Core Viewpoint - The data ETF and the big data industry are experiencing growth driven by advancements in computing power and the expansion of cloud services, particularly by Alibaba Cloud, which is enhancing its global infrastructure and AI capabilities [1][2]. Group 1: Market Performance - As of July 3, 2025, the CSI Big Data Industry Index (930902) rose by 0.44%, with notable increases in constituent stocks such as Guanghuan Xinnet (+2.98%), Aofei Data (+1.48%), and Baoxin Software (+1.22%) [1]. - The data ETF (516000) increased by 0.55%, with a recent price of 0.91 yuan, and has seen a cumulative rise of 1.34% over the past two weeks [1]. Group 2: Company Developments - On July 2, Alibaba Cloud announced the addition of new data centers in Malaysia and the Philippines, expanding its global infrastructure to 29 regions and 90 availability zones [1]. - The third availability zone in Malaysia went live on July 1, while the second zone in the Philippines is set to launch in October 2025 [1]. - Alibaba Cloud plans to establish its first global AI capability center, collaborating with over 1,000 companies to create more than 10 industry AI demonstration projects and partnering with over 120 universities to train 100,000 AI professionals annually [1]. Group 3: Industry Insights - According to IDC's latest report, Alibaba Cloud, Huawei Cloud, and Volcano Engine are the top three players in China's AI infrastructure (AI IaaS) market, with Alibaba Cloud holding a 23% market share, surpassing the combined share of the second and third-ranked companies [1]. - The integration of computing power is crucial for the big data industry, enhancing data storage efficiency and accelerating data analysis processes, which in turn supports innovative applications in fields like smart driving and telemedicine [2].

Core Viewpoint - The B-end big data industry, particularly in the commercial inquiry sector, is becoming a significant force in the business landscape, driven by strong policy support and the need for digital transformation among enterprises [1][2][3] Group 1: Policy Support and Market Development - The national support for the digital economy and the regulation of the data factor market have created a favorable environment for the development of the B-end commercial inquiry industry [1] - Since 2021, various regions such as Beijing, Shanghai, Shenzhen, and Guizhou have established new types of data exchanges, leading to a rapid increase in transaction volumes and the number of data products listed [1] - The data factor market is entering a new stage of development characterized by a shift from quantity to quality, with local governments promoting the integration and utilization of public and social data [1] Group 2: Market Demand and Technological Integration - Enterprises are facing the need for digital transformation, with B-end commercial inquiry services providing essential information support that integrates deeply with various digital systems and business processes [2] - In the financial sector, big data commercial inquiry tools enable banks to efficiently screen quality clients and reduce non-performing loan rates [2] - The commercial big data B-end business relies on advanced technologies such as large-scale dynamic knowledge graph construction and inference, which present significant technical barriers [2] Group 3: Industry Evolution and Future Outlook - The commercial inquiry industry is transitioning from being an "information intermediary" to an "intelligent decision-making platform," driven by technology, regulatory compliance, and global ecological strategies [3] - Continuous technological advancements and market expansion are expected to lead the B-end big data industry to a more prosperous future, supporting stable enterprise development and economic growth [3]

Core Insights - The article highlights the significance of Big Data in enhancing business decision-making, risk management, and operational efficiency through advanced analytics and AI technologies [3][4]. Company Summaries Confluent Inc. (CFLT) - Confluent operates a data streaming platform, providing managed cloud-native SaaS and self-managed software solutions [7]. - Expected revenue and earnings growth rates are 19% and 32.4%, respectively, for the current year, with a 20.5% improvement in earnings estimates over the past 30 days [8]. - The short-term average price target indicates a potential increase of 28.9% from the last closing price of $21.05, with a maximum upside of 71% [9]. Blackbaud Inc. (BLKB) - Blackbaud offers cloud software and services, achieving solid execution of strategic goals with organic revenue growth and stock buybacks [10][11]. - Expected revenue and earnings growth rates are -3.1% and 17.9%, respectively, with an 8.4% improvement in earnings estimates over the past 30 days [12]. - The short-term average price target suggests a 10.7% increase from the last closing price of $62.12, indicating a maximum upside of 36.8% [12]. Sprout Social Inc. (SPT) - Sprout Social provides a web-based social media management platform, offering AI-powered solutions for various social media functions [13][14]. - Expected revenue and earnings growth rates are 11.3% and 20.6%, respectively, with a 10.3% improvement in earnings estimates over the past 30 days [14]. - The short-term average price target indicates a potential increase of 30.7% from the last closing price of $21.55, with a maximum upside of 94.9% [15]. HubSpot Inc. (HUBS) - HubSpot delivers a cloud-based customer relationship management platform, experiencing steady adoption and integration of AI features [16][17]. - Expected revenue and earnings growth rates are 15.4% and over 100%, respectively, with a 49% improvement in earnings estimates over the past 30 days [18]. - The short-term average price target suggests a 19% increase from the last closing price of $621.25, indicating a maximum upside of 49.7% [18]. Teradata Corp. (TDC) - Teradata provides a hybrid cloud analytics platform, benefiting from strong cloud ARR growth and strategic partnerships with major tech companies [19][20]. - Expected revenue and earnings growth rates are -6.5% and -2.1%, respectively, with unchanged earnings estimates over the past 30 days [20]. - The short-term average price target indicates an 18.7% increase from the last closing price of $21.82, with a maximum upside of 60.4% [21].

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 16, 2025, via the "Investor Relations Interactive Platform" [3] - Attendees included the company's chairman and acting general manager, financial officer, board secretary, and representatives from CITIC Securities [3] Group 2: Key Issues Addressed - No deep cooperation with major tech firms like Alibaba, Tencent, or ByteDance has been established yet, focusing instead on AI applications [5] - Specific measures to strengthen internal control management include optimizing approval processes and enhancing performance assessments [6] - The company cannot disclose specific client names due to confidentiality but serves government entities and large state-owned enterprises [7] Group 3: Financial and Operational Challenges - The company is currently under *ST status due to an audit opinion issue and plans to improve financial conditions through product upgrades and governance enhancements [8] - Following a significant drop in stock price post-investigation announcement, the company aims to restore investor confidence through compliance and performance improvements [9] Group 4: Strategic Initiatives - The company is focusing on AI toy applications and has made progress in market promotion, though substantial performance impact remains to be validated [10] - Strategic adjustments include targeting clients with stronger financial capabilities and enhancing existing technology products [12] - The company is leveraging national policies supporting AI development to expand market reach and improve competitiveness [16] Group 5: Management and Governance - The company has maintained a stable management team, with the chairman currently acting as the general manager [22] - Efforts are being made to enhance corporate governance and investor relations management to improve overall market competitiveness [19][20] Group 6: Ongoing Investigations - The company is under investigation for information disclosure violations, with ongoing cooperation with regulatory authorities [23]