Core Insights - Chengdu is reshaping its economic landscape through a robust digital infrastructure, driven by advancements in computing power, integrated facilities, and data elements [1] Group 1: Computing Power - Chengdu's total computing power has reached 8754 PFlops, with the national supercomputing center achieving speeds of 10 quintillion calculations per second, enabling advanced research [4] - The AI industry in Chengdu is projected to reach a scale of 107.9 billion yuan in 2024, marking a 39% year-on-year growth, with significant increases in both core industry size and the number of related enterprises [4] Group 2: Integrated Infrastructure - Chengdu has established 283 smart factories and digital workshops, becoming a pilot city for "5G + Industrial Internet" applications, facilitating a comprehensive transformation in manufacturing [5] - The city has built a national top-level node in the industrial internet sector, with a registered volume of 10.92 billion identifiers, and has developed extensive testing scenarios in the vehicle networking domain [5][6] Group 3: Data Activation - Chengdu has opened 319 million public data entries since 2018, with over 6.19 million visits to its public data platform, aiming to activate dormant data for industrial growth [9] - The "Rong Data Park" serves as a public service space for the data element industry, attracting 261 data vendors and offering 1050 data products, contributing over 1.4 billion yuan to secondary data vendors [9]

Core Insights - Data is recognized as a new type of production factor and a strategic resource essential for economic growth and national competitiveness in the digital economy era [1][2] Group 1: Data as a Driver of Innovation - Data resources are crucial for driving technological innovation and seizing development opportunities, particularly in AI and quantum technology [2] - High-quality data sets are accelerating advancements in AI and large model technologies, facilitating the implementation of smart cities and autonomous driving [2] - Data resources enable cross-domain technology integration, enhancing efficiency in fields like pharmaceutical research through data sharing [2] Group 2: Optimization of Production Factors - Data resources enhance the configuration of traditional production factors, leading to improved efficiency and productivity [3] - The integration of data with labor, capital, and technology transforms traditional work models into more interactive and efficient systems [3] - Data facilitates targeted aggregation and optimization of traditional factors, allowing for better resource utilization in a complex market environment [3] Group 3: Accelerating Industrial Transformation - Data resources are driving changes in industrial organization, promoting digital upgrades across supply chains [4] - The application of data is helping industries extend into higher value chains, creating new business models and market opportunities [4] - The collaborative effects of data are fostering the emergence of high-value new business formats and driving industries towards knowledge and technology-intensive upgrades [4] Group 4: Data Resource Scale and Growth - In 2024, national data production reached 41.06 ZB, a 25% increase year-on-year, with smart devices contributing significantly to this growth [5] - Strategic emerging industries are becoming key engines for data growth, with sectors like low-altitude economy and robotics seeing over 30% year-on-year data production increases [6] - The optimization of data storage structures is being driven by the explosive growth of data and diverse new business needs, with structured data storage increasing by 36% [7] Group 5: Intelligent Computing Power - Intelligent computing power now accounts for 32% of total computing resources, indicating a shift from general to specialized computing capabilities [8] - The rapid development of intelligent computing is providing a foundational support for digital transformation across various industries [8] Group 6: Policy Recommendations - There is a need to optimize top-level design and establish a legal framework for data resource development to ensure healthy market growth [9] - Promoting standardization and forming a comprehensive data governance framework is essential for efficient data circulation and utilization [9] - Strengthening data security measures and creating a trustworthy data ecosystem is critical for fostering a secure data environment [9]

北交所策略专题报告 2025 年 06 月 29 日 北交所并购策略专题：科达自控收购海图科技，铁大科技投资狗熊机器人 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 政策汇总及北交所并购新动态：近两周发生 2 起事件 从新"国九条"到"并购六条"，2024 年起，并购重组市场迎来了诸多积极信号。 产业整合、跨界并购，为产业发展注入了新的动力。此外，地方国资成立并购基 金的步伐也在加快，交易设计方面的创新层出不穷，上市公司亦借助并购重组的 力量积极拓展国际市场。定位为主要服务创新型中小企业的北交所，能够及时把 握并购机遇。我们认为，在北交所公司并购的趋势方向上，应重点关注：（1）同 一集团内优质资源整合；（2）新质生产力行业外延并购；（3）"强链补链"扩张 版图式并购。截至 2025 年 6 月 27 日，北交所共发生 30 家次重要投资并购事件。 最新关注：科达自收购海图科技 51%股份，铁大科技投资狗熊机器人 （1）科达自控收购海图科技，首例北交所公司收购新三板企业 看点：发掘优质新三板公司并购机会 科达自控主营业务是 ...

Core Viewpoint - The private economy plays a crucial role in China's economic transformation and development, and the Shenzhen branch of China Construction Bank (CCB) is actively supporting its high-quality development through innovative measures and precise services [2][3]. Policy Guidance - The Chinese government has prioritized the development of the private economy, implementing various policies to enhance the business environment and stimulate vitality [3]. - CCB has aligned its strategies with national policies, launching the "Action Plan for Supporting High-Quality Development of Private Economy" to lower financing costs and provide long-term funding support for private enterprises [3][4]. Innovative Services - CCB has transformed policy initiatives into actionable support by optimizing credit policies, reducing financing costs, and innovating financial products, resulting in a significant increase in private enterprise loans, reaching nearly 600 billion yuan by May 2025, with an average interest rate reduction of nearly 20 basis points [4]. - The bank has enhanced its financial services by providing tailored solutions for liquidity management and efficient payment processes, exemplified by its comprehensive services for companies like the Yanjian Group [5][6]. Precision Financing - CCB focuses on providing personalized financing solutions based on the specific needs and development stages of enterprises, offering small loans for startups and larger financing options for growing companies [8]. - The bank has supported Yanjian Group through various financing stages, including working capital loans and project financing, facilitating its growth and technological advancements [8][9]. Deepening Cooperation - CCB's collaboration with private enterprises extends beyond financing, involving joint research, technology exchange, and market expansion, which enhances mutual trust and drives industry progress [10]. - The bank's support has contributed to the formation of industrial clusters and innovation ecosystems, positively impacting regional economic growth [10][11]. Future Outlook - CCB plans to continue optimizing credit policies, reducing financing costs, and innovating financial products to provide comprehensive services for private enterprises, while actively participating in their research and development projects [11].

Core Viewpoint - The article discusses the 10th anniversary of Beijing Zhen Shitong Technology Co., Ltd. and its strategic direction towards leveraging new opportunities in artificial intelligence and computing power while maintaining its core multimedia video business [2][5]. Group 1: Company Development and Strategy - Zhen Shitong was listed on the Shenzhen Stock Exchange on June 29, 2015, primarily as a multimedia video solution provider for various industries including energy, government, finance, transportation, education, and healthcare [2]. - The company has focused on not only meeting current customer needs but also guiding innovative demands, ensuring that its technology and solutions lead industry application trends [2][3]. - The company has achieved full self-research and control over its multimedia video products, utilizing modular configurations and agile development methods to quickly respond to customer customization needs [3]. Group 2: Artificial Intelligence Integration - The rise of artificial intelligence has significantly changed traditional work patterns, leading to a surge in demand for online meetings and video conferencing [3]. - Zhen Shitong is actively integrating traditional video technology with AI, developing projects such as intelligent meeting assistants and AI multimedia IoT platforms to enhance user experience and efficiency [3][4]. - The company emphasizes having its own core technology and products in its AI strategy, with successful developments in AI-enabled conference and exhibition products [4]. Group 3: Business Expansion and Future Directions - Zhen Shitong is pursuing external expansion to upgrade its business, aiming to create a "second golden decade" through AI and other business layouts [5]. - The company has been involved in the computing power sector since 2008, establishing a data center division that now serves nearly a hundred industry clients, including notable projects like the Beijing government big data center [5]. - The company is transitioning its traditional data center business to new-generation intelligent and green energy-saving data centers, with breakthroughs in cooling technology [5][6]. Group 4: Sectoral Progress and Market Expansion - Zhen Shitong has made progress in the industrial internet and new energy charging pile sectors, with products sold across 18 provinces by the end of 2024 [6]. - The company plans to continue expanding its multimedia video business while establishing regional headquarters in southern and central China to enhance its market presence [6]. - Future expansion strategies include upstream acquisitions, securing confidential qualifications for military research, and advancing cloud strategies [6][7].

Core Viewpoint - The Jiangyin Lingang Economic Development Zone is emerging as a hub for innovation and technology integration, with various projects and collaborations between universities and enterprises driving advancements in multiple sectors. Group 1: Innovation Centers and Collaborations - The Nanjing University of Science and Technology Innovation Center in Jiangyin has 9 projects in operation, with over 30 researchers actively engaged [1] - Collaborative efforts in the renewable energy sector have led to the development of China's first in-situ detection device for power batteries [2] - The establishment of the "Civil Aviation Smart Security Engineering Technology Research Center" aims to enhance security technology in the aviation industry [2] Group 2: Industrial Upgrades and Automation - Jiangyin Precision CNC Co., Ltd. has implemented comprehensive automation, achieving a 30% reduction in labor costs through collaboration with academic institutions [3] - The Jiangyin Lingang Economic Development Zone has recognized 19 provincial-level smart workshops and 1 provincial-level smart factory, showcasing advancements in digital transformation [3] Group 3: Technological Advancements and New Materials - The integration of robotics and smart technologies is paving the way for breakthroughs in the robotics industry [4] - A collaborative effort in the biopharmaceutical sector is focused on developing new packaging materials for vaccines and antibodies [4] - The development zone has established nearly 1 million square meters of innovation space, housing 2 national-level enterprise technology centers and 80 provincial-level R&D institutions [4] Group 4: Investment and Economic Growth - Over 30 key projects have successfully settled in the Lingang area in the first quarter, with significant investments in energy and semiconductor sectors [5] - The total investment for five major projects, including a 1,000 MW ultra-supercritical generator set, amounts to 14.6 billion yuan [5] - The "123" industrial cluster, focusing on new materials, new energy, and high-end equipment, is rapidly developing and shaping the future of the region [5]

Core Insights - The article highlights the significant role of financial support in the growth of private enterprises in China, exemplified by the journey of Yanchang Intelligent Technology Co., Ltd. from a startup with 500 yuan to a top 500 enterprise in China [1][3] - The China Construction Bank (CCB) has committed to providing substantial financial support to private enterprises, aiming to offer no less than 8 trillion yuan in financing by the end of 2027 [1][5] Group 1: Company Growth and Financial Support - Yanchang has evolved into a leading supplier in the industrial internet sector, benefiting from financial backing that has enabled its transition from a small startup to a major player in the industry [1][3] - The partnership between Yanchang and CCB has been ongoing for over 20 years, with CCB providing various financial services tailored to Yanchang's needs at different growth stages [3][4] - CCB's support has included liquidity loans, fixed asset loans for R&D centers, and customized financing solutions, which have facilitated Yanchang's innovation and production capabilities [3][4] Group 2: Financial Services and Innovations - CCB has implemented a range of financial services aimed at enhancing the operational efficiency of private enterprises, including payment facilitation, online payment systems, and supply chain management products [6][7] - The bank's supply chain finance has served over 410,000 enterprises, with more than 97% being private companies, demonstrating its commitment to supporting the private sector [7] - CCB has adjusted its credit structure to meet the long-term financing needs of high-tech manufacturing enterprises, ensuring that they receive adequate support throughout their product development cycles [7][8] Group 3: Economic Impact and Future Outlook - The collaboration between CCB and Yanchang exemplifies the broader trend of financial institutions supporting the growth of private enterprises, which are crucial for China's economic development [8] - CCB's ongoing initiatives aim to enhance the financing landscape for private enterprises, fostering innovation and industrial upgrades that will contribute to sustainable economic growth in China [8]

Group 1 - The core viewpoint highlights the rapid development of the digital economy in China, driven by innovations in artificial intelligence, big data, and 5G technologies, which serve as a new engine for high-quality economic growth [1] - Data shows that China accounts for 61.5% of the 45,000 newly published generative AI patents globally, indicating a strong position in AI innovation [1] - The integration of the digital economy with the real economy is leading to significant industrial upgrades, with the manufacturing value added of digital products growing by 9.1% in May, surpassing the overall industrial growth rate [1] Group 2 - The expansion of the data factor market is creating new opportunities to extract data value, with various regions and departments actively exploring public data authorization and enterprise data asset registration [2] - China's total computing power has reached 280 EFLOPS, providing robust support for data storage, computation, and analysis, which is essential for the integration of data factors with other production elements [2] - Despite advancements, challenges remain in high-end chips and core technologies, necessitating increased R&D investment and the strengthening of legal frameworks to ensure data security while promoting orderly development [2]

Group 1 - The core viewpoint is that Beijing's Shijingshan District is actively exploring the integration of culture and technology, leading to the rapid rise of the sci-fi industry, which has gathered 236 sci-fi enterprises and institutions [1] - The sci-fi industry is projected to achieve a revenue of 15.3 billion yuan in 2024, accounting for nearly one-third of the city's total [1] - The economic and social development in the district continues to improve, with a focus on accelerating the development of artificial intelligence and industrial internet industries [1] Group 2 - The district's virtual reality industry is becoming increasingly prominent, showcasing unique characteristics [1] - Various cultural and technological experiences are being offered, such as VR games and performances at the SoReal Sci-Fi Park [4][6][7] - The innovation center in Zhongguancun is demonstrating advanced technologies like motion capture and AIGC capabilities [10][12]

刘宗长表示，轮值CEO制度的核心价值在于激发组织活力、汇聚多元智慧、锤炼核心团队。帮助公司更 灵活地应对挑战，更敏锐地捕捉机遇，更科学地进行战略决策。 公开资料显示，刘宗长，1989年出生，今年36岁。2008年考入上海交通大学学习电子与计算机工程专 业，与此同时，还攻读了密西根大学的机械工程学士学位。2012年，他进入辛辛那提大学硕博连读，并 于2018年取得机械工程博士学位。2016年，27岁还未博士毕业的他联合创办了北京天泽智云科技有限公 司并担任CTO（首席技术官），29岁被美国制造工程学会评选为2018年30岁以下30位制造业杰出青年领 袖。 刘宗长于2019年加入工业富联，现任董事会秘书，首席数据官，科技服务事业群总经理，工业富联（杭 州）数据科技有限公司董事长，同时担任鼎捷软件股份有限公司董事，深圳市信润富联数字科技有限公 司董事。 "要坚持AI驱动创新发展，持续巩固我们在AI产业上的优势地位。"郑弘孟表示，一方面，积极加大研发 投入，不断强化在AI全产业链的垂直整合能力，深化与核心客户的合作，共同推动AI技术的创新与发 展。另一方面，将AI融入公司的生产运营中，借助AI最新技术成果，加速数字化 ...