Market Performance - The main board led the gains with notable increases in stocks such as COSCO SHIPPING Technology (+10.01%), Zhen Shitong (+10.00%), and Xingsen Technology (+7.30%) [1] - The ChiNext board saw significant rises with stocks like SuperMap Software (+7.27%) and Guangku Technology (+7.05%) [1] - The Sci-Tech Innovation board was led by Qingyun Technology-U (+15.09%) and Tonglian Precision (+12.54%) [1] - Active sub-industries included SW Semiconductor Equipment (+3.74%) and SW Gaming III (+1.00%) [1] Domestic News - Micro LED high-end display manufacturing project by Micro LED Technology signed in Suzhou, aiming to enhance R&D and industrialization levels [1] - Phancy AI smart glasses by Fourth Paradigm available for pre-sale, featuring a lightweight design and long battery life [1] - Powerchip Semiconductor Manufacturing Corporation reported a net loss of 3.33 billion NTD in Q2 2025, focusing on high-value products for operational optimization [1] - Key domestic display panel manufacturer received the first G11 ultra-large size display panel laser graphic equipment developed by Keyuan Laser [1] Company Announcements - Zhongke Software announced a reduction in shareholding from 22.69% to 21.87% by a major shareholder [2] - Nantech Information signed a framework contract for digital construction services worth 58.27 million CNY [2] - GoerTek is planning to acquire 100% equity of Mia Precision Technology and Changhong Industrial for approximately 10.4 billion HKD [2] - Kela Software reported a reduction in shareholding from 8.01% to 7.36% due to a court ruling [2] Overseas News - SEMI report indicates strong growth in the global semiconductor manufacturing equipment market, expected to reach 125.5 billion USD by 2025, a 7.4% year-on-year increase [3] - NVIDIA has notified Chinese customers about limited inventory of H20 HGX AI GPUs, with no plans to resume production [3] - Mitsubishi Motors announced the termination of its joint venture with Shenyang Aerospace Mitsubishi Motors Engine Manufacturing, exiting the Chinese automotive production business [3] - Texas Instruments reported Q2 revenue of 4.45 billion USD, a 16% year-on-year increase, with significant growth in analog and embedded processing segments [3]

[Key Performance Forecast Data](index=1&type=section&id=Item%20I.%20Performance%20Forecast%20for%20the%20Reporting%20Period) The company anticipates a significant increase in net loss attributable to shareholders for the first half of 2025, ranging from RMB 30 million to RMB 40 million Key Performance Forecast Data | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) (RMB) | Same Period Last Year (RMB) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Loss: 30,000,000 to 40,000,000 | Loss: 13,884,000 | | **Net Profit After Deducting Non-recurring Gains and Losses** | Loss: 30,000,000 to 40,000,000 | Loss: 13,216,400 | | **Basic Earnings Per Share** | Loss: 0.14/share to 0.19/share | Loss: 0.07/share | [Communication with Accounting Firm](index=1&type=section&id=Item%20II.%20Communication%20with%20Accounting%20Firm) The company has pre-communicated its performance forecast with the accounting firm, finding no significant discrepancies, though the forecast remains unaudited - The performance forecast is **unaudited**, but the company has pre-communicated with the accounting firm, with **no significant differences** identified[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Item%20III.%20Explanation%20of%20Performance%20Changes) The increased loss in the reporting period is primarily due to significant changes in credit impairment losses and a decline in operating revenue from reduced project acceptances - **Credit impairment losses** showed a significant year-on-year change, influenced by a lower base in the prior period due to the recovery of substantial long-term accounts receivable that reduced bad debt provisions[5](index=5&type=chunk) - **Operating revenue decreased** due to a reduction in project acceptances during the reporting period[6](index=6&type=chunk) [Other Relevant Information](index=1&type=section&id=Item%20IV.%20Other%20Relevant%20Information) The company clarifies that this performance forecast is a preliminary estimate, with final figures subject to the official 2025 semi-annual report, and advises investors to consider investment risks - This performance forecast represents **preliminary estimates** by the company's finance department, with final financial data to be fully disclosed in the **2025 semi-annual report**[7](index=7&type=chunk) - The company advises investors to **exercise caution regarding investment risks**[8](index=8&type=chunk)

Core Viewpoint - The company, Zhen Shitong (002771), is expected to report a net loss attributable to shareholders ranging from 30 million to 40 million yuan for the period from January 1, 2025, to June 30, 2025, compared to a loss of 13.884 million yuan in the same period last year [1] Financial Performance - The projected net loss for the upcoming period is between 30 million to 40 million yuan, while the previous year's loss was 13.884 million yuan [1] - The net profit, after excluding non-recurring gains and losses, is also expected to be a loss of 30 million to 40 million yuan, compared to a loss of 13.2164 million yuan in the same period last year [1] - The basic earnings per share are projected to be a loss of 0.14 to 0.19 yuan per share, compared to a loss of 0.07 yuan per share in the same period last year [1] Reasons for Performance Change - The significant change in credit impairment losses year-on-year and a decrease in project acceptance have led to a decline in operating revenue [1]

Investment Rating - The report maintains a "Recommend" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [3][27]. Core Insights - The report emphasizes the ongoing focus on stablecoins and Real World Assets (RWA), particularly in light of recent discussions by the Shanghai State-owned Assets Supervision and Administration Commission regarding cryptocurrency and stablecoin development [6][9]. - RDA (Real Data Assets) is highlighted as a key innovation in the RWA space, aiming to enhance the marketization and valuation of data elements, thus driving efficiency in the integration of real assets and capital [10][12]. Industry Overview - The industry comprises 284 listed companies with a total market capitalization of 3,586.9 billion and a circulating market value of 3,156.1 billion [3]. - The computer sector has shown strong performance, with absolute returns of 78.1% over 12 months and relative performance of 62.3% compared to the benchmark [5]. Market Developments - The report notes significant developments in the stablecoin sector, particularly the push for a pilot program for RMB stablecoins in the Shanghai Free Trade Zone [9][10]. - RDA is positioned as a transformative force in the data asset market, with its framework designed to facilitate the valuation and trading of data assets, thereby unlocking new financing channels for enterprises [12][13]. Investment Recommendations - The report suggests focusing on companies involved in stablecoin issuance, cryptocurrency exchanges, IT service providers, and cross-border payment firms, with specific mentions of companies like 恒生电子, 顶点软件, and 朗新集团 [15][16]. - It also highlights the potential of RDA to accelerate the marketization and valuation of data elements, recommending investments in infrastructure firms and data service providers [16].

Core Viewpoint - After a significant surge in stock prices in 2023, the stock of Zhen Shitong (002771.SZ) has experienced a decline, prompting multiple shareholders to announce their plans to reduce their holdings [1][2]. Shareholder Actions - Three major shareholders, Hu Xiaozhou, Chen Ruiliang, and Wu Lan, plan to collectively reduce their holdings by 5.96% due to personal financial needs, with Hu Xiaozhou reducing 5.5876 million shares (2.66% of total shares), Chen Ruiliang reducing 4.9751 million shares (2.37%), and Wu Lan reducing 1.9542 million shares (0.93%) [1]. - This reduction follows a previous attempt in March 2024, where the same shareholders planned to reduce a total of 6.58% of their shares but ultimately only reduced 0.57% and 0.05% for Hu Xiaozhou and Wu Lan, respectively, while Chen Ruiliang did not reduce any shares [2]. Stock Performance - Zhen Shitong's stock price has dropped over 20% compared to October 22, 2024, and nearly 30% compared to March 20, 2024, despite the overall market reaching new highs [2]. Financial Performance - Founded in 1997, Zhen Shitong specializes in information technology and multimedia video solutions, with its main revenue sources being multimedia information systems (56.35%) and data center systems (19.57%) [2]. - Since its IPO in 2015, the company's net profit has plummeted by 88.24%, from 60 million yuan to 7 million yuan by 2024, with the highest profit recorded in 2017 at 69 million yuan [3]. - The company reported a significant loss of 49 million yuan in 2023 and continued to experience losses in Q1 2025, with revenue of 5.27271 billion yuan, a year-on-year decrease of 35.20%, and a net loss of 15.8604 million yuan, a year-on-year increase in losses of 335.51% [3].

【头条要闻】 商务部回应中美是否会在8月初进行谈判 10日下午，商务部召开新闻发布会，新闻发言人就中美是否会在8月初进行谈判一事进行了回应。 商务部新闻发言人 何咏前：今年5月以来，在中美两国元首共识指引下，双方经贸团队在日内瓦和伦敦 举行了经贸高层会谈，达成了日内瓦共识和伦敦框架，并抓紧落实有关成果，稳定了两国经贸关系。目 前，双方在多个层级就经贸领域各自关切保持密切沟通，希望美方与中方相向而行，本着相互尊重、和 平共处、合作共赢的原则，发挥好中美经贸磋商机制作用，继续加强对话沟通，以实际行动维护和落实 好两国元首通话重要共识，共同推动中美经贸关系稳定、健康、可持续发展，为世界经济发展注入更多 确定性和稳定性。 机构：人民币汇率或重回7.0时代 7月10日，中国人民银行授权中国外汇交易中心公布，当日银行间外汇市场人民币汇率中间价为1美元对 人民币7.1510元，相较前一交易日中间价7.1541元，调升31基点。 截至7月10日22：53，美元兑离岸人民币报7.18，自年初以来，美元兑人民币贬值超2%。 7月10日，瑞银财富管理亚太区首席投资总监陈敏兰在媒体圆桌会议上对21世纪经济报道记者表示，当 前中国AI ...

Industry News - Baotou Steel and Northern Rare Earth announced that the price of rare earth concentrate for the third quarter of 2025 will be adjusted to 19,109 yuan/ton (excluding tax), an increase of 1.5% from the second quarter's price of 18,825 yuan/ton, marking four consecutive quarters of price increases since Q4 2024 [5][6] - The China Nonferrous Metals Industry Association's Silicon Industry Branch reported that silicon wafer prices have stabilized this week, despite a lack of significant recovery in terminal demand in the domestic photovoltaic market. Silicon material companies have begun to raise prices, leading to a more positive market outlook [6] - The European defense technology startup Helsing has indicated that Europe could deploy unmanned combat aircraft within a few years, with its AI system accumulating experience equivalent to 1 million pilot hours in just 72 hours [7] - The China Construction Machinery Industry Association reported that total excavator sales reached 120,500 units in the first half of the year, a year-on-year increase of 16.8%. The demand for earth-moving equipment is expected to maintain stable growth in the second half of the year [7] - OPEC's 2025 World Oil Outlook states that global oil demand is projected to average 105 million barrels per day this year, increasing to 106.3 million barrels per day in 2026 and 111.6 million barrels per day by 2029, with forecasts for 2026-2029 being lower than previous expectations [7] Company News - Zhiyuan Robotics responded to rumors about its IPO plans in Hong Kong, stating that there are no concrete plans for such an offering [9] - Xinya Electronics announced that during the period of stock fluctuations, its directors and senior management have reduced their holdings in the company's stock [10] - Saily's announcement indicated a projected net profit increase of 66%-97% year-on-year for the first half of the year [10] - China Shipbuilding Industry Corporation expects a net profit increase of 98%-119% year-on-year for the first half of the year [10] - WuXi AppTec anticipates an adjusted net profit of approximately 6.315 billion yuan for the first half of the year, representing a year-on-year growth of about 44% [10] - Sanmei Co. expects a net profit increase of 147%-172% year-on-year for the first half of the year, driven by a significant rise in the average price of its fluorinated refrigerants [10] - Jiangfeng Electronics plans to raise no more than 1.95 billion yuan through a private placement for the industrialization of ultra-high-purity metal sputtering targets for integrated circuits [10]

Group 1 - The core point of the announcement is that shareholders Hu Xiaozhou, Chen Ruiliang, and Wu Lan plan to reduce their holdings in Beijing Zhen Shitong Technology Co., Ltd. within three months from the date of the announcement [1][2] - Hu Xiaozhou holds 5,587,569 shares (2.66% of total shares), Chen Ruiliang holds 4,975,144 shares (2.37%), and Wu Lan holds 1,954,232 shares (0.93%) [1][2] - The reduction will occur through centralized bidding and block trading, with specific limits on the number of shares that can be sold within a 90-day period [1][2] Group 2 - The shareholders have committed to notifying the company four trading days before the reduction and the company will announce this three trading days prior to the reduction [2] - The shareholders have adhered to their commitments and complied with relevant laws and regulations regarding shareholding and share changes [3]

Group 1 - The company Zhen Shitong (002771) announced that shareholders Hu Xiaozhou, Chen Ruiliang, and Wu Lan plan to reduce their holdings of company shares within three months from the date of the announcement [1] - Hu Xiaozhou intends to reduce 5.5876 million shares, accounting for 2.66% of the company's total share capital [1] - Chen Ruiliang plans to reduce 4.9751 million shares, representing 2.37% of the company's total share capital [1] - Wu Lan aims to reduce 1.9542 million shares, which is 0.93% of the company's total share capital [1] - The reason for the reduction is personal funding needs, and the reduction price will be determined based on market prices [1]

证券代码：002771 证券简称：真视通 公告编号：2025-046 北京真视通科技股份有限公司 关于特定股东减持股份的预披露公告 股东胡小周先生、陈瑞良先生、吴岚女士保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 持有本公司股份 5,587,569 股（占本公司总股本比例 2.66%）的股东胡小周 先生，持有本公司股份 4,975,144 股（占本公司总股本比例 2.37%）的股东陈瑞 良先生，持有本公司股份 1,954,232 股（占本公司总股本比例 0.93%）的股东吴 岚女士，计划自本公告之日起三个交易日后的三个月内，以集中竞价交易方式、 大宗交易方式减持本公司股份。其中，通过集中竞价交易方式减持的，在任意连 续九十个自然日内，各自减持股份总数不超过公司股份总数的百分之一；通过大 宗交易方式减持的，在任意连续九十个自然日内，各自减持股份总数不超过公司 股份总数的百分之二。详细情况如下： 一、 减持股份的股东基本情况 4. 减持期间：自本公告之日起三个交易日后的三个月内。 5. 减持方式 ...