@Dmailofficial 停运了撸毛时期很多人邮箱都是用 dmail 注册多号的，一鱼多吃，数据资产也是资产https://t.co/Xs9Z5QKuZl壹屋鱼 | ETHGas ⛽ (@xiaoyubtc):DMAIL @Dmailofficial 也停止运营了。当年，通过这个项目刷过 Arbitrum、Starknet、zkSync、Linea 的TX，单次成本极低。后来，DMAIL 发币，无女巫，虽不是大毛，但也能覆盖其他项目的成本，放在如今，绝对称得上有格局。最好的撸毛时代一去不复返了。 ...

Core Viewpoint - The AI arms race is intensifying, with companies like MiniMax and Zhipu launching new large models, leading to significant stock price increases. However, the real focus should be on the shift from algorithmic capabilities to data as the key resource for unlocking the value of large models [1][2]. Industry Trends - The capabilities of leading models are converging, making them more standardized and accessible. The competition is shifting from "who is stronger" to "who is closer to the infrastructure" [2][3]. - Despite the convergence in model capabilities, the integration of these models into business processes remains challenging. Companies face friction in moving from concept validation to large-scale deployment due to the need for real-time, accurate, and traceable data [2][3]. Company Insights - Xunce Technology, referred to as the "Chinese version of Palantir," addresses the critical challenge of integrating models into real business operations by providing a real-time data infrastructure that allows for continuous model utilization [1][4]. - The company’s core product, the VONE platform, is designed to convert raw data into high-quality production materials, boasting millisecond-level processing capabilities and ensuring 100% data consistency and traceability [4]. Market Potential - The real-time data infrastructure and analytics market in China is projected to grow from 18.7 billion RMB in 2024 to 50.5 billion RMB by 2029, with a compound annual growth rate (CAGR) of 22% [5]. - Xunce holds an 11.6% market share in the asset management sector, leading the market, and has a unique strategy of penetrating high-barrier industries before expanding into others [6]. Financial Performance - Xunce's revenue is expected to grow from 288 million RMB in 2022 to 632 million RMB in 2024, with a CAGR of 48.2%. The increase is driven by a growing customer base and rising average revenue per user (ARPU) [7]. - The company maintains a gross margin above 70%, reaching 76.7% in 2024, indicating strong pricing power and competitive advantages [7]. Investment Dynamics - Inclusion in the Hang Seng Index is expected to bring significant liquidity benefits and may lead to a revaluation of the company's asset profile, transitioning from an "AI concept stock" to an "AI infrastructure stock" under mainland capital systems [9][10]. - The investor base is likely to shift, with long-term capital from domestic public funds and insurance companies becoming new buyers, enhancing the company's growth potential [10]. Valuation Insights - Deutsche Bank has set a target price of 85 HKD for Xunce, indicating a premium of over 20% compared to the closing price on February 12. This suggests a substantial safety margin in the current valuation [11].

Core Viewpoint - The joint notice issued by eight Chinese regulatory bodies aims to further prevent and address risks associated with virtual currencies and tokenization of real-world assets, emphasizing that such activities are illegal financial activities and do not hold the same legal status as fiat currencies [1][2]. Group 1: Regulatory Framework - The notice reiterates that virtual currencies do not have the same legal status as fiat currencies and that any related business activities are considered illegal financial activities [1]. - It prohibits foreign entities and individuals from providing virtual currency-related services to domestic entities in any form [1]. - The notice emphasizes that tokenization of real-world assets is also illegal unless approved by relevant authorities, and foreign entities cannot provide related services to domestic entities [1]. Group 2: Specific Measures - Three specific measures are outlined: 1. Establishing a collaborative work structure between central and local governments to enhance risk prevention and management [3]. 2. Strengthening risk prevention and response through cross-departmental cooperation, including monitoring risks, managing funds and information flows, and regulating virtual currency mining [3]. 3. Enhancing organizational implementation by clarifying responsibilities among departments and regions, and promoting public awareness of risks associated with virtual currencies and tokenization [4]. Group 3: Importance of the Notice - The notice is significant for maintaining national financial sovereignty and ecological stability by enforcing strict regulations and combating illegal cross-border arbitrage [4]. - It aims to protect investor rights by implementing thorough regulatory measures to eliminate illegal financial bubbles [4]. - The notice also seeks to define the boundaries of financial innovation, discouraging fraudulent innovations while supporting compliant development of blockchain technology and data assets [4].

Core Insights - The article emphasizes the integration of "AI + energy carbon" as a strategic core for national industrial development during the "14th Five-Year Plan" period, aiming to establish a new development model driven by digital empowerment and green initiatives [2] - The "Zero Carbon Park and Data Assets" program aims to help high-potential enterprises navigate the "carbon barrier" and the green transformation cycle, providing insights and opportunities for businesses to enhance their competitiveness in climate transition [2][5] Summary by Sections Event Overview - The "Zero Carbon Park and Data Assets" course was held from January 31 to February 1, 2026, organized by various institutions including the People's Daily and Green Light Climate Research Institute, focusing on the integration of energy, carbon, and data [2][5] Course Structure - The course featured expert lectures, case studies, and interactive workshops, covering policies, technical paths, and practical cases related to zero carbon parks and data assets [7][12][14][16][18] - Participants included representatives from various sectors such as energy service companies, investment institutions, and educational institutions, totaling nearly 30 attendees [5] Key Topics Covered - The first day included discussions on the progress and background of zero carbon park construction, carbon neutrality trends, and policy incentives [12] - The second day focused on the new paradigm of energy carbon green digital economy and data asset management, analyzing global energy dynamics and the relationship between energy and societal evolution [16][18] Interactive Workshop - An interactive workshop allowed participants to apply learned concepts to real business scenarios, focusing on data flow, potential data asset sources, and the design of data asset solutions [22] - Groups discussed specific themes such as energy storage substations and carbon asset platforms, leading to structured analyses and actionable insights [22] Future Outlook - The course aims to enhance enterprises' capabilities to adapt to complex domestic and international environments, fostering continuous innovation and international competitiveness in the green and digital transformation journey [25]

Core Insights - The event sponsored by Xavvi focused on building a global trusted data space to empower companies in their overseas expansion efforts [2][3] - The initiative addresses challenges in the digital economy, such as data monopolies and educational inequality, by promoting open and fair data infrastructure [3] Group 1: Strategic Framework - GIAEA's global trusted data space network has four core positions aimed at integrating commercial and social value [6] - The first position is to create a data sovereignty platform for creators, utilizing Web3 technology to return data ownership to creators and support fair revenue generation [6] - The second position is to establish an accelerator for Chinese companies going global, providing a one-stop solution to serve 1 million Chinese enterprises and significantly reduce overseas market entry costs [6] - The third position focuses on building AI education public infrastructure to provide free AI educational resources and training for underprivileged children [6] Group 2: Economic and Social Impact - The fourth position innovates a dual-driven ecosystem of "influence economy + educational philanthropy," where part of the profits from commercial transactions is reinvested into global AI education funds [7] - The model addresses high costs and compliance risks for companies going global while contributing to public issues of data governance and educational equity [7] - The event successfully created a platform for efficient communication in data asset operations and brand overseas expansion, injecting new momentum into the global digital economy [9]

Core Viewpoint - The article highlights the significant advancement of data asset financing in Shaanxi, exemplified by Shaanxi Construction Logistics Group's record 100 million yuan pledge financing based on its proprietary data rights in the construction industry [1][5][10]. Group 1: Financing and Data Asset Development - Shaanxi Construction Logistics Group secured a 100 million yuan credit from Bohai Bank's Xi'an branch, marking the largest data intellectual property pledge financing in Shaanxi to date [1][5]. - The financing is primarily attributed to the group's strong backing from Shaanxi Construction Group and the high value of its "Construction Industry Bidding - Business Opportunity Intelligent Recommendation Data" dataset [5][10]. - The dataset is a core component of the group's "Supplier Intelligent Management Platform," which has been operational since mid-2023 and manages over 160,000 suppliers, integrating with more than 200,000 external authoritative data sources [6][8]. Group 2: Digital Transformation and Strategic Initiatives - The digital transformation journey of Shaanxi Construction Logistics Group began in 2018, with significant collaboration with JD.com to enhance supply chain management [6][10]. - The group aims to become a leading digital supply chain service provider in the construction industry, leveraging its light asset operation model to focus on supply chain efficiency and digital technology development [10][11]. - The establishment of a digital management committee within the group is aimed at integrating data management into daily operations and strategic planning [11]. Group 3: Future Prospects and Market Trends - The group plans to connect with financial institutions to provide financial empowerment to supply chain enterprises using accumulated bidding data [11][16]. - The development of data assets in Shaanxi is evolving from mere visibility in financial reports to actual financing capabilities, with several recent cases of data asset financing emerging [14][16]. - The upcoming launch of the "Shaanxi Silk Road Data Trading Platform" aims to facilitate data asset transactions, with several market participants already engaged [14][16].

Group 1 - The concept of "data assets" refers to identifiable and measurable data resources held by enterprises that can generate economic benefits, distinguishing it from traditional asset types [1][2] - Data assets include key indicators such as trading financial assets, derivative financial assets, net fixed assets, net intangible assets, total market value, and corporate data assets [1] - The measurement of corporate data assets is defined as: Corporate Data Assets = ln(Market Value - Fixed Assets - Financial Assets - Intangible Assets) [1] Group 2 - The core content of data assets encompasses the determination of data ownership, pricing of data assets, and the trading and circulation of data [2] - Data assets possess characteristics such as intangibility, dependency, shareability, and processability [2] - The formation of data assets requires clear ownership rights (exploration rights, usage rights, ownership), value and usability, and the ability to be priced and measured for economic benefits [2] Group 3 - The data set covers A-share listed companies from 2003 to 2024, sourced from annual reports of listed companies [3][6] - The data is intended for educational purposes only and cannot be used for commercial purposes [6]

Group 1 - The global economy is rapidly transitioning into a data-driven digital economy, where data is becoming a new type of production factor that is quantifiable, tradable, and valuable [1] - The financial industry, as a data-intensive sector, faces unprecedented transformation opportunities, requiring a shift from "business generates data" to "data drives business" [1][2] - Data assets possess unique attributes such as non-consumability, strong reusability, and near-zero marginal costs, which can empower core financial processes like risk control, pricing, investment research, and operations [1] Group 2 - The financial industry is tasked with exploring pathways for data assetization, progressing from resource to asset to capital, to support the development of new productive forces [2] - The bond market is actively exploring data capitalization, with data asset-backed securities (ABS) expected to emerge as a significant practice by 2025, providing new financing options for light-asset enterprises [2] - Key challenges remain in fully utilizing data assets, including unclear data ownership, lack of valuation systems, and ambiguous safety and compliance boundaries, necessitating a systematic data asset management framework [2]

Core Viewpoint - The pet consumption market is transitioning from "optional" to "essential," leading to a brutal industry reshuffle where capital focuses on sustainable profit models and real technological barriers. The key question is what defines the "number one pet food brand in China," with the answer increasingly pointing to Maifudi, which has established itself as the leading domestic brand and was officially recognized by Euromonitor as the "number one pet food brand in China" in August 2025 [1]. Group 1 - As of October 31, 2025, Guibao Pet achieved a revenue of 4.737 billion yuan (+29.03%) and a net profit of 513 million yuan (+9.05%) in the first three quarters, despite a temporary increase in expenses due to strategic investments, with a stable overall gross margin above 40% [3]. - Maifudi's strategy is clear: leverage its leading position to reinforce long-term capability building, thereby solidifying its competitive edge [4]. - The depth of the leading brand's moat is characterized by a "research-data-supply chain" triangle barrier that only market leaders can construct, moving beyond mere channel or marketing advantages to a systematic barrier of "research collaborative networks + data assets + global supply chains" [5]. Group 2 - Maifudi has developed the first "canine and feline nature nutrition" database in China, driven by over a billion real data points from nearly 500 dogs and cats, which informs product innovation [6]. - The collaboration with Aker BioMarine goes beyond ordinary procurement, focusing on exclusive marine active nutrition solutions based on market insights and WarmData, ensuring core raw material exclusivity and cost control [6]. - Maifudi's transparency is not a cost but an efficient tool to reduce customer acquisition and retention costs, with its super factory certified by international standards, enabling direct exports to European and American markets [8]. Group 3 - The financial mapping shows that "verifiable trust" translates directly into user loyalty and repurchase rates, with Maifudi's high-end product line "Baf" experiencing a 79% year-on-year growth during the 2025 Double Eleven shopping festival, while "Nai Fu" saw a 384% increase [9]. - Maifudi's growth path reflects a positive flywheel recognized by capital markets: market leadership → pricing power and profit margins → reinvestment in high-certainty areas (research/transparency/supply chain) → building systematic barriers → consolidating leading position [11]. - Despite a temporary increase in sales expense ratio due to strategic investments in research and transparency, Maifudi maintained its core profitability, achieving a net profit of 513 million yuan in the first three quarters, a 9.05% year-on-year increase [11]. Group 4 - In the critical transition from traffic competition to value competition, Maifudi demonstrates that true leading brands are not merely the highest in sales but possess the strongest systematic capabilities [13]. - The combination of WarmData, industry-academia-research networks, global supply chains, and super factories forms a high-quality growth engine that only market leaders can operate [13]. - For investors, Guibao Pet's value lies not only in its current revenue of 4.7 billion yuan and net profit of 500 million yuan but also in its established path from "scale leadership" to "value leadership," marking the beginning of sustainable profitability and valuation enhancement [13].

Core Viewpoint - The pet consumption market in China is transitioning from "optional" to "essential," leading to a brutal industry reshuffle, where capital is focusing on sustainable profit models and real technological barriers. In this context, the question arises: what defines the true "No. 1 pet food brand in China"? The answer is becoming clear with Maifudi, which has been recognized as the leading domestic brand and has transformed its market position into a replicable and verifiable systematic capability, forming its competitive moat [1]. Group 1: Company Performance - As of October 31, 2025, Guobao Pet achieved a revenue of 4.737 billion yuan (+29.03%) and a net profit of 513 million yuan (+9.05%) in the first three quarters, despite a temporary increase in expenses due to strategic investments. The high-end product line continues to grow, maintaining an overall gross margin above 40% [3]. - Maifudi's strategy is clear: leverage its leading position to support long-term capability building, thereby solidifying its competitive edge [3]. Group 2: Competitive Advantages - Maifudi's success is attributed to a "research-data-supply chain" triangle barrier that only leading brands can build. Its advantages have evolved from a single focus to a systematic barrier comprising a research collaborative network, data assets, and a global supply chain [4]. - The company has established a research collaborative network centered around the WarmData canine and feline behavior database, accumulating over a billion data points to drive product innovation. For instance, the "BARF" diet utilizes insights from WarmData to enhance nutritional efficiency [4][5]. - Maifudi's collaboration with Aker BioMarine goes beyond standard procurement, involving joint development of exclusive marine active nutrition solutions, ensuring the uniqueness and cost control of core raw materials [4]. Group 3: Trust and Transparency - In an era of information overload, consumer demand for transparency and scientific feeding is rising. Maifudi addresses this by transforming its factory into a trust interface, achieving international certifications and inviting over 10,000 users to witness the production process [7]. - The company's commitment to transparency translates into user loyalty and repurchase rates, with significant growth in high-end product lines during major sales events, indicating effective monetization of trust [8]. Group 4: Financial Performance and Growth Model - Maifudi's growth path reflects a positive cycle recognized by capital markets: market leadership leads to pricing power and profit margins, which in turn fund high-certainty investments in research, transparency, and supply chain, reinforcing its competitive position [10]. - Despite increased sales expense ratios due to strategic investments, Maifudi's core profitability remains intact, with a net profit of 513 million yuan in the first three quarters, a 9.05% year-on-year increase [10]. - The company has successfully navigated the shift from volume competition to value competition, demonstrating that true leading brands are those with the strongest systematic capabilities [11]. Group 5: Sustainable Business Model - Maifudi exemplifies a sustainable business model that has successfully transitioned from "scale leadership" to "value leadership," positioning itself for ongoing profitability and valuation enhancement [12].