Core Points - The meeting on August 2 focused on advancing the governance work led by party building in a grid-based manner, emphasizing the importance of social governance as articulated by General Secretary Xi Jinping [1][2] - The city aims to enhance governance capabilities, promote high-quality development, and improve people's welfare through the implementation of the "Five Basics and Four Modernizations" strategy and the "Artificial Intelligence+" initiative [2][3] Group 1 - The meeting highlighted the significance of using the "Party Building + Grid + Big Data" model to strengthen the governance framework, which includes ten key components for effective governance [3] - There is a strong emphasis on enhancing the leadership of the party and integrating urban operation and governance through a smart central hub [3] - The city plans to accelerate the digital transformation of economic and social development while ensuring effective grassroots governance [3] Group 2 - The meeting was conducted via video conference, with various districts and towns participating, indicating a collaborative approach to governance [4] - Attendees expressed gratitude to grid workers, showcasing the importance of grassroots involvement in governance [4]

Core Viewpoint - The implementation of the "Liaoning Province Digital Government Construction Implementation Plan (2025-2027)" aims to enhance government governance efficiency and promote the coordinated development of the digital economy and society through advanced digital technologies like big data and artificial intelligence [1][2]. Group 1: Implementation Plan Features - The plan emphasizes integrated construction, focusing on top-level design and overall promotion, with a goal of establishing a collaborative and efficient governance structure [3]. - It aims to empower data through open sharing, enhancing cross-level and cross-domain data sharing while promoting the effective use of data resources [3]. - The plan seeks to benefit enterprises and citizens by integrating digital reforms into government functions, creating a digital service system that is accessible and convenient [3]. - It includes a focus on security and control, establishing a robust security system to protect data and network integrity [3]. Group 2: Key Tasks and Goals - The plan outlines 22 key tasks for the next three years, with a target to establish a "1131" digital government operational system by 2027 [4]. - The first "1" refers to efficient and centralized integrated infrastructure, the second "1" to open and shared data resources, "3" to applications that enable "one-stop" services, and the final "1" to a dynamic defense security system [4]. - Specific tasks include enhancing online service efficiency, expanding value-added services for enterprises, and innovating smart government applications [4].

Group 1 - The "Regulations on Government Data Sharing" will be implemented starting August 1, 2025, aiming to enhance the efficiency and security of government data sharing, thereby advancing digital government construction in China [1] - The regulations define government data, sharing principles, management systems, and legal responsibilities, addressing the issue of "data silos" and improving data supply efficiency [1] - The digital government market is projected to reach 208.6 billion RMB by 2029, driven by macroeconomic stimulus policies and the implementation of the 14th Five-Year Plan [1] Group 2 - Following the release of the "Overall Layout Plan for Digital China Construction," stocks in the smart government and digital economy sectors saw significant increases, with companies like Zhonghe Technology and Yingfeituo hitting their daily limits [2] - Notable stock performances include Zhonghe Technology with a price of 10.07 RMB and a rise of 10.05%, and other companies like Zhongtong Guomai and Wantong Technology also showing substantial gains [3] Group 3 - Companies benefiting from government support for data sharing include China Mobile, China Telecom, and China Unicom in public data operations, as well as financial service firms like Hengsheng Electronics and Zhongke Soft [4] - Other sectors involved include trade and logistics with Shanghai Steel Union, healthcare with Zhongke Jiangnan and others, and transportation with Zhongyuan Haike [4]

Core Viewpoint - The implementation plan for the construction of a digital government in Liaoning Province aims to modernize government governance systems and capabilities through comprehensive digital transformation, moving beyond traditional e-government to a fully integrated digital government model [1][2]. Group 1: Digital Government Framework - The plan outlines a roadmap and timeline for building a digital government system that aligns with national governance modernization, targeting the establishment of a comprehensive digital government framework by 2027 [1]. - Key components include efficient and integrated infrastructure, open and shared data resources, and a dynamic security protection system [1]. Group 2: Infrastructure and Support Systems - The plan emphasizes the need for a robust integrated support system, focusing on enhancing cloud network capabilities, common application support, and artificial intelligence integration [2]. - It aims to improve the capabilities of government cloud services and electronic government networks, while also integrating non-sensitive business networks with electronic government external networks [2]. Group 3: Data Resource Management - The plan proposes a unified directory management for public data, creating a comprehensive account of public data resources across the province [3]. - It includes the establishment of specialized databases in key areas such as education, culture, tourism, and healthcare, while promoting high-quality public data supply and efficient circulation [3]. Group 4: Application Systems - The construction of a "three-network" intelligent application system is highlighted, which includes "one network for government services," "one network for collaborative operations," and "one network for social governance" [4]. - The plan aims to enhance online service efficiency, expand value-added services for enterprises, and improve urban governance and market regulation capabilities through data integration and platform system development [4].

Core Insights - Xuzhou is transitioning from a traditional industrial hub to a digital economy center, leveraging its geographical advantage and integrating safety into its digital city construction [1] - The collaboration between Xuzhou and Huawei Cloud focuses on building a comprehensive security operation system centered around "Security Cloud Brain" to enhance data security and resource integration [2][4] - The establishment of the "Xuzhou Government Cloud" platform aims to promote smart governance and efficient utilization of data resources, incorporating over 300 municipal projects into a unified management system [1][2] Group 1 - The "Xuzhou Action Plan for Deepening Intelligent Manufacturing Transformation (2025-2027)" emphasizes the importance of safety management and emergency response capabilities in digital transformation [1] - The partnership with Huawei Cloud has evolved from infrastructure development to a focus on security capabilities, marking a significant upgrade in their collaboration [2] - The "Xuzhou Government Cloud" has been developed to provide one-stop services for government information systems, marking the initial steps towards a digital economy [2][3] Group 2 - The "Xuzhou Government Cloud" platform has successfully established a digital foundation for the city, incorporating core components like Gaussian databases and cloud search for autonomous innovation [3] - The "Security Cloud Brain" serves as the main security operation platform, addressing the complexities of cybersecurity in the context of cloud-based governance [4][6] - The platform utilizes cloud-native architecture to manage assets and security status, creating a "digital asset map" for effective identification and remediation of security vulnerabilities [4][6] Group 3 - The "Security Cloud Brain" integrates advanced threat analysis capabilities to manage and respond to security incidents, enhancing operational efficiency [5][6] - The AI-driven approach in security operations has significantly improved the detection of vulnerabilities and potential threats, increasing operational efficiency by 60% [6][7] - A standardized emergency response model has been established, ensuring comprehensive security protection for the Xuzhou Government Cloud [7]

2025.06. 14 本文字数：2303，阅读时长大约4分钟 作者 | 第一财经 何涛 据深圳市委常委、秘书长、改革办主任郑红波透露，《意见》印发后，深圳市第一时间传达学习、部 署安排，第一时间制定任务分工方案，逐项细化任务书、路线图、时间表、责任制，已将《意见》落 地实施列入全市重大改革调度事项。 接下来，深圳将怎样推动《意见》落地落实，兑现"大礼包"的含金量？6月13日，郑红波和深圳市发 展和改革委员会主任郭子平，分别对媒体进行了阐释。 郑红波表示，《意见》在新起点上赋予深圳一系列重大改革任务，深圳将从四个方面进行落实，包 括：在创新教育科技人才体制机制上先行先试；着力强化创新链产业链资金链人才链深度融合；着力 拓展粤港澳合作国际合作的新途径新场景新载体；着力建设现代化国际化创新型城市。 教育科技人才体制机制一体改革，是《意见》部署的重点改革举措。郑红波称，深圳将围绕建设具有 全球重要影响力的产业科技创新中心的目标，实施更加积极、开放、有效的人才和创新政策，以最大 力度，"不唯地域、不问出身、不求所有、不拘一格、不遗余力"，引进、培养、使用、协作和服务各 类人才。 "四链"融合是深圳产业发展的重要经验， ...

Core Viewpoint - The National Information Center and the Yongchuan District People's Government of Chongqing signed a strategic cooperation agreement to enhance collaboration in digital economy development, focusing on infrastructure, data flow, talent cultivation, and creating a data element industry ecosystem [1][3]. Group 1: Strategic Cooperation - The agreement emphasizes "complementary advantages, mutual benefit, and long-term cooperation" to leverage strengths in policy research, industry cultivation, technological innovation, market expansion, and talent training [1]. - The collaboration aims to establish a long-term cooperation mechanism and build a "cross-border trusted data space" to promote high-quality development of the digital economy [1][3]. Group 2: Yongchuan District's Digital Economy - Yongchuan District is positioned to become a hub for digital economy innovation, with a focus on data element circulation and integration into the data element industry ecosystem [3]. - The district plans to enhance its digital government and smart city initiatives, and develop a data element circulation system to facilitate cross-border data transactions [3][4]. Group 3: Technological Infrastructure - Yongchuan has implemented a "1358" action plan to create a nationally influential technology film industry ecosystem, featuring a state-of-the-art film studio with 12 professional studios and advanced equipment [4]. - The district is developing a digital asset platform for technology films, integrating AI scheduling and digital watermarking to create a comprehensive service platform that serves the southwestern region [4].

投资建议： 近期科技板块利好持续释放，各类新技术、新政策、新业态持续落地，我们维持计算机板块 " 增持 " 评级。 报告导读： 中国香港发布《稳定币条例》，带动稳定币市场增长进入全新阶段，政务数据 与 AI 领域也同样在持续稳步发展。 本文摘自：2025年6月8日发布的 稳定币发展迎来重大利好，政务数据与AI同样值得关注 杨 林 ，资格证书编号： S0880525040027 杨昊翊 ，资格证书编号： S0880525040126 魏 宗 ，资格证书编号： S0880525040058 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 中国香港《稳定币条例》将于 8 月 1 日生效，稳定币发展迎来重大利好。 根据 21 世纪经济报道官微， 5 ...

Domestic Macro - The State-owned Assets Supervision and Administration Commission and other departments issued a notice on May 30 to enhance the salary distribution incentives for skilled talents in state-owned enterprises, introducing a special allowance linked to skill levels [5][12]. - On June 3, the State Council announced the implementation of the "Regulations on Government Data Sharing," aimed at building a digital government [5][13]. - The State Council issued a notice on June 5 to conduct the fourth national agricultural census, which will include rural households and agricultural production units [5][13]. - The Central Military Commission issued regulations to improve the quality and efficiency of military facility construction [5][13]. - The central bank is set to conduct a 1 trillion yuan reverse repurchase operation [5][14]. Domestic Industry - The Ministry of Industry and Information Technology released the "Computing Power Interconnection Action Plan" on May 30 [5][14]. - The Ministry of Ecology and Environment and other departments issued guidelines to strengthen ecological culture construction [5][14]. - The Ministry of Education emphasized the importance of transforming the blueprint for a strong education nation into reality [5][14]. - The Ministry of Commerce launched the "Service Consumption Season" for 2025 on June 3, promoting the integration of various service sectors [5][14]. - The National Energy Administration announced the first batch of pilot projects for the construction of a new power system on June 4 [5][14]. Local Policies - The Shanghai government held a press conference on May 30, announcing the Lujiazui Forum scheduled for June 18-19 [6][17]. - Beijing released a three-year action plan (2025-2027) to enhance property management services [6][17]. - The Shenzhen government issued a plan to promote high-quality development of service trade and digital trade [6][17]. - The Guangzhou government emphasized accelerating major project construction and optimizing industrial layout [6][17]. Overseas Dynamics - The U.S. announced an increase in import tariffs on steel to 50% on May 30 [7][19]. - The U.S. Trade Representative extended the exemption period for certain tariffs on China under Section 301 [7][19]. - India finalized a new electric vehicle policy allowing companies to import electric vehicles at a reduced tariff [7][19]. - On June 5, the U.S. announced a comprehensive travel ban on citizens from 12 countries [7][19].

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - The domestic economic fundamentals showed a slight weakening in April, but the official manufacturing PMI stopped falling and rebounded in May, and the economic situation is expected to show a marginal improvement trend. Overseas, the US economic growth momentum has weakened, and the overall economic outlook remains pessimistic. The bond market has returned to being driven by the capital and fundamental factors. The capital situation this month may remain balanced and loose, but one should be wary of the risk of a decline in long - term bonds due to short - term spread corrections [9][10][96] Summary by Directory 1. Market Review - **Weekly Data**: The main contracts of 30 - year, 10 - year, 5 - year, and 2 - year treasury bond futures rose by 0.92%, 0.41%, 0.26%, and 0.10% respectively. The trading volumes of TS and TF main contracts increased, while those of T and TL main contracts decreased. The open interests of TS, TF, T, and TL main contracts all increased [13][31] - **Treasury Bond Futures Market Review**: The closing prices of the main contracts of 30 - year, 10 - year, 5 - year, and 2 - year treasury bond futures showed an upward trend this week [16][23] 2. News Review and Analysis - **Key News Review**: From January to April, the national social logistics total was 115.3 trillion yuan, with a year - on - year increase of 5.6%. In May, China's Caixin manufacturing PMI was 48.3, and the service PMI was 51.1. Twenty cities were short - listed for the urban renewal action, with central financial subsidies expected to exceed 20 billion yuan. The US economic activity slightly declined, and the two heads of state agreed to hold a new round of talks as soon as possible [34][35][36] 3. Chart Analysis - **Spread Changes**: The spreads between 10 - year and 5 - year, 10 - year and 1 - year treasury bond yields, and between the main contracts of 2 - year and 5 - year, 5 - year and 10 - year treasury bond futures all slightly widened. The inter - period spreads of 10 - year contracts weakened slightly, and those of 30 - year contracts fluctuated. The inter - period spreads of 2 - year and 5 - year contracts both weakened slightly [42][49][53] - **Treasury Bond Futures Main Position Changes**: The net short positions of the top 20 positions in the T main contract decreased significantly [66] - **Interest Rate Changes**: The overnight, 1 - week, and 2 - week Shibor rates all declined, and the 1 - month Shibor rate fluctuated slightly at 1.62%. The yields of domestic treasury bond cash bonds all declined. The spreads between Chinese and US 10 - year and 30 - year treasury bond yields both narrowed slightly [70][74] - **Open Market Operations**: The central bank conducted 93.09 billion yuan in reverse repurchases and had 160.26 billion yuan in reverse repurchases due, resulting in a net withdrawal of 67.17 billion yuan. The weighted average DR007 rate fell to around 1.53% [77] - **Bond Issuance and Maturity**: This week, bonds worth 173.0761 billion yuan were issued, with a total repayment of 12.8872 billion yuan and a net financing of 27.9365 billion yuan [81] - **Market Sentiment**: The central parity rate of the RMB against the US dollar increased by 3 basis points this week, and the spread between the offshore and onshore RMB weakened. The 10 - year US treasury bond yield fluctuated downward, and the VIX index declined slightly. The 10 - year treasury bond yield in China declined significantly, and the A - share risk premium increased slightly [86][89][93] 4. Market Outlook and Strategies - **Market Outlook**: Domestically, the fundamentals are expected to show a marginal improvement. Overseas, the US economic outlook remains pessimistic, and one should be wary of the impact of the expected difference on the market [96] - **Strategies**: The possibility of consecutive interest rate cuts is low. The bond market is now driven by the capital and fundamental factors. The capital situation this month may remain balanced and loose. One should be wary of the risk of a decline in long - term bonds due to short - term spread corrections [97]