从 解决发展实际问题出发 看，"找数用数难"、"跨域加工难"、"规模流通难"已成为数据领域普遍面临的共性难题和痛点。建设和 运营国家数据基础设施，可以提供低成本、高效率、可信赖的流通环境，打消数据被滥用转卖的担忧，消除数据来源不明的顾虑， 为数据"供得出"铺路；可以促进各类设施互联互通互操作，打破"数据孤岛"，为数据"流得动"架桥；可以打造数据价值共创的新空 间，服务千行百业真实业务场景，赋能各领域高质量发展，为数据"用得好"筑基；可以推动数据安全防护由静态保护向动态保护、 由边界安全向内生安全、由封闭环境保护向开放环境保护转变，形成贯穿数据全生命周期各环节的动态安全防护能力，为数据"保 安全"护航。 如何把握高水平构建国家数据基础设施中的几对关系？ 文/国家发展和改革委员会党组成员，国家数据局党组书记、局长 刘烈宏 导语： 当今世界，数字经济日益成为重组全球要素资源、重塑全球竞争格局的关键力量。加快建设与新质生产力发展相适应的国家数据基 础设施，既是我国破解数据要素市场建设瓶颈、激活数据要素价值潜能的有效路径，也是推动高质量发展、赢得国际竞争新优势的战略选 择。习近平总书记强调，"推动实施国家大数据战略，加 ...

Core Viewpoint - Japan's Economic Minister Ryosei Akazawa warns that any new U.S. tariff measures should not place Japan in a worse position than the trade agreement reached last year, emphasizing the importance of maintaining favorable trade conditions [1] Group 1: U.S.-Japan Trade Agreement - The U.S. and Japan are committed to closely cooperating to ensure the swift and smooth implementation of projects under the $550 billion investment mechanism [1] - The trade agreement includes Japan's commitment to establish a $550 billion investment tool in exchange for the reduction of U.S. import tariffs on Japanese automobiles from 27.5% to 15% [1] - Japan's Chief Cabinet Secretary Minoru Kihara states that the government will continue to steadily implement the trade agreement and monitor any impacts from U.S. actions [2] Group 2: Current U.S. Tariff Situation - The U.S. government plans to impose a 10% tariff starting Tuesday, following a Supreme Court ruling that deemed Trump's "reciprocal tariffs" illegal [1] - Trump has threatened to increase the tariff rate to 15%, although this may not lead to harsher conditions for Japan, as Japanese products already face a 15% import tariff [1] - Former Defense Minister Itsunori Onodera describes the current U.S. tariff situation as chaotic but rules out Japan seeking to renegotiate the agreement [3] Group 3: Investment Projects - Recently announced investment projects by Trump include a data infrastructure project, a deep-sea oil terminal, and a synthetic diamond manufacturing facility for semiconductors, all located within the U.S. [2]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Xunce (03317), which increased nearly 20% and reached a market capitalization of over 30 billion HKD [1] - As of the report, Xunce's stock price was up 11.97%, trading at 89.35 HKD with a transaction volume of 82.22 million HKD [1] - The company has been included in the Hang Seng Composite Index, with the adjustment set to take effect on March 9, which is expected to enhance its visibility and trading volume in the market [1] Group 2 - Xunce is recognized as a leading AI real-time data infrastructure provider in China, offering solutions for real-time data processing and analysis [1] - According to Frost & Sullivan data, Xunce ranks at the top of the real-time data infrastructure and analytics market in China for 2024, holding a 11.6% market share in the asset management sector, which is the highest in the industry [1] - The company has achieved full coverage of the top ten asset management institutions in China, establishing a strong industry barrier [1]

Core Insights - The understanding of "data" by enterprises has evolved from retrospective analysis to becoming a crucial production factor, driven by policies like "Digital China" and "data assets on the balance sheet" [1] - XunCe Technology has gained attention in the capital market due to its advantages in real-time data infrastructure, with its stock price rising 5.2% on its debut on the Hong Kong Stock Exchange [1] Group 1: Industry Challenges and Solutions - Asset management is one of the most data-intensive industries, characterized by high regulatory scrutiny and the risk of data errors being magnified [2] - Many asset management institutions still rely heavily on manual operations and fragmented systems, leading to data silos and human errors [2] - XunCe Technology has developed a unified real-time data infrastructure that can collect, clean, manage, analyze, and govern data within milliseconds to seconds, differentiating itself from traditional multi-system approaches [2] Group 2: Market Position and Client Base - According to Frost & Sullivan, XunCe Technology ranks first in the real-time data infrastructure and analytics market in China's asset management sector, with a market share of 11.6% [3] - The company serves top-tier clients, including the top ten asset managers in China, which include insurance companies and mutual funds, providing strong validation of its reliability [3] Group 3: Expansion Beyond Asset Management - The capabilities validated in asset management are transferable to other industries, allowing XunCe Technology to expand into sectors like telecommunications, urban management, and manufacturing [4] - The revenue from non-asset management sectors increased from 25.6% in 2022 to 34.1% in 2023, and is projected to reach 61.3% in 2024 [5] Group 4: Financial Performance and Growth - XunCe Technology exhibits characteristics typical of a tech-driven company, with revenue growing from 288 million yuan in 2022 to 632 million yuan in 2024, reflecting a compound annual growth rate of 48.2% [6] - The gross margin has consistently remained above 70%, indicating a platform and product-oriented business model [6] - The company maintains a high R&D investment, with 71.3% of total revenue allocated to R&D in 2024, focusing on real-time computing and AI capabilities [6] Group 5: Strategic Positioning and Future Outlook - The current losses are primarily due to strategic investments, but the adjusted net loss has decreased from 96.51 million yuan in 2022 to 82.37 million yuan in 2024, indicating improving profitability [7] - The company has a strong liquidity position with cash resources of 421 million yuan and unused bank credit of 134 million yuan, supporting ongoing R&D and business expansion [7] - The backing from top asset management firms and long-term capital investors like Tencent and KKR enhances the company's credibility and market recognition [7] Conclusion - XunCe Technology represents a successful example of long-term strategic investment in infrastructure, focusing on foundational capabilities rather than chasing short-term trends [8] - The arrival of AI technology is seen as a favorable development for the company, potentially accelerating its growth trajectory [9]

Core Viewpoint - On the penultimate trading day of 2025, the Hong Kong Stock Exchange witnessed a rare listing event with six new companies from various cutting-edge sectors going public, marking the first occurrence of six companies listing simultaneously since July 9 of the same year [1]. Group 1: Company Performances - The leading AI pharmaceutical company, Insilico Medicine, had a remarkable debut, with its stock price opening up by 45.53%, resulting in a profit of 5,475 HKD per lot, as its core Pharma.AI platform significantly reduces drug development cycles to nearly one-fourth of traditional methods [1]. - The digital twin technology company, Wuyi Vision, saw its stock rise by 14.75% at opening, focusing on building a "digital twin earth" and expanding real-time 3D technology applications beyond gaming [1]. - Meilian Holdings and Lin Qingxuan experienced stock increases of 15.63% and 9.3%, respectively, while Xunce and Woan Robotics opened nearly flat, with the former ranking first in the real-time data market for asset management and the latter being the retail sales champion in global home robotics systems [1]. Group 2: Stock Price Movements - Insilico Medicine: 35,000 HKD, +45.53% [2] - Meilian Holdings: 8.210 HKD, +15.63% [2] - Wuyi Vision: 35.000 HKD, +14.75% [2] - Lin Qingxuan: 85.000 HKD, +9.30% [2] - Woan Robotics: 73.800 HKD, 0.00% [2]

Core Viewpoint - Six new stocks will be listed on the Hong Kong Stock Exchange on December 30, marking a significant event as it is the first time since July 9 that six companies will ring the bell simultaneously [1] Group 1: Company Performance - AI-driven drug discovery and development company Insilico Medicine (3696.HK) saw a dark market increase of 53.26%, closing at HKD 36.86 [1] - Chinese digital twin technology company Wuyi Vision (6651.HK) experienced a dark market rise of 23.54%, closing at HKD 37.68 [1] - High-end domestic skincare brand Lin Qingxuan (2657.HK) reported a dark market increase of 18.75%, closing at HKD 92.35 [1] - Prefabricated steel structure service provider Meilian Holdings (2671.HK) had a dark market rise of 18.31%, closing at HKD 8.4 [1] - Data infrastructure and analytics company XunCe (3317.HK) saw a modest dark market increase of 2.04%, closing at HKD 48.98 [1] - Robotics company Woan Robotics (6600.HK) faced a dark market decline of 8.67%, closing at HKD 67.4 [1]

Group 1: Overview of Mergers and Acquisitions - The fourth quarter of 2025 saw a surge in global mergers and acquisitions, with significant deals exceeding $40 billion in sectors such as media, entertainment, data centers, and consumer goods [1] - A total of ten representative large-scale mergers and acquisitions were highlighted, providing insights into the trends and activities in the market [1] Group 2: Notable Mergers and Acquisitions - A consortium led by BlackRock, Nvidia, and Microsoft is set to acquire Aligned DataCenters for approximately $40 billion, aiming to expand next-generation cloud and AI infrastructure [2] - Airbus, Leonardo, and Thales signed a memorandum to merge their space businesses into a new company expected to generate annual revenues of about €6.5 billion, with a workforce of 25,000 in Europe [4] - Novartis agreed to acquire Avidity Biosciences for around $12 billion to enhance its portfolio for rare muscle diseases [7] - Kimberly-Clark will acquire Kenvue for approximately $48.7 billion, creating a major consumer health products company with projected annual net revenues of about $32 billion by 2025 [9] - Pfizer has successfully acquired Metsera, a weight-loss drug startup, in a deal valued at over $10 billion [10] - AkzoNobel plans to merge with Axalta Coating Systems, resulting in a combined company valued at $25 billion, with expected annual revenues of $17 billion [12] - Abbott Laboratories is acquiring Exact Sciences for $23 billion, marking its largest acquisition in nearly a decade [13] - Netflix agreed to acquire Warner Bros. Discovery's TV and film production and streaming assets for an enterprise value of $82.7 billion [14] - IBM will acquire Confluent for $11 billion to strengthen its cloud computing offerings [17] - ByteDance has established a new joint venture in the U.S. for TikTok, with a consortium of investors holding 50% of the shares [20] Group 3: Completed Mergers and Acquisitions - Lowe's completed its acquisition of Foundation Building Materials, marking its largest acquisition to date [21] - Omnicom Group's acquisition of Interpublic Group was approved by the EU, making it the largest marketing communications group globally with revenues exceeding $25 billion [21] - Mars Incorporated completed its acquisition of Kellanova for a total consideration of $35.9 billion [21] - XRG completed its acquisition of Covestro, marking a significant step in its goal to become one of the top three chemical investment companies globally [22] - Boeing and Airbus completed their acquisition of Spirit AeroSystems' assets, integrating thousands of employees into their operations [22] - Geely Automobile announced its merger with Zeekr, with a total consideration of approximately $2.399 billion [23] Group 4: Failed Mergers and Acquisitions - BHP Group abandoned its acquisition proposal for Anglo American, focusing on its existing asset portfolio [25] - Performance Food and US Foods terminated their merger discussions, which would have created a significant competitor in the food distribution industry [25]

Core Viewpoint - The article discusses the proposals by the Sichuan Provincial Committee of the Communist Party of China for the 15th Five-Year Plan, emphasizing the development of a new energy system and the establishment of Sichuan as a strong province in clean energy [1] Group 1: New Energy Development - The plan includes the construction of a new energy system and aims to create an integrated clean energy base in the "Three Rivers" basin [1] - There is a strong push for the development of renewable energy and the acceleration of regulatory power source construction [1] - The plan highlights the importance of enhancing the provincial power grid at all levels and promoting cross-provincial power transmission projects [1] Group 2: Infrastructure and Storage - The proposal emphasizes the development of new energy storage solutions and the construction of oil and gas production bases in Sichuan and Chongqing [1] - It aims to increase the reserves and production of natural gas, particularly shale gas, and strengthen shale oil exploration and development [1] - The plan includes the construction of new infrastructure, focusing on data infrastructure and the integration of computing power, establishing Sichuan as a national hub for integrated computing networks [1] Group 3: Traditional Infrastructure - There is a call for the modernization and digital transformation of traditional infrastructure, promoting the integration of facilities across different sectors [1]

Group 1 - Confluent's stock surged by 31% following reports that IBM is in advanced talks to acquire the data infrastructure company for approximately $11 billion, with an announcement expected soon [2] - Robinhood announced its entry into the Southeast Asian market by acquiring Indonesian brokerage Buana Capital Sekuritas and a licensed digital asset trader, Pedagang Aset Kripto, resulting in a pre-market increase of over 1.5% in its stock [2] - Netflix's acquisition of Warner Bros. Discovery for $82.7 billion is facing scrutiny as former President Trump stated he would weigh in on the decision, which could impact Netflix's market share [2] Group 2 - Tesla's Shanghai Gigafactory celebrated the production of its 4 millionth vehicle, highlighting that it took less than 14 months to increase production from 3 million to 4 million, contributing nearly half of Tesla's global electric vehicle deliveries over six years [2] - Cathie Wood's ARK Investment predicts that SpaceX's valuation could reach approximately $2.5 trillion by 2030, indicating significant growth potential in the space exploration sector [2] Group 3 - A senior investor from Yardeni Research recommended that investors should substantially reduce their holdings in the "Big Seven" tech companies, anticipating a shift in future profit growth [3] - Apple is experiencing a significant executive turnover, with four executives announcing their departure in the past week, including the senior vice president responsible for hardware technology [3] - JPMorgan's strategists indicated that the recent stock market rally may not sustain after the anticipated interest rate cuts by the Federal Reserve, as investors may take profits [3] Group 4 - Robotics stocks continue to show strong performance, with iRobot rising over 6% and UiPath and Symbotic increasing by more than 1% [4] - The storage industry is entering a "super cycle," with companies like SanDisk, Micron Technology, and Western Digital all seeing stock increases of over 1% [4]

Group 1 - Confluent's stock surged by 31% following reports of IBM's negotiations to acquire the data infrastructure company for approximately $11 billion, with an announcement expected soon [1] - Robinhood officially entered the Southeast Asian market by acquiring Indonesian brokerage Buana Capital Sekuritas and a licensed digital asset trader, Pedagang Aset Kripto, resulting in a pre-market increase of over 1.5% [1] - Netflix announced its acquisition of Warner Bros. Discovery's core business for $82.7 billion, with a share price of $27.75, but the deal faces potential intervention from former President Trump, who expressed concerns about market share implications [2] Group 2 - Tesla's Shanghai Gigafactory celebrated the production of its 4 millionth vehicle, highlighting that it took less than 14 months to increase from 3 million to 4 million units, contributing nearly half of Tesla's global electric vehicle deliveries over six years [2] - Cathie Wood's ARK Investment predicts that SpaceX's valuation could reach approximately $2.5 trillion by 2030, showcasing significant growth potential in the space exploration sector [2] Group 3 - A senior investor from Yardeni Research recommended reducing holdings in the "Big Seven" tech companies, anticipating a shift in future profit growth [3] - Apple is experiencing a significant executive turnover, with four executives announcing their departure in the past week, including the senior vice president of hardware technology, Johny Srouji, who is considering leaving [3] - JPMorgan's strategy team indicated that the recent stock market rally may not sustain after the anticipated interest rate cuts by the Federal Reserve, as investors may take profits [3] Group 4 - Robotics stocks continued their strong performance, with iRobot rising over 6% and UiPath and Symbotic increasing by over 1% [4] - The storage industry is entering a "super cycle," with companies like SanDisk, Micron Technology, and Western Digital all seeing stock increases of over 1% [4]