人民财讯10月10日电，据深圳前海股权交易中心(以下简称"深圳股交")官方消息，近日，深圳股交已与 企查查科技股份有限公司(以下简称"企查查")签署数据服务协议，正式建立合作关系。基于此次合作， 企业在深圳股交完成股份托管登记以及后续股份变动后，若同意授权使用数据，企查查将在其平台同步 公示深圳股交企业股东名册数据。除股东名册同步公示外，针对在深圳股交办理有限合伙企业财产份额 质押业务的企业，企查查亦将对其添加标签或同步进行公示。除深圳股交外，近期企查查已与北京股权 交易中心、上海股权交易中心、江苏股权交易中心、广东股权交易中心、海南股权交易中心、青岛蓝海 股权交易中心等全国多个股权交易市场达成相关合作。 ...

Core Insights - Beidou Xingtong has made advancements in navigation technology through a "cloud-core integration" model, enhancing collaboration with ecosystem partners to reduce costs and improve efficiency, thereby promoting the growth of emerging industries such as intelligent driving and low-altitude economy [1][2] Group 1: Company Developments - Beidou Xingtong, as the first listed company in China's satellite navigation industry, has achieved a closed-loop supply of core technology products, forming a product framework that includes positioning algorithms, chips/modules, antennas, and data services [1] - The company aims to accelerate the digital transformation of traditional industries like transportation and surveying through integrated design and supply of chips and positioning data services, enhancing safety, efficiency, and accountability [2] Group 2: Industry Impact - The Beidou-3 global satellite navigation system, which officially opened on July 31, 2020, has been widely applied in various sectors of the national economy and defense, significantly contributing to public life and aiming to provide quality services to global users [1] - The advancements in navigation technology are expected to foster the development of future industries such as digital twins and low-altitude economy, promoting the scaling, marketization, and internationalization of the Beidou industry [2]

Core Viewpoint - Jiuyuan Yinhai (002777) is actively engaging in the development and implementation of data products, capabilities, and services in the public welfare sector, contributing to the construction of a digital government and digital economy in China [1] Group 1 - The company is leveraging government public data to innovate in data products and services [1] - The focus areas include healthcare insurance, digital governance, and smart city data value extraction [1] - The initiatives aim to promote the high-quality development of the data factor market [1]

Investment Logic - The company has been focusing on environmental regulation equipment for 25 years, with its products targeting four main areas: data services, industrial processes, specialized applications, and public/commercial use. The data services segment saw a revenue increase of 16.2% year-on-year in the first half of 2025, and new orders in this segment grew by 200% year-on-year from January to August, providing strong support for the company's sustained performance [1] Data Services Segment Growth - The company expects revenues from the data services segment to reach 2.7 billion, 4.6 billion, and 6.4 billion yuan in 2025, 2026, and 2027 respectively, representing year-on-year growth of 77%, 67%, and 39%. This segment is anticipated to be a major growth driver for the company [2] - Global investment in data centers is rapidly increasing, with the combined capital expenditure of the four major CSPs in North America reaching 170 billion yuan, a 64% year-on-year increase. The company secured 250 million yuan in new orders for its overseas data services business in the first half of 2025, marking a significant breakthrough [2] - The cooling solutions for data centers are transitioning from air cooling to liquid cooling. By 2026, it is predicted that over 40% of global data center computing demand will come from high-performance chips, which require enhanced cooling solutions. The company's products cover all aspects of cooling for both air and liquid systems in domestic data centers [2] Industrial Scene and Power Sector Demand - The global industrial temperature control systems market is projected to reach 23.6 billion dollars by 2025, with the public and power sectors accounting for 43% of this market. Industrial cooling systems play a crucial role in maintaining equipment lifespan and ensuring stable output in large projects [3] - The company has extensive experience in delivering thermal management systems and products for projects in wind power, ultra-high voltage, hydropower, and nuclear power, positioning it to benefit from the high demand for temperature control in specialized industrial sectors [3] Profit Forecast and Valuation - Based on the growth rate of global data center investments and the company's overseas business expansion, it is projected that the company will achieve revenues of 4.39 billion, 6.38 billion, and 8.34 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 45.7%, 45.1%, and 30.8%. The net profit attributable to shareholders is expected to be 290 million, 420 million, and 670 million yuan, with year-on-year growth rates of 153.1%, 44.5%, and 59.5% [4] - Corresponding EPS is projected to be 1.10, 1.59, and 2.53 yuan for the years 2025, 2026, and 2027. The target price is set at 103.2 yuan, with a "buy" rating based on a 65X PE for 2026 [4]

Core Insights - The release of data value is accelerating the reconstruction of content production, user interaction, and platform service models in the media industry, injecting new vitality into the sector [1] - Data-driven decision-making is replacing traditional experience-based judgments, optimizing resource allocation, and enhancing operational efficiency in media services [2] Group 1 - The application of data is transforming brand communication from a broad approach to precise targeting, enhancing the attractiveness and interactivity of brand messaging [2] - The media industry's data capability construction is accelerating, with a focus on exploring the value of data elements while ensuring data security and compliance [2] - The integration of local media with urban business environments is expected to enhance the core advantages of information dissemination and resource linking, shaping city images and showcasing urban vitality [2]

Core Viewpoint - The establishment of Beijing Data Group marks a significant step in enhancing the national data infrastructure, activating public data resources, and promoting the data industry ecosystem in China [1] Group 1: Establishment and Objectives - Beijing Data Group was officially launched on September 11 at the 2025 Service Trade Fair, indicating Beijing's commitment to data resource management and market-oriented reforms [1] - The group aims to serve as a data resource provider, infrastructure builder, and data circulation service provider, focusing on creating a collaborative and mutually beneficial industrial ecosystem [1][2] - It will explore data property rights, circulation, transaction, revenue distribution, and security governance, aiming to break down data silos and enhance collaboration with data groups across China [1][2] Group 2: Business Scope and Structure - Beijing Data Group is a wholly-owned subsidiary of Beijing State-owned Assets Management Co., with a registered capital of 3 billion yuan [2] - The group will focus on digital transformation for government and enterprises, including digital governance, public health platforms, smart city management, and digital business environments [2][3] - The business architecture is based on "two types of authorization," aiming to streamline data supply, circulation, application, and security [2] Group 3: Data Infrastructure and Security - The group will enhance data infrastructure, including government networks and cloud services, to create a national data circulation and utilization network [3] - It plans to build a national data trading center and a public data authorization platform to facilitate data integration and maximize value [3] - The focus will also be on digital trust infrastructure and expanding into digital and AI security [3] Group 4: Market Trends and Policy Support - The establishment of data groups across various provinces indicates a growing trend in data resource integration and management [4] - The acceleration of data market construction is driven by market demand and policy guidance, as outlined in national reform documents [4][5] - The upcoming "Data Element ×" three-year action plan aims to create over 300 exemplary application scenarios and foster a robust data industry ecosystem [5]

Group 1 - The provincial government has issued measures to support the high-quality development of the technology service industry, aiming to enhance the supply of quality technology services and promote the integration of technological and industrial innovation [1] - The measures include expanding the market size of the technology service industry by nurturing existing enterprises and attracting new ones, with a focus on high-potential technology service institutions [1] - Support will be provided for world-class companies and leading enterprises from outside the province to establish R&D headquarters and centers, with annual subsidies of up to 5 million yuan for qualifying companies based on their R&D investments [1] Group 2 - The development of a comprehensive R&D service system is emphasized, focusing on 19 key industrial chains to provide foundational technology service support for innovation [2] - There is a strong push for the growth of information technology services, including artificial intelligence, data services, digital content services, internet platform services, and intelligent computing cloud services [2] - The establishment of a national-level intelligent computing cloud service pilot and multiple provincial-level centers is planned to create a "1+N" intelligent computing cloud service system [2]

Core Viewpoint - The company Dongyangguang and its controlling shareholder Shenzhen Dongyangguang Industrial signed an investment agreement to inject a total of 75 billion yuan into Dongshu Yihua, which will subsequently acquire 100% equity of Qinhuai Data China for 280 billion yuan, positioning Dongyangguang as an indirect shareholder of Qinhuai Data [1][2]. Group 1: Investment Details - Dongyangguang plans to invest 35 billion yuan, while Shenzhen Dongyangguang Industrial will invest 40 billion yuan into Dongshu Yihua, resulting in ownership stakes of 46.67% and 53.33%, respectively [1]. - The investment funds will be directed to Dongchuang Future Data, which will use them to facilitate the acquisition of Qinhuai Data China [1][2]. Group 2: Qinhuai Data Overview - Qinhuai Data is recognized as a leading service provider in the computing power sector, consistently ranking in the top ten of China's computing power center service providers for three consecutive years [2]. - The company is a significant player in the "East Data West Calculation" project and has established a strong international presence in countries like Malaysia and India [2]. - Qinhuai Data serves as a primary data center service provider for ByteDance and was listed on NASDAQ in October 2020 [2]. Group 3: Financial Performance - As of May 2023, Qinhuai Data China reported total assets of 21.871 billion yuan and net assets of 9.504 billion yuan [3]. - The company achieved a revenue of 6.048 billion yuan and a net profit of 1.309 billion yuan for the fiscal year 2024, with revenues of 2.607 billion yuan and net profits of 745 million yuan in the first five months of the current year [3]. Group 4: Market Dynamics - The acquisition of Qinhuai Data has attracted multiple strong bidders, indicating high market recognition of its asset value [2]. - Shenzhen Dongyangguang Industrial's competitive edge lies in its technological capabilities and synergy in the industry, particularly in liquid cooling materials and supercapacitors, which can enhance Qinhuai Data's operational efficiency [3].

Core Insights - The Chinese internet investment landscape is experiencing a split, with the KWEB index up 30% year-to-date, while major companies report pressure on profitability [1] - The market is caught between the grand narrative of AI and the harsh realities of competition, raising questions about the sustainability of the internet sector's performance [1] Group 1: AI Development and Market Dynamics - UBS analysts emphasize that China's AI development focuses on efficiency and practical applications rather than mere capital frenzy [1] - The gap between Chinese and U.S. large models is narrowing, particularly in multimodal areas like video generation, showcasing China's global competitiveness [1] - Concerns over chip supply are deemed manageable, with leading companies employing strategies like inventory reserves and software optimization to mitigate risks [1] Group 2: Monetization Paths for AI - AI is primarily viewed as a tool for cost reduction and efficiency enhancement in most Chinese enterprises, with initial profit impacts visible in financial reports [2] - Two clear monetization paths have emerged: cloud services driven by AI demand and improvements in advertising technology enhancing ROI for advertisers [2] - The development of AI agents is seen as a long-term monetization key, with enterprise-level applications expected to achieve breakthroughs first [2] Group 3: Current Internet Competition Landscape - The stock price increase in 2023 is attributed more to valuation adjustments than fundamental improvements, with funds shifting towards more certain vertical industries [3] - The intense competition in instant retail, exemplified by the food delivery subsidy wars, poses risks to long-term profitability by squeezing merchant margins [3] Group 4: Strategic Shifts in Gaming and Consumer Behavior - The gaming industry is shifting towards a more pragmatic approach, focusing on mature, long-lifecycle games rather than high-risk new releases [4] - Consumer behavior shows a divide, with physical retail struggling while sectors like gaming and music remain robust [4] Group 5: E-commerce Performance - Online retail continues to outperform offline, driven by increasingly intelligent operational strategies from e-commerce platforms [5] Group 6: Investment Outlook - UBS suggests investors seek certainty, favoring Hong Kong stocks and sectors with clear profit visibility, such as gaming and online tourism [6] - AI chip companies, despite high P/E ratios, are supported by scarcity, strong growth, and robust market demand [6] - The Chinese tech industry is entering a new phase, moving away from growth-at-all-costs narratives to a focus on tangible commercial value [6]

Core Viewpoint - Bloomberg celebrates its 30th anniversary in the Chinese mainland market, highlighting the remarkable vitality and opportunities within China's financial markets over the past three decades [3]. Group 1: Market Connectivity - Bloomberg has focused on enhancing market connectivity and interconnectivity, supporting mechanisms such as "Shanghai-Shenzhen-Hong Kong Stock Connect," "Bond Connect," and "Swap Connect," facilitating deep integration between domestic and international capital markets [4]. Group 2: Excellence in Service - The company has established trust through real-time news and information, high-quality data and research, advanced analytical trading tools, and round-the-clock professional support, enabling market participants to make informed decisions in a dynamic environment [5]. Group 3: Innovation and Progress - Innovation is the core driving force for Bloomberg, which continuously explores cutting-edge technology and actively develops applications in artificial intelligence and big data, optimizing products and solutions to help clients seize new opportunities [6].