Market News - US stock indices collectively rose, with the Dow Jones up 1.14%, Nasdaq up 0.61%, and S&P 500 up 0.78%. Notable tech stocks like AMD and Nvidia increased over 2% [1] - International precious metal futures generally declined, with COMEX gold futures down 1.34% at $3397.50 per ounce. Crude oil prices showed slight fluctuations, with WTI crude up 0.17% at $65.42 per barrel [1] - European stock indices closed higher, with Germany's DAX up 0.83%, France's CAC40 up 1.37%, and the UK's FTSE 100 up 0.42% [1] Industry Insights - The Hong Kong Monetary Authority is implementing regulations for stablecoins, aiming for a healthy market development while addressing anti-money laundering concerns. The final draft of the regulations is expected to be published by the end of July [2] - The stablecoin market is anticipated to grow as it bridges centralized and decentralized finance, with significant implications for global payment systems. Key stocks in this sector include Newland Digital Technology and Tianyang Technology [2] - The Shanghai Data Exchange introduced the RDA paradigm, focusing on the value of data linked to real assets. This initiative aims to enhance asset verification and value creation through blockchain technology [3] - The low-altitude economy has been recognized as a national strategic emerging industry, with the release of the "Low-altitude Economic Infrastructure Framework Guidelines (2025 Edition)" outlining development paths and indicators [4][5] - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and exceed 3.5 trillion yuan by 2035, driven by policy, technology, and market forces [5] Company Announcements - Tiancheng Control announced a plan for Yunnan Trust to reduce its stake by up to 397,100 shares, not exceeding 1% of total shares [6] - Baobian Electric reported that the Equipment Group plans to reduce its holdings by up to 1,841,530 shares, also not exceeding 1% of total shares [6] - Tianlu Technology's controlling shareholder plans to reduce its stake by up to 220,600 shares, representing 2% of total shares [6] - Yirui Technology announced a plan for shareholders to reduce their holdings by up to 400,440 shares, not exceeding 2% of total shares [6] - Zhongqi Co. disclosed that its shareholder Jiangsu Yueda Group intends to reduce its stake by up to 39,717,000 shares, accounting for 3% of total shares [7]

Group 1 - The Chinese government will hold economic and trade talks with the US from July 27 to 30, focusing on mutual respect and cooperation [2] - Hainan Free Trade Port will start full island closure operations on December 18, with a significant increase in zero-tariff imports from 21% to 74% [2] Group 2 - The National Development and Reform Commission is promoting collaboration between state-owned and private enterprises to enhance industrial chain cooperation and innovation [3] - China will provide elderly care service consumption subsidies to moderately disabled elderly individuals, starting in select pilot regions [3] - The Supreme Court has issued clarifications to protect the rights of home buyers, expanding the scope of consumer protection [3] Group 3 - The A-share market experienced fluctuations, with the Shanghai Composite Index closing at 3582.3 points, while the Shenzhen Component Index fell by 0.37% [4] - The Hong Kong Hang Seng Index rose by 1.62%, with Tencent Holdings increasing nearly 5%, reaching a market value of 500 billion HKD [4] - Financing in the A-share market has accelerated, with the financing balance reaching 1.9196 trillion CNY, marking a new high since April [4][5] Group 4 - 16 central enterprises signed investment agreements for 75 industrial projects in Tibet, totaling 317.537 billion CNY, focusing on clean energy and green minerals [9] - The Ministry of Agriculture is addressing challenges in the pig industry, including high production capacity and price volatility [9] Group 5 - The Shanghai Stock Exchange is focusing on supporting high-quality technology enterprises in the artificial intelligence sector [6] - Mindray Medical is considering a secondary listing in Hong Kong, aiming to raise at least 1 billion USD [6] Group 6 - The U.S. and Japan reached a trade agreement, reducing tariffs and committing to significant investments, particularly in semiconductors and energy [14] - The U.S. stock market saw gains, with major indices rising due to positive trade agreement news [17] Group 7 - Tesla reported a second-quarter adjusted EPS of 0.4 USD, with revenue of 22.5 billion USD, slightly below expectations [18] - Google exceeded revenue expectations with 96.428 billion USD, but its stock fell over 1% post-earnings [18] Group 8 - The domestic bond market is experiencing weakness, with significant increases in yields on government bonds [20] - The bond ETF market is growing rapidly, with the total scale surpassing 507.695 billion CNY, a 191.82% increase since the beginning of the year [20]

Domestic News - The Ministry of Commerce announced that Vice Premier He Lifeng will hold economic and trade talks with the U.S. in Sweden from July 27 to 30, focusing on mutual respect and cooperation [1] - The National Development and Reform Commission confirmed that Hainan Free Trade Port will officially start its closure on December 18, 2025, aiming to enhance openness and high-quality development [2] - The Ministry of Public Security will strengthen the regulation of "intelligent driving" systems, emphasizing that drivers remain responsible for their actions [2] - The National Development and Reform Commission is working on improving the collaboration between state-owned and private enterprises, aiming to enhance economic vitality and competitiveness [3] - The Ministry of Housing and Urban-Rural Development reported that 16,500 urban old residential communities were renovated in the first half of the year, with a target of 25,000 by 2025 [3] - The National Energy Administration is set to conduct inspections on coal production to ensure stable supply and order in the coal market [4] - The State Administration for Market Regulation has initiated discussions with major food delivery platforms to address competitive practices and ensure consumer protection [5] International News - U.S. President Trump announced a significant trade agreement with Japan, involving a $550 billion investment from Japan and a 15% tariff on U.S. exports to Japan [6] - Reports indicate that Japanese Prime Minister Shigeru Ishiba may resign by the end of August due to electoral losses, although he has denied these claims [6] - The Westpac-Melbourne Institute Leading Index for Australia showed a 6-month annualized growth rate of 0.03%, indicating a slight improvement from the previous month [7] Market Overview - The Shanghai Composite Index closed at 3582.3, up 0.01%, while the Shenzhen Component Index fell by 0.37% to 11059.04 [8] - The Hang Seng Index increased by 1.62% to 25538.07, reflecting positive market sentiment [8] - The onshore and offshore RMB appreciated slightly against the dollar, closing at 7.161 and 7.1612 respectively [8]

Event Overview - The 2025 China International Big Data Industry Expo will be held from August 27 to 30 in Guiyang [1] - This expo is the world's first themed around big data and will feature five types of activities including professional exhibitions, opening ceremonies, industry exchanges, competitions, and special events [2] Industry Insights - The global digital economy is entering a new phase centered on the marketization of data elements and driven by intelligent technology [2] - The data industry is expected to become a significant driver for the upgrade of the digital economy, digital government, and digital society, potentially reaching a market size of nearly 200 billion yuan by 2025 [2] - Policies related to data elements are anticipated to be implemented soon, leading to a rapid development phase for data elements [2] RDA Development - The concept of RDA (Real Data Assets) has gained attention, aiming to bridge cryptocurrency and data elements [3] - A closed-door seminar on RDA was held, discussing data valuation and related topics [4] - RDA consists of three stages: asset preparation, asset issuance, and asset trading, with a focus on utilizing blockchain technology for data value realization [5] Historical Performance - Following the announcement of the 2025 expo, there was a collective movement in data element stocks, with Zhongyuan Marine Science and Technology reaching the daily limit [6] Related Companies - Notable companies participating in the expo include Huawei, Tencent, and Inspur Information, among others [9]

Core Insights - The Shanghai Data Exchange hosted a closed-door seminar titled "New Opportunities in Capital Markets: RDA," attended by over ten financial institutions including Guotai Junan Securities, CITIC Securities, and others [1] - The seminar introduced the new paradigm of RDA, emphasizing the integration of real assets and the role of data in verifying and enhancing the value of other tangible assets [1] - A representative from the Shanghai Data Exchange delivered a presentation on the path to data valuation and RDA, analyzing the top-level design of data elements, the path to data assetization, and the new paradigm of asset digitization [1] Industry Developments - The discussions focused on key topics such as data valuation, RWA (Risk-Weighted Assets), and RDA (Real Data Assets), highlighting the trends and core advantages of RDA [1] - The seminar provided insights into the development trends of RWA and the implementation pathways for RDA, indicating a shift towards recognizing data as a valuable asset in the financial sector [1]

Group 1: Macroeconomic Insights - The first half of tariff measures has shown a high opening and low closing trend, with actual tariff rates increasing by only 6.5% from January to May, significantly lower than the theoretical increase of 14.5% [1][24] - China's exports have maintained stable volume and increased prices, but are expected to moderate in the future due to reduced tariff impacts from re-exporting and increased orders from non-US sources [1][24] - The economic impact of tariffs is less than expected, with the US inflation remaining low despite tariff increases, influenced by weak demand in the automotive market and fluctuations in oil prices [2][24] Group 2: Sectoral Performance - The second quarter of 2025 shows that total growth still faces bottlenecks, but emerging technologies and certain cyclical sectors are beginning to show performance improvements [3][4] - The electronics, military, non-bank financials, and non-ferrous metals sectors are experiencing high growth, while sectors like steel and aquaculture are showing initial signs of performance recovery [3][4] - The beverage sector, particularly Nongfu Spring, is highlighted as a rare super brand in China with strong growth potential, benefiting from its competitive advantages in brand, channel, and supply chain [13][15] Group 3: Investment Strategies - The Hong Kong stock market has been under pressure since late June, but is expected to outperform the A-share market in the second half of the year due to accumulating positive factors [10][35] - The technology sector in Hong Kong is poised for significant growth, especially with the easing of US chip export restrictions and the acceleration of AI applications [12][35] - The beverage company Nongfu Spring is projected to maintain a high growth trajectory in its packaging water and tea segments, supported by favorable market conditions and competitive positioning [14][16]

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 70, suggesting a positive outlook for the market [6][10] - Recent trends show a gradual upward movement in the market, supported by improved sentiment and favorable policies [10] Market Themes Tracking - **Robotics Theme**: The report highlights a significant procurement project for humanoid biped robots by China Mobile (Hangzhou) with a total bid amount of 124 million yuan. Related companies include Wolong Electric Drive (600580) and Changsheng Bearing (300718) [7] - **RDA Theme**: The introduction of the RDA (Real Data Asset) paradigm by the Shanghai Data Exchange emphasizes the integration of data with physical assets, enhancing authenticity and value. Related companies include Tongxingbao (301339) and Wanda Information (300168) [7] - **Hydropower Theme**: The commencement of a major hydropower project on the Yarlung Tsangpo River in Tibet, with a total investment of approximately 1.2 trillion yuan, is noted for its strategic significance. Related companies include Dongfang Electric (600875) and Tibet Tianlu (600326) [7] Capital Flow Analysis - The report lists the top ten stocks with the highest net inflow, led by Zhongyou Capital (104,445.34 million yuan) and Ningde Times (50,691.03 million yuan), indicating strong investor interest in these companies [11] - The top ten stocks with the highest net buy in financing include Northern Rare Earth (37,965.55 million yuan) and Xinyi Technology (28,118.99 million yuan), reflecting positive investor sentiment towards these stocks [13] - The report also identifies the top ten sectors with net inflow, with non-ferrous metals leading at 149,037 million yuan, while sectors like machinery and electronics experienced significant outflows [16]

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]