Group 1 - The core viewpoint of the news is the launch of the first national data trading standard implementation action in Beijing, aimed at promoting the application of data trading standards and facilitating the construction of a unified national data market [1][2] - The action includes a comprehensive standard system developed by the Beijing International Big Data Exchange, covering general guidelines, service guidelines, and security assessments for data trading, providing a full range of standard support for data transactions [1][2] - The event also introduced 10 pilot units for the data series standards in Beijing and 10 pilot units in Chaoyang District, showcasing the practical application of these standards [1][2] Group 2 - A notable innovation is the release of the first standard implementation tool in the data trading field, which establishes a comprehensive security assessment system covering data providers, data demanders, and trading venues [2] - The tool is based on the local standard for data trading security assessment, allowing enterprises to accurately grasp the core essence of the standards and scientifically evaluate their security levels, significantly lowering the barriers to standard implementation [2] - By 2025, Chaoyang District aims to have 10 core enterprises involved in the formulation of data trading standards, 100 key enterprises participating in pilot implementations, and standard services covering 1,000 enterprises, enhancing the district's influence in the data trading sector [2][3] Group 3 - The Beijing International Big Data Exchange plans to focus on key directions, fields, and enterprises for ongoing standard implementation work, including the development of local standards for data productization, assetization, cross-domain circulation, and anonymization technologies [3] - The application of standards will be emphasized in key sectors such as advanced manufacturing, healthcare, finance, transportation, and energy, promoting the integration of data and real economy [3] - The initiative targets data-driven and innovative enterprises, providing standard support for high-quality development [3]

MARA Holdings, Inc. (MARA) - MARA reported a first-quarter 2025 loss of 40 cents per share, which was worse than the Zacks Consensus Estimate of a loss of 34 cents per share and significantly higher than the previous year's loss of 6 cents [1] - Total revenues for the quarter were $213.9 million, slightly missing the consensus estimate but representing a 29.5% increase from the year-ago quarter [1] - The company produced 2,286 bitcoins during the quarter, a decrease of 19% compared to the same period last year [2] - The energized hash rate increased to 54.3 exahashes per second, reflecting a 95% year-over-year growth [2] - The cost per petahash per day rose by 25% year-over-year to $28.5, while the purchased energy cost per bitcoin was $35,728 [2] - Adjusted EBITDA showed a loss of $483.6 million, down from earnings of $542.1 million in the previous year [3] - At the end of the quarter, MARA held 47,531 bitcoins and had cash and cash equivalents of $196.2 million, down from $391.8 million in the prior quarter [3] S&P Global (SPGI) - SPGI reported adjusted EPS of $4.37, exceeding the Zacks Consensus Estimate by 3.6% and increasing 9% year-over-year [4] - Revenues reached $3.8 billion, beating the consensus estimate by 2% and growing 8.3% year-over-year [4] Verisk (VRSK) - VRSK's adjusted earnings were $1.73 per share, surpassing the Zacks Consensus Estimate by 3.6% and increasing 6.1% from the year-ago quarter [5] - Total revenues amounted to $753 million, slightly beating the consensus estimate and increasing 7% year-over-year [5] Interpublic (IPG) - IPG reported adjusted earnings of 33 cents per share, exceeding the Zacks Consensus Estimate by 10% but decreasing 8.3% from the previous year [6] - Net revenues of $2 billion missed the consensus estimate slightly and declined 20% year-over-year, while total revenues of $2.3 billion decreased 7.2% year-over-year but surpassed the Zacks Consensus Estimate [6]

Core Viewpoint - The Henan Provincial Government has issued the "Henan Province Data Element Market Cultivation Action Plan (2025-2027)", aiming to establish a comprehensive data market and enhance data resource integration and utilization, positioning Henan as a key hub in the national data market [1] Group 1: Action Plan Goals - By 2027, a foundational system for data elements will be established in Henan, with high-level connectivity of data market facilities and effective supply of high-quality data products and services to meet market demand [1] - The plan aims to create leading data innovation applications and products in various sectors, including industrial manufacturing, modern agriculture, healthcare, cultural tourism, transportation, and meteorological services [1] - The goal includes achieving a cumulative transaction volume of 10 billion yuan at the Zhengzhou Data Trading Center and nurturing over 500 data backbone enterprises [1] Group 2: Infrastructure Development - The action plan outlines the implementation of foundational actions for data infrastructure, including the expansion of gigabit fiber network coverage and the establishment of a new internet exchange center in Zhengzhou [2] - By 2027, the plan targets the deployment of 270,000 5G base stations and 1.6 million 10G PON ports, positioning Henan as a significant computing power hub [2] - The plan includes the construction of over 10 large-scale computing centers with E-level computing power, aiming for a total computing power exceeding 120 EFlops by 2027 [2]

Core Viewpoint - The core objective of China's data infrastructure is to address issues related to data supply, circulation, and utilization while ensuring data security, aiming for a system where data can be effectively supplied, circulated, utilized, and secured [3][6]. Group 1: Data Infrastructure Goals - The primary goal is to resolve the existing problems of data being "unable to circulate, slow to flow, and poorly utilized" [3]. - China's data infrastructure is defined as a new type of infrastructure that provides services for data collection, aggregation, transmission, processing, circulation, utilization, operation, and security [3]. Group 2: Effectiveness Indicators - The effectiveness of data infrastructure can be measured by the volume of data in circulation; significant platforms like Didi, Meituan, and Ctrip demonstrate effective data infrastructure with billions of users [4]. - The second indicator is the security of the data circulation process, which is crucial for ensuring efficient and trustworthy data flow [5]. Group 3: Key Technologies - Six key technology routes have been identified to ensure both data circulation and security: blockchain technology, privacy computing technology, data networking technology, data components, trusted data space technology, and data sandbox technology [5]. - Current technologies like blockchain and privacy computing are not yet mature enough for widespread application due to efficiency issues, particularly in sectors like finance where they are currently utilized [5]. Group 4: Future Directions - The future of national data infrastructure is expected to converge into a singular "space," "platform," or "network" where data can flow efficiently and securely [10]. - The construction of this space will involve various technologies, but the essential requirement is the presence of numerous data supply entities, application scenarios, and service providers [10]. Group 5: Addressing Data Inequality - The need to bridge the "data gap" across different industries is emphasized, with a focus on ensuring that all sectors, including manufacturing and agriculture, can leverage data for digital transformation [12]. - The national data infrastructure aims to solve the "data equality" issue, enabling artificial intelligence and other technologies to thrive by providing high-quality data [14].

Group 1: Company Insights - Xinke Mobile is experiencing a decline in capital expenditure related to 5G, with expectations for gradual growth in 5G- investments as industry applications evolve [1] - The company aims to enhance 5G network quality and customer satisfaction to outperform market revenue [1] - Xinke Mobile is focusing on international market expansion, particularly in Asia-Pacific, Latin America, the Middle East, and Africa, to increase its overseas revenue share [1] - The company is a pioneer in low-orbit satellite internet and has a leading position in standard-setting, with over 10,000 patents in mobile communication [1] - Patent licensing has become a significant revenue source, with a record high in contract signings expected by the end of 2024 [1] Group 2: Industry Trends - The consensus in the industry is that 6G is projected to be commercially available around 2030, indicating a long development cycle for 5G [1] - The demand for high-quality data in AI, particularly for training specific vertical models, is increasing, driven by the expansion of multimodal large models [2] - The visual business segment of Haitan Ruisheng has surpassed the voice segment for the first time, indicating a shift in revenue structure [2] - The company is collaborating with telecom operators to accelerate the development of general and vertical large models, which is driving demand for high-quality training data [2]

Important Market News - The high-level economic and trade talks between China and the U.S. were held in Geneva from May 10 to 11, resulting in substantial progress and important consensus on mutual economic concerns [1] Industry Insights - On May 11, the humanoid robot startup Songyan Power launched a new generation of bionic robot named Xiao Nuo, featuring multi-modal interaction and near-human facial expressions. The company has already secured over 1,000 orders for its N2 robot, which has gained attention for its performance in various terrains [2] - The introduction of 5G-A technology is being noticed by consumers in cities like Beijing and Shanghai, enhancing communication capabilities significantly compared to 5G. The expected investment in 5G-A in China is projected to reach 120 billion yuan by 2025, driving growth in related industries [3] - A new online platform for "brain-computer interface patents and intellectual property" was launched at the 2025 Pujiang Innovation Forum, marking a significant step in the commercialization of brain-computer interface technology, with a market potential projected to reach $150 billion by 2040 [4] - The State Council approved the draft of the "Regulations on Government Data Sharing," aiming to enhance public service efficiency and promote the integration of data resources, which is expected to benefit cloud computing and big data platform companies [5][6] Risk Alerts - Xi'an Qujiang Cultural Tourism announced that its major shareholder's 12 million shares will be auctioned, representing 10.48% of its holdings and 4.7% of the company's total shares, although this will not affect the company's operations [7] - Keli Ke plans to reduce its shareholding by up to 14.647 million shares, accounting for 3% of the total shares, while other executives also plan to sell a small percentage of their shares [8]

Core Viewpoint - Huina Technology is undergoing a change in its actual controller and plans to raise 739 million yuan through a private placement, with shares resuming trading on May 12 [2][5]. Group 1: Shareholder Changes - The actual controller of Huina Technology will change from Zhang Hongjun to Jiang Zexing through the transfer of 18.0171 million shares, representing 15% of the total shares [3][4]. - Jiang Zexing will acquire 36 million shares in a private placement, increasing his total control to approximately 34.60% of the company [3][4]. Group 2: Fundraising and Business Strategy - The private placement price is set at 20.52 yuan per share, aiming to raise up to 739 million yuan, which will be used to supplement working capital and gradually develop digital business in the additive manufacturing sector [5]. - Huina Technology plans to leverage its competitive advantages in artificial intelligence and big data to capture growth opportunities in the rapidly expanding additive manufacturing market [5]. Group 3: Financial Performance - Huina Technology has reported continuous losses over the past three years, with revenues of 361 million yuan, 376 million yuan, and 363 million yuan for 2022, 2023, and 2024 respectively, and net losses of 37.67 million yuan, 34.03 million yuan, and 23.86 million yuan [7][8]. - In the first quarter of 2025, the company achieved a revenue of 52.36 million yuan, a year-on-year increase of 4.19%, but reported a net loss of 2.64 million yuan, an increase in loss of 87.4% year-on-year [8]. Group 4: Stock Performance - The stock price of Huina Technology has increased by 9.82% this year, with a current market capitalization of 3.3 billion yuan [2][13]. - The stock reached a high of 40.09 yuan per share in October last year but fell to 20.61 yuan in January this year, showing a volatile performance [13].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the increasing importance of data as a fundamental resource and key production factor in the digital economy, emphasizing its role in market competition and production processes [14][15] - It discusses the growing trend of data rights disputes among enterprises, driven by the expansion of data usage and the increasing awareness of data rights protection [16][17] - The report identifies various trends in data rights disputes, including the extension of cases from the internet sector to traditional industries, the diversification of data infringement methods, and the emergence of issues related to data transactions [39][40][44] Summary by Sections Recent Characteristics of Enterprise Data Rights Disputes - The report analyzes 89 effective civil cases related to enterprise data rights from 2016 to 2023, showing an overall increasing trend in such cases, particularly after 2019 [22][23] - The geographical distribution of cases is concentrated in economically developed regions with specialized data courts, with Beijing, Zhejiang, and Guangdong being the top three areas [26] - The industry distribution indicates that most disputes arise in social communication, e-commerce, multimedia video, and financial sectors, with social communication and e-commerce leading the way [31] - Compensation amounts in these cases are generally modest, with most falling within the range of 0 to 1 million yuan, highlighting the cautious approach of courts in awarding damages [33] - The primary cause of action in these disputes is identified as unfair competition, accounting for 74% of the cases analyzed [38] Trends in Recent Enterprise Data Rights Disputes - The report outlines several key trends, including the shift of involved enterprises from the internet sector to traditional industries such as transportation and healthcare, driven by policy encouragement [40] - It notes the increasing variety of data infringement methods, including unauthorized data scraping and API abuse, which complicate the legal landscape [44][46] - The report highlights the emergence of disputes related to data transactions, emphasizing the need for clearer regulations and compliance measures in the data trading market [51][52] - It discusses the recognition of the overall value of data resources, moving beyond the protection of raw data to encompass the rights associated with derived data [56][57] Judicial Protection Paths and Trends - The report examines various judicial protection paths for enterprise data rights, including copyright, trade secret, and competition law protections, and provides recommendations for enterprises to safeguard their data rights [21][4] - It emphasizes the importance of establishing robust internal mechanisms for data rights confirmation to effectively protect against infringement [33]

Group 1 - The core viewpoint of the news highlights the rapid advancement of data infrastructure construction in China, aiming to establish a new high-quality development pattern through the implementation of a "credit report instead of proof of no violations" policy by 2025 [1][2] - The National Development and Reform Commission, along with the Ministry of Public Security and the National Data Bureau, has issued a notice to fully implement the "credit report instead of proof of no violations" initiative by September 2025, which will consolidate the data foundation for special credit reports [1][2] - The eighth Digital China Construction Summit showcased significant achievements in data infrastructure, including the release of 10 key data standardization results to guide pilot projects and data space construction [1][2] Group 2 - The establishment of the Trusted Data Space Development Alliance at the eighth Digital China Construction Summit aims to promote data sharing and collaboration across industries, with the alliance consisting of 19 state-owned enterprises and 20 research institutions [4] - The alliance has released draft guidelines for the Trusted Data Space Standard System and Capability Requirements, providing reference for practical implementation [4] - Qingdao has introduced a management method for data assets in administrative institutions, establishing a comprehensive lifecycle management system for data assets, including approval processes for paid usage and a dynamic revenue distribution mechanism [5]

公司代码：603003 公司简称：*ST 龙宇 上海龙宇数据股份有限公司 上海龙宇数据股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评 价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或 ...