promoting investment in AI and biomedicine, providing support for technology enterprises through dedicated funds and collaborative frameworks [6]. Group 6: Next Steps - The competition will select at least one project to advance to the national finals, with a focus on validating technical capabilities and qualifications [7]. - The next phase of the competition will continue to promote innovative applications of data elements in key sectors, contributing to Guangdong's leadership in data market reforms [7].

Group 1 - The core focus of the "Data Element ×" key work plan (2025-2026) is to accelerate the development and utilization of data resources across 12 key sectors, enhancing economic and social governance through digitalization [1][2] - The 12 key sectors identified include industrial manufacturing, modern agriculture, commercial circulation, transportation, financial services, technological innovation, cultural tourism, healthcare, emergency management, meteorological services, urban governance, and green low-carbon initiatives [1] - A total of 34 key tasks have been outlined in the plan, such as promoting intelligent transformation in manufacturing, establishing digital agriculture laboratories, and advancing digital transformation in transportation infrastructure [1][2] Group 2 - In the cultural tourism and healthcare sectors, the plan proposes initiatives like the application of large models in the tourism industry and the integration of electronic medical records for better data sharing among hospitals [2] - New business models and products are to be developed in the cultural tourism sector, including smart travel companions and customized itineraries [2] - The healthcare initiatives aim to expand direct settlement for outpatient chronic diseases across provinces and improve data management for maternal and child health [2]

Core Viewpoint - Beijing is implementing measures to promote the growth of future industries through a new investment mechanism, focusing on data elements and artificial intelligence [1] Group 1: Investment Mechanism - The Beijing Municipal Government has introduced several measures to establish a growth mechanism for future industry investments [1] - A reward policy has been announced to support the first registration, first transaction, first entry into the table, and first opening of data elements [1] Group 2: Infrastructure and Technology - The total computing power in Beijing has exceeded 33,000 PetaFLOPS, supported by blockchain applications for building computing infrastructure [1] - The Beijing Artificial Intelligence Data Trading Base has become the largest business segment in the market, enhancing data application development capabilities [1] Group 3: Data Services - The upgrade to Data Sandbox 3.0 aims to create an integrated service capability of "data-computing-model-application" [1]

Core Insights - The 5th Digital Financial Technology Conference and the 1st "BRICS+" Digital Trade Cooperation Exchange Conference were successfully held in Xiamen, focusing on the theme "Intelligent Connection of BRICS and Digital Driving of the Future" [1] Group 1: Event Overview - The event was supported by the Xiamen Municipal Committee of Political Consultative Conference and organized by various local organizations including the Xiamen Science and Technology Economic Promotion Association and Bai Ge Online [1] - The conference gathered experts, scholars, and representatives from financial institutions to discuss topics such as artificial intelligence, data elements, digital risk control, and the transformation of financial technology achievements [1] Group 2: Strategic Collaborations - Bai Ge Online signed strategic cooperation agreements with Fujian Big Data Group and China Unicom Xiamen Company, aiming to promote the integration of digital technology with the real economy and social livelihood [1] - The conference emphasized the importance of enhancing the enabling role of financial technology in the real economy and optimizing the digital financial service ecosystem [1]