Market Overview - Asian shares showed moderate gains, with the Hang Seng in Hong Kong up 0.3% and the Shanghai Composite index also rising 0.3% [1][2] - South Korea's Kospi increased to 5,346.34, while Australia's S&P/ASX 200 climbed 1.5% to 8,999.20 and Taiwan's Taiex jumped 1.7% [2] US Retail and Economic Indicators - A report indicated that US retailers earned less than expected during the holiday season, leading to concerns about consumer spending momentum [3][4] - Mizuho Bank noted a weakening demand in eight out of thirteen retail categories, including clothing and furniture [3] - The S&P 500 fell 0.3% to 6,941.81, while the Dow Jones Industrial Average rose 0.1% to 50,188.14, and the Nasdaq composite decreased by 0.6% to 23,102.47 [3] Federal Reserve and Interest Rates - The Federal Reserve is expected to consider the latest economic data when deciding on interest rates, with potential cuts on hold due to inflation concerns [5] - A weakening job market could prompt the Fed to resume interest rate cuts more quickly [5] Company Earnings Reports - Coca-Cola's stock fell 1.5% after its revenue for the latest quarter did not meet analysts' expectations, and its growth forecast was lower than anticipated [6] - S&P Global's stock dropped 9.7% following a disappointing profit forecast, amid concerns about competition from AI-powered companies [7] - Warner Bros. Discovery's stock rose 2.2% after Paramount increased its offer to acquire the company [8] Acquisition Details - Paramount is raising its offer for Warner Bros. Discovery by $0.25 per share for each quarter the buyout remains pending, demonstrating confidence in regulatory approval [9] - Paramount also plans to pay $2.8 billion to assist Warner Bros. Discovery in exiting its deal with Netflix [9] Commodity Prices - US benchmark crude oil increased by $0.53 to $64.49 per barrel, while Brent crude rose by $0.52 to $69.32 per barrel [10] - The price of gold rose by 0.8%, and silver increased by 2% [10]

Core Viewpoint - The company, HaiTian RuiSheng (688787.SH), is a leading AI training data service provider in China, offering multimodal AI data solutions to various domestic and international clients, including ByteDance, focusing on intelligent voice, natural language, and computer vision fields. Group 1: Competitive Advantages - The company operates on a "service + standardized product" dual model, where standardized data products are the main source of revenue and gross profit, supported by a scalable and high-margin business model reliant on precise industry demand assessment and financial strength [1]. - The company has a leading technology platform with continuous R&D investment, enhancing algorithm, platform, and engineering capabilities, which improves data processing scale, efficiency, and cost control through human-machine collaborative algorithm assistance [1]. - A robust supply chain management system has been established, ensuring effective data resource acquisition and allocation, while platform construction enhances personnel management, task distribution, and quality control capabilities [1]. - The company has a comprehensive data security and compliance management system, holding certifications such as ISO27001, ISO27701, and others, ensuring compliance with global regulations like GDPR and China's Data Security Law, which has garnered high recognition from clients [1]. Group 2: Technical Capabilities - In the visual field, the company possesses technical capabilities in image/video annotation and multimodal data fusion [1]. - High-quality annotation significantly accelerates model performance improvement, indirectly saving computing power, as precise data reduces training noise and speeds up model convergence, optimizing data usage efficiency and lowering overall computing power consumption [1].

Core Insights - Zhejiang Jiaxing Digital City Laboratory Co., Ltd. was recognized for its "Social Governance One Map Data Product," highlighting its technological depth and practical achievements in data factorization and digital social governance [1] - The company has successfully entered national government procurement, marking a significant milestone in its market expansion [1][2] Group 1: Product and Technology Development - The "Social Governance One Map Data Product" integrates six categories of social governance elements into an intelligent map, enhancing precision in governance and emergency management [1] - Jiaxing's company has developed a comprehensive data lifecycle management team, covering data collection, governance, analysis, operation, and security [2] - The company has filed 44 patents, including 12 invention patents and 95 software copyrights, demonstrating its commitment to independent technological research and development [3] Group 2: AI Integration and Applications - The company has proactively integrated AI technology into various sectors, including smart justice and education, significantly improving operational efficiency [4][5] - In the smart justice sector, the Deep Seek model reduces the time for conflict feature extraction from three days to 30 minutes, showcasing the effectiveness of AI in enhancing productivity [4] - The AI models in education provide comprehensive support for teachers and streamline administrative tasks, illustrating the practical applications of data factors [5] Group 3: Market Influence and Collaboration - Jiaxing's company has gained significant market influence by participating in government procurement projects across multiple provinces, enhancing its market share [2] - The establishment of the "Jiaxing Data Asset Service Alliance" aims to promote cross-industry data circulation and collaboration with banks, telecom operators, and research institutions [5] - The company has successfully assisted local enterprises in obtaining data asset loans and certifications, creating new models for empowering the real economy with data [6]

Core Viewpoint - Daily Interaction (300766.SZ) announced that its wholly-owned subsidiary, Hangzhou Yingjing Technology Co., Ltd., plans to increase capital in Zhejiang Yuntong Shuda Technology Co., Ltd. with an investment of 10 million yuan [1] Group 1: Investment Details - Hangzhou Yingjing will invest 10 million yuan in Yuntong Shuda, alongside other investors including Shenzhen Qifeng Management Consulting Co., Ltd., Haina Huiju Investment (Qingdao) Partnership, Zhejiang Meiri Xiangshan Technology Co., Ltd., and Hangzhou Huayun Equity Investment Partnership [1] - Meiri Xiangshan and Huadan Capital are existing shareholders of Yuntong Shuda, with Meiri Xiangshan being controlled by the actual controller and chairman Fang Yi [1] Group 2: Company Profile - Yuntong Shuda is a professional smart transportation service provider that replaces traditional hardware sensing with "data perception" [2] - The company integrates advanced AI algorithms with business scenarios to offer smart services and products such as smart green wave construction, road speed regulation, traffic situation monitoring, and traffic data analysis for various cities across the country [2]

Core Viewpoint - Guizhou Province is actively promoting the registration and monetization of data intellectual property rights, creating new financing channels for enterprises and transforming data assets into tangible economic benefits [5][10]. Group 1: Data Intellectual Property Registration - As of now, Guizhou has registered 1,813 data intellectual property rights, covering 17 major industry categories and 264 entities across 12 provinces [5]. - The province aims to achieve 407 million yuan in data intellectual property pledge loans and 30.64 million yuan in transaction licenses by 2025, driving data asset registration to 47.08 million yuan [4][5]. Group 2: Activation of Data Asset Attributes - The registration of data intellectual property allows for effective protection against unauthorized commercial use of intangible cultural heritage patterns, facilitating their transformation into tradable assets [6]. - Guizhou has launched a "dual registration" system for data elements and data intellectual property, significantly shortening the time required for data activation [7]. Group 3: Financing Innovations - Guizhou Dongyi Electric Technology Co., Ltd. secured a pledge loan of 93 million yuan through two core data intellectual property rights, setting a new record for industrial enterprises in the province [8]. - Guizhou Siter Technology Co., Ltd. obtained a pledge loan of 10 million yuan by registering a data set on production processes, marking a significant breakthrough in financing models [9]. Group 4: Development of Data Knowledge Property Applications - Guizhou Yunyu Rubber Co., Ltd. has developed new data products for various applications, securing 30 million yuan in financing through data intellectual property pledges [11]. - The provincial knowledge property bureau plans to deepen exploration in six major industrial clusters and other sectors, aiming to establish efficient financing channels and create a replicable "Guizhou model" for data intellectual property applications [12].

Core Insights - The company reported solid performance in Q3, with revenue and operating income exceeding guidance for the 11th consecutive quarter [3][4] - Total revenue reached $212 million, marking a 9% year-over-year increase, with subscription revenue also up 9% at $158 million [2][6] - The company is shifting towards broader usage-based pricing models and has raised its FY26 revenue guidance slightly [5][17] Customer Metrics - Total customer count increased by 15 sequentially, the largest quarterly increase in over three and a half years [1] - Million-dollar-plus subscription customers rose to a record 140, with several significant upsell deals signed during the quarter [1] Financial Performance - Annual Recurring Revenue (ARR) increased by more than $11 million quarter over quarter, reflecting a 7% year-over-year growth [2] - Non-GAAP operating income reached $62 million, up 36% year over year, with a record non-GAAP operating margin of 29% [7] - Free cash flow hit a record $67 million, with $39 million allocated for share repurchases [6][8] AI and Strategic Initiatives - AI is positioned as a significant tailwind, with the company signing over 20 AI partners and estimating that approximately 10% of activations are AI or AI-enabled [5][11] - The company aims to achieve "Rule of 40" performance by fiscal 2028, targeting revenue growth of 10% to 15% and a non-GAAP operating margin of 25% to 30% [4][21] Outlook and Guidance - For fiscal 2026, the company raised revenue guidance to between $810 million and $814 million, reflecting a 9% growth expectation [17] - Non-GAAP operating income guidance remains around $180 million, with an expected operating margin expansion to 22% [18] - The company anticipates Q4 revenue between $203 million and $207 million, with non-GAAP operating income of approximately $38 million [19]

Q3 FY26 Earnings Presentation Feb 5, 2026 Cautionary Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, regarding LiveRamp's (the "Company") future business prospects. These statements involve risks and uncertainties that could cause the Company's actual results to differ materially, including, but not limited to competit ...

Core Insights - The "Digital Bazhong 2026 Spring Supply and Demand Matching Event" was successfully held in Bazhong, focusing on sustainable digital ecosystem development and digital transformation in revolutionary old areas [1][8] - The event gathered over 100 quality enterprises and institutions from both within and outside the province, emphasizing collaboration and partnership in digital ecosystem creation [1][8] Group 1: Event Overview - The event was organized by the Bazhong Municipal Bureau of Business Environment and Data, with support from various local institutions [1][8] - The focus was on leveraging digital technology to meet demand and foster collaboration among stakeholders [1][8] Group 2: Key Statements - Bazhong's Executive Vice Mayor emphasized the transition of "Digital Bazhong" from basic capability building to application scenarios, AI empowerment, and institutional reforms [3][11] - The need for project partners, business collaborators, and co-creators of digital ecosystem value was highlighted [3][11] Group 3: Investment and Projects - The Bazhong Municipal Bureau of Business Environment and Data released a "Digital Bazhong Construction Demand List," covering six major sectors with a total budget investment of approximately 5.7 billion yuan [5][13] - Specific budget allocations include 2.2 billion yuan for digital infrastructure, 1.3 billion yuan for livelihood services, 600 million yuan for urban governance, 500 million yuan for digital industry, 600 million yuan for digital agriculture, and nearly 300 million yuan for digital culture and tourism [5][13] Group 4: Future Directions - The Data Element Service Innovation Center (Chengdu Center) plans to leverage its resources to provide comprehensive support and services for enterprises participating in the supply and demand matching event [8][14]

Group 1 - The company announced an investment agreement involving the subscription of 40% equity in the target company for a price of RMB 800 million (approximately HKD 896 million) [1] - After the completion of the investment, the company will retain a 60% stake in the target company, which will become a non-wholly-owned subsidiary [1] - The target company is registered in Shenzhen, Guangdong Province, and primarily engages in internet data services, big data services, and cloud computing equipment technology services [1] Group 2 - The introduction of Fudian Capital as a strategic investor is a key step for the company to deeply integrate into the national AI development strategy [2] - Fudian Capital's advantages in policy resources, industry connections, and low-cost financing will support the company's accelerated layout in intelligent computing business [2] - This partnership will enhance collaboration with critical sectors such as government, finance, and energy, facilitating the intelligent upgrade of various industries and improving corporate governance and brand credibility [2]

Core Insights - Jiangsu Province is advancing the development and utilization of public data with new initiatives as of January 30, 2026, showcasing practical cases across various sectors such as healthcare, urban governance, and agriculture [1] Group 1: Public Data Initiatives - The Jiangsu Data Bureau has released a new batch of public data "running" scenario practice cases, highlighting the integration of public data to empower high-quality industrial development [1] - Since July 2025, the Data Bureau has published a total of 65 practical cases in 7 batches, demonstrating effective applications that address real-world issues [1] Group 2: Specific Case Examples - The seven practical cases include: 1. Nanjing's Gulou District: Integration of health records and physical examination data to enhance precision healthcare services [2] 2. Kunshan City: Application of high-quality address data sets [2] 3. Nantong's Chongchuan District: Collaborative model for home care services [2] 4. Huai'an District: Data integration for a one-stop smart living ecosystem [2] 5. Yangzhou's Baoying County: Implementation of smart agricultural parks [2] 6. Suqian's Liuhe County: Development of a comprehensive green grain storage facility [2] 7. Suqian's Shucheng District: Data management and efficiency upgrades in urban construction projects [2]