观察者网了解到，这是袁远首次以华为数据存储产品线总裁身份对外亮相，而该产品线前任总裁周跃峰 已担任华为公司高级副总裁、华为云CEO。 12月17日至18日，由下一代互联网国家工程中心主办联合澳门科技大学共同主办的2025全球数据技术大 会（GDTC）在北京举行。华为公司副总裁、数据存储产品线总裁袁远发表《构建先进数据基础设施， 激活AI时代数据价值》主题演讲。 袁远提到，中国已是全球数据大国，但数据语料建设仍面临关键挑战：我国数据留存率仅2.8%，需从 技术层面解决海量数据"存不下"、存储成本高和能耗大等难题；行业高质量数据稀缺，以医疗模型为 例，我国模型训练数据量只有西方领先国家的10%左右；大量城市与企业数据仍储存在"孤岛"上，数据 共享率不足25%；全球年度泄露数据已达惊人的471.6亿条，给各行业带来巨大风险，数据泄露成为当 前数据跨境流动的核心命题。 华为公司副总裁、数据存储产品线总裁袁远发表演讲 以下为袁远演讲全文： 各位嘉宾，大家好！今天大会的主题是"共筑智能时代的新型数据基础设施"。我想借此机会，分享一下 华为在数据基础设施方面的思考与实践，希望能为产业界推进高质量数据集建设、用好AI有所帮助 ...

让数据基础设施真正成为高质量发展的动力引擎，促进"绿水青山"向"金山银山"的转化路径更宽、效益 更高 不久前，国家数据局综合司印发《关于在国家数据基础设施建设先行先试中加强场景应用的实施方 案》，提出强化场景应用对国家数据基础设施建设的牵引作用，将数据基础设施潜能转化为实际效能。 这一政策导向，有助于推动公共数据赋能相关产业发展，以场景培育和开放实现数据要素价值释放。 在实践中，生态资源长期面临资源分散难整合、价值模糊难量化、产权不清难交易、绿色产业融资难等 制约。数据作为新型生产要素，正为破解这些难题开辟新路径。各地探索多种形式，将数据要素深度融 入具体场景、激活生态价值，拓宽"绿水青山"向"金山银山"的转化路径，将理论上的"可能"转化为实践 中的"动能"。 打通数据经脉，连接数据孤岛，可打破"有资源无整合、有数据无价值"的困局，盘活生态资产。浙江常 山县两山合作社依托"生态资源云脑"，打通全县自然资源、农业、林业等19个核心部门的1.3亿条数 据，搭建起贯通政府、行业、企业等多元主体的数据平台，为"低小散"生态资源赋予规模价值。特别是 整合县域内分散的胡柚林资源数据，建立统一的"数字户口"和透明的流转通道 ...

来源：环球市场播报 美股周一早盘，国际商业机器公司（IBM）股价上涨0.6%。据报道，该公司正就以约110亿美元收购数 据流处理公司Confluent（CFLT）进行深入谈判，旨在加强其人工智能和数据基础设施布局。CFLT股价 目前大涨28.5%。 ...

导语 投资人正在急切地寻找下一个百亿级估值的引爆点。如果说过去两年，有一家公司一个刺激大家神经，那无疑是Mercor，它重新定义了LLM时代的数据基 础设施。 硅谷过去十年的一个共性规律 ： 每一轮AI技术范式迁移，从计算机视觉（CV）到大型语言模型（LLM），最终都会在"数据层"沉淀出一次基础设施级的 巨大机会。 这一轮由大语言模型驱动的技术革命，其核心竞争要素已经清晰：模型层决定能力上限，而数据层是驱动突破的核心燃料。 除了模型层存在大机会，数据 层同样孕育着下一个基础设施级的平台机会 。 关键在于，谁能规模化地解决"高质量数据从哪里来"这一根本问题，谁就能掌握通向未来的钥匙。上一轮AI 范式的赢家，正是专注于此的Scale AI，它已然证明了数据基础设施的巨大价值。 这家成立不到三年、团队平均年龄仅22岁的初创公司，在新一轮融资中，估值一举突破100亿美元，成为AI基础设施赛道最年轻的百亿美金独角兽。这个数 字，是它转型前估值的五倍。 硅谷看重Mercor的，远不止一个高效的人才市场，其真正的价值，在于它大胆尝试重构了 AI研发的生产关系 。Mercor精准地找到了其利基市场，并将这个 时代最核心、最昂 ...

Core Points - The integration of data elements with artificial intelligence is essential for promoting intelligent innovation [1] - The National Data Bureau emphasizes the importance of data infrastructure, high-quality data sets, and talent development in driving data-driven innovation [1] Group 1: Data Infrastructure - Data infrastructure is a crucial carrier for intelligent innovation, addressing the challenges of "security, compliance, and efficiency" in data circulation [1] - The positive externalities of data elements need to be maximized while mitigating negative externalities [1] Group 2: High-Quality Data Sets - High-quality data sets are identified as key resources for intelligent innovation [1] - The National Data Bureau is focusing on market-oriented reforms for data elements, including policy formulation, supply promotion, standard establishment, technology enhancement, and ecosystem cultivation [1] Group 3: Talent Development - The construction of a talent team is a critical support for intelligent innovation [1] - The National Data Bureau has issued opinions to strengthen the development of data-related disciplines and digital talent training models [1] - A "dual-driven" approach will be implemented to accelerate the establishment of a new ecosystem for independent digital talent cultivation [1] Group 4: Investment and Market Awareness - A call for increased investment in the data sector is made to foster a market awareness of "paying for high-quality data" [1] - The aim is to inject new momentum into the market-oriented reform of data element allocation [1]

Core Insights - Fal has transformed "real-time video generation" from a flashy demo into a reusable infrastructure, achieving an annual recurring revenue (ARR) growth from approximately $2 million to over $100 million in less than two years, serving over 2 million developers and more than 300 enterprises, including Adobe and Canva [1][3][4] Company Overview - Founded in 2021 and headquartered in San Francisco, Fal is a generative media platform aimed at developers, hosting image, video, and audio models through a high-speed inference engine and unified API [4] - The company has raised multiple rounds of funding, with the latest round in October 2025 amounting to $250 million, leading to a valuation exceeding $4 billion [4] Transition from Data to AI - The initial focus was on data infrastructure, but the emergence of models like DALL-E 2 and ChatGPT prompted a shift towards inference, allowing users to utilize pre-trained models without extensive data preparation [6][9] - The decision to pivot was challenging, as the company had existing paying customers and two products running simultaneously, leading to confusion in communication [7][8] Product and Growth Strategy - Fal identified a significant market opportunity in generative media, particularly in video generation, which is seen as a new blue ocean market with rapid growth potential [11][17] - The company opted for an API-based approach to provide ease of use for developers, optimizing workflows while maintaining control over the code [13] - The focus on video generation has led to increased computational demands, necessitating further optimization of their systems [16] Commercialization and Sales - Fal has transitioned from a pay-as-you-go model to annual contracts to ensure revenue stability, with a focus on long-term commitments from enterprise clients [25][26] - The company actively promotes new model releases as marketing opportunities, aiming to be the first platform to support new models [24] Team and Culture - The company maintains a unique culture with no dedicated engineering managers, promoting a collaborative environment where all engineers contribute to coding [33] - Recruitment focuses on individuals with a passion for optimization and experience in database or system-level work, fostering a strong technical team [35][36]

Core Insights - The first batch of pilot projects for national data infrastructure construction has achieved positive results, with 18 city data infrastructure nodes established [1] - The initiative, which started last year, has completed its phase one construction tasks, enabling interconnectivity between facilities and incubating over a hundred business scenarios [1] - More than 3,900 entities, including data developers and data exchanges, have been aggregated, providing over 13,000 data products [1] Summary by Categories Infrastructure Development - The national data infrastructure construction has established 18 city nodes, including Beijing and Nanjing, and has achieved interconnectivity among these facilities [1] - The project has successfully incubated over a hundred business scenarios, indicating a robust development in data applications [1] Market Engagement - Over 3,900 entities are involved in the data infrastructure ecosystem, which includes data developers and data exchanges, showcasing a diverse market engagement [1] - The initiative has resulted in the provision of more than 13,000 data products, reflecting a significant output in the data market [1] Future Directions - The national data bureau plans to deepen scenario supply, focusing on new data field scenarios, high-value niche scenarios, and cross-regional comprehensive scenarios [1] - There is an emphasis on advancing technologies such as high-speed data transmission networks, dense computing, and intelligent retrieval to align with the needs of the artificial intelligence industry [1] - The strategy includes systematic deployment and application of data infrastructure on a larger scale [1]

Company News - The China Securities Regulatory Commission approved the initial public offering registration application for Moore Threads Technology [7] - Luxshare Precision announced a net profit of 11.518 billion yuan for the first three quarters, a year-on-year increase of 26.92%. The expected net profit for 2025 is between 16.518 billion and 17.186 billion yuan, representing a year-on-year growth of 23.59% to 28.59% [7] - ST Chuangxing announced that its chairman Liu Peng has been approved for arrest due to criminal charges [7] - Vanke A announced that Shenzhen Metro Group plans to provide a loan of no more than 2.2 billion yuan to the company [8] - Zhongji Xuchuang reported a net profit of 7.132 billion yuan for the first three quarters, a year-on-year increase of 90.05% [9] - Wuliangye announced third-quarter revenue of 8.174 billion yuan, a year-on-year decrease of 52.66%, and a net profit of 2.019 billion yuan, a year-on-year decrease of 65.62%. The company plans to distribute a cash dividend of 25.78 yuan for every 10 shares, totaling 10.007 billion yuan [9] - New China Life Insurance reported a net profit of 32.857 billion yuan for the first three quarters, a year-on-year increase of 59%, driven by growth in investment income [9] - BYD announced third-quarter revenue of 194.985 billion yuan, a year-on-year decrease of 3.05%, and a net profit of 7.823 billion yuan, a year-on-year decrease of 32.60% [10] - China Life Insurance reported a net profit of 126.873 billion yuan for the third quarter, a year-on-year increase of 92%, mainly due to the promotion of product and business diversification [11] - SF Holding adjusted its share repurchase plan for the first phase of 2025 to be "not less than 1.5 billion yuan and not more than 3 billion yuan" [12] - China Coal Energy announced an investment of 1 billion yuan to participate in the central enterprise war new fund [13] - Luzhou Laojiao reported a net profit of 3.099 billion yuan for the third quarter, a year-on-year decrease of 13.07% [13] - Longi Green Energy reported a net loss of 3.403 billion yuan for the first three quarters [13] - Muyuan Foods reported a net profit of 4.249 billion yuan for the third quarter, a year-on-year decrease of 55.98% [13] - China Power Construction announced plans to invest approximately 12.167 billion yuan in the construction of the Lushi Pumped Storage Power Station project in Yunnan Province [14] - Northern Huachuang reported a year-on-year increase of 14.83% in net profit for the first three quarters, driven by sustained growth in domestic integrated circuit equipment market demand [15] - Baiwei Storage reported a net profit of 256 million yuan for the third quarter, a year-on-year increase of 564% [16] - Baosteel reported a net profit of 3.081 billion yuan for the third quarter, a year-on-year increase of 130% [16] - SAIC Motor reported a net profit of 2.083 billion yuan for the third quarter, a year-on-year increase of 645% [16] - New Hope reported a net profit of 512.55 million yuan for the third quarter, a year-on-year decrease of 99.63% [23] - Air China announced plans to raise no more than 20 billion yuan through a private placement to controlling shareholders and related parties [23] - Gree Electric reported a net profit of 21.5 billion yuan for the first three quarters, a year-on-year decrease of 2.27% [23]

Financial Data and Key Metrics Changes - Comstock raised $34.5 million in gross proceeds from an oversubscribed equity raise, netting $31.8 million, which expanded the institutional shareholder base by over 30 new investors [6][8] - The company ended the quarter with $31.7 million in cash and equivalents, including $12.4 million at BIOLIUM, and net current assets of $21.3 million [9][52] - Comstock eliminated all debt, transitioning from $8.5 million in debt at the end of the previous year to being completely debt-free [8][9] Business Line Data and Key Metrics Changes - The solar panel recycling business is set to process approximately 100,000 tons per year, equating to over 3.3 million panels annually, with significant equipment deposits made for the first facility in Silver Springs, Nevada [7][22] - The company reported about $500,000 in billings for the third quarter, aligning with guidance of approximately $3.5 million for the year [23][66] Market Data and Key Metrics Changes - Silver demand hit record levels in 2025, driven by industrial uses, with expectations for continued growth in demand exceeding supply, positively impacting silver pricing [14][15] - The market for solar panel recycling is projected to grow significantly, with estimates of 33 million panels expected by 2030, up from 3.5 million currently [27][28] Company Strategy and Development Direction - Comstock is focused on expanding its solar panel recycling operations and positioning itself as a leader in silver production through its recycling processes [17][19] - The company aims to establish two additional facilities in the U.S. to capitalize on the growing market for solar panel recycling [29][86] - The strategic rationale includes leveraging land and energy requirements for data infrastructure, which is experiencing explosive growth [62][64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong backlog of orders and increased engagement with customers, despite a temporary decline in revenue due to the sale of mining assets [66][68] - The company is preparing for the commissioning of its first facility in Q1 2026, with expectations to ramp up production significantly thereafter [83][87] Other Important Information - Comstock is actively working on refining processes for silver and other metals, with plans to start development as soon as the first plant is operational [90][93] - The company has signed multiple new Master Service Agreements (MSAs) with utilities and recyclers, enhancing its market position [80][81] Q&A Session Summary Question: Where does liquidity stand today? - Comstock reported $31.7 million in cash at the end of the quarter, with $12.4 million at BIOLIUM and net current assets of $21.3 million [52] Question: How long is the cash runway? - The company is fully funded for its business plans and aims for sustained profitability and growth [53] Question: Why the loss on debt extinguishment and what's left? - The $2.77 million loss reflects the payoff of certain notes, but the elimination of debt is seen as a positive step [54] Question: Should we expect any dilution now that Comstock is funded? - There are currently 51.26 million shares outstanding, and no new shares are anticipated to be issued for funding [55] Question: What will Comstock do with revenues once Plant one has funded future plants? - Revenues will be reinvested into expanding metals recycling capacity, with a focus on stabilizing cash generation [57] Question: Are there any plans to dilute to fund mining operations? - No new equity is anticipated to fund mining; funding will likely come from joint ventures or asset-level transactions [59] Question: What is the strategic rationale for continued funding of SSOF? - The properties are well-positioned for the growing data infrastructure market, requiring engagement and capital to capitalize on opportunities [61][64] Question: Why did revenue decline in Q3? - Revenue decline was attributed to the sale of mining assets, which affected lease revenue, but engagement in the market has increased [66][68] Question: What's behind the higher SG&A and R&D? - Increased SG&A is due to scaling operations, including rent and personnel costs, while R&D expenses are related to biolium and metals marketing [70][71] Question: What happened to the metals recovery business and equipment? - The focus has shifted entirely to solar panel recycling, with no ongoing metals recovery business outside of this area [74][75] Question: Why not build smaller cookie-cutter plants to cut transportation costs? - The strategy is to locate plants close to solar panel sources to minimize logistics costs, with a focus on scalability and throughput [76][78] Question: How are you monetizing all recycled materials? - The company sells clean aluminum, glass, and silver-rich tailings, with plans to refine materials for higher value in the future [79] Question: Can you elaborate on the current MSAs and the solar panel supply? - Three new significant MSAs were signed, including with a major utility and a prominent recycler, enhancing market share [80][81] Question: When will the Silver Spring site hit capacity? - The site is expected to ramp up production starting in Q2 2026, with a goal of reaching full capacity by late 2027 [83][86] Question: What about silver refining? - Plans for silver refining are in development, with a focus on maximizing value from all materials processed [90][93]

Group 1: Iron Ore Production and Demand Outlook - BHP maintains an optimistic outlook on global iron ore demand, supported by strong macroeconomic signals and rising global economic growth expectations [1] - In the three months ending September 30, BHP's iron ore production in Western Australia was 70.2 million tons, slightly below market estimates of 71.55 million tons, and a minor decrease of 0.1% year-on-year [1][2] - The company expects its iron ore production in Western Australia for the fiscal year 2026 to remain unchanged at 284 million to 296 million tons [2] Group 2: Copper Production and Strategic Focus - BHP's copper production increased by 4% to 493,600 tons, primarily due to higher output from the Escondida project in Chile, offsetting declines in other areas [3] - The company has become the world's largest copper producer, with an annual output of approximately 2 million tons, and maintains its copper production forecast for 2026 [3] - BHP's CEO highlighted that production disruptions at competitors' mines have tightened the overall market, benefiting BHP's world-class asset portfolio [3] Group 3: Potash Project Developments - BHP has postponed the expansion plans for the Jansen potash project due to cost overruns and ample market supply, but remains optimistic about potash as a long-term opportunity [3] - The first phase of the Jansen potash project is 73% complete and is expected to start production in 2027, while the second phase is 13% complete [3]