Group 1 - The company's stock price experienced abnormal fluctuations over three consecutive trading days on July 10, 2025, and July 11, 2025, which is classified as an abnormal trading situation according to relevant regulations [1] - The company's board of directors conducted inquiries via phone and email with major stakeholders, including the controlling shareholder and senior management, to verify the situation and confirmed no undisclosed significant information affecting stock trading [1] - The board confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange's rules, and previous disclosures do not require correction or supplementation [1]

Core Viewpoint - On July 14, the Shanghai Composite Index rose by 0.27%, with institutional investors appearing on the trading lists of 35 stocks, net buying 19 and net selling 16 [1] Institutional Trading Summary - Institutional special seats net bought the most in Xiangyang Bearing, which closed at the daily limit with a turnover rate of 27.67% and a transaction amount of 2.076 billion yuan, net buying 110.74 million yuan [2] - San Chuan Wisdom closed up 15.27% with a turnover rate of 32.50%, net buying 75.27 million yuan, but had a net outflow of 35.2 million yuan [2] - Zhongke Magnetic Industry closed down 5.10% with a turnover rate of 45.77%, net buying 53.99 million yuan, but had a net outflow of 49.77 million yuan [2] Market Performance - The average increase of stocks with institutional net purchases was 2.36%, outperforming the Shanghai Composite Index [3] - Stocks like Changrong Co. and Xinling Electric showed strong performance, closing at the daily limit [3] - Historical data indicates a 52.06% probability of stocks with institutional net purchases rising the next day, and a 39.70% probability of rising in the following three days [3] Earnings Forecasts - Among the stocks with institutional net purchases, four have released half-year earnings forecasts, with Yuhua Development expected to have a net profit of 200 million yuan, a year-on-year increase of 708% [3] Net Selling Summary - The stock with the highest net selling by institutions was Siyuan Electric, with a net selling amount of 162.84 million yuan, while also seeing a net inflow of 98.77 million yuan [3] - Dazhihui was noted for a net selling of 120.24 million yuan, with a significant net outflow of 433 million yuan [4] Deep and Shanghai Stock Connect - On July 14, 15 stocks on the trading list had appearances from the Deep and Shanghai Stock Connect, with Siyuan Electric and Zhongke Jincai seeing net purchases of 139 million yuan and 113 million yuan respectively [7][8] - Stocks like Hengbao Co. and Greenland Holdings experienced significant net selling amounts of 193 million yuan and 79.38 million yuan respectively [8]

证券代码：300226 证券简称：上海钢联 公告编号：2025-050 上海钢联电子商务股份有限公司 1、公司目前经营正常，近期公司经营情况及内外部经营环境未发生重大变 化。 2、公司前期披露的信息不存在需要更正、补充之处。 3、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 4、经核查，公司、控股股东及实际控制人不存在关于公司应披露而未披露 的重大事项，或处于筹划阶段的重大事项。 5、股票异常波动期间，公司控股股东、实际控制人及持股5%以上的股东、 公司董事、监事及高级管理人员不存在买卖公司股票的行为。 关于股票交易异常波动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况 上海钢联电子商务股份有限公司（以下简称"公司"，证券代码：300226，证 券简称：上海钢联）股票交易价格连续3个交易日（2025年7月10日、2025年7月 11日和2025年7月14日）收盘价涨幅偏离值累计超过30%。根据深圳证券交易所 相关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况说明 针对公 ...

Market Overview - The ChiNext Index fell by 0.45%, closing at 2197.07 points, with a total trading volume of 387.28 billion yuan, a decrease of 72.736 billion yuan from the previous trading day [1] - Among the tradable ChiNext stocks, 832 stocks closed higher, with 14 stocks rising over 10%, while 522 stocks closed lower, including 4 stocks that fell over 10% [1] Trading Activity - The average turnover rate for ChiNext stocks today was 3.84%, with 40 stocks having a turnover rate exceeding 20% [1] - The stock with the highest turnover rate was Xinling Electric, which closed at a limit-up with a turnover rate of 70.84% and a trading volume of 760 million yuan [1] - C Tongyu, a newly listed stock, saw a decline of 12.50% with a turnover rate of 54.09% and a trading volume of 1 billion yuan [1][2] Institutional Activity - Eight high-turnover ChiNext stocks appeared on the Dragon and Tiger List, indicating significant institutional trading activity [3] - Institutions were net buyers in stocks like San Chuan Wisdom and Zhongke Magnetic Materials, with net purchases of 75.27 million yuan and 53.99 million yuan, respectively [3] Fund Flow - Among high-turnover stocks, 20 experienced net inflows from main funds, with Long Rong Shares and Xinling Electric seeing net inflows of 136 million yuan and 105 million yuan, respectively [4] - Conversely, Shanghai Steel Union and Changliang Technology faced significant net outflows of 429 million yuan and 418 million yuan [4] Performance Highlights - C Tongyu is expected to report a net profit of approximately 78.21 million yuan, reflecting a year-on-year increase of 4.11% [4] - The top-performing stocks today included Long Rong Shares and Xinling Electric, with increases of 20.03% and 19.99%, respectively [2][4]

Core Concept - The article discusses the emerging concept of Real Data Assets (RDA), which transforms previously dormant data into valuable assets that can be traded or used for financing, highlighting its potential to revolutionize how companies leverage data for financial benefits [1][20]. RDA vs RWA - RDA is positioned as a more advanced version of Real World Assets (RWA), providing not just a digital representation of assets but also integrating real-time data to validate and enhance the value of those assets [3][4]. Key Companies Leveraging RDA - **Shanghai Steel Union**: Dominates the steel data market with over 70% global market share, generating 900 million yuan annually by issuing a data-backed stablecoin called "STEEL-CNY" [5][7][8]. - **COSCO Shipping Technology**: Monitors real-time data of over 5,000 global ports, transforming shipping logistics data into a payment system called "Cargo Treasure CNY," significantly reducing transaction fees [9][10]. - **Shanghai Nonferrous Metals Network**: Influences pricing in the nonferrous metals market through its established indices, allowing it to charge for pricing authority rather than just data [10]. - **Sanwei Tiandi**: Enhances data credibility through AI-driven tagging, ensuring data quality for RDA applications, and plays a role in setting RDA standards [11][12]. - **Zhongxin Saike**: Collects traffic data across 80% of highways in China, enabling infrastructure financing through packaged RDA assets [13][14]. - **Data Harbor**: Provides data center services and has begun to offer computing power as RDA assets, allowing companies to rent computing resources [14][15]. - **Huayang Lianzhong**: Utilizes advertising data from over 1 billion devices to create RDA packages that can be used for financing, enhancing the value of advertising investments [17][18]. - **Great Wisdom**: Offers financial data services and has created a closed loop for data assetization, allowing users to leverage their data for loans [18][19]. Market Trends and Implications - RDA is seen as a crucial solution for small and medium enterprises facing financing challenges, as it allows them to use real-time data as collateral for loans [20]. - The article emphasizes the importance of data monopolies and state-owned enterprises in the RDA landscape, suggesting that companies with unique data or strong government ties are better positioned to succeed [21].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it highlights strong performance in the TMT sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The TMT sector outperformed the Shanghai and Shenzhen 300 index, with notable weekly gains in sub-industries such as computer (3.22%), media (3.11%), and communication (2.13%) [3]. - The release of the Grok 4 series models by xAI marks a significant advancement in AI capabilities, with Grok 4 achieving a 25.4% accuracy rate in high-difficulty tests, surpassing competitors OpenAI o3 and Gemini 2.5 Pro [3]. - Grok 4's subscription pricing is set at $30/month and $300/month for Grok 4 Heavy, establishing a new pricing benchmark in the industry, targeting core users with AI efficiency needs [3]. Market Weekly Review - The TMT sector's overall performance for the week (July 7-11) showed a strong upward trend, with the computer and media industries leading the gains [3][5]. - Specific stocks within the electronic and computer sectors saw significant weekly increases, with top performers like New Asia Electronics (31.85%) and PuLian Software (44.38%) [12][13]. Industry News and Key Company Announcements - Major events include the launch of AI glasses by Meta and Oakley, and the upcoming China Internet Conference [14][15]. - The report notes the establishment of a comprehensive AI action plan in Beijing, aiming to develop high-quality scientific databases and applications by 2027 [15]. - The report highlights significant investments and developments in AI technology, including Amazon's potential reinvestment in Anthropic and the launch of new AI products by various companies [22][24].

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, specifically focusing on Real World Assets (RWA) [4] Core Insights - RWA represents a transformative innovation in financial technology by converting real-world assets into digital assets on the blockchain, potentially leading to exponential growth in the sector [2][6] - The global RWA asset market reached $24.5 billion as of June 2025, with projections to exceed $16 trillion by 2030, indicating a significant opportunity for investment [6][18] - The report emphasizes the importance of regulatory frameworks being established globally to support the growth of RWA, with regions like Hong Kong and the EU leading the way [26][30] Summary by Sections RWA: Connecting Real World Assets to Blockchain - RWA involves the tokenization of tangible and intangible assets through blockchain technology, enhancing liquidity and reducing transaction costs [11][12] - The RWA market is rapidly expanding, with a diverse range of assets including real estate, bonds, and commodities being tokenized [15][16] RWA Issuance Process and Regulatory Framework - The RWA issuance process consists of five key steps: asset selection, legal and compliance framework establishment, technology implementation, token issuance, and ongoing management [21][23] - Various countries are developing regulatory frameworks for RWA, with Hong Kong adopting a sandbox approach to foster innovation while ensuring compliance [26][30] Expansion of Asset Classes and RWA Market - RWA assets can be categorized into cash flow, equity, and non-cash flow assets, with credit and bonds currently leading the market [35][36] - The report highlights the significant growth potential in the RWA sector, particularly in tokenized real estate and securities, which are becoming increasingly popular [46][53] RWA Industry Ecosystem - The RWA ecosystem is forming a collaborative industry chain involving asset providers, technology firms, platforms, compliance custodians, and investors [4][6] - Key players in the blockchain and fintech sectors are recommended for investment, including companies like 恒生电子 and 新国都 [2][6]

Investment Rating - The report suggests a focus on leading domestic generative large model companies such as iFLYTEK, and highlights potential in AI hardware applications with recommendations for companies like Yingshi Network, Hongsoft Technology, and Hesai [2] Core Insights - The report emphasizes that the AI industry is currently in a relatively chaotic fundamental period, with some high-frequency data showing resilience, while investor expectations remain low. The willingness to use AI products is increasing, but payment capabilities are still limited, necessitating further breakthroughs in large models [11][12] - It identifies high-growth sectors for 2025, including AI computing power and lidar, while noting that AI applications are accelerating upward. Stable growth is expected in software outsourcing, financial IT, quantum computing, data elements, EDA, and overseas expansion [11][12] Summary by Sections Industry Perspective - The report discusses the launch of Tencent's 3D generative model Hunyuan3D-PolyGen, which can generate complex geometric models with thousands of faces, and highlights the advancements of Musk's Grok 4 model, which has shown significant improvements in training efficiency [11] - It notes that the computer industry is expected to perform better in the second half of the year due to base effects, new technology/product launches, and policy implementations [11] Subsector Insights - The report categorizes the computer industry into various subsectors with their respective growth outlooks: - High growth maintained: AI computing power, lidar - Accelerating growth: AI applications - Stable growth: Software outsourcing, financial IT, quantum computing, data elements, EDA, overseas expansion, and domestic innovation [10][12] - Turning points: Education IT, cybersecurity, enterprise services - Stabilizing: Smart transportation, government IT, security, construction real estate IT - Slightly pressured: Industrial software, medical IT [10][12] Market Performance Review - From July 7 to July 11, 2025, the computer industry index (Shenwan) rose by 3.22%, outperforming the CSI 300 index by 2.40 percentage points, ranking 6th among 31 Shenwan first-level industry indices [13] Upcoming Key Events - The report highlights upcoming events such as the second AI glasses industry innovation application summit and the 2025 World Artificial Intelligence Conference, suggesting that investors pay attention to related industry chain opportunities [25][26]

冶金工业经济发展研究中心党委书记、主任李拥军表示，判断产业周期的关键不是产量，而是需求量。 我国钢铁下游产业对全球产业链的支撑作用显著。2025年1-5月，我国机电产品出口同比增长9.3%，汽 车出口达285万辆，发动机出口228万台。此外，通用设备(如阀门、轴承)、零部件(如轮胎、散热器)出 口量较大。 中国钢铁工业协会副会长王颖生则表示，今年1-5月钢铁供给仍大于需求，社会库存和企业库存水平均 处于近年来的同期低位，钢材出口继续保持高位，原材料价格有所下降，钢材综合价格指数呈现波动下 降态势，但钢铁行业利润保持稳定。自律控产是钢铁行业利润改善的核心原因。 王颖生提到，我国钢铁行业正在走一条高质量发展之路。当前我国钢铁总产量已达峰值，未来国内粗钢 消费量预计保持在8亿吨-9亿吨上下，行业减量发展趋势明显，但产业集中度提升。品种结构逐步优 化，钢筋减产、热轧板卷增产；出口品种结构持续优化，热轧板卷、电工钢占比不断增加，国外用户对 中国钢材认可度稳步提升。行业整体纳入碳交易市场，坚持走绿色发展、数字化转型之路。 中证报中证网讯(记者董添)7月11日至12日，2025"我的钢铁"年中大会暨钢铁产业链协同创新高质量 ...

Investment Rating - The industry investment rating is "Outperform the Market - A" [6] Core Viewpoints - The report introduces the RDA (Real Data Assets) paradigm, aiming to bridge cryptocurrency and data elements, emphasizing the marketization and value realization of data elements, and enhancing the efficiency of connecting physical assets and capital [2][3][4] - RDA is positioned as the soul of RWA (Real World Assets), facilitating the mapping of physical assets in the digital realm and providing four funding channels: credit financing, equity financing, securitization, and global fundraising [3][15] - The report suggests focusing on companies related to the Shanghai Data Exchange, including YunSai ZhiLian, Shanghai Steel Union, Wanda Information, and others, as potential investment opportunities [3][17] Summary by Sections Industry Performance - The computer industry index increased by 3.37% this week, outperforming the Shanghai Composite Index by 2.28 percentage points [18][19] - The report highlights that the computer sector's performance is closely tied to themes surrounding stablecoins and related industries [22] Market Overview - The report notes that the RDA paradigm addresses challenges in ensuring the authenticity and transparency of assets during the on-chain process, leveraging blockchain technology and trusted data spaces [4][17] - The report emphasizes the importance of data authenticity in the value realization process, with RDA focusing on the integration of data and physical assets [14][16] Key Industry News - The report mentions significant advancements in AI and quantum computing, including the launch of Kimi's new model and the "Zuchongzhi 3" quantum computing prototype, which showcases China's technological prowess [25] - It also discusses strategic collaborations in the stablecoin space, such as the partnership between Jin Yong Investment and AnchorX to explore the application of stablecoin AxCNH [25]