Focusing on corporate credit reporting, Yuansu will vigorously expand its government client base.

Yuansu entered the corporate credit reporting field in 2012. Through collaboration with governments at all levels and enterprises, as well as by establishing a web-crawling team, it has built a comprehensive data channel and accumulated a rich corporate database. Currently, risk management is the company’s primary application scenario, while marketing is still in a gradual expansion phase. Among its three target customer groups—financial institutions, government entities, and enterprises—banking financial institutions contribute over 50% of revenue, while government clients represent a major growth focus for the future. Editorial Guidance | Zhang Yang Field Research | Zhang Yang, Wu Yun Writing | Wu Yun In recent years, amid successive waves of consumer finance, the personal credit reporting industry has experienced rapid growth, giving rise to platforms such as Bairong and Tongdun, which specialize in fraud prevention and credit reporting for individuals. At the corporate lending level, companies like Dashu and Feidai have tapped opportunities in the micro- and small-enterprise segment, while banks have begun extending services downward to individual business households to explore incremental markets. As demand for corporate loans rises, so too does demand for corporate credit reporting. As of the end of October 2017, a total of 132 corporate credit reporting agencies had been registered with the People’s Bank of China; Yuansu Credit Reporting was among the first batch. Since entering the corporate credit reporting field in 2012, Yuansu has established a robust data acquisition infrastructure, amassed extensive corporate data, and formed partnerships with benchmark clients including China Merchants Bank and Minsheng Bank. In 2017, Yuansu Credit Reporting secured Series A funding from investors including Huachuang Capital. Connecting with Multiple Government Departments, Accumulating Over 50 Million Corporate Records In the Chinese market, corporate data is held primarily by two types of entities: large enterprises and government bodies. The former includes major core enterprises such as Lenovo and Haier—which hold critical upstream and downstream enterprise data—as well as large platforms like Taobao and JD.com, which have accumulated vast transaction and other merchant-related information. However, in terms of coverage breadth and data dimensionality, government departments—including the central bank, industry and commerce authorities, tax bureaus, and customs—consistently hold larger volumes and higher-value corporate data. Throughout its development, Yuansu has leveraged cutting-edge big-data technologies to serve multiple government departments. It also integrates authorized corporate data with internet-crawled data through deep fusion, cleaning, mining, and analysis—delivering insights to financial institutions, government agencies, and enterprises alike. Most data platforms acquire corporate data via web crawling; some earlier data was even purchased on the black market. Yet as data protection laws and regulations become increasingly stringent, and enterprises’ data security awareness strengthens, data breaches are becoming rarer. Beyond web crawling, direct integration with government departments clearly offers advantages in data accuracy. Currently, Yuansu connects with data sources from industry and commerce, quality supervision, taxation, public security, and other departments. Its database already contains records for over 50 million enterprises, 130 million individual business households, and 200 million enterprise operators. Moreover, Yuansu is working to integrate social security data. Successful integration would constitute a major enhancement to its database. Long Feichi stated: “Social security data is highly core. At the individual level, it reveals employee rank, tenure, and compensation within a company. At the enterprise level, changes in employee headcount and corporate governance structure can indicate overall business health.” Among the acquired data, some categories closely relate to finance—such as tax and social security data—while others reflect basic corporate information, such as industrial and commercial registration details.

Amid widespread 'AI concerns,' UBS’s buy-side analysts 'counter-cyclically upgrade' global equity ratings.

"Big AI Firms" Continue to Increase Capital Expenditure Why Are UBS’s Buy-Side Analysts Upgrading Equity Ratings Now? UBS’s buy-side analysts point out: Recently, mega-tech firms and AI chipmakers have signed multi-billion-dollar partnership agreements—further reinforcing our confidence that AI-related capital expenditure will exceed expectations and remain robust for an extended period. AI applications extend far beyond chatbots. Investor expectations for growth in agentic AI (AI systems capable of autonomous decision-making and action) and physical AI (e.g., robots and autonomous vehicles) underpin large tech firms’ commitment to sustained high-level capital spending. "Even in the medium term, the nearly $1 trillion in AI capital expenditures currently planned may fall short of actual requirements—so we believe investment could continue rising next year," noted UBS Wealth Management’s Investment Office. A Boost for Cyclical Sectors This buy-side report also states: Global economic growth has exceeded expectations—and is expected to support corporate earnings. UBS has upgraded its forecasts for U.S. equity earnings growth in 2025 and 2026: We now project S&P 500 earnings per share (EPS) of $275 in 2025 (a 10% year-on-year increase) and $295 in 2026 (a 7% year-on-year increase), both raised by $5 from prior estimates. Additionally, the Federal Reserve resumed its rate-cutting cycle in September, with further cuts anticipated. Rate cuts outside of recessionary conditions tend to benefit equities. Investors Should Reassess Their Equity Exposure

Element Solutions (NYSE:ESI) Upgraded to Strong-Buy at Barclays

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Barclays upgraded specialty chemicals firm Element Solutions to a "strong-buy" rating after the company reported $0.47 EPS and a 56.4% year-over-year revenue increase, surpassing quarterly expectations.

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