春节前AI军备竞赛如火如荼。 继Deepseek之后，2月12日MiniMax与智谱发布新一代大模型，二者股价单日暴涨，AI赛道再度被情绪 点燃。 迅策科技准确把握了这一产业痛点。 但在情绪之外，产业侧的变化更值得关注。 随着大模型能力加速商品化，模型本身正逐步从"稀缺能力"转向"可规模采购的工具"。真正制约大模型 进入企业核心系统的瓶颈，正在从算法层转移到数据侧。模型能力的趋同，正使得高质量、可实时调用 的数据成为释放大模型价值的真正稀缺资源。 2月13日盘后，港股通迎来年度审议关键节点。恒生指数公司公布恒生系列指数调整结果，并于3月9日 正式实施。其中，港股"Data Agent"第一股迅策科技（03317.HK）获纳入恒生综指和恒生综指中小型/小 型股指和恒综多个行业指数，以及恒生港股通多个行业指数等共计8个指数。一般而言，"入指"（纳入 恒生综合指数成份股）即"入通"（纳入港股通）。 这家被称为"中国版Palantir"的公司，并不提供模型本身，而是解决模型进入企业真实业务之前最难的一 步——为企业搭建一套可被大模型持续调用的实时数据基础设施，让企业真正掌握可被模型反复调用的 数据资产，从而真正地释放 ...

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]

Xavvi品牌独家赞助晚宴现场 ——全球可信数据空间战略赋能企业出海新通路 2020年1月28日，由Xavvi品牌独家赞助的《数据资产运营师》专项培训晚宴在北京圆满举办。来自数据 科技、数字经济、跨境商务、品牌出海等领域的近60位行业嘉宾齐聚一堂，共同聆听Xavvi品牌出海中 心关于搭建全球可信数据空间、打造降本增效出海新通路的核心战略分享，围绕数据资产合规运营、全 球影响力变现、AI普惠教育等议题展开深度交流。 当前人工智能技术飞速迭代，全球数字经济正遭遇"数据垄断"与"教育不平等"双重挑战。少数科技巨头 占据数据红利主导权，广大内容创作者、中小主体难以公平参与数字价值分配；与此同时，AI素养成 为未来核心竞争力，全球数以亿计儿童因资源匮乏被隔绝在AI发展红利之外，数字鸿沟持续扩大。在 此背景下，构建开放、公平、可信的数据基础设施，推动技术普惠与价值共享，成为数字经济高质量发 展的核心命题。 本次晚宴上，Xavvi品牌出海中心联合全球影响力AI经济联合会（GIAEA），系统阐释全球可信数据空 间网络的战略布局与核心价值。GIAEA以打破数据壁垒、推进AI教育普惠为核心使命，致力于汇聚全 球资源构建"数字丝绸 ...

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].

Core Viewpoint - The article emphasizes the importance of compliant consumption-based data assets in driving the digital transformation of real economy enterprises, countering misconceptions that associate data assets with illegal financial activities [2][3]. Group 1: Consumption-Based Data Assets - Consumption-based data assets are aligned with policy guidance and the goal of common prosperity, serving as a basis for equitable distribution [3]. - These assets have evolved from being auxiliary resources to becoming a core engine for deepening customer connections and activating growth [3]. - The compliant nature of consumption-based data assets allows enterprises to break traditional marketing boundaries, facilitating market expansion and customer binding [3]. Group 2: Compliance and Technical Foundation - Compliance is the prerequisite for data asset services to support the real economy, with the company integrating compliance into its technology development and business operations since its inception in 2018 [4]. - The company has developed a comprehensive compliance service system covering the entire lifecycle of data assets, ensuring the legality of asset creation and facilitating efficient circulation through smart contracts and real-time settlement [4]. - Advanced technologies, such as zero-knowledge proofs, are employed to create a secure data protection system, ensuring data is usable but not visible [4]. Group 3: Data Rights Treasure Platform - The Data Rights Treasure platform addresses the pain points of enterprises in digital transformation by providing a full-link, one-stop service [5]. - The platform leverages the company's seven years of industry experience to connect enterprises with high-value consumer groups, reducing market cultivation cycles [5][6]. - A robust compliance risk control system ensures the safe circulation of data assets, supported by a well-established network of blockchain ecosystem partners [6]. Group 4: Practical Empowerment - The platform disrupts traditional business models by enabling enterprises to regain control over user data and traffic, transforming public domain traffic into private assets [7]. - New commercial tools, such as rights points and digital assets, enhance user engagement and reduce marketing costs, activating dormant assets and improving liquidity [7]. - Consumers are transformed into value co-creators, sharing in the benefits of enterprise growth through a mechanism that aligns contributions with rewards [7]. Group 5: Social Value and Economic Impact - The platform contributes to domestic demand growth and equitable distribution, driving consumption upgrades and promoting common prosperity [8]. - A mechanism that rewards consumers for their contributions effectively activates consumption potential, creating a positive feedback loop [8]. - By decentralizing value distribution, the platform enables enterprises to invest more in innovation and user rewards, fostering a win-win scenario for both businesses and consumers [8]. Group 6: Future Outlook - The company is committed to maintaining compliance while integrating blockchain technology into real enterprise operations, aiming to build a safe and efficient Web3 ecosystem [9]. - The focus remains on using consumption-based data assets as a new engine for high-quality development in the real economy [9].