日前，山东省人民政府办公厅印发《关于加快释放数据价值加力推进数字经济高质量发展的实施意见》 (以下简称《实施意见》)，提出以实体经济和数字经济融合发展为重点，全面推动数字经济核心产业提 质、产业数字化转型提级。到2027年，数据要素市场化价值化路径更加成熟，实体经济和数字经济融合 效能全面释放，数字经济核心产业增加值年均增速超过10%，数字经济核心产业增加值占GDP比重稳步 提升。 根据《实施意见》，山东将优化数字基础设施建设布局，筑牢数字经济发展底座。持续推进网络设施建 设。高标准建设青岛国际通信业务出入口局。加快高速数据传输网建设，部署200G/400G超大容量光传 输系统。推动重点场所、行政村、近海重点航路实现5G覆盖。前瞻布局6G、卫星互联网、量子信息等 新型网络设施，推动低空互联网建设。科学布局算力设施建设。加快建设全省一体化算力网络，重点打 造济南、青岛、枣庄3个算力枢纽，推动70%以上新增算力向枢纽集聚。 此外，《实施意见》提出，推进实体经济数智变革，激发传统产业高质量发展活力。加速农业数字化转 型，2025年底前，打造100个以上智慧农场、智慧牧场、智慧渔场等应用场景。加速工业数字化转型。 深 ...

Group 1 - The "landlord tax" that has been trending is a misunderstanding of existing regulations, with multiple tax authorities clarifying that there is no new tax being introduced with the implementation of the Housing Rental Regulations on September 15 [2] - Huawei and SAIC Motor are set to launch their first collaborative vehicle, the Shangjie H5, in September, featuring the HUAWEI ADS 4 advanced driving system and available in both pure electric and extended-range versions [3] - Meta Platforms is planning a fourth restructuring of its AI business, which will be divided into four departments, including a new lab previously referred to as TBD Lab [4] Group 2 - The world's largest underwater shield tunnel, with a diameter of 17.5 meters, has successfully been completed in Jinan, marking a significant milestone in China's infrastructure achievements [5] - In July, China's civil aviation sector achieved a record high in transportation scale, completing a total turnover of 148 billion ton-kilometers, representing an 8.6% year-on-year growth [6] - Xiaomi's vice president addressed concerns regarding the charging time for the SU7 electric vehicle abroad, emphasizing the importance of interface compatibility and charging station distribution [7] Group 3 - Swatch issued an apology for a model image that was deemed offensive, promptly removing all related materials globally [8] - The Chengdu World University Games has produced 233 gold medals and broken 18 world records, with participation from 116 countries and regions, marking a historic scale for the event [9] - The number of data enterprises in China has surpassed 400,000, with the data industry expected to reach a scale of 5.86 trillion yuan, reflecting a 117% growth since the end of the 13th Five-Year Plan [10] Group 4 - In the first seven months of the year, Shaanxi Province saw an increase of 305.5 billion yuan in RMB loans, with a total loan balance of 61,213.59 billion yuan as of the end of July, showing a year-on-year growth of 7.79% [11]

Data Industry Overview - The data industry is an emerging sector and a new growth point for the digital economy, encompassing various business forms such as data collection, storage, circulation, transaction, development, and infrastructure construction [3] - By 2024, the number of data enterprises in China is expected to exceed 400,000, with the industry scale reaching 5.86 trillion yuan, representing a 117% increase compared to the end of the 13th Five-Year Plan [5] - A number of companies engaged in data labeling, governance, and transaction services are rapidly growing, with third-party data service institutions emerging and deepening their specialization [7] Regional Development - The Yangtze River Delta has formed a multi-layered, full-chain data industry ecosystem, with its data industry scale accounting for 22.6% of the national total in 2024, housing over 100,000 data enterprises, making it a significant growth pole for China's data industry [8]

Group 1 - The event "2025 Third National Artificial Intelligence Application Scenario Innovation Challenge" focused on the integration of artificial intelligence and data industries, held in Hohhot, Inner Mongolia [1][3] - The competition emphasized the importance of high-quality and diverse data as a key support for the industrial application of AI models [3] - The theme of the event was "Scenario Driven, Intelligent Strong Nation," showcasing various applications of AI and data annotation technologies across sectors like healthcare and agriculture [3] Group 2 - The event was organized by the Chinese Association for Artificial Intelligence, aiming to promote innovation through competitions [3] - A total of 11 projects reached agreements for industrial cooperation, with contracts signed on-site for application transformation in Hohhot and surrounding areas [3]

Core Insights - The article highlights significant advancements in China's digital sector, particularly in artificial intelligence and integrated circuits, showcasing a comprehensive leap in capabilities [1] - China's digital infrastructure has seen substantial growth, with a notable increase in 5G base stations and gigabit broadband users [1] - The data industry in China is rapidly expanding, with projections indicating a significant rise in the number of data enterprises and industry scale by 2024 [1] Group 1: Technological Advancements - China has achieved a comprehensive and systematic leap in artificial intelligence, with AI patents accounting for 60% of the global total [1] - Breakthroughs have been made in humanoid robots and smart terminals, indicating progress in key technology areas [1] - The integrated circuit sector is accelerating its layout, forming a complete industrial chain covering design, manufacturing, packaging, testing, materials, and equipment [1] Group 2: Digital Infrastructure Development - As of June 30, the total number of 5G base stations reached 4.55 million, and gigabit broadband users reached 226 million [1] - The total computing power scale ranks second globally, reflecting China's growing digital capabilities [1] Group 3: Data Industry Growth - By 2024, the number of data enterprises in China is expected to exceed 400,000, with the data industry scale reaching 5.86 trillion yuan, a 117% increase compared to the end of the 13th Five-Year Plan [1] - The industry is characterized by deep data mining, integrated applications, algorithmic computing power, and high-level data integration [1] - Average R&D investment of listed data enterprises is projected to increase by 79% compared to the end of the 13th Five-Year Plan [1]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The central bank has carried out large - scale reverse repurchase operations, injecting medium - term liquidity, and the market expects the central bank to increase the volume of MLF renewal. The Fed's September interest - rate cut expectation has been frustrated due to high PPI data. Various industries are facing different situations, such as the shipping industry getting regulatory relaxation, the banking industry promoting "anti - involution" measures, and the express delivery industry showing growth in business volume and revenue [9][10][11]. - Different futures varieties have different trends. For example, some agricultural products are in a state of weak supply and demand, and energy - chemical products are affected by factors such as supply and demand and seasonal demand. Industrial metals are affected by factors such as supply guidance and inventory, and the option - financial market is affected by market sentiment and macro - data [6][14][19][20][23]. 3. Summary by Directory 3.1 Chemicals - **Price Changes**: On August 15, 2025, compared with August 14, 2025, the prices of most chemical products changed. For example, methanol rose by 4.359% (from 2,340.00 to 2,442.00), while 20 - number rubber fell by 0.080% (from 12,490.00 to 12,480.00) [6]. 3.2 Macro - News - **Central Bank Operations**: The central bank carried out 500 billion yuan of 6 - month (182 - day) outright reverse repurchase operations on August 15, and the cumulative outright reverse repurchase operations this month have exceeded the renewal amount by 30 billion yuan. The market expects the central bank to increase the volume of MLF renewal after 300 billion yuan of MLF matures this month [9]. - **Fed Interest - Rate Cut Expectation**: The US July PPI soared, with a year - on - year increase of 3.3% and a month - on - month increase of 0.9%, frustrating the Fed's September interest - rate cut expectation. Some Fed officials oppose a 50 - basis - point rate cut in September [9]. - **Other News**: The State Council added a new K - type visa for foreign young scientific and technological talents. The National Data Bureau will introduce more than 10 systems such as data property rights. The financial regulatory authorities in some regions advocate "anti - involution" in the banking industry. The US President Trump relaxed commercial space regulations. The US Treasury Secretary clarified that he was not pressuring the Fed to cut interest rates. The express delivery business volume and revenue in July increased year - on - year. The first domestic commercial electron - beam lithography machine entered the application test [9][10][11]. 3.3 Morning Meeting Views on Main Varieties 3.3.1 Agricultural Products - **Peanuts**: The peanut market is in a state of weak supply and demand, with prices fluctuating slightly. In the short term, it is expected to fluctuate strongly, but the downward trend remains [14]. - **Sugar**: The sugar futures price is in a high - level shock. The US Department of Agriculture has raised the new - year sugar production forecast, but the concerns about Brazilian production and the Fed's interest - rate cut expectation support the raw sugar price. It is recommended to operate in the range of 5,650 - 5,680 yuan/ton [14]. - **Corn**: The corn futures price showed a rebound with a reduction in positions. The supply side has limited remaining grain in the Northeast, but the low - price listing of new - season corn in Jiangsu has a suppressing effect. The demand side is in a wait - and - see state. It is recommended to participate in the short - term rebound near the support level of 2,270 yuan [14]. - **Pigs**: The national pig price was stable with a slight increase. The supply side has enhanced resistance to price drops, and the demand side has improved. The futures market is in a pattern of near - term weakness and long - term strength, and is expected to fluctuate within a range [14]. - **Eggs**: The national egg spot price is stable. The spot market may rebound due to downstream stocking demand, but the futures market may fall to repair the basis. It is recommended to short on rebounds and conduct reverse spreads between months [14][15]. - **Cotton**: ICE US cotton futures rose and then fell. Zhengzhou cotton futures rose slightly. The cotton market sentiment is cautious, and the spot market has slightly improved. The cotton price is supported by factors such as tight commercial inventory and the conversion of demand from off - season to peak season. It is expected to fluctuate strongly in the short term [17]. 3.3.2 Energy - Chemicals - **Urea**: The domestic urea market price continued to decline slightly. The supply pressure is expected to increase, and the demand is weak. The futures price is expected to fluctuate weakly, and attention should be paid to the support level of 1,700 yuan/ton [19]. - **Caustic Soda**: The supply of caustic soda decreased this week, and the inventory decreased. With the arrival of the demand peak season in September, the demand has increased. It is recommended to pay attention to the 9 - 11 reverse spread [19][20]. - **Coking Coal and Coke**: The coking coal market is cautious, and the six - round price increase of coke has been implemented. The iron - water daily output has increased, and the decline of coking coal and coke prices is expected to slow down [20]. 3.3.3 Industrial Metals - **Copper and Aluminum**: The copper price continued to oscillate and consolidate due to the lack of favorable drivers. The aluminum inventory has exceeded 550,000 tons, and the price is expected to continue high - level adjustment [20]. - **Alumina**: The supply of alumina has increased, the demand is relatively stable, and the spot price has limited upward momentum. It is expected to continue to fluctuate within a range, and attention should be paid to the supply interference of bauxite [20]. - **Rebar and Hot - Rolled Coil**: The rebar night - session price fell, and the inventory increased. The hot - rolled coil production and demand both increased, and the inventory increase slowed down. The decline of the black - series is expected to slow down, and it will oscillate and adjust in the short term [20]. - **Ferroalloys**: The prices of ferrosilicon and ferromanganese fell. The supply of ferrosilicon and ferromanganese increased last week, and the demand was weak in the off - season. The alloy prices are expected to fluctuate within a range with a rising center of gravity [20][21]. - **Lithium Carbonate**: The futures and spot prices of lithium carbonate both strengthened. The supply is expected to increase in August, and the demand for cathode materials is also expected to increase. Attention should be paid to the support level of 85,000 yuan and the pressure level of 87,000 yuan. It is recommended to lay out long positions at low prices [21]. 3.3.4 Option - Financial - **Stock Index Options**: On August 14, the three major A - share indexes rose and then fell. The trading volume of the stock market exceeded 2 trillion yuan for two consecutive days. Different stock - index futures and options have different trends, and investors can pay attention to arbitrage opportunities and volatility strategies [21][23]. - **Stock Indexes**: The A - share market has been rising driven by liquidity, but there are signs of divergence and differentiation. The market may have short - term shock and pull - back pressure. It is not advisable to chase high, and it is recommended to enter the market at dips [23][25].

Group 1: Regulatory Changes and Economic Measures - The State Council of China has announced the introduction of a new K visa for foreign young scientific and technological talents, effective from October 1, 2025 [1] - The People's Bank of China will conduct a 500 billion yuan reverse repurchase operation with a fixed quantity and interest rate, set for August 15, 2025, with a term of 182 days [1] Group 2: Industry Growth and Performance - China's digital infrastructure has seen significant development during the 14th Five-Year Plan period, with 5G base stations reaching 4.55 million and gigabit broadband users totaling 226 million by June 2025 [1] - The data industry in China is expected to grow rapidly, with over 400,000 data companies projected by 2024 and an industry scale reaching 5.86 trillion yuan, a 117% increase from the end of the 13th Five-Year Plan [1] - The postal industry in China reported a cumulative delivery volume of 122.3 billion items in the first seven months, a year-on-year increase of 16.2% [1] Group 3: Company Financial Performance - JD Group reported a revenue of 356.7 billion yuan (approximately 49.8 billion USD) for Q2 2025, a 22.4% increase compared to Q2 2024 [1][7] - China Telecom's half-year report for 2025 showed a revenue of 269.4 billion yuan, a 1.3% year-on-year increase, with a net profit of 23 billion yuan, up 5.5% [1][7] - Cambrian Technology announced that its stock price has deviated significantly due to misleading information regarding large orders and revenue forecasts [1][7]

Group 1: Policy Changes and Economic Measures - The State Council of China has decided to amend the regulations on the entry and exit of foreigners, introducing a new K visa for foreign young scientific and technological talents starting from October 1, 2025 [1] - The People's Bank of China will conduct a 500 billion yuan reverse repurchase operation using a fixed quantity and interest rate bidding method, with a term of 6 months starting from August 15, 2025 [1] - The National Development and Reform Commission reported significant advancements in China's digital infrastructure during the 14th Five-Year Plan, with 5G base stations reaching 4.55 million and gigabit broadband users at 226 million by June 2025 [1] Group 2: Industry Growth and Performance - The data industry in China is expected to grow rapidly, with over 400,000 data companies projected by 2024 and an industry scale reaching 5.86 trillion yuan, a 117% increase from the end of the 13th Five-Year Plan [1] - The postal industry in China saw a cumulative delivery volume of 122.3 billion items in the first seven months, a year-on-year increase of 16.2%, with express delivery volume reaching 112.05 billion items, up 18.7% [1] - JD Group reported a revenue of 356.7 billion yuan (approximately 49.8 billion USD) for Q2 2025, a 22.4% increase compared to Q2 2024, while net profit for the same period was 6.2 billion yuan (approximately 0.9 billion USD) [1][7] - China Telecom's half-year report for 2025 showed a revenue of 269.4 billion yuan, a 1.3% year-on-year increase, with net profit reaching 23 billion yuan, up 5.5% [1][7] Group 3: Market Reactions and Company Announcements - Cambrian Technology announced that recent market speculation regarding large orders and revenue forecasts was misleading, leading to abnormal stock price fluctuations [1][7] - Xi'an Yiswei Materials Technology Co., Ltd. successfully passed the IPO review on the Sci-Tech Innovation Board, marking a significant event as it is the first unprofitable company to achieve this milestone since the introduction of the "Eight Articles" [1] - The stock of China Evergrande Group continues to be suspended as a hearing is scheduled for September 16 [7]

Core Viewpoint - The Inner Mongolia Autonomous Region government has released policies to promote the high-quality development of the data and artificial intelligence industry, focusing on software research and application, infrastructure development, and financial support for enterprises [1] Group 1: Financial Support and Incentives - The policy offers a subsidy of 20% of the actual total sales of the first version of software within the specified period for obtaining intellectual property rights or certificates, with a maximum subsidy of 3 million yuan per enterprise [1] - A one-time subsidy of 2 million yuan is provided for data and AI fields that receive national-level typical case recognition [1] Group 2: Infrastructure Development - The policy supports the establishment of artificial intelligence laboratories, industry application pilot bases, and AI safety demonstration centers within the region [1] - Enterprises are encouraged to build service platforms for data governance, model algorithms, product evaluation, security protection, computing power, and data trading [1] Group 3: Industry Transformation - The policy encourages local governments to utilize data and AI technologies to promote the digital transformation and upgrading of characteristic advantageous industries [1] - A number of application demonstration bases with unique characteristics are to be established [1]

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Viewpoints of the Report - The proportion of medium - and long - term funds in the capital market is expected to gradually increase, which is conducive to reducing stock market volatility [2] - From a medium - and long - term perspective, A - shares have a relatively high investment cost - performance. CSI 500 and CSI 1000 may bring higher returns due to more science and innovation policy support, while SSE 50 and CSI 300 have more defensive value in the current macro - environment [2] 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4118.80, 4109.80, 4076.20, and 4047.60 respectively, with increases of 43.60, 45.40, 44.60, and 45.40. The trading volumes were 29517.00, 69503.00, 14593.00, and 3790.00, and the open interests were 47302.00, 162828.00, 52902.00, and 4515.00, with increases of 4202.00, 9997.00, 1211.00, and 982.00 respectively [1] - **IH Contracts**: The previous day's closing prices of IH contracts (current month, next month, next quarter, and far - quarter) were 2794.80, 2796.80, 2798.60, and 2798.80 respectively, with increases of 23.20, 25.00, 24.00, and 22.60. The trading volumes were 15532.00, 37371.00, 5645.00, and 1250.00, and the open interests were 21381.00, 65052.00, 14218.00, and 1127.00, with increases of 2695.00, 5322.00, 844.00, and 90.00 respectively [1] - **IC Contracts**: The previous day's closing prices of IC contracts (current month, next month, next quarter, and far - quarter) were 6183.20, 6129.40, 6001.20, and 5888.20 respectively, with increases of 72.60, 69.60, 68.80, and 70.80. The trading volumes were 26660.00, 49010.00, 12904.00, and 4002.00, and the open interests were 54215.00, 108997.00, 56846.00, and 5268.00, with changes of 1591.00, 2193.00, - 123.00, and 874.00 respectively [1] - **IM Contracts**: The previous day's closing prices of IM contracts (current month, next month, next quarter, and far - quarter) were 6590.00, 6515.40, 6331.00, and 6172.80 respectively, with increases of 44.80, 42.80, 42.60, and 44.40. The trading volumes were 39378.00, 118700.00, 26255.00, and 7964.00, and the open interests were 62728.00, 178632.00, 77150.00, and 9821.00, with changes of 367.00, - 302.00, - 1405.00, and 1357.00 respectively [1] - **Inter - month Spreads**: The current values of inter - month spreads for IF, IH, IC, and IM contracts were - 9.00, 2.00, - 53.80, and - 74.60 respectively, compared with previous values of - 9.80, 0.20, - 51.00, and - 72.40 [1] 3.2 Stock Index Spot Market - **Major Indexes**: The previous day's values of CSI 300, SSE 50, CSI 500, and CSI 1000 were 4118.96, 2792.18, 6213.41, and 6637.10 respectively, with increases of 0.82, 0.72, 0.85, and 0.38. The trading volumes (in billions of lots) were 257.60, 68.31, 246.21, and 301.66, and the total trading amounts (in billions of yuan) were 4508.74, 1293.95, 3136.62, and 3959.15 respectively [1] - **Industry Indexes**: Among different industries, energy, raw materials, and industry had relatively high growth rates of 3.97%, 2.64%, and 2.38% respectively, while real - estate finance and information technology had declines of - 0.57% and - 0.06% respectively [1] 3.3 Futures - Spot Basis - **CSI 300 Contracts**: The previous day's basis values of IF contracts (current month, next month, next quarter, and far - quarter) relative to CSI 300 were - 0.16, - 9.16, - 42.76, and - 71.36 respectively, compared with previous two - day values of - 11.01, - 20.81, - 52.01, and - 77.21 [1] - **SSE 50 Contracts**: The previous day's basis values of IH contracts (current month, next month, next quarter, and far - quarter) relative to SSE 50 were 2.62, 4.62, 6.42, and 6.62 respectively, compared with previous two - day values of - 1.24, - 1.04, 2.36, and 2.56 [1] - **CSI 500 Contracts**: The previous day's basis values of IC contracts (current month, next month, next quarter, and far - quarter) relative to CSI 500 were - 30.21, - 84.01, - 212.21, and - 325.21 respectively, compared with previous two - day values of - 54.71, - 105.71, - 231.91, and - 344.91 [1] - **CSI 1000 Contracts**: The previous day's basis values of IM contracts (current month, next month, next quarter, and far - quarter) relative to CSI 1000 were - 47.10, - 121.70, - 306.10, and - 464.30 respectively, compared with previous two - day values of - 76.66, - 149.06, - 335.46, and - 493.46 [1] 3.4 Other Domestic Major Indexes and Overseas Indexes - **Domestic Indexes**: The previous day's values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3581.86, 11099.83, 6881.54, and 2310.86 respectively, with increases of 0.62%, 0.84%, 0.58%, and 0.61% [1] - **Overseas Indexes**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P Index, and DAX Index were 25130.03, 39774.92, 6309.62, and 24041.90 respectively, with changes of 0.54%, - 0.11%, 0.06%, and - 1.09% [1] 3.5 Macroeconomic Information - **Policy in Shenzhen**: Since the issuance of the "Opinions on Deeply Promoting the Comprehensive Reform Pilot in Shenzhen, Deepening Reform and Innovation, and Expanding Opening - up", relevant departments in Shenzhen have strengthened communication with central ministries. A series of reform results, including "the return of Hong Kong - listed Greater Bay Area enterprises to the Shenzhen Stock Exchange for listing", are expected to be implemented within this year [2] - **Real - Estate Loans**: At the end of the second quarter, the balance of RMB real - estate loans was 53.33 trillion yuan, with a year - on - year increase of 0.4%. The balance of individual housing loans was 37.74 trillion yuan, with a year - on - year decrease of 0.1% [2] - **US Trade Agreements**: The US has reached trade agreements with the Philippines and Indonesia. The US will lower the tariff on Philippine goods from 20% to 19%, and Indonesia will cancel 99% of tariff barriers on US goods [2] - **Rural Highway Regulations**: The "Regulations on Rural Highways" will be implemented on September 15, 2025, aiming to promote the high - quality development of rural highways [2] 3.6 Industry Information - **Data Industry**: As of the first half of this year, the National Data Administration has guided the construction of data annotation bases in 7 cities, built 524 data sets, and served 163 large models. In the second half of the year, it plans to layout and build a number of data industry cluster pilot areas [2] - **Shipbuilding Industry**: In the first half of the year, China's shipbuilding completion volume, new order volume, and order backlog accounted for 51.7%, 68.3%, and 64.9% of the world's total in terms of deadweight tons, and 47.2%, 64.0%, and 57.6% in terms of compensated gross tons respectively [2] - **Telecom Industry**: In the first half of the year, the cumulative telecom business revenue reached 9055 billion yuan, with a year - on - year increase of 1%. The user scale of 5G, gigabit networks, and the Internet of Things continued to expand [2]