Core Viewpoint - New City Development Holdings Limited has established a Digital Asset Research Institute to integrate online digital assets with offline physical commerce, aiming to drive business transformation and upgrade in response to national policies and the digital economy era [1][5]. Group 1: Establishment of Digital Asset Research Institute - The Digital Asset Research Institute is led by Executive Director and President Lv Xiaoping, with a team of experts from various fields to provide strategic guidance and decision-making support for the company's digital business [2]. - The institute aims to continuously research the digital asset market and policy changes, developing relevant business strategies and implementation paths [2]. Group 2: Business Focus Areas - New City Development plans to establish a digital asset management company to promote the tokenization of quality IP resources and asset revenues, focusing on three main business areas: 1. Issuing NFT digital collectibles based on the unique IP of Wuyue Plaza, which has a total asset value exceeding 120 billion yuan and attracts over 1.76 billion visitors annually [2][3]. 2. Exploring the issuance of RWA products based on the asset revenues of Wuyue Plaza, leveraging the Hong Kong government's supportive policies for the digital asset industry [3][4]. 3. Issuing financial RWA products based on the company's listed financial assets to broaden financing channels and support business transformation [4]. Group 3: Offline Business Strategy - The company plans to enhance its offline business through self-operated incubation and national agency models, aiming to create proprietary brands in various sectors and improve the richness of Wuyue Plaza's offerings [4]. - The company anticipates that once all 200 Wuyue Plazas are operational, the annual merchant sales will reach 150 billion yuan, contributing 20% to the company's revenue, thus providing stable cash flow and transforming the existing profit model [4]. Group 4: Future Outlook - The establishment of the Digital Asset Research Institute marks the first step in the company's business transformation, with expectations for continuous stable operating cash flow from its offline business and significant potential value release from NFT and RWA products [5]. - The company aims to leverage the WEB3.0 technology wave and capitalize on the policy window for the digital asset industry to enhance the value of its IP resources and asset revenues, facilitating the interconnection of online digital assets and offline physical commerce [5].

Core Insights - The State Council has issued the "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action," focusing on six key areas: scientific technology, industrial development, consumption quality, public welfare, governance capability, and global cooperation [1] - The rapid evolution of artificial intelligence technology is transitioning from experimental exploration to value creation, leading to profound changes across various sectors [1] - The implementation of the "Artificial Intelligence+" action aims to leverage China's rich data resources, complete industrial system, and broad application scenarios to enhance traditional industries and foster new strategic emerging industries [1] Group 1: Intelligent Native New Models and New Business Formats - The transition from digital native to intelligent native signifies a leap from "Internet+" to "Artificial Intelligence+" [2] - The "Opinions" propose cultivating intelligent native enterprises based on artificial intelligence, promoting systematic changes in organizational structures and management models [2] - Experts believe that innovative entities utilizing AI tools can enhance efficiency and build core competitiveness, potentially leading to a surge in "one-person unicorn" companies [2] Group 2: Transformation from Traditional to Intelligent Native Enterprises - The shift from traditional enterprises to intelligent native enterprises represents an efficiency leap from "machine-assisted" to "human-machine collaboration" [3] - Intelligent native enterprises embed AI as a core driving force across all business, management, and decision-making processes, transforming AI from a supporting role to a leading role [3] - The "Opinions" encourage enterprises to integrate AI into strategic planning and business processes while considering their specific circumstances [3] Group 3: Expanding New Consumption Scenarios and Business Formats - Consumption is a fundamental force driving economic growth, and AI can significantly enhance consumption through intelligent upgrades of products and services [4] - The "Opinions" emphasize "Artificial Intelligence + Consumption Quality" as a key action, focusing on service and product consumption to accelerate the development of new consumption models [4] - AI's widespread application is reshaping consumer market dynamics and experiences, acting as a catalyst for consumption [4] Group 4: New Trends in Consumption - The "Opinions" outline new trends for China's new consumption market, shifting from functional satisfaction to cognitive and emotional economies [5] - AI technology enables personalized product and service design, moving from mass production to tailored offerings based on user preferences [5] - The focus on cultural values and self-expression is becoming increasingly important in the consumption model [5]

Core Viewpoint - Microsoft is restructuring its digital native business in the Asia-Pacific region, with Tian Zhuo taking charge, excluding India, indicating a consolidation of operations and a trend of centralizing authority within the company [1][2][3]. Group 1 - Tian Zhuo has been appointed as the head of Microsoft's digital native line in the Asia-Pacific region, overseeing all areas except India [1][2]. - Tian Zhuo has a background in AWS and Google Cloud, where he focused on gaming industry clients before joining Microsoft to lead the digital native division [2]. - The digital native business in Greater China remains under Tian Zhuo's leadership, with no new successor appointed, suggesting a merging of operations with the Asia-Pacific division [2]. Group 2 - Since last year, Microsoft has been gradually transferring parts of the digital native business from various Asia-Pacific countries to the Asia-Pacific region, reflecting a global trend of centralizing power [3].