中证报中证网讯（记者 乔翔）11月6日，在第八届中国国际进口博览会上，邓白氏与上海交通大学联合 发布了《商业数据 X 企业全球互联——数据要素赋能企业"走出去、引进来"研究》白皮书。白皮书系 统剖析了全球化新格局，指出数据要素在宏观风险研判、精准市场触达、供应链韧性构建及跨境合规管 理等方面发挥着不可替代的作用，为企业"走出去"与"引进来"提供了贯穿全链路的决策支持。 为解决这一痛点，邓白氏推出其首款面向广大用户的产品"龙易查"，旨在让更多用户查得到、查得起全 球企业数据，为用户提供了从"企业查询"到"风险穿透"，再到"信用评估"的全链路支持。 白皮书认为，随着人工智能、云计算等技术的深度融合，数据要素将进一步重塑全球化路径。企业需将 数据能力嵌入战略核心，以"数据驱动+合规护航"的新模式应对不确定性；政府与监管机构也需善用数 据提升治理效能，共建安全、可信、高效的跨境数据流动生态，共同开启全球化发展的新篇章。 业内人士认为，在全球化商业合作中，大型企业往往凭借其雄厚的资源与成熟的后台体系，在营销拓 客、合规管控、风险识别等方面都有着更有力的支持。然而，广大中小企业与个人商业主体却常因运营 成本与技术门槛所限 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 4.865 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 12.15%. However, the net profit attributable to shareholders was only 4 million yuan, showing a significant decline compared to the previous year [6] - The subsidiary, Electric Science and Technology JinCang, experienced strong growth, with new contract amounts increasing by over 100% year-over-year and revenue growth of nearly 50% [6] - The company has effectively controlled expenses, resulting in a significant reduction in management costs by over 100 million yuan year-over-year [6] - The overall gross margin has faced pressure, decreasing to 26.74% from 28.95% year-over-year, while operating cash flow remains negative at -1.809 billion yuan [6] - The company is increasing its investment in research and development, with R&D expenses reaching 174 million yuan, a year-over-year increase of 67.3% [6] - The company has signed contracts worth nearly 3 billion yuan in the "信创" (Xinchuang) business, which supports the sales of its core products [6] - The revenue forecasts for 2025-2027 are 8.152 billion, 9.158 billion, and 10.646 billion yuan, respectively, with net profits projected at 235 million, 325 million, and 478 million yuan [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 8.152 billion yuan, with a year-over-year growth rate of 4.0% [5] - The net profit attributable to shareholders is projected to be 235 million yuan for 2025, reflecting a year-over-year increase of 22.9% [5] - The earnings per share (EPS) is expected to be 0.38 yuan for 2025, with a projected price-to-earnings (P/E) ratio of 68 [5] - The gross margin is forecasted to be 25.0% for 2025, with a return on equity (ROE) of 4.3% [5]

Report Summary 1. Report Industry and Investment Rating - The report focuses on the Internet services industry, but no investment rating is provided [2] 2. Core Viewpoints of the Report - Despite facing some operating pressure in the first three quarters of 2025, the company's new orders have increased significantly year - on - year, laying a good foundation for next year's performance. With continuous business expansion, new product promotion, and emerging field layout, the company can achieve performance improvement [28] - The company integrates and applies self - developed technologies such as DPI, AI large models, data elements, and pan - security, establishing a competitive advantage and making breakthroughs in both traditional and emerging markets [29] 3. Summary by Directory 3.1 Research Basic Situation - The research object is Haohan Shendu, belonging to the Internet services industry. The reception time was on November 5, 2025. The company's reception staff included the vice - chairman and general manager Wei Qiang, the deputy general manager, board secretary, and financial controller Feng Yanjun, and the independent director Zhang Lianqi [16] 3.2 Detailed Research Institutions - The research institutions are investors who participated in the company's Q3 2025 earnings conference [19] 3.3 Research Institution Proportion - No relevant content provided 3.4 Main Content Data - **Incentive Draft Performance Indicators**: The company selects new contract growth rate, net profit growth rate attributable to shareholders of listed companies, and new business expansion revenue as company - level performance assessment indicators. It also has a personal performance assessment system. The assessment system is comprehensive, scientific, and reasonable [23] - **Vehicle Networking Security Business**: It maintains a good development trend, with a "standard - leading - market breakthrough - governance deepening" development pattern. Specific progress includes standard setting, market expansion, digital governance, ecological construction, and industry leadership [25] - **Visualization Business**: DPI business is a core advantage. The network visualization is in a generational transition period. The company has a large stock advantage in the operator backbone network DPI and is leading in 400GE technology, expected to benefit from the new round of construction. The diversion products also have a broad market space [26] - **Profit Decline Reasons**: In 2025, the company's net profit declined significantly due to factors such as a decrease in operating income, an increase in interest expenses, an increase in various costs, an increase in inventory impairment provisions, and losses of new subsidiaries. However, new orders have increased significantly, which is conducive to future performance improvement [28] - **Technology Advantages and Market Performance**: The company integrates self - developed technologies and has built a competitive barrier in emerging fields. In terms of market performance, it is in the stage of transforming technology leadership into business success, with good growth in multiple markets [29][31] - **AI Intelligent Business Progress**: It focuses on the financial industry and will provide intelligent solutions for various industries in the future. It has achieved cooperation and project wins in the financial field, and is actively involved in special projects [32][33] - **EDA Software**: The company does not involve EDA software development and application [34] - **Dividend Plan**: The company will formulate dividend plans according to relevant regulations, actual operations, and development plans, and the specific plan will be subject to subsequent announcements [35]

Group 1 - The core point of the article is that Nanwei Software announced the convening of its fifth board meeting on November 5, 2025, to discuss the proposal for the first extraordinary general meeting of shareholders in 2025 [1] - For the first half of 2025, the revenue composition of Nanwei Software is as follows: AI/Data Elements + Public Safety accounts for 45.43%, Smart Industry accounts for 24.26%, AI/Data Elements + Digital Government accounts for 20.94%, AI/Data Elements + Social Governance accounts for 9.2%, and Other Businesses account for 0.17% [1] - As of the report date, the market capitalization of Nanwei Software is 7.3 billion yuan [1]

Core Viewpoint - Guoxin Health's stock price has shown volatility, with a recent increase despite a year-to-date decline, indicating potential investor interest and market dynamics [1][2]. Group 1: Stock Performance - As of November 5, Guoxin Health's stock price rose by 2.27% to 10.35 CNY per share, with a trading volume of 1.52 billion CNY and a market capitalization of 10.135 billion CNY [1]. - Year-to-date, Guoxin Health's stock has decreased by 5.74%, but it has increased by 4.86% over the last five trading days [2]. Group 2: Financial Performance - For the period from January to September 2025, Guoxin Health reported a revenue of 170 million CNY, a year-on-year decrease of 14.87%, and a net profit attributable to shareholders of -138 million CNY, a significant decline of 347.32% [2]. - The company has not distributed any dividends in the last three years, with a total payout of 47.7195 million CNY since its A-share listing [3]. Group 3: Shareholder Structure - As of September 30, 2025, Guoxin Health had 60,600 shareholders, a decrease of 8.38% from the previous period, with an average of 16,152 circulating shares per shareholder, an increase of 9.14% [2]. - The top ten circulating shareholders include Southern CSI 1000 ETF, which holds 7.1776 million shares, down by 90,600 shares from the previous period [3].

Core Viewpoint - Longshine Technology's stock has experienced a decline, with a current price of 14.36 CNY per share and a market capitalization of 11.647 billion CNY, reflecting a challenging market environment for the company [1]. Company Overview - Longshine Technology, established on April 28, 2002, and listed on August 17, 2012, is based in Shenzhen, Guangdong Province. The company specializes in providing IT system solutions and services for financial institutions, along with software and hardware development [1]. - The company's main business revenue breakdown is as follows: Digital Financial Business Solutions (58.44%), Big Data Application System Solutions (33.99%), Full Financial Value Chain Business Management Solutions (7.57%), and Others (0.01%) [1]. Financial Performance - For the period from January to September 2025, Longshine Technology reported a revenue of 1.089 billion CNY, representing a year-on-year growth of 5.19%. However, the net profit attributable to shareholders was -11.394 million CNY, a significant decrease of 386.16% compared to the previous period [2]. - Since its A-share listing, Longshine Technology has distributed a total of 230 million CNY in dividends, with 17.3892 million CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Longshine Technology had 87,900 shareholders, a decrease of 12.30% from the previous period. The average number of circulating shares per shareholder increased by 14.05% to 8,054 shares [2]. - The top ten circulating shareholders include notable entities such as Huabao Zhongzheng Financial Technology Theme ETF and Southern Zhongzheng 1000 ETF, with changes in their holdings indicating varying levels of investor confidence [3].

Core Viewpoint - Aofei Data's stock price has experienced fluctuations, with a year-to-date increase of 33.08%, but recent declines in the short term raise concerns about its market performance [1][2]. Company Overview - Aofei Data, established on September 28, 2004, and listed on January 19, 2018, is based in Guangzhou, Guangdong Province. The company primarily operates in the Internet Data Center (IDC) sector, with IDC services accounting for 82.18% of its revenue and other internet services making up 17.82% [1][2]. Financial Performance - For the period from January to September 2025, Aofei Data reported a revenue of 1.824 billion yuan, reflecting a year-on-year growth of 15.33%. The net profit attributable to shareholders was 145 million yuan, marking a 37.29% increase compared to the previous year [2]. Stock Market Activity - As of November 5, Aofei Data's stock price was 19.28 yuan per share, with a market capitalization of 18.994 billion yuan. The stock has seen a net outflow of 29.1791 million yuan in principal funds, with significant selling pressure observed [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on February 21, where it recorded a net buy of -206 million yuan [1]. Shareholder Structure - As of September 30, 2025, Aofei Data had 113,600 shareholders, an increase of 9.06% from the previous period. The average number of circulating shares per shareholder decreased by 8.31% to 8,667 shares [2][3]. - Notable changes in the top ten circulating shareholders include a reduction in holdings by Hong Kong Central Clearing Limited and South China Asset Management, while new entries include Guangfa CSI 1000 ETF [3].

Core Insights - The stock price of Zhaochuang Information increased by 2.02% on November 5, reaching 57.54 CNY per share, with a total market capitalization of 3.474 billion CNY [1] - The company has seen a year-to-date stock price increase of 0.56%, with a 2.82% rise over the last five trading days [1] - Zhaochuang Information's main business segments include information services (57.19%), smart services (20.98%), exhibition services (12.08%), and consulting services (9.74%) [1] Financial Performance - For the period from January to September 2025, Zhaochuang Information reported a revenue of 263 million CNY, representing a year-on-year growth of 19.91% [2] - The net profit attributable to the parent company was 49.52 million CNY, showing a year-on-year decrease of 5.93% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Zhaochuang Information was 11,800, a decrease of 15.79% from the previous period [2] - The top ten circulating shareholders include new entrants such as Huatai-PB ZhiYuan Mixed A and Huatai-PB JinHua Bond A [3]

Core Viewpoint - Dongjie Intelligent's stock price has seen significant growth this year, with a year-to-date increase of 246.05%, indicating strong market performance and investor interest [1][2]. Company Overview - Dongjie Intelligent Technology Group Co., Ltd. is located in Taiyuan, Shanxi Province, and was established on December 14, 1995, with its listing date on June 30, 2015 [1]. - The company specializes in the research, design, production, and sales of intelligent logistics conveying systems, intelligent logistics storage systems, intelligent parking garages, and intelligent painting production lines [1]. - The revenue composition of the main business includes: intelligent logistics storage systems (79.11%), intelligent production systems (18.51%), spare parts and others (1.67%), and intelligent three-dimensional parking systems (0.70%) [1]. Financial Performance - For the period from January to September 2025, Dongjie Intelligent achieved an operating income of 698 million yuan, representing a year-on-year growth of 26.46% [2]. - The net profit attributable to the parent company was 8.35 million yuan, showing a year-on-year increase of 110.85% [2]. - Since its A-share listing, the company has distributed a total of 58.92 million yuan in dividends, with 4.88 million yuan distributed in the last three years [3]. Shareholder Information - As of October 20, 2025, the number of shareholders of Dongjie Intelligent was 39,100, a decrease of 5.35% from the previous period [2]. - The average circulating shares per person increased by 5.65% to 12,212 shares [2]. - The top ten circulating shareholders include notable ETFs, with Huaxia CSI Robot ETF holding 7.87 million shares, an increase of 1.47 million shares from the previous period [3].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The computer industry showed significant improvement in Q3 2025, with total revenue reaching 328.01 billion, a year-on-year increase of 5.28% [1][15] - Net profit for the industry increased by 25.19% year-on-year, totaling 10.54 billion, with over 19 companies experiencing more than double profit growth [1][16] - The gross profit margin for the industry declined by 2.46 percentage points year-on-year in Q3 2025 [1][31] - Management expenses saw a significant decrease, while sales and R&D expenses remained stable [1][31] Summary by Sections Overall Industry Performance - As of November 3, 2025, the computer industry reported a total revenue of 3280.13 billion for Q3 2025, marking a 5.28% increase compared to the same period last year [1][15] - Approximately 44% of companies in the sector reported negative revenue growth, with 145 companies (43.81%) experiencing a decline [15] Profitability Analysis - The industry achieved a net profit of 105.39 billion in Q3 2025, reflecting a 25.19% increase year-on-year [1][16] - A total of 154 companies reported losses, amounting to 62.15 billion, with the top 20 loss-making companies accounting for 53.86% of the total losses [16][26] Segment Performance - The industry is divided into 17 segments, with 10 segments reporting positive revenue growth, including: - Quantum Computing (+49.57%) - AI Computing (+12.88%) - Data Elements (+10.23%) - Financial IT (+10.74%) [2][33] Fund Holdings - As of November 3, 2025, the top five companies by fund holdings in the computer industry are: - Kingsoft Office - Zhongke Shuguang - iFlytek - Hikvision - Inspur Information [3] Investment Recommendations - Beneficial targets include: - AI Applications: RunDa Medical, Wanjing Technology, Kingsoft Office, etc. - Computing Integrated Machine Industry Chain: KaiPu Cloud, Yuncong Technology, etc. - Data Element Industry Chain: Taiji Co., Shensanda, etc. [4][7]