1月7日上午，国家数据局党组书记、局长刘烈宏主持召开数据产权登记座谈会。会上，北京互联网法院 姜颖院长，北京大学常鹏翱教授，江苏省、杭州市、青岛市、深圳市四地数据管理部门负责同志，中国 移动、南方电网、北京国际大数据交易所、腾讯集团、海天瑞声、泰一科技等企业代表重点围绕完善数 据产权登记制度文件发表意见建议。建立数据产权登记制度是落实数据产权制度的重要举措，国家数据 局将进一步研究借鉴其他领域登记制度的经验做法，不断吸收社会各界的意见建议，创新建立适应数据 特点的登记制度，更好推进数据流通使用，释放数据要素价值。国家数据局政策和规划司、数据资源司 主要负责同志参加会议。 ...

Core Viewpoint - The establishment of the Data Element Service Station in Wuhai marks a significant advancement in the integrated data element market in Inner Mongolia, indicating a new phase in the market-oriented reform of data elements in the region [1] Group 1: Data Element Service Station - The Wuhai Data Element Service Station is the first of its kind in the western region of Inner Mongolia, highlighting the region's commitment to developing its data element market [1] - The station will leverage the national data trading platform advantages of the Shenzhen Data Exchange to provide various data value services, including data trading, security, compliance, application planning, governance, and assetization [1] Group 2: Challenges and Solutions - The service station aims to address challenges faced by enterprises in data trading, such as insufficient effective supply of data resources and weak compliance governance capabilities [1] - The initiative seeks to create a full-chain value closed loop from data resourceization to data capitalization, enhancing enterprises' engagement and capabilities in the data element market [1] Group 3: Economic Impact - The development of the data element market and the value-adding of data assets are expected to inject new momentum into the transformation and upgrading of the regional economy and society [1]

Group 1: JPMorgan Chase and Apple Card Acquisition - JPMorgan Chase has agreed to acquire the Apple credit card program from Goldman Sachs, enhancing its position in consumer credit [5][6] - The Apple Card, which has approximately $20 billion in balances, will continue to offer key features such as 3% cash back and a high-yield savings account until the deal closes in about two years [6] - This acquisition reinforces JPMorgan's dominance in the credit card market, as it was the top U.S. issuer in 2024 with over $1.344 trillion in purchase volume [7] Group 2: Goldman Sachs Earnings Impact - Goldman Sachs anticipates that the acquisition will contribute approximately $0.46 per share to its Q4 2025 earnings [7] Group 3: Costco and Tariffs - Costco Wholesale is experiencing a rally following a strong December sales report, with expectations of a favorable resolution on tariffs potentially coming soon [8] Group 4: Snowflake Stock Upgrade - Snowflake has seen an increase in stock value after Argus Research upgraded it to Buy from Hold, setting a price target of $300, citing its importance for enterprises in generative and agentic AI applications [9] Group 5: BlackRock and Blackstone Clarification - BlackRock is mistakenly associated with large-scale single-family rental ownership, but it does not purchase or own single-family rental homes; this is primarily the domain of Blackstone [10][11] Group 6: January Stock Performance Insights - BofA notes that lower-quality stocks have historically outperformed higher-quality stocks in January, with a significant trend observed since 1987 [12] - The analysis highlights that funds are entering January with elevated quality exposure, while low-quality stocks that are underweight in long-only funds but rated Buy by BofA analysts include Amcor, Camden Property Trust, Healthpeak Properties, Devon Energy, and Hasbro [13]

Group 1 - The core focus of the article is on the rapid development of the data annotation industry in the New District of Hohhot, Inner Mongolia, which is becoming a significant hub for artificial intelligence and digital economy [2][6] - Inner Mongolia Sanhe Entropy Technology Co., Ltd. is actively engaged in data annotation for smart driving algorithms, contributing to the AI ecosystem [1][2] - The New District has attracted 46 upstream and downstream enterprises, forming a professional annotation team of over 4,800 people, and has been recognized as a key growth area for the digital economy [2][3] Group 2 - The New District aims to deepen the construction of the entire data element chain and expand high-end, specialized annotation services, targeting a data industry scale of over 5 billion yuan by 2030 [3] - The AI model ecosystem innovation center is developing platforms that convert textbooks into comprehensive teaching resources, significantly reducing course production costs for educational institutions [4] - The integration of computing power and algorithm innovation is being facilitated by the establishment of a smart computing scheduling platform, which supports the application of AI in various sectors such as government, healthcare, and industry [5][6]

Core Viewpoint - Maxim has raised the price target for Datavault (DVLT) to $4 from $3 while maintaining a Buy rating on the shares, indicating a positive outlook for the company's future performance [1]. Group 1: Company Developments - The recent WiSA merger and the strategic acquisition of CSI are significant developments that enhance Datavault's market position [1]. - New licensing deals and a $150 million Bitcoin investment from Scilex are expected to strengthen the company's intellectual property portfolio across Web 3.0, audio technologies, and data monetization [1].

Core Viewpoint - BWS Financial upgraded Innodata from Buy to Top Pick with a price target of $110, highlighting an expanding set of revenue catalysts leading into 2026 [1] Group 1: Revenue Opportunities - Innodata is entering 2026 with a broad range of revenue opportunities, driven by increasing demand from large language model developers for data-set training services [1] - The company secured a government contract in Q4 2025, which is expected to contribute significantly to revenue growth in 2026 [2] - Innodata announced $68 million in pre-training deals during its most recent earnings call, reinforcing a positive outlook for future revenue [3] Group 2: Market Position and Growth Concerns - BWS noted that investor concerns regarding a potential decline in revenue growth have been a key overhang on the stock, but the demand for data sets is likely to expand as AI applications evolve [2]

Group 1: Digital Economy Development - The introduction of the "Shandong Province Digital Economy Promotion Regulations" solidifies the legal foundation for digital economy development in Shandong, with the digital economy now accounting for over 49% of the province's GDP [1] - The "Intelligent Leadership Qilu Digital Benchmark" media event highlights the practical applications of digital initiatives in cities like Dezhou, showcasing the integration of digital practices in various sectors [1] Group 2: Green Data Centers - The Lu Bei Data Center is a modern data center cluster under construction in Dezhou, recognized as a national strategic layout, with plans for completion by September 2025 [3] - The center employs a "data center + source-network-load-storage" integrated model to address high energy consumption issues, aiming to become a "zero-carbon data center" [3] Group 3: Intelligent Computing Center - The "Dezhi Future" Intelligent Computing Center, set to be operational by the end of 2024, will have a planned computing power of 510P, utilizing single-phase immersion liquid cooling technology [5] - The project aims for an annual PUE (Power Usage Effectiveness) value of ≤1.05, achieving over 35% energy savings compared to traditional cooling methods, and will recycle cooling liquid to save approximately 120,000 tons of water annually [5] Group 4: Global Business Intelligence - Shandong Guomao Tong Big Data Co., Ltd. focuses on digital upgrades in foreign trade, offering the BTDataS7.0 system that integrates big data, AI, and business intelligence to assist foreign trade enterprises [6][8] - The system has served over 100,000 foreign trade and related enterprises, including major companies like Sinopec and Haier, enhancing decision-making efficiency in a complex international trade environment [8] Group 5: Smart Community Services - The Chahe community in Dezhou has implemented a smart community platform that connects various municipal data services, improving efficiency in managing services for elderly residents [9] - The community has launched data governance scenarios that have automated over 4,100 data interface calls, significantly reducing the need for residents to visit multiple departments [9] Group 6: Overall Impact of Digital Economy - Dezhou exemplifies how digital economy initiatives translate into tangible productivity and improved quality of life, contributing to the broader development of digital economy in Shandong and nationwide [10]

Core Viewpoint - Xunce Technology has become the first company in China's AI data sector to complete an IPO on the Hong Kong Stock Exchange, marking a significant milestone for the industry [3][4]. Group 1: IPO Details - Xunce Technology officially listed on the Hong Kong Stock Exchange on December 30, 2025, under the stock code "3317" [3]. - The company issued a total of 22,500,000 H-shares, raising over 1 billion HKD [3]. - Nine cornerstone investors participated in the IPO, collectively subscribing approximately 40 million USD [3]. Group 2: Market Position and Growth - The company has established itself as a leader in the real-time data infrastructure and analytics market, ranking first in China's asset management sector with a market share of 11.6% as of 2024 [7]. - Xunce Technology's revenue is projected to reach 632 million CNY in 2024, with a compound annual growth rate of 124.5% from 2022 to 2024 [10]. - The company's gross margin has remained stable, with figures of 78.0%, 79.0%, and 76.7% from 2022 to 2024 [10]. Group 3: Industry Context - The global market for AI data companies, including firms like Palantir and Snowflake, has reached a cumulative market value of 750 billion USD, indicating significant growth potential for China's AI data sector [6]. - The real-time data infrastructure and analytics market in China is expected to grow from 18.7 billion CNY in 2024 to 50.5 billion CNY by 2029, reflecting a compound annual growth rate of 46.1% [11].

Core Viewpoint - The Shandong Provincial Government is advancing its digital economy initiatives during the "14th Five-Year Plan" period, focusing on enhancing data supply, flow, utilization, and security, achieving significant progress in these areas [1]. Group 1: Data Supply - A comprehensive integrated big data platform system has been established, consisting of "1+16+N" components, which serves as the central hub for public data management, circulation, and services [3]. - Over 220 billion public data entries have been aggregated, providing robust support for the development and utilization of public data resources [3]. - A public data resource directory has been compiled with more than 160,000 items, creating a consolidated account of data resources [3]. Group 2: Data Flow - The integrated big data platform has facilitated the sharing and openness of public data, with over 54 billion shared services provided and more than 50 billion data entries made available [3]. - The "Registration Confirmation + Authorized Operation" model has been explored through the issuance of 456 registration certificates for public data resources [3]. - Pilot projects in the health sector have utilized health data to create high-value data products, with 140 authorized operation scenarios developed across 13 cities, including Jinan and Qingdao [3]. Group 3: Data Utilization - The "Data Element ×" initiative has been launched to create efficient data application scenarios, significantly reducing the paperwork required for newborn registration from 11 forms and 52 materials to just 1 form and 4 materials, cutting processing time from 4.5 days to 3 minutes [4]. - The province has innovatively implemented a "No Certificate Province" initiative, providing over 1.2 billion verification services [4]. - The "One Form Pass" system has been introduced to reduce the number of reports at the grassroots level by 68% [4]. Group 4: Data Security - A comprehensive data security management mechanism has been established, ensuring accountability across all parties involved [4]. - The "Shandong Provincial Public Data Classification and Grading Work Specification" has been developed to enhance the protection of public data [4]. - Advanced technologies such as blockchain, privacy computing, and data sandboxes are being utilized to ensure secure and trustworthy data circulation, alongside regular safety checks and emergency drills [4].

Group 1 - The event titled "Data Collaboration Empowerment" was held in Xining, focusing on the market-oriented reform of data elements in Qinghai Province and promoting integration into the national data market [1] - Qinghai Data Trading Co., Ltd. was officially established, serving as a bridge for data product output and a hub for green computing resource transformation in Qinghai [1] - A cooperation agreement was signed between Qinghai Data Trading Co., Ltd. and Jiangsu Data Trading Co., Ltd., facilitating the integration of eastern data resources with western green computing and policy advantages [1] Group 2 - Six organizations received data product certificates, marking a significant step in the market-oriented allocation of public data in Qinghai [2] - The first compliant transaction of a public data project in Qinghai was awarded a transaction certificate, indicating progress in the public data market [2] - Various speakers shared insights on data property rights, market trends, and practical cases in digital transformation, highlighting the collaborative efforts in building a data ecosystem [2]