Core Viewpoint - Perfect World has been recognized as a leading brand in high-quality consumer technology, reflecting its significant role in the digital cultural sector and its alignment with national development strategies [1][4]. Group 1: Company Achievements - Perfect World was included in the "2025 High-Quality Consumer Brand TOP 100" list and awarded the "Top Ten Consumer Technology Innovation Brand" title, highlighting its leadership in high-quality interest consumption [1]. - The company has been recognized multiple times as one of the top 30 cultural enterprises in China and has received various accolades, including being named a key cultural export enterprise and a national cultural and technology integration demonstration base [1]. Group 2: Digital Content and Gaming - Perfect World focuses on three main sectors: film, gaming, and esports, and has a self-developed game rate of 95%, exploring cutting-edge technologies like AI [2]. - The game "Zhu Xian World" integrates traditional Chinese elements and has launched a new season with updated content, while the RPG game "Yihuan" is set to cover multiple platforms globally [2]. - The game "Persona: Nightfall" has achieved top rankings in app stores across 25 countries, showcasing the company's successful international expansion [2]. Group 3: Cultural and Tourism Integration - Perfect World is actively promoting the integration of digital culture with non-material cultural heritage and tourism, enhancing the quality of development through digital technology [3]. - The film "Chasing the Light" generated approximately 1.8 billion yuan in tourism revenue for Huizhou, while the micro-drama "Big New Year" highlighted local cultural attractions [4]. - The 2024 Shanghai Major esports event attracted nearly 90,000 attendees and generated 370 million yuan in surrounding consumption, demonstrating the economic impact of esports on local development [4]. Group 4: Future Directions - The company aims to continue leveraging digital technology to enhance content quality and create more high-quality digital cultural products for a global audience [5].

Core Insights - The express delivery industry in China has surpassed 100 billion packages as of July 9, 2023, achieving this milestone 35 days earlier than in 2024, indicating strong economic resilience and vitality [1] - The growth in express delivery volume is driven by the expansion of the consumer market, increasing e-commerce penetration, and the "scale economy" effect in the logistics sector [1][2] - The industry is experiencing a technological transformation with the integration of 5G, IoT, and AI, which enhances operational efficiency and supports green development initiatives [2] Group 1 - The express delivery sector is a key driver for consumption upgrades and economic growth in China, reflecting the robust development of the economy [1] - The rapid growth in express delivery volume is attributed to three main factors: the rise of new e-commerce formats (such as live-streaming and instant retail), activation of lower-tier markets, and technological advancements [1][2] - The first package to reach the 100 billion mark was a home air conditioner sent from Zhongshan, Guangdong to Changzhou, Jiangsu, showcasing the impact of the "old-for-new" policy on both the consumer market and the express delivery industry [2] Group 2 - The express delivery industry is adopting a "renewal + recycling" closed-loop logistics management system, covering the entire supply chain from manufacturing to recycling [3] - There is a noticeable acceleration in express delivery growth in central and western regions of China, with significant consumption potential remaining [3] - The industry is moving towards higher automation levels, with the use of drones and unmanned vehicles in some areas, while also improving service quality and stabilizing prices amid regulatory support for high-quality development [3]

Group 1 - The meeting emphasized the importance of implementing Xi Jinping's recent speeches and articles, focusing on strict governance of the Party and enhancing party discipline [1][2] - The need to strengthen the Party's self-revolution and improve the political responsibility of managing the Party was highlighted, aiming to create a positive atmosphere and uphold integrity [1][2] - The meeting discussed the significance of the new industrialization strategy, promoting high-end, intelligent, and green development, and establishing a strong manufacturing city [3] Group 2 - The meeting called for the establishment of a collaborative innovation system to enhance traditional industries and develop emerging sectors [3] - It was noted that the integration of digital technology into various industries is essential, with a focus on building new infrastructure and promoting AI initiatives [3] - The decision to honor two police officers as "Outstanding Communist Party Members" was made, recognizing their dedication and service to the community [3]

Market Overview - On July 7, the market experienced fluctuations, with the Shanghai Composite Index rising by 0.02%, while the Shenzhen Component and ChiNext Index fell by 0.7% and 1.21%, respectively[2] - The trading volume on July 7 was 1.23 trillion CNY, a decrease of approximately 220 billion CNY compared to the previous trading day[1] Sector Performance - More than half of the sectors saw gains, with utilities, real estate, and light industry leading the increases, while coal, pharmaceuticals, telecommunications, and home appliances faced declines[1] - The utilities sector had several stocks hitting the daily limit up, indicating strong performance despite mixed results in the coal and electricity sectors[1] Investment Trends - Recent focus has shifted towards underappreciated sectors, particularly in renewable energy such as lithium batteries and photovoltaic materials, which are currently seen as having strong safety margins[1] - The military industry has shown a consistent upward trend despite recent adjustments, suggesting potential re-entry opportunities for investors[1] Fund Flow - On July 7, the net inflow for the Shanghai Stock Exchange was 6.945 billion CNY, while the Shenzhen Stock Exchange saw a net outflow of 5.266 billion CNY[2] - The top three sectors for net inflow were electricity, power grid equipment, and software development, while consumer electronics, liquor, and chemical pharmaceuticals experienced the highest outflows[2] Economic Indicators - As of the end of June, China's gold reserves stood at 7.39 million ounces (approximately 2298.55 tons), marking an increase of 70,000 ounces (about 2.18 tons) for the eighth consecutive month[5] - The Ministry of Civil Affairs reported that the sales of welfare lottery tickets reached 107.198 billion CNY in the first half of the year, raising approximately 31 billion CNY for public welfare[8]

Group 1 - Company "量化派科技有限公司" has submitted its listing application to the Hong Kong Stock Exchange, planning to issue up to 15,097,500 ordinary shares, with CICC and CITIC Securities as joint sponsors [1] - The listing coincides with the conclusion of China's 14th Five-Year Plan for the digital economy, with policies intensifying support for digital consumption and e-commerce innovation, positioning the company to leverage capital markets for further expansion in these sectors [1][2] Group 2 - The Chinese government has set strategic goals for the digital economy, including the cultivation of numerous billion-level e-commerce platforms and the establishment of a comprehensive cross-border e-commerce service system, providing policy incentives for companies like "量化派" [2] - "量化派" has developed a technology platform that integrates deeply into the e-commerce ecosystem, utilizing intelligent recommendation algorithms and dynamic pricing models to enhance conversion rates and user engagement [2] Group 3 - Since its establishment in 2014, "量化派" has focused on providing scenario-based digital precision matching solutions for e-commerce, cross-border trade, and smart manufacturing, aiming to reduce costs and improve efficiency through data intelligence [3] - The company reported a revenue of 3.82 billion yuan in the first half of 2024, a year-on-year increase of 47.56%, with adjusted profit rising by 75.75% to 1.54 billion yuan, indicating strong growth driven primarily by e-commerce technology services [3] - "量化派" has over 51.8 million registered users and an average daily active user count of 2.3 million, with a repurchase rate exceeding the industry average by 23 percentage points [3] Group 4 - The company plans to use the funds raised from its IPO to enhance its R&D capabilities, improve technical infrastructure, and promote its business model, focusing on technology iteration and scenario expansion [4] - The National Bureau of Statistics predicts that by 2025, China's digital economy will exceed 60 trillion yuan, with e-commerce transaction volume continuing to rise, indicating a promising future for "量化派" as it aims to shift digital consumption from a traffic-driven model to a value-driven one [4]

Market Overview - On July 7, stablecoins, cross-border payments, and RWA-related concepts saw significant gains, with Jin Yi Culture achieving a three-day consecutive rise, Xinyada also rising consecutively, and Qingdao Jinwang hitting the daily limit. Other companies like Huafeng Superfiber and Hangzhou Garden also experienced increases exceeding 10% [1]. Stock Performance - Jin Yi Culture (002721.SZ) latest price: 4.42, up 9.95%, market cap: 11.754 billion [2] - Xinyada (600571.SS) latest price: 20.39, up 9.98%, market cap: 9.334 billion [2] - Jingbeifang (002987.SZ) latest price: 25.63, up 10.00%, market cap: 21.617 billion [2] - Qindao Jinwang (002094.SZ) latest price: 9.25, up 9.99%, market cap: 6.387 billion [2] - Huafeng Superfiber (300180.SZ) latest price: 10.29, up 15.49%, market cap: 15.287 billion [2] Events - On July 4, the People's Bank of China released a notice soliciting opinions on the draft rules for the Renminbi Cross-Border Payment System (CIPS), aiming to optimize the system's functions and services [3]. - Hainan Huatie has completed the digitalization of nearly 26 billion yuan in assets and signed a strategic cooperation agreement with the RWA Research Institute [3]. - The Hong Kong Stablecoin Regulation will take effect in August, with the Financial Secretary indicating that the Monetary Authority is consulting the market on the implementation guidelines [3]. Institutional Insights - The central bank's proposed revisions to the CIPS rules aim to lower entry barriers and simplify transaction procedures, which will help promote the internationalization of the Renminbi [4]. - The official launch of the Hong Kong FRS license in August 2025 is expected to accelerate the global settlement of USDC/PYUSD and the growth of on-chain money market funds [4]. - With Hong Kong leading the pilot projects, the integration of data rights and on-chain credit in mainland China is expected to make RWA a key component of the national strategy for "digital-physical integration" [4].

记者获悉，由中国移动（600941）通信联合会主办的2025年全球RWA&AGI(数实融合)生态峰会，即将 于7月13日召开。会议将解读RWA全球政策动态与发展趋势，研讨RWA商业应用模式与技术解决方案， 探索现实世界资产与数字资产的融合创新路径。同时，将举行相关揭幕启动仪式。(人民财讯) ...

Group 1 - The development of the digital economy is a strategic choice to seize new opportunities in the technological revolution and industrial transformation, with the core industry value added expected to account for about 10% of GDP in 2024, maintaining the world's second-largest scale [1] - In the first quarter of 2025, the digital industry achieved a business revenue of 8.5 trillion yuan, a year-on-year increase of 9.4%, with manufacturing and service sectors growing by 10.4% and 8.2% respectively, indicating significant digital empowerment effects [2] - As of the end of March this year, over 4.395 million 5G base stations have been built, and 86 cities have initiated pilot deployments of 10G optical networks, showcasing continuous optimization and upgrading of digital infrastructure [2] Group 2 - The 2025 Global Digital Economy Conference opened in Beijing, focusing on building digital-friendly cities and highlighting four key aspects: openness and sharing, frontier focus, industrial integration, and enhanced experience [4] - Data shows that over 30,000 basic-level smart factories and more than 1,200 advanced-level smart factories have been established, accelerating the integration of digital and physical industries [5] - In May, the added value of the digital product manufacturing industry grew by 9.1%, significantly higher than the overall industrial growth rate, demonstrating the increasing impact of digital economy on industrial production [6] Group 3 - The digital economy is increasingly penetrating various sectors, enhancing the quality of life through digital cultural resources, upgraded smart education platforms, and nationwide remote medical service networks [7] - A series of data highlights new features and breakthroughs in China's digital economy, leveraging rich data resources and a complete industrial system, indicating a promising future for digital China [9]

Group 1 - The National Taxation Administration has implemented structural tax reduction and fee reduction policies since 2025, with a focus on delivering policy benefits directly to businesses. In the first five months of this year, tax reductions and refunds supporting technological innovation and manufacturing reached 636.1 billion yuan [1] - In the first five months, high-tech enterprises benefited from tax reductions totaling 140.7 billion yuan, driven by a series of tax incentives aimed at supporting technological innovation. The sales revenue of high-tech industries increased by 14.2% year-on-year, significantly outpacing the overall national growth rate [2] - The manufacturing sector has seen a sales revenue increase of 4.2% year-on-year in the first five months, with advanced manufacturing sectors like computer manufacturing and intelligent equipment manufacturing growing by 21.6% and 19.4%, respectively. Tax reductions and refunds for advanced manufacturing reached 415.8 billion yuan [3] Group 2 - The introduction of the "Guidelines for Major Tax and Fee Incentives Supporting Technological Innovation" in 2024 aims to cover all aspects of technological innovation activities, including corporate income tax and value-added tax [2] - The "Guidelines for Major Tax and Fee Incentives Supporting Manufacturing Development" released in 2024 include 31 policies designed to provide comprehensive guidance for taxpayers and tax officials, facilitating better understanding and application of the policies [3] - The tax authorities are committed to ensuring that policy benefits are quickly and accurately delivered, while also cracking down on fraudulent claims for tax incentives [3]

Group 1 - The National Taxation Administration reported that tax reductions and refunds supporting technological innovation and manufacturing reached 636.1 billion yuan in the first five months of this year, accelerating high-quality development in these sectors [1] - Tax policies have been effectively implemented to ensure that benefits reach businesses quickly, with high-tech enterprises receiving 140.7 billion yuan in tax reductions from a 15% corporate income tax rate, and advanced manufacturing receiving 415.8 billion yuan in VAT reductions and refunds [1] - The tax incentives are aligned with national strategic development, supporting the transformation and optimization of technological innovation and manufacturing, which is beneficial for long-term growth [1] Group 2 - High-tech industry sales revenue increased by 14.2% year-on-year, significantly outpacing the overall national growth rate, indicating rapid growth in innovative industries [2] - The core digital economy sector grew by 10% year-on-year, with national enterprise spending on digital technologies increasing by 9.7%, reflecting orderly progress in the integration of digital and real economies [2] - Manufacturing sales revenue grew by 4.2% year-on-year, with advanced manufacturing sectors like computer and smart equipment manufacturing seeing sales increases of 21.6% and 19.4% respectively, demonstrating the positive impact of tax reduction policies on business transformation and innovation [2]