事件 2025年7月10日，上海市国资委党委召开中心组学习会，围绕加密货币与稳定币的发展趋势及应对策略开展学习。 核心观点 上海国资学习加密货币与稳定币，上海数交所首提RDA，产业催化不断，具备数据资源储备的公司数据价值将被进一 步释放。同时，国资背景的可信技术服务商以及数商有望成为构建金融创新"中国方案"过程中的中坚力量。建议关 注：1、稳定币相关企业；2、数据产品与运营相关企业。 参考来源： 2025年7月15日 华龙证券 孙伯文 朱凌萱 计算机行业点评报告：稳定币持续"升温"，关注RDA相关投资机会 上海市国资委党委围绕加密货币与稳定币召开学习会，数字货币持续"升温"。会上，上海市国资委党委书记、主任贺 青提出要加强对数字货币的研究探索；探索区块链技术在跨境贸易、供应链金融、资产数字化等领域的运用。我们认 为，上海国资委学习加密货币与稳定币具有"风向标"意义，内容上更聚焦于技术创新与应用场景。香港发布的《稳定 币条例》将于2025年8月1日正式生效，在立法监管阶段之后，产业层面将更为重视应用场景的探索和拓展。 本报告由国诚团队投资顾问 王志起 执业证书编号A1290625030016 整理。同时，本公司 ...

Group 1: Human-Robot Industry - The humanoid robot industry is experiencing rapid growth, with companies like UBTECH entering small-scale delivery phases [2] - The global market size is expected to exceed 500 billion yuan by 2025, with China projected to account for a significant share [2] - Seven core companies, including Jintian Co. and Far East Co., are highlighted for their advantages in hardware, software, and application scenarios, indicating strong investment potential [2] Group 2: Cryptocurrency Market - The U.S. House of Representatives passed the Stablecoin Regulation Act and the broader Cryptocurrency Market Structure Act, leading to a surge in the cryptocurrency market [2] - Ethereum surpassed $3,600 per coin, with nearly 160,000 liquidations totaling $587 million in the past 24 hours [2] - Citic Futures suggests that stablecoins may boost demand for dollar assets, but warns of potential financial stability risks [2] Group 3: U.S. Federal Reserve - Federal Reserve Governor Waller indicated a preference for a 25 basis point rate cut in July, citing economic slowdown and employment market risks [2] - San Francisco Fed President Daly also supports timely rate cuts, although there are internal disagreements on economic assessments and policy timing [2] Group 4: Trade Policies and Global Reactions - Trump's potential tariff imposition on Japan and trade agreements with India have drawn global attention, with Brazil's President Lula rejecting U.S. tariff pressures [3] - Japan's exports are declining due to U.S. tariffs, complicating negotiations on automotive and agricultural tariffs [3] Group 5: A-share Market Performance - Companies like Zhongwei and Hangzhou Bank reported profit increases, while others like Qianyuan Power and Xiamen Tungsten saw declines in net profit [3] - The performance variations among companies reflect broader industry trends and market dynamics [3] Group 6: Food Delivery Market Competition - A subsidy war has erupted between Taobao Flash and Meituan, with Meituan adopting a defensive stance [3] - Taobao Flash aims to increase market share, with order volumes approaching those of Meituan, indicating potential shifts in market dynamics [3] Group 7: Oil Price Volatility - International crude oil prices are experiencing fluctuations due to OPEC's demand forecast revisions and U.S. tariff measures, while Middle Eastern tensions provide upward support [3] - OPEC+ is increasing production, and Asian crude oil imports are rising, suggesting a complex supply-demand landscape [3] Group 8: Wahaha Family Dispute - A lawsuit involving Wahaha's chairman has led to a decline in sales and market confidence, raising concerns about the company's control and future succession [4][5] Group 9: RDA Stablecoin Concept - The emergence of the RDA stablecoin concept has gained traction, with Shanghai Wumart becoming a leader in this area [5] - RDA aims to address trust issues in tokenization but currently faces challenges in fundamental performance and market size [5] Group 10: Divorce Settlement Impact - A divorce settlement involving the controlling shareholder of Zongheng Co. will result in a transfer of shares worth 537 million yuan, although the shareholder remains in control [5] - Zongheng Co. anticipates revenue growth in the first half of 2025 but is still operating at a loss [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The RDA (Real Data Assets) paradigm has been introduced, emphasizing the integration of real data with physical assets, enhancing the authenticity and value of other physical assets, and promoting the capitalization of data elements [1][2] - RDA focuses on the transformation of real data into "golden assets" through blockchain technology, creating a complete path from asset registration to trading, and enhancing the interaction between data elements and capital markets [2][4] Summary by Sections RDA Paradigm and Central Bank Signals - On July 3, the Shanghai Data Exchange released a report on RDA, marking a new phase in data assetization [1] - The People's Bank of China has outlined its achievements and future plans in promoting the deep integration of digital technology and data elements [1] RDA Characteristics and Financialization - RDA consists of three stages: asset preparation, asset issuance, and asset trading, forming a complete chain for the digitalization of physical assets and financialization of data assets [2] - RDA's five characteristics—real number integration, genuine transparency, credible returns, value reconstruction, and ecological collaboration—enhance the interaction between data elements and capital markets [2] Market Potential and Application Scenarios - The RDA market has vast potential, with expected exponential growth in application demand as RDA becomes a mainstream asset type [4] - RDA's versatility allows it to be applied across various non-standard scenarios, including supply chain finance, carbon assets, industrial internet, travel, and intellectual property [4] Related Companies - Companies involved in data and physical asset integration include Jianhui Information and Jieshun Technology [4] - Blockchain foundational companies include Shanda Diwei, Jiuyuan Yinhai, and Zhongke Jiangnan [4] - Companies focused on data capitalization include Shanghai Ganglian, Toris, Hehe Information, and others [4]

Group 1: Mechanical Industry - Tesla's Optimus project has undergone a key personnel change, indicating a strategic shift towards mass production [7][9][11] - The new leadership aims to address existing hardware and software challenges to enhance the robot's practical value and production capabilities [8][10] - Beneficiary companies in the supply chain include Zhenyu Technology, Top Group, and Sanhua Intelligent Control [13] Group 2: Public Utilities - The expansion of green electricity consumption assessment to include key industries like steel is expected to enhance the environmental premium of green electricity [15][17] - The green certificate market is anticipated to become more active, with a narrowing supply-demand gap and potential price increases [16][17] - Recommended companies include Longyuan Power, Xintian Green Energy, and Datang Renewable Power [17] Group 3: Computer Industry - The introduction of the RDA (Real Data Assets) paradigm by the Shanghai Data Exchange emphasizes the integration of data with physical assets, promoting marketization and value enhancement of data elements [18][19][20] - RDA's characteristics include real-number integration, transparency, and value reconstruction, which are expected to drive the development of a new asset form [21][22] - Recommended companies benefiting from RDA include Zhuoyi Information, Hehe Information, and Lais Information [22] Group 4: Media Industry - The gaming sector is experiencing a resurgence with new game releases and updates, indicating a potential growth phase [24][26] - Upcoming films and concerts are expected to boost box office revenues and related income for production and distribution companies [24][26] - Recommended companies in the gaming sector include Giant Network and Heartbeat Company, while in the film sector, Shanghai Film and Cat Eye Entertainment are highlighted [26][24] Group 5: Coal Mining Industry - Prices for thermal coal and coking coal are on the rise, with thermal coal prices increasing by 3.8% and coking coal prices rebounding significantly [34][35] - The current market conditions suggest a turning point for coal prices, driven by supply constraints and seasonal demand increases [35][36] - Recommended stocks include China Shenhua, Zhongmei Energy, and Shanxi Coal [36] Group 6: Retail Industry - Instant retail platforms like Taobao and Meituan are seeing record order volumes, indicating a competitive landscape [38][44] - The retail sector is shifting towards a three-pronged competitive structure, with major platforms investing heavily in growth [38][44] - Recommended companies include Yonghui Supermarket and Aiying Room in the offline retail space [45] Group 7: Automotive Industry - The upcoming launch of the Li Auto i8 is expected to create opportunities in the SUV market, emphasizing the importance of product innovation [47][48] - The automotive industry is undergoing a transformation with advancements in AI and smart driving technologies [48][49] - Recommended companies include XPeng Motors, BYD, and Great Wall Motors, with component suppliers like Huayang Group and Desay SV Automotive highlighted [51] Group 8: Social Services - The return of traditional dining experiences and the rise of creator economies are contributing to a vibrant market environment [52] - Sales in the trendy toy sector have shown significant growth, particularly in blind boxes and plush toys [52] - Companies to watch include He Yuan Biological and Bilibili in the trendy toy and creator economy sectors [52]

Group 1 - The Shanghai Composite Index rose by 0.27% to close at 3519.65 points, with a trading volume of 1.4588 trillion yuan, a decrease of 253.4 billion yuan compared to last Friday, indicating a decline in market bullish sentiment [1] - RDA (Real Data Assets) concept stocks continued to perform strongly, with companies like China Merchants Industry Holdings, Shibei High-tech, and Greenland Holdings hitting the daily limit, while the silver sector also showed robust performance [1] - The Shanghai Data Exchange introduced the RDA paradigm, emphasizing the integration of real data with physical assets, which is expected to accelerate the marketization and valuation of data elements and enhance the efficiency of connecting physical assets with capital [1] Group 2 - The 66th edition of the "Digging Gold" competition is currently underway, with participants actively engaging in simulated stock trading using a virtual fund of 500,000 yuan [4][5] - Participants can earn cash rewards based on their performance, with the first-place winner receiving 688 yuan and additional rewards for subsequent positions, as well as monthly point-based rewards for top performers [5][10] - The competition encourages participants to operate at least three stocks to maximize their points, as operating fewer than three stocks will result in only receiving 80% of the points for that round [10][11]

Group 1: Software Sector Performance - The CSI Software Index (H30202) declined by 2.02% as of July 14, 2025, with mixed performance among constituent stocks [1] - Leading gainers included Shiji Information (002153) up 10.04%, and Tuorisi (300229) up 6.92%, while major decliners included Dazhihui (601519) down 9.99% [1] - The Software 50 ETF (159590) fell by 1.91%, with a latest price of 1.08 yuan, but saw a weekly increase of 3.78% as of July 11, 2025 [1] Group 2: Market Activity and Liquidity - The Software 50 ETF recorded a turnover rate of 13.26% with a trading volume of 23.93 million yuan, indicating active market participation [1] - The average daily trading volume for the Software 50 ETF over the past year was 28.61 million yuan [1] - Notably, the Software 50 ETF experienced a net subscription of 14 million units today, reflecting investor interest despite market declines [1] Group 3: Digital Finance and Blockchain Developments - On July 10, the Shanghai State-owned Assets Supervision and Administration Commission held a meeting to discuss trends in cryptocurrency and stablecoin development, signaling increased policy support for digital finance [3] - The potential for stablecoin trials in the Shanghai Free Trade Zone is expected to enhance the development of Real World Assets (RWA) and stablecoin ecosystems [3] - RDA, as a form of RWA, is expanding its application scenarios, becoming a key driver for the monetization of data assets [3] Group 4: Software ETF Composition and Focus - The Software 50 ETF (159590) tracks the CSI Software Index, providing exposure to the entire AI software and internet brokerage industry chain [4] - The index has a high elasticity characteristic, with approximately 67% weight in application software and over 15% in AI-related fields [4]

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [5][23]. Core Insights - The computer (Shenwan) index increased by 3.22% during the week of July 7-11, 2025, outperforming the Shanghai Composite Index, which rose by 1.09%, the Shenzhen Component Index by 1.78%, and the ChiNext Index by 2.36% [1][10]. - The report highlights the introduction of the RDA (Real Data Assets) paradigm by the Shanghai Data Exchange, emphasizing the integration of real data with physical assets and its role in enhancing the authenticity and value of other assets. RDA aims to accelerate the marketization and valuation of data elements, promote the interconnected development of data and other elements, and improve the efficiency of matching physical assets with capital [3][20][21]. Summary by Sections Market Review - The computer index saw a notable increase of 3.22%, with the software development sector performing particularly well, showing a rise of 4.23% [1][12]. Major Events - Significant announcements include: 1. Qiming Star elected Yuan Jie as the chairman of the board [2]. 2. New Beiyang projected a net profit of 34.7-38.2 million yuan for the first half of 2025, marking a year-on-year growth of 100-120% [2]. 3. Ruiming Technology is planning to list on the Hong Kong Stock Exchange to enhance its global strategy [2][18]. Investment Perspective - The report suggests focusing on companies with RDA-related case studies and tracking their business progress to assess their contribution to performance. RDA is characterized by five key features: real data integration, transparency, reliable returns, value reconstruction, and ecological collaboration [3][21].

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].

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