2025 年 7 月 13 日，2025 全球 RWA & AGI 生态峰会在杭州举行。数秦科技董事长高航受邀发表题为 《RWA 的技术逻辑与最佳实践》的主题演讲，凭借 12 年区块链行业探索经验，深入剖析了真实世界资 产(RWA)通证化的技术内核、发展前景及实践案例，为行业发展带来深刻洞见，引发广泛关注。 从区块链理想主义到现实协同的成熟之路 高航在演讲中强调，RWA 通证化具有多方面重要意义：它能够显著提升资产流动性，实现全球 7x24 小 时跨境交易；可进行可信计量，建立更高效的利益分配机制；还能实现自动化合规与契约执行，并推动 基于可信底层资产的金融创新。 从市场反馈来看，众多权威投行机构同样认为RWA潜力无穷。花旗银行研报显示，目前 RWA 市场总规 模已接近 16.16 万亿美元，且潜力持续释放。另有核心总结指出，到 2030 年，全球资产代币化规模将 增长 50 倍，通证化资产预计将占到全球 GDP 的 10%，房地产、股票、债券、投资基金及专利等底层 资产的通证化都将迎来增长。 可以说，RWA已成为当前web3领域最受关注的新风口。基于此，高航首先解析了RWA的技术演化路 径，帮助与会者了解R ...

Core Viewpoint - The article discusses the innovative "three-chain integration model" implemented by the Zhenyuan County Market Supervision Administration to enhance advertising compliance, protect market entities and consumer rights, and promote positive advertising guidance [1][2]. Group 1: Promotion Chain - The promotion chain focuses on enhancing the legal awareness of enterprises regarding advertising laws. The county's market supervision bureau has conducted targeted training sessions and case analysis meetings to interpret key regulations such as the Advertising Law and the Internet Advertising Management Measures, covering 26 enterprises and over 60 individuals this year [1]. - The training aims to prevent violations by raising awareness of common risks such as the misuse of absolute terms and medical terminology [1]. Group 2: Support Chain - The support chain provides tailored services to address the urgent needs of enterprises in advertising. A list of potential enterprises has been established, and dynamic management is implemented with "one enterprise, one policy" [2]. - The bureau has provided comprehensive guidance on advertising content design and pre-release reviews for 16 key enterprises, identifying and correcting 30 instances of improper terminology [2]. Group 3: Regulatory Chain - The regulatory chain emphasizes a balanced approach to regulation and support, establishing a comprehensive monitoring framework. This includes a technology-driven monitoring platform that has reviewed 30,000 advertisements this year, identifying 3 illegal cases [2]. - Special inspections have been conducted in high-risk sectors such as beauty, health food, and education, resulting in 2 cases of illegal advertising being filed and fines totaling 4,000 yuan [2]. - A "service-oriented law enforcement" approach has been adopted, allowing for the exemption of penalties for 12 minor violations that were promptly rectified, promoting self-regulation among enterprises [2]. Group 4: Overall Impact - The integration of the three chains has led to improved order in the advertising market, enhanced compliance capabilities among enterprises, and a better business environment, supporting the healthy development of the county's economy [2].

Group 1 - Beijing Union University is the largest municipal comprehensive university in Beijing, focusing on high-level application-oriented education and contributing significantly to the capital's development [1][3] - The university has established a unique path towards becoming an internationally recognized, domestically leading application-oriented university through interdisciplinary collaboration and industry-education integration [1][3][4] - The university's academic structure includes 11 disciplines, 75 undergraduate programs, 29 master's programs, and 2 doctoral programs, developed over 40 years [3][4] Group 2 - The university emphasizes application-oriented education, integrating academic disciplines with real-world industry needs, exemplified by its collaboration with local industries for tailored training programs [3][4][6] - The establishment of the National Cultural Heritage Engineering College and the approval of a doctoral program in archaeology highlight the university's commitment to cultural heritage and interdisciplinary education [4][6] - The university has implemented a dual-mentor system and project-based learning, enhancing student engagement with industry practices and improving employability [6][7] Group 3 - The university promotes a comprehensive ideological and political education framework, integrating social responsibility and community engagement into its curriculum [9][10] - Collaborative projects with local communities and organizations enhance the practical application of students' learning, fostering a sense of social responsibility [9][10] - The university aims to cultivate innovative, digitally literate, and socially responsible application-oriented talents by 2035, aligning with the broader educational transformation goals [10]

Core Viewpoint - Yancheng Port Group has transformed from a relatively underdeveloped port into a significant economic engine for the region within five years, showcasing remarkable growth and development in its port facilities and operations [1][2]. Group 1: Development and Growth - The establishment of Yancheng Port Group in June 2020 marked a strategic shift towards a more integrated port system, evolving from "a group of ports" to a "port cluster" [2]. - In 2021, Yancheng Port entered the ranks of national ports handling over 100 million tons, with self-operated throughput and container volume growth rates leading among coastal ports in China in 2022 [2][3]. - The total cargo throughput for 2023 ranks Yancheng Port 20th among coastal ports in China, with ambitions to break into the top ten ports in the Yangtze River Delta by 2024 [2][3]. Group 2: Infrastructure and Investment - Yancheng Port has expanded its operational capacity significantly, increasing the number of shipping routes from 5 to 62 and achieving a cargo throughput target ahead of schedule [3][4]. - The group has invested over 20 billion yuan in major projects, achieving full coverage of 10,000-ton-level navigable channels across its port areas [4][8]. - The port's operational efficiency has improved, with record-breaking single-vessel loading and unloading operations, and a notable increase in cross-border e-commerce activities [4][6]. Group 3: Strategic Initiatives - Yancheng Port is focusing on multi-modal transport systems, enhancing connections between road, rail, and maritime transport to reduce logistics costs and improve regional competitiveness [6][8]. - The port is actively expanding its international shipping routes, including a new roll-on/roll-off service to the Middle East, which complements local industries such as electric vehicle manufacturing [5][6]. - Future plans include the construction of a significant shipping channel and breakwater projects, aiming to transition from an industrial port to a modern logistics hub [7][8]. Group 4: Future Outlook - Yancheng Port aims to achieve a self-operated cargo throughput of 170 million tons and 1 million TEUs in containers this year, with steady growth in revenue, profit, and tax contributions [8]. - By 2035, the port plans to establish itself as a key hub and aims to become a world-class port by 2050, leveraging the advantages of the Huaihe River's access to the sea [8].

Core Viewpoint - The article highlights the rise of Kede CNC as a key player in the high-end CNC machine tool market, emphasizing its commitment to independent innovation and the transformation of China's industrial landscape [2][6]. Group 1: Company Overview - Kede CNC was established in 2008, entering the high-end CNC machine tool market dominated by international giants [2]. - The company has developed a comprehensive innovation system, holding 138 domestic invention patents and participating in 44 national key technology projects [2]. - Kede CNC went public on the Sci-Tech Innovation Board in 2021, enhancing its capital and innovation capabilities [2]. Group 2: Technological Innovation - Kede CNC has built a dual R&D system for high-end CNC systems and machine tools, enabling it to manufacture products for high-end equipment in aerospace and aviation [3][4]. - The company has developed a six-axis five-linkage integral blade machine, which previously had its market dominated by foreign companies [4]. - The machine features proprietary precision sensing detectors and a novel structural layout, revolutionizing traditional blade processing methods [4]. Group 3: Market Performance - As of the end of 2024, Kede CNC's five-axis linkage CNC machine tools have been selected by over 50 user units under major aerospace groups, with approximately 53% of new orders coming from the aerospace sector, showing a nearly 10% year-on-year growth [5]. - The company is also expanding into emerging industries such as new energy vehicles and humanoid robots, indicating a broad application potential for its products [5]. Group 4: Regional and Cultural Context - Kede CNC's growth is closely tied to the industrial foundation of Northeast China, which is conducive to long-term projects and has a rich industrial heritage [5]. - The company emphasizes a long-term approach to business, aligning its development with regional economic characteristics and leveraging local supply chain advantages [5]. Group 5: Challenges and Vision - The founder of Kede CNC, Yu Benhong, emphasizes the importance of overcoming the "pain points" of being dependent on foreign high-end machine tools, which has driven the company's mission to develop its own high-end CNC machines [6][7]. - The company has faced significant challenges in R&D investment and market validation, particularly in the high-end CNC machine tool sector, which has historically been dominated by foreign brands [6][9]. - Kede CNC aims to integrate talent, technology, and industry chains to enhance its market presence and support national industrial capabilities [9].

Group 1 - The GDP of Sanmenxia in Henan province grew by 6.5% year-on-year in the first quarter, with new energy installed capacity exceeding 3 million kilowatts, accounting for 45% of the city's total power generation [1] - The comprehensive income from cultural tourism reached 4.2 billion yuan, representing a 56% year-on-year increase [1] - The traditional metallurgy company is producing gallium crystals from copper anode mud, with an annual output value exceeding 50 million yuan, highlighting the value of waste materials [1] Group 2 - The Baowu Aluminum-based New Materials Industrial Park achieved an output value of 18 billion yuan and created 12,000 jobs, showcasing advancements in aerospace materials [1] - The transformation of Sanmenxia is driven by a significant restructuring of industrial logic, with energy consumption in gold smelting reduced by 23% and product added value increased by 40% [1] - The proportion of strategic emerging industries such as new energy and new materials increased from 12% to 35%, becoming a new engine for economic growth [1] Group 3 - The "three-chain integration" mechanism explored by Sanmenxia has been recognized as a typical case by the National Development and Reform Commission, focusing on ecological, industrial, and innovation chains [1] - The establishment of a horizontal ecological compensation mechanism in the Yellow River basin is part of the ecological chain foundation [1] - The city is supporting new energy and cultural tourism sectors through an industrial transformation fund [1] Group 4 - The local rural area is leveraging AR technology to enhance tourism, attracting over 500,000 research and study visitors annually [2] - The archaeological site park in Yangshao village received 420,000 visitors during the Qingming Festival, leading to a 98% occupancy rate for nearby accommodations [2] - Nighttime economy initiatives have emerged, with night tours generating 37% of consumption in the region [2]

Core Viewpoint - The recent research conducted by the Liaoning Central Enterprise Investment Alliance aims to provide intellectual support and practical pathways for the high-quality development of state-owned enterprises (SOEs) in Liaoning, focusing on deepening SOE reforms, resolving historical issues, and promoting central-local collaborative development [1][3]. Group 1: Research Background - Liaoning Construction Group, a wholly-owned subsidiary of Liaoning Holdings Group, faces multiple challenges including high incidence of judicial cases, accumulation of historical issues such as employee placement, and pressure to transform amid increasing market competition [3]. Group 2: Research Focus - **Resolution of Historical Issues and Compliance Governance**: The research group emphasizes the need for Liaoning Construction to address issues exposed during SOE reforms, suggesting the improvement of employee placement plans and the simultaneous advancement of legal debt restructuring [3]. - **Central-Local Collaboration and Industry Chain Integration**: The Liaoning Central Enterprise Investment Alliance proposes leveraging the "Central Enterprise Home" platform to foster deep cooperation between Liaoning Construction and central enterprises in infrastructure and new energy sectors, drawing on successful experiences such as the fivefold increase in local supply chain integration by AVIC [3]. - **Technological Innovation and Market-oriented Reform**: Recommendations include accelerating the establishment of a "Liaoning State-owned Capital Fund System" to empower traditional industry upgrades, supporting the development of smart construction technologies, and enhancing the "Three Ability Mechanism" reform to enforce performance evaluations and management personnel elimination [3]. Group 3: Outcomes and Prospects - The research group reached a consensus on a "Three Chain Integration" development model, focusing on: - **Industry Chain Collaboration**: Promoting Liaoning Construction's transition to high-value sectors such as urban renewal and ecological restoration through central-local cooperative projects [5]. - **Innovation Chain Empowerment**: Establishing a research base for SOE reform issues and regularly publishing the "Liaoning State-owned Capital Development White Paper" [5]. - **Service Chain Support**: Collaborating with the provincial state-owned assets supervision and administration commission to optimize the "service items list" mechanism, providing tailored support for issues like land rights confirmation and debt resolution [5].

Core Viewpoint - The Gansu Provincial Civil Aviation Airport Group is implementing a "Five Black Egg Chicken" breeding project in Liujiacun Village, aiming to enhance local villagers' income and support rural revitalization strategies [1][3]. Group 1: Project Implementation - The project received a special support fund of 15,000 yuan to distribute 900 high-quality "Five Black Chick" chicks to 25 key monitored households and poverty alleviation households [3]. - Each household is eligible for a subsidy of 1,000 yuan under the local egg chicken breeding subsidy policy, which is expected to increase annual income by over 2,000 yuan per household through a combination of "courtyard economy + policy subsidies" [4]. Group 2: Training and Support - A special working group was established to ensure the project's smooth progress, employing a dual approach of "going out to learn + going deep to research" [4]. - The working team conducted visits to other successful breeding towns to learn about scientific breeding techniques, management models, and sales experiences, while also holding village meetings to understand villagers' breeding intentions and technical needs [4]. Group 3: Innovative Assistance Model - Each household received 35 chicks along with a breeding manual, and professional households were paired for guidance [4]. - Local breeding experts were invited to conduct "field classes" focusing on key techniques such as chick heating and disease prevention to ensure high survival and egg production rates [4]. - The "Five Black Chick" breeding project is a significant initiative by the Gansu Provincial Civil Aviation Airport Group to promote the "skill empowerment, industry enrichment" support philosophy [4].

Core Viewpoint - Technological innovation is the intrinsic driving force for enterprises to achieve high-quality development, with Copper Chemical Group adopting a "three-chain integration" approach focusing on innovation, industry, and talent [1] Group 1: Innovation Chain - Copper Chemical Group is building core competitiveness by leveraging its park carrier, industrial foundation, resource endowment, and talent advantages, focusing on innovative development and green transformation [1] - The company is advancing "mining integration" with a focus on traditional industry transformation and the growth of emerging industries, including the establishment of various smart management platforms and systems [1] Group 2: Industry Chain - Copper Chemical Group has constructed three circular economy industrial chains: mining selection, sulfur-phosphorus chemicals, and fine chemicals, achieving efficient resource utilization [2] - The company is actively promoting new energy and new materials industries, including a 5.75 MW peak distributed photovoltaic project in partnership with Anhui Conch New Energy Co., Ltd [2] Group 3: Talent Chain - Copper Chemical Group enhances innovation by strengthening school-enterprise cooperation, establishing scholarships, and creating internship bases with several universities [2] - The company has developed a tiered and categorized talent training mechanism, focusing on building a high-skilled technical talent team through various training programs and workshops [2]

公司研究丨点评报告丨厦门国贸（600755.SH） [Table_Title] 业绩显著承压，股东回报积极 报告要点 [Table_Summary] 2024 年，公司实现营收 3544.4 亿元，同比下降 24.3%，归母净利润 6.3 亿元，同比下降 67.3%。 2024 年第四季度，公司实现营收 681.1 亿元，同比增长 0.9%，归母净利润-0.9 亿元，同比下 降 275.4%。尽管 1Q25 经营环境依然复杂，但公司持续推进"三链融合"新模式，优化业务结 构，主要经营品种稳中有进。公司经营底部逐步明朗，期待拐点来临，建议积极把握底部布局 机会。 分析师及联系人 [Table_Author] 韩轶超 鲁斯嘉 胡俊文 SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 厦门国贸（600755.SH） cjzqdt11111 [Table_Title2] 业绩显著承压，股东回报积极 [Table_Summ ...