当人工智能的浪潮席卷神州，大同这座能源重镇，再次拿出转型求变的改革魄力，力图完成从"输煤 炭、输电力"到"输算力、输服务"的华丽转身。 近日，中国证券报记者跟随"算力中国行"调研活动走进山西大同，"瓦特"与"比特"的化学反应在这座古 城清晰可见，从"煤炭之都"到"算力之城"，从煤矿的智能化到文物的数字化，算力的脉动、数据的流 动，书写着资源型城市高质量发展的全新范本。 从"输煤炭"到"输算力" 曾几何时，"煤都"是大同最鲜明的标签，煤炭经济为这座城市带来经济发展的高光时刻，但也一度让城 市面临可持续发展的严峻挑战。 链式思维打造算力生态 除了建项目，大同以"建链、延链、补链、强链"的链式思维打造算力生态：上游，先后引进服务器制 造、配电设施等产业主体，建成年产30万台服务器的自动化生产线2条，以及年产量5万台的高端智能算 力服务器生产线1条。 许俊告诉记者，跟很多城市不一样，大同本地有非常好的工业基础，因此秦云在大同延展落地了整个算 力产业链，无论是集装箱变电站、储能，还是数据中心的机电以及服务器，都基本实现了在大同生产、 大同应用，"大同本地的算力中心，80%都可以采购大同本地的产品。"同时，当大同的算力产 ...

瑞和数智(03680.HK)公布中期业绩，2025年上半年，受集团战略性调整业务构成影响，公司实现营业收 入约人民币1.20亿元，毛利率约为7.6%。公司拥有人应占期内溢利约为人民币4318.6万元，去年同期亏 损约人民币3604万元，同比实现扭亏为盈，每股基本盈利及摊薄盈利约为人民币6.28分。 2025年上半年，净收益约为人民币4109.8万元，2024年上半年净亏损约人民币3863.5万元。报告期间溢 利的主要原因：(1)报告期间公司持有1500万股东京中央拍卖(01939.HK)的股份，确认公平值收益约人 民币6301.5万元。(2)报告期间集团大力推动降本增效措施，从而令研发费用、行政费用、融资成本及销 售开支等较去年同期有所减少。 公告显示，集团将持续强化在金融行业的核心业务根基，巩固在数据智能与营销科技领域的领先地位， 坚持「数据筑基、智能驱动、创新赋能」的发展理念。在深耕金融科技业务的同时，积极开辟Web3.0 及数字资产、数据要素市场化、信创国产化、软硬件一体化、价值投资等新兴领域。通过多元化发展战 略，推动企业实现结构优化与可持续增长。 ...

Core Insights - The first "Mengdian Tong" special electricity fee loan was successfully launched in Inner Mongolia, marking a significant step for small and micro enterprises in the region [1][2] - The loan product is designed to alleviate financial pressure on businesses by utilizing electricity usage data and payment records as credit assessment criteria, rather than relying on fixed asset collateral [1][2] Group 1 - The signing ceremony involved representatives from Inner Mongolia Electric Power Group, China Construction Bank, and Wuhai Changhong Mining Co., Ltd., which successfully secured a 2 million yuan loan to cover electricity fees [1] - The "Mengdian Tong" loan offers advantages such as low interest rates, long terms, quick approval, and flexible repayment methods, enhancing cash flow for enterprises and improving electricity fee recovery rates for the power supply department [1] - The initiative is seen as a win-win for the banking, electricity, and enterprise sectors, as it releases significant liquidity for businesses while ensuring better recovery of electricity fees [1] Group 2 - Thirteen small and micro enterprises, including Wuhai Hairong Mining Co., Ltd. and Inner Mongolia Baohong Chemical Technology Co., Ltd., have shown interest in the "Mengdian Tong" loan due to their stable electricity demand and strong credit profiles [2] - The "Mengdian Tong" initiative represents an innovative exploration by the power supply department to leverage electricity data, transforming intangible data into tangible credit, thus activating the financial value of electricity data [2] - This approach promotes the marketization of data elements in the inclusive finance sector, allowing businesses' operational records to serve as credit credentials for financing [2]

Group 1 - The data industry in China is experiencing rapid growth, with the number of data enterprises expected to exceed 400,000 and the industry scale reaching 5.86 trillion yuan by 2024, representing a 117% increase from the end of the 13th Five-Year Plan [1] - The data industry encompasses various sectors including data collection, storage, circulation, development, and infrastructure, contributing to the marketization and valuation of data elements [1] - Data technology is evolving from business intelligence (BI) to artificial intelligence (AI), leading to a new industrial ecosystem characterized by deep data mining, algorithmic computing power, and high data integration [1] Group 2 - The National Data Bureau plans to deploy data industry aggregation zone pilot projects to optimize industrial layout and accelerate the formation of industrial ecosystems and scale advantages [2] - High-quality data sets are crucial for the development of artificial intelligence, and the construction of data infrastructure is essential for promoting data circulation [2] - In the first half of this year, 3,328 new data products were launched by major data trading institutions, marking a 70% year-on-year increase, with high-quality data sets in the AI sector growing by 2.8 times [2] Group 3 - As of June 30, over 35,000 high-quality data sets have been established in China, totaling over 400 PB, which is approximately 140 times the digital resources of the National Library of China [3] - The demand for data trading has surged due to the training of artificial intelligence models, with a cumulative transaction value of nearly 4 billion yuan for high-quality data sets by June 30 [3] - The National Data Bureau aims to enhance the construction of high-quality data sets and promote the recognition of data element value across society [3]

Core Viewpoint - The rapid development of data trading and infrastructure in China is significantly enhancing the digital economy and facilitating the integration of data resources across various sectors, particularly in artificial intelligence [1][3][29]. Group 1: Data Trading and Infrastructure Development - In the first half of the year, 3,328 new data products were launched by major data trading institutions, marking a 70% year-on-year increase, with a notable performance in the artificial intelligence sector [1][29]. - By the end of this year, the number of data circulation node cities is expected to expand to around 50, covering 80% of provinces and regions, establishing a solid foundation for large-scale cross-domain data circulation [1][20]. - The cumulative transaction volume of high-quality data sets reached nearly 4 billion yuan by the end of June, with new models being piloted in cities like Shanghai and Tianjin to convert high-quality data into equity [1][20][25]. Group 2: Digital Infrastructure and Technology Innovation - As of June 2025, the number of 5G base stations has increased fivefold compared to 2020, reaching 4.55 million, while gigabit broadband users have grown 34 times to 226 million [4]. - The digital infrastructure investment has stimulated significant market demand, fostering the development of the information and communication technology industry chain [4]. - The integration of digital technology and the real economy has deepened, with software revenue expected to grow by 80% by the end of 2024 compared to 2020 [6]. Group 3: Data Resource Development and Utilization - The data industry is projected to reach a scale of 58.6 trillion yuan by 2024, with the number of data enterprises exceeding 400,000, reflecting a 117% increase from the end of the 13th Five-Year Plan [10][36]. - The average R&D investment of listed data companies is expected to increase by 79% compared to the end of the 13th Five-Year Plan, indicating a sustained enhancement in innovation vitality [10]. - The development of high-quality data sets has been prioritized, with over 35,000 high-quality data sets constructed by June, totaling more than 400 petabytes [25]. Group 4: Public Services and Social Governance - Digital public services have become more accessible, with over 1 billion services provided through internet hospitals and more than 1.07 billion electronic social security cards issued [15][16]. - The integration of data resources has improved social governance efficiency, with initiatives like "one network for all services" enhancing public service delivery [16]. - The application of data in various sectors, such as agriculture and healthcare, has led to significant improvements in operational efficiency and service delivery [6][16]. Group 5: Market and Policy Environment - The establishment of clearer institutional rules has facilitated the growth of the data market, with over 50 supporting policies implemented since the introduction of the "data twenty articles" [28]. - The data supply has become more abundant, with a 2.8-fold increase in high-quality data products launched in the first half of the year [29]. - The market ecosystem has diversified, with nearly 500 new digital technology companies established by central enterprises, and over 2,600 new supply and demand entities added in the second quarter alone [30].

Core Viewpoint - Changsha is taking significant steps in advancing the development and utilization of state-owned enterprise (SOE) data resources, marking a key milestone in the establishment of the national data element comprehensive pilot zone in Hunan Province [1][2][4] Group 1: Data Resource Development - The launch of the "State-owned Enterprise Data Special Edition" by the Changsha Public Data Authorization Operation Platform includes the release of the first batch of SOE data resource directories, featuring over 20 categories of high-value data resources [1][2] - The initiative is part of a broader strategy to accelerate the development of public and SOE data, with Changsha undertaking 29 provincial pilot tasks within the year [2][4] Group 2: Addressing Challenges - A working group has been established to tackle issues such as the mismatch between data supply and demand, conducting over 20 policy training sessions and forming chief data officer teams in 13 SOEs [3] - The newly created SOE data zone organizes 20 categories of data resources, encompassing 341 information items and over 74 billion data entries, focusing on key areas like transportation and urban services [3] Group 3: Future Directions - Changsha aims to expand data coverage by encouraging more than 10 SOEs to open their data resource directories, targeting comprehensive coverage in transportation, energy, and livelihood sectors [4] - The city plans to develop over 20 data products focused on smart cities and digital economy scenarios, facilitating the transformation of data from "resources" to "assets" [4] - There is an emphasis on institutional innovation, exploring mechanisms for data property registration and revenue distribution, with the goal of creating 3 to 5 replicable "Changsha experiences" [4]

Group 1 - The stock of Jishi Media reached a closing price of 2.45 yuan on August 7, with a significant increase of 9.87% [1] - The stock experienced a total of 7 trading halts, with a closing order fund of 7930.61 million yuan, accounting for 0.93% of its market capitalization [1] - Key factors contributing to the stock's performance include a successful strategic transformation, completion of a 768 million yuan IPTV asset injection, and a strengthened integrated operation model [1] Group 2 - Research and development investment increased significantly by 86.8%, with 1532 projects signed in government and enterprise business, including a major contract worth 180 million yuan [1] - The company is actively involved in AI intelligent agent development and the marketization of data elements, leveraging the Jilin Provincial Data Element Service Center for public data asset services [1] - Strategic cooperation with Changying Group for film IP development, including participation in projects like "731," is expected to enhance market expectations during the summer film season [1] Group 3 - On August 7, the net inflow of main funds was 259 million yuan, accounting for 24.02% of the total transaction volume, while retail investors saw a net outflow of 130 million yuan [1] - Over the past five days, the stock has shown fluctuating trends in fund flows, with varying net inflows and outflows from main and retail investors [1] - The stock is categorized under domestic chips, medical information technology, and IP economy concepts, with respective increases of 1.3%, 1.14%, and 0.69% on the same day [3]

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [6]. Core Insights - The construction of national data element comprehensive pilot zones is progressing, which is expected to accelerate the landing of data elements and lead to a revaluation of their value across the entire industry chain [2][10]. - The pilot zones, established in ten locations including Beijing, Zhejiang, and Anhui, aim to explore market-oriented and value-oriented paths for the data industry, addressing core issues within the data element sector [10]. - The report suggests focusing on companies with vast data resources and those with strong capabilities in data processing, management, and analysis as potential investment opportunities [2][10]. Summary by Sections Event Description - On July 25, the National Data Bureau held a press conference to introduce the progress of the comprehensive pilot zone construction for data elements [4]. Event Commentary - The pilot work is gradually being carried out, with the expectation that it will address core issues in the data element industry and accelerate its landing process [10]. Policy and Market Development - Related policies are being developed to support the circulation of data elements, with various local governments issuing guidelines to standardize data transactions [10]. - Different pilot zones are applying unique approaches based on local conditions, which will contribute to the exploration of data elements in various scenarios [10].

Group 1: Background of Hainan Free Trade Port and Digital Economy Development - Hainan Free Trade Port is set to officially operate and expand its openness by 2025, with significant progress made by mid-2025, including a 28.75% year-on-year increase in cargo throughput at Yangpu Port and a 48% increase in foreign visitors [1] - The launch of the "International Data Comprehensive Service Zone" aims to facilitate cross-border data flow, aligning with the strategic goal of strengthening the digital economy [1] Group 2: Company Overview and Role in Hainan - Beijing Sanwei Tiandi Technology Co., Ltd. (Sanwei Tiandi) is positioned as a key player in Hainan's digital economy, leveraging its expertise in data asset management, AI applications, and quality infrastructure services [2] - The company has established a wholly-owned subsidiary in Hainan since 2019, focusing on cloud computing product development and providing information technology services to various local enterprises [2] Group 3: RDA and Cross-Border Data Assetization - Sanwei Tiandi's "Data Element Transaction Operation Management Platform" addresses compliance issues for cross-border data flow post-Hainan's closure, utilizing blockchain and IoT technologies to create tradable RDA asset units [3] - The company aims to support international data cooperation under a "negative list" framework for data export, providing services such as data packaging and certification for physical assets [3] Group 4: Financial Innovation and Industry Linkage - The "Quality Loan" model, successfully piloted in Guangxi, can be adapted to develop a "Free Trade Port Data Credit Model" for Hainan's key industries, such as biomedicine and high-end food processing [4] - This model integrates enterprise data to verify tax exemption qualifications and offers supply chain financial services to small and medium-sized foreign trade enterprises [4] Group 5: AI Agent (SunwayLink) and Smart Regulation - SunwayLink enhances regulatory efficiency by automating compliance checks and improving risk identification for smuggling and inspection processes, significantly reducing the time for generating health inspection reports [5][6] - The AI-powered tools assist small enterprises in tax classification and optimize international logistics by matching tariff benefits automatically [6] Group 6: NQI and Quality Data Ecosystem - Sanwei Tiandi's NQI platform aims to integrate fragmented quality resources in Hainan, establishing a comprehensive traceability system for various products to ensure regulatory safety [8] - The initiative supports the goal of achieving a 200 billion digital economy by transforming quality data into tradable assets and providing certification services for local agricultural products [9] Group 7: Future Pathways for Development - The company plans to participate in institutional innovation trials, converting regulatory frameworks into executable data verification algorithms to align with international standards [10] - Sanwei Tiandi aims to create a "zero-tariff product AI compliance engine" and develop a credit model for cross-border trade enterprises based on historical compliance data [11][12] - The successful implementation of these strategies positions Sanwei Tiandi as a critical enabler of Hainan's digital economy, contributing to the broader national data market reform [12]

Event Overview - The 2025 China International Big Data Industry Expo will be held from August 27 to 30 in Guiyang [1] - This expo is the world's first themed around big data and will feature five types of activities including professional exhibitions, opening ceremonies, industry exchanges, competitions, and special events [2] Industry Insights - The global digital economy is entering a new phase centered on the marketization of data elements and driven by intelligent technology [2] - The data industry is expected to become a significant driver for the upgrade of the digital economy, digital government, and digital society, potentially reaching a market size of nearly 200 billion yuan by 2025 [2] - Policies related to data elements are anticipated to be implemented soon, leading to a rapid development phase for data elements [2] RDA Development - The concept of RDA (Real Data Assets) has gained attention, aiming to bridge cryptocurrency and data elements [3] - A closed-door seminar on RDA was held, discussing data valuation and related topics [4] - RDA consists of three stages: asset preparation, asset issuance, and asset trading, with a focus on utilizing blockchain technology for data value realization [5] Historical Performance - Following the announcement of the 2025 expo, there was a collective movement in data element stocks, with Zhongyuan Marine Science and Technology reaching the daily limit [6] Related Companies - Notable companies participating in the expo include Huawei, Tencent, and Inspur Information, among others [9]