Group 1 - UBTECH announced its fifth equity financing since its IPO, aiming to raise approximately HKD 24.73 billion by issuing about 30.16 million new H-shares at HKD 82.00 per share, which is a discount of about 9.14% from the closing price on July 21, 2025 [1] - The total amount raised by UBTECH, including the IPO, has reached HKD 55.82 billion, corresponding to approximately 13.85% of the company's total share capital post-financing [1] Group 2 - GoerTek submitted a prospectus to the Hong Kong Stock Exchange for its subsidiary, GoerTek Microelectronics, aiming for a listing on the main board, marking its second attempt after a previous application lapsed on January 20, 2025 [2] - GoerTek Microelectronics holds a 4.3% market share in the global sensor market, ranking fourth, and a 43.0% share in the acoustic sensor market, ranking first [2] Group 3 - Xiechuang Data announced plans for an IPO in Hong Kong to enhance its international strategy and overseas financing capabilities, focusing on IoT smart terminals and data storage devices [3] - The company, which was listed on the Shenzhen Stock Exchange in July 2020, currently has a market capitalization of approximately RMB 27.51 billion [3] Group 4 - Dongyang Sunshine Pharmaceutical's absorption merger plan was approved with over 99% support at a shareholder meeting, marking a significant step in its listing process, with plans to officially list on August 7 [4] - This merger represents the first case of an H-share absorption merger and privatization listing on the Hong Kong Stock Exchange, avoiding new share issuance while achieving asset integration [4] Group 5 - The Hang Seng Index closed at 25,130.03, with a gain of 0.54% on July 22 [5] - The Hang Seng Tech Index and the National Enterprises Index also saw increases of 0.38% and 0.39%, closing at 5,606.83 and 9,075.60 respectively [5]

Core Viewpoint - The company, Xiechuang Data, is initiating preparations for overseas share issuance and listing on the Hong Kong Stock Exchange to enhance its international strategy and financing capabilities [1] Group 1: Business Expansion and Financial Performance - Xiechuang Data's product offerings include data storage devices, AIoT smart terminals, server remanufacturing, and cloud services, with steady growth in traditional data storage and AIoT terminal businesses [1] - In Q1 2025, the company reported a revenue of 2.077 billion yuan and a net profit of 165 million yuan, indicating a strong growth trend [1] - The company has invested significantly in computing power, with 3 billion yuan and 4 billion yuan allocated for server procurement and capital increase for its subsidiary, Xiechuang Cloud Computing [1][2] Group 2: Support and Strategic Initiatives - The controlling shareholder, Xiechuang Wisdom, is providing financial support of up to 1.5 billion yuan in loans to the company and its subsidiaries, with 900 million yuan already provided [2] - Xiechuang Data is focusing on enhancing its AI computing power cloud services and has launched the FCloud intelligent training and pushing innovation platform for various industries [2] - The company has established partnerships with several firms, including China Mobile International, to promote its AI technology and services [3] Group 3: Future Outlook and Investments - The company aims to increase the penetration of AI technology in its business areas and is actively pursuing opportunities in the AI development wave [3] - Investments in cloud computing, smart stores, e-commerce SaaS, and server remanufacturing are expected to yield growth in traditional business orders and intelligent computing and cloud service revenues in Q3 and Q4 of 2025 [3]

Core Viewpoint - The company, Xiechuang Data, has authorized its management to initiate the preparation for issuing H-shares and listing on the Hong Kong Stock Exchange, with a 12-month authorization period from the board's approval date [1] Group 1: H-Share Issuance and Listing - Xiechuang Data plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [1] - The board of directors approved the proposal to authorize management to start the preparatory work for the H-share issuance and listing [1] - Specific details regarding the H-share issuance and listing are yet to be determined [1] Group 2: Shareholder Actions - The controlling shareholder, Xiechuang Smart Technology, reduced its holdings by 7,263,979 shares, representing 2.98% of the total share capital, realizing approximately 284 million yuan [2] - As of February 11, 2025, the controlling shareholder's stake decreased from 21.84% to 20.47% after a total reduction of 7,356,572 shares, amounting to 696 million yuan based on the weighted average price [2] Group 3: Initial Public Offering (IPO) Details - Xiechuang Data was listed on the Shenzhen Stock Exchange on July 27, 2020, with an IPO of 51,639,400 shares at a price of 9.30 yuan per share, raising a total of 480 million yuan [3] - The net proceeds from the IPO amounted to 434 million yuan, with significant allocations for the construction of an IoT smart terminal production base and an R&D center [3][4] - The total fundraising amount from two rounds of financing reached 1.2 billion yuan [5]

对于境外发行H股，协创数据（300857）证券部工作人员回应称，公司筹划H股上市是出于整体战略层 面的考虑，目前该事项对公司的影响尚无法预估，后续进展请以公司公告为准。(中证金牛座) ...

Group 1 - The core index of the CSI 500 Electronic Terminal and Components Index is reported at 17798.16 points, with a monthly increase of 2.81%, a three-month increase of 11.11%, and a year-to-date increase of 6.37% [1] - The CSI 500 index is categorized into 11 primary industries, 35 secondary industries, and over 90 tertiary industries, providing a comprehensive analysis tool for investors [1] - The top ten holdings in the CSI 500 Electronic Terminal and Components Index include China Great Wall (13.89%), Newland (10.92%), and XW Communication (10.6%) [1] Group 2 - The CSI 500 Electronic Terminal and Components Index is composed entirely of the Information Technology sector, with a sample adjustment occurring biannually [2] - The weight factors of the index are adjusted in accordance with the sample adjustments, which take place on the second Friday of June and December [2] - In cases of special events affecting sample companies, such as mergers or delistings, the index will undergo corresponding adjustments [2]

证券代码：300857 证券简称：协创数据 公告编号：2025-088 协创数据技术股份有限公司 第四届董事会第二次会议决议公告 （二）本次董事会于 2025 年 7 月 21 日以通讯表决方式召开。 （三）本次董事会应出席董事 7 名，实际出席董事 7 名。 （四）本次董事会由董事长耿康铭先生召集和主持，高级管理 人员列席了本次会议。 （五）本次会议的召集、召开和表决程序符合《中华人民共和 国公司法》等法律、法规和《公司章程》的有关规定。 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 （一）协创数据技术股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日在公司会议室召开第四届董事会第二次会议，本次 会议为紧急临时会议，由董事长耿康铭先生召集并主持，董事长耿 康铭先生在本次会议上就紧急召开本次会议的情况进行了说明。根 据《公司章程》等有关规定，经全体董事同意豁免本次会议通知期 限要求，会议通知于当日以口头和通讯方式向全体董事发出。 二、董事会会议审议情况 经与会董事认真审议，形成决议如下： 审议通过《关于授权公司管理层启 ...

证券代码：300857 证券简称：协创数据 公告编号：2025-089 协创数据技术股份有限公司 关于授权公司管理层启动公司境外发行股份（H 股）并 在香港联合交易所有限公司上市相关筹备工作 的提示性公告 | 本公司及董事会全体成员保证信息披露的内容真实、准确、完 | | --- | | 整，没有虚假记载、误导性陈述或重大遗漏。 | 就本次 H 股发行上市申请的具体推进工作进行商讨，关于本次 H 股 发行上市申请的具体细节尚未确定。 公司将严格遵照《境内企业境外发行证券和上市管理试行办 法》及《深圳证券交易所创业板股票上市规则》等相关规定的要 求，持续履行信息披露义务，保障公司及全体股东的利益。待确定 本次 H 股发行上市申请的具体方案后，公司将根据相关法律、法 规、规范性文件及《公司章程》的规定，履行必要的决策流程，审 议本次 H 股发行上市申请的相关议案。 根据《境内企业境外发行证券和上市管理试行办法》《深圳证券 交易所创业板股票上市规则》等有关规定，待确定具体方案后，本 次 H 股发行上市申请需提交公司董事会和股东会审议通过，并经中 国证券监督管理委员会备案和香港联交所、香港证劵及期货事务监 察委员会等 ...

Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].

Core Insights - The article highlights the recognition of Geng Kangming, Chairman of Co-creation Data, as one of the "Best CEOs in China" for 2025 by Forbes China, reflecting the company's strong performance and leadership [1] - Co-creation Data's focus on "cloud-edge-end" integrated smart storage and intelligent IoT systems has led to significant revenue growth and innovation in its business lines [1][3] Financial Performance - In 2023, Co-creation Data reported a revenue growth rate of 47.95% and a net profit growth rate of 118.61% [1] - For 2024, the company achieved a revenue of 7.41 billion yuan, representing a year-on-year increase of 59.08%, with a non-recurring net profit soaring to 671 million yuan, up 144.33% [1] - Over the past two years, the company's stock price has increased by over 320%, with its market capitalization rising from 3.972 billion yuan to 28 billion yuan, nearly a sevenfold increase [2] Strategic Initiatives - Co-creation Data is strategically focusing on AI demand, with significant investments in high-performance AI servers, including a 1.5 billion yuan loan from its controlling shareholder and self-raised funds [2] - The company has signed server procurement contracts worth up to 3 billion yuan and is progressing with a 4 billion yuan procurement plan [2] - Co-creation Data has secured various computing service orders, including a project with China Unicom and a collaboration with Zhangjiang Group for an intelligent computing center [2] Innovation and Product Development - In 2025, Co-creation Data launched the FCloud intelligent training and inference platform, providing comprehensive computing training services [3] - The company also introduced the FCloud Omnibot platform, integrating NVIDIA's AI robotics technology to support robot development companies with end-to-end services [3] - The recognition of Geng Kangming as a top CEO underscores the company's commitment to innovation and its strong performance in technology and market competitiveness [3]

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]