Core Viewpoint - Deutsche Bank has initiated coverage on XunCe Technology (3317.HK), positioning it as a leading player in China's real-time data infrastructure and analytics solutions, akin to "China's version of Palantir" [1][2] Group 1: Market Position and Business Model - XunCe is recognized as the "Data Agent first stock" and holds a leading position in the real-time data infrastructure and analytics market in China, particularly in asset management with an 11.6% market share [1] - The company has achieved full coverage of China's top ten asset management institutions, indicating its strong foothold in high-barrier industries [1] - XunCe's business model focuses on providing a "data operating system" rather than simple data display, integrating data collection, governance, computation, and analysis into clients' core business processes [3] Group 2: Growth Potential and Financial Projections - Deutsche Bank forecasts XunCe's revenue to grow from 632 million RMB in 2024 to 3.735 billion RMB in 2027, representing a compound annual growth rate (CAGR) of 81%, significantly surpassing industry averages [6][8] - The average revenue per user (ARPU) is expected to increase from 1.582 million RMB in 2022 to 2.724 million RMB in 2024, with a projected CAGR of 83% from 2024 to 2027 [7] - Revenue from industries outside asset management is anticipated to grow at a CAGR of 109% from 2024 to 2027, with telecommunications, urban management, and manufacturing identified as new growth drivers [8] Group 3: Profitability and Valuation - XunCe's gross margin exceeds 76%, significantly higher than the traditional IT outsourcing sector, providing a solid foundation for future profitability [8] - The company is expected to achieve adjusted net profit in 2026 with a net profit margin of 6.7%, increasing to 18.3% by 2027 [8] - Deutsche Bank's target price of 85 HKD implies over 60% upside potential from the current price of approximately 52 HKD, with a valuation that offers a significant margin of safety compared to global peers like Palantir and Snowflake [9][10]

政企聚力，共绘"AI+数据基础设施"新篇章 【中国，上海， 2025 年 11 月 26 日】数字经济发展趋势下，数据要素作为核心生产要素已成为驱 动高质量发展的关键引擎。近日，以"数联全球商通未来——乘数无界∞"为主题的第五届全球数商大 会在上海举行，大会汇聚政、产、学、研、用代表，共话数据驱动型经济发展与要素市场化改革机 遇。 主题论坛现场 华为技术有限公司（以下简称"华为"）受邀参展并联合上海数据集团举办 "AI+ 数据基础设施 释放数 据要素价值 " 主题论坛，论坛以政策解读、技术洞察、方案落地、实践分享为核心脉络，搭建政企 协同创新交流平台，凝聚产业共识，推进数据要素流通。 上海市数据局党组成员、副局长 翁轶丛 上海市数据局党组成员、副局长翁轶丛在致辞中强调，上海正以"区块链 + 隐私保护计算"特色方 案、全域算力布局为抓手，推进数据流通利用基础设施先行先试，破解数据跨域流通、安全融合等核 心难题。华为凭借在 AI 算力、数据安全、可信流通领域的全栈技术优势，为上海数据全生命周期安 全保障、算力集约化调度提供了关键技术支撑与创新解决方案。未来，上海将深化"数字上海"建设， 持续与华为等龙头企业强化合 ...

Summary of Key Points Core Viewpoint - The report highlights a total of 17 financing events disclosed on June 19, 2025, involving 11 domestic companies and 6 foreign companies, with a total financing amount of approximately 38.819 billion RMB. The consumer sector leads in the number of events, while the manufacturing sector leads in financing amount [1]. Financing Events in the Enterprise Service Sector - The enterprise service sector reported 2 financing events involving 2 domestic companies, with a total financing amount of approximately 0.55 billion RMB [1]. - Anhui Youleman Technology completed a Series A financing round of 20 million RMB, with the investor being Chaojin Industrial Capital. The company is a leading full-domain marketing service platform in China's health industry [1]. - Typedef secured 5.5 million USD in seed round financing, with investors including Verissimo Ventures, Pear Ventures, Tokyo Black, and Monochrome Ventures. This financing amount ranks in the top 50 for seed rounds this year. Typedef is a modern AI data infrastructure provider based in China [1].