Group 1 - The stock of Jishi Media reached a closing price of 2.45 yuan on August 7, with a significant increase of 9.87% [1] - The stock experienced a total of 7 trading halts, with a closing order fund of 7930.61 million yuan, accounting for 0.93% of its market capitalization [1] - Key factors contributing to the stock's performance include a successful strategic transformation, completion of a 768 million yuan IPTV asset injection, and a strengthened integrated operation model [1] Group 2 - Research and development investment increased significantly by 86.8%, with 1532 projects signed in government and enterprise business, including a major contract worth 180 million yuan [1] - The company is actively involved in AI intelligent agent development and the marketization of data elements, leveraging the Jilin Provincial Data Element Service Center for public data asset services [1] - Strategic cooperation with Changying Group for film IP development, including participation in projects like "731," is expected to enhance market expectations during the summer film season [1] Group 3 - On August 7, the net inflow of main funds was 259 million yuan, accounting for 24.02% of the total transaction volume, while retail investors saw a net outflow of 130 million yuan [1] - Over the past five days, the stock has shown fluctuating trends in fund flows, with varying net inflows and outflows from main and retail investors [1] - The stock is categorized under domestic chips, medical information technology, and IP economy concepts, with respective increases of 1.3%, 1.14%, and 0.69% on the same day [3]

Core Viewpoint - The Chinese steel industry has experienced a reduction in production and a significant increase in profits in the first half of the year, driven by government policies and industry self-discipline [1][2]. Group 1: Economic Performance - In the first half of the year, the total revenue of key steel enterprises was 29,985 billion yuan, a decrease of 5.79% year-on-year, while the total profit reached 592 billion yuan, an increase of 63.26% [2]. - The average profit margin for the steel industry was 1.97%, up by 0.83 percentage points year-on-year [2]. - The crude steel production was 515 million tons, down 3.0% year-on-year, aligning with national industrial control policies [2]. Group 2: Inventory and Market Dynamics - The average month-end steel inventory for key steel enterprises was 18.91 million tons, the lowest level in nearly four years [3]. - The industry is witnessing structural development opportunities despite an overall reduction in production, with increasing demand for high-end manufacturing materials and green low-carbon materials [3]. Group 3: Environmental and Technological Advancements - Investment in energy conservation and environmental protection by key steel enterprises accounted for 28.9% of total investment, an increase of 4.3 percentage points year-on-year [4]. - The total energy consumption decreased by 1.5% year-on-year, and the comparable energy consumption per ton of steel fell by 0.6% [4]. - The industry is advancing in intelligent production and digital transformation, with companies like Shougang and Nanjing Steel implementing AI applications and innovative practices [5]. Group 4: Industry Challenges and Future Outlook - The steel industry is in a deep adjustment period, facing strong supply capabilities and weakened demand, leading to a recovery in profits but with insufficient sustainability [6]. - The Ministry of Industry and Information Technology has issued new guidelines for the steel industry, focusing on improving basic indicators and promoting structural adjustments [6]. - The industry is expected to benefit from the central government's policies aimed at expanding domestic demand, which will provide a favorable environment for development [7].

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [6]. Core Insights - The construction of national data element comprehensive pilot zones is progressing, which is expected to accelerate the landing of data elements and lead to a revaluation of their value across the entire industry chain [2][10]. - The pilot zones, established in ten locations including Beijing, Zhejiang, and Anhui, aim to explore market-oriented and value-oriented paths for the data industry, addressing core issues within the data element sector [10]. - The report suggests focusing on companies with vast data resources and those with strong capabilities in data processing, management, and analysis as potential investment opportunities [2][10]. Summary by Sections Event Description - On July 25, the National Data Bureau held a press conference to introduce the progress of the comprehensive pilot zone construction for data elements [4]. Event Commentary - The pilot work is gradually being carried out, with the expectation that it will address core issues in the data element industry and accelerate its landing process [10]. Policy and Market Development - Related policies are being developed to support the circulation of data elements, with various local governments issuing guidelines to standardize data transactions [10]. - Different pilot zones are applying unique approaches based on local conditions, which will contribute to the exploration of data elements in various scenarios [10].

Group 1: Background of Hainan Free Trade Port and Digital Economy Development - Hainan Free Trade Port is set to officially operate and expand its openness by 2025, with significant progress made by mid-2025, including a 28.75% year-on-year increase in cargo throughput at Yangpu Port and a 48% increase in foreign visitors [1] - The launch of the "International Data Comprehensive Service Zone" aims to facilitate cross-border data flow, aligning with the strategic goal of strengthening the digital economy [1] Group 2: Company Overview and Role in Hainan - Beijing Sanwei Tiandi Technology Co., Ltd. (Sanwei Tiandi) is positioned as a key player in Hainan's digital economy, leveraging its expertise in data asset management, AI applications, and quality infrastructure services [2] - The company has established a wholly-owned subsidiary in Hainan since 2019, focusing on cloud computing product development and providing information technology services to various local enterprises [2] Group 3: RDA and Cross-Border Data Assetization - Sanwei Tiandi's "Data Element Transaction Operation Management Platform" addresses compliance issues for cross-border data flow post-Hainan's closure, utilizing blockchain and IoT technologies to create tradable RDA asset units [3] - The company aims to support international data cooperation under a "negative list" framework for data export, providing services such as data packaging and certification for physical assets [3] Group 4: Financial Innovation and Industry Linkage - The "Quality Loan" model, successfully piloted in Guangxi, can be adapted to develop a "Free Trade Port Data Credit Model" for Hainan's key industries, such as biomedicine and high-end food processing [4] - This model integrates enterprise data to verify tax exemption qualifications and offers supply chain financial services to small and medium-sized foreign trade enterprises [4] Group 5: AI Agent (SunwayLink) and Smart Regulation - SunwayLink enhances regulatory efficiency by automating compliance checks and improving risk identification for smuggling and inspection processes, significantly reducing the time for generating health inspection reports [5][6] - The AI-powered tools assist small enterprises in tax classification and optimize international logistics by matching tariff benefits automatically [6] Group 6: NQI and Quality Data Ecosystem - Sanwei Tiandi's NQI platform aims to integrate fragmented quality resources in Hainan, establishing a comprehensive traceability system for various products to ensure regulatory safety [8] - The initiative supports the goal of achieving a 200 billion digital economy by transforming quality data into tradable assets and providing certification services for local agricultural products [9] Group 7: Future Pathways for Development - The company plans to participate in institutional innovation trials, converting regulatory frameworks into executable data verification algorithms to align with international standards [10] - Sanwei Tiandi aims to create a "zero-tariff product AI compliance engine" and develop a credit model for cross-border trade enterprises based on historical compliance data [11][12] - The successful implementation of these strategies positions Sanwei Tiandi as a critical enabler of Hainan's digital economy, contributing to the broader national data market reform [12]

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]

Group 1 - The Shanghai Stock Exchange and China Securities Index Company announced the launch of the Shanghai Stock Exchange Science and Technology Innovation Board Private Enterprise Index and the Shanghai Stock Exchange Science and Technology Innovation Board Private Enterprise 50 Strategy Index, providing performance benchmarks and investment targets for the private enterprise sector in the Sci-Tech Innovation Board [1][10] - The Civil Aviation Administration of China has approved the delivery of the V2000CG Kai Rui Ou, the world's first eVTOL aircraft with "three certificates" (TC, PC, and AC), marking a significant milestone in the eVTOL industry [2][16][21] Group 2 - The People's Bank of China reported that by the end of Q2 2025, the balance of RMB loans from financial institutions reached 268.56 trillion yuan, a year-on-year increase of 7.1% [4] - The balance of real estate loans was 53.33 trillion yuan, with a year-on-year growth of 0.4%, while personal housing loans saw a slight decline of 0.1% [4] - The National Data Bureau is accelerating the construction and application of high-quality data sets to promote the marketization and valuation of data elements [5][7] Group 3 - The Ministry of Industry and Information Technology reported that by the end of June 2025, the total number of mobile phone users reached 1.81 billion, with 5G users growing rapidly to 1.12 billion, accounting for 61.8% of total mobile phone users [9] - The Shanghai Municipal Economic and Information Commission issued a development action plan for the next-generation display industry, aiming to create a complete industrial chain and enhance competitiveness by 2030 [8] Group 4 - The issuance of panda bonds by international development institutions has surpassed 1 trillion yuan, with over 90 institutions participating [10] - Public funds reported their top ten heavy stocks, with Tencent Holdings leading at a market value of 59.156 billion yuan [11] - The China Life Group reported a significant increase in insurance coverage and investment in the equity market, with total assets exceeding 8 trillion yuan [12] Group 5 - The Zhengzhou Commodity Exchange launched propylene futures and options, marking a significant development in the chemical industry [11] - The announcement of the first eVTOL aircraft delivery signifies a breakthrough in the commercial application of eVTOL technology [16][21]

Core Insights - High-quality, multi-modal, and well-annotated data is crucial for the development of artificial intelligence, with current industry feedback indicating a shortage of quality datasets hindering progress [1][5] - The National Data Bureau is actively promoting the construction of data industry clusters and enhancing the data element market, recognizing data as a key driver of the digital economy [2][3] Data Industry Development - As of mid-2023, seven data annotation bases have been established in cities like Hefei and Chengdu, producing 524 datasets exceeding 29PB in size, serving 163 large models [1] - The upcoming 2025 China International Big Data Industry Expo will feature activities focused on high-quality datasets and data annotation, including supply-demand matching events [1][5] Policy and Regional Initiatives - The National Data Bureau, along with other departments, has issued guidelines to promote high-quality data industry development, fostering a competitive and vibrant data ecosystem [3] - Cities such as Shanghai and Henan have implemented policies to support data industry growth, while Guizhou has established a data sharing platform to facilitate government data sharing [3][4] Infrastructure and Resources - Guizhou, as a key hub for the "East Data West Computing" strategy, has 28 large data centers with a storage capacity of 25EB and a computing power scale of 85EFLOPS, accounting for over 98% of the province's intelligent computing capacity [3][4] Future Plans - The National Data Bureau plans to optimize data industry planning and transition from "point breakthroughs" to "full-scale development," with initiatives to establish data industry cluster pilot projects in the second half of the year [4][6] - An ecological cultivation action will be launched to collect and promote high-quality dataset case studies, hold technical exchange activities, and create a regular supply-demand matching platform [5][6]

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The total demand for industrial silicon from its three major downstream industries continues to show a slowdown trend. Today, industrial silicon hit the daily limit, mainly due to the increase in coal and energy prices. The spot price has not risen yet, and the current overall spot profit is substantial with high market sentiment. It is recommended to wait and see in the short - term and maintain a short - selling strategy in the medium - to long - term [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract is 9,655 yuan/ton, up 395 yuan; the position of the main contract is 380,961 lots, down 2,335 lots; the net position of the top 20 is - 49,932 lots, up 20,525 lots; the warehouse receipts of GZEE are 50,141 lots, down 252 lots; the price difference between August and September industrial silicon is - 20 yuan, down 25 yuan [2]. 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9,700 yuan/ton, up 200 yuan; the average price of 421 silicon is 9,950 yuan/ton, up 200 yuan; the basis of the Si main contract is 45 yuan/ton, down 195 yuan; the DMC spot price is 10,860 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,720 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2]. 3.4 Industry Situation - The monthly output of industrial silicon is 305,200 tons, up 5,500 tons; the weekly social inventory of industrial silicon is 552,000 tons, up 10,000 tons; the monthly import volume of industrial silicon is 2,211.36 tons, up 71.51 tons; the monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons [2]. 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, up 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,300 yuan/ton, unchanged; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon is 4.94 US dollars/kg; the monthly export volume of unforged aluminum alloy is 25,770.18 tons, up 1,590.89 tons; the weekly operating rate of organic silicon DMC is 71.38%, up 1.97 percentage points; the monthly output of aluminum alloy is 1.669 million tons, up 24,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, down 337.93 tons [2]. 3.6 Industry News - The deputy director of the National Data Bureau stated that the bureau will promote the market - oriented reform of data elements and the "Artificial Intelligence +" action. The National Energy Administration issued a notice on coal production verification [2]. 3.7 Viewpoint Summary - On the supply side, the spot price of industrial silicon has risen significantly. The fertilizer subsidy policy in the Ili region of the Northwest remains stable. In the Southwest, production costs have decreased, with varying progress in enterprise resumption. On the demand side, in the organic silicon field, the spot price has increased, the production profit has declined, the cost has risen, and the operating rate has increased, supporting industrial silicon. In the polysilicon field, mainstream enterprises are reducing production, the industry is operating at a reduced load, and the demand for industrial silicon has declined. In the aluminum alloy field, enterprises replenish inventory as needed, inventory has increased, prices have declined, and it is difficult to drive the demand for industrial silicon [2]. 3.8 Key Focus - There is no news today [2].

Group 1 - The core viewpoint of the news highlights the performance of the Sci-Tech Innovation Board Artificial Intelligence Index and the related ETF, indicating fluctuations in stock prices and overall market trends [3][4][5] - As of July 22, 2025, the Sci-Tech Innovation Board AI Index (950180) decreased by 0.75%, with notable gainers including Lingxi Network (688475) up by 2.69% and Cambricon (688256) up by 2.13% [3] - The Sci-Tech AI ETF (588790) saw a decline of 1.01%, with a latest price of 0.59 yuan, but had a weekly increase of 3.48% as of July 21, 2025, ranking 2nd among comparable funds [3][4] Group 2 - The latest scale of the Sci-Tech AI ETF reached 4.777 billion yuan, marking a new high since its inception and ranking 1st among comparable funds [4] - The ETF experienced a significant increase in shares, with a growth of 318 million shares over the past two weeks, also ranking 1st among comparable funds [4] - Net inflow of funds into the Sci-Tech AI ETF was 49.806 million yuan, with a total of 164 million yuan net inflow over the last five trading days [5] Group 3 - Leveraged funds have been actively investing in the Sci-Tech AI ETF, with a maximum single-day net purchase of 148 million yuan, bringing the latest financing balance to 466 million yuan [5] - The ETF has shown an 8.12% increase in net value over the past six months, with a historical average return rate of 9.71% during rising months [5] - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are relatively low compared to comparable funds [5] Group 4 - The Sci-Tech AI ETF closely tracks the Sci-Tech Innovation Board Artificial Intelligence Index, which includes 30 large-cap companies providing foundational resources, technology, and application support for AI [6] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 68.03% of the total index weight, with notable companies like Cambricon (688256) and Lanke Technology (688008) included [7]

Core Insights - The National Data Bureau is actively promoting the development of the data labeling industry and high-quality data set construction, with a focus on enhancing the value of data in the artificial intelligence era [2][3] Group 1: Data Labeling and Quality Data Sets - Seven data labeling bases have been established in cities like Hefei and Chengdu, resulting in the creation of 524 data sets, exceeding 29PB in scale, and serving 163 large models as of mid-2023 [2][3] - The National Data Bureau has initiated a series of technical documents and standards, including guidelines for high-quality data construction and evaluation, which will be promoted to national standards in the future [3] Group 2: Industry Development Strategies - The National Data Bureau plans to optimize the industrial planning layout, transitioning from "single-point breakthroughs" to "holistic development" of the data industry [4] - In the second half of the year, the Bureau aims to establish pilot data industry clusters, supporting regions to leverage their resources and industrial foundations to create competitive and demonstrative data industry zones [5]