Summary of the Conference Call Company Overview - **Company**: Chutianlong - **Industry**: Technology, Digital Currency, Telecommunications Key Points and Arguments Industry Performance and Outlook - The technology sector has shown better performance, sentiment, and order conditions compared to other industries, with a prediction that the large technology style will dominate the A-share market over the next three years [2][4] - Communication, computer, and media sectors are currently undervalued, with companies like ZTE, Xunxin, and Luxshare Precision having low price-to-earnings ratios around ten times [3][4] - AI technology is driving significant changes in the industry, with major figures like Bill Gates, Zuckerberg, and Musk recognizing its importance [3] Digital Currency Trends - The development of digital currencies is positive, with a global rise in stablecoins, including new legislation in the US and extensive promotion in Hong Kong [2][6] - Chutianlong is a leading company in the domestic digital currency sector, ranking first in traditional card business and participating in the formulation of national core standards [2][6] Financial Performance - Chutianlong expects a net loss of 35 to 40 million yuan in the first half of 2025, attributed to weak market demand, declining product bidding prices, slow payment from government clients, and increased R&D investment [2][7] - The company aims to improve internal efficiency and accelerate accounts receivable collection to achieve a turnaround by year-end [7] Business Segments - The most promising segments for profitability in the second half of 2025 are social security and telecommunications, with a leading market share in social security and expectations for growth in super SIM cards and IoT cards [8][9] - The company is increasing R&D investment in digital currency applications and AI certification [8][16] Stablecoin and RMB Internationalization - Chutianlong views the promotion of the digital RMB as crucial for the internationalization of the RMB, with stablecoin strategies centered around the RMB [10][15] - The company is actively involved in the development of digital currency operational institutions and systems, with ongoing projects in cross-border trade and settlement systems [12][14] Market Challenges and Strategies - The company faces challenges from slow account receivable recovery and increased competition in overseas markets, leading to a strategic focus on established products for international expansion [17][19] - Chutianlong is exploring partnerships with major companies for stablecoin development and cross-border applications, indicating a proactive approach to market opportunities [18][23] Future Outlook - Despite short-term performance pressures, the company expresses confidence in long-term growth, supported by increased business activities and strategic partnerships [24] - The company is optimistic about the future of stablecoins and their integration with digital RMB, highlighting the potential for innovative financial transactions [11][18] Additional Important Content - AI applications are beginning to show significant value, with developments in smart governance and potential for future growth in various sectors [21] - The company is exploring BIM (Building Information Modeling) and its integration with SIM cards and blockchain technology, indicating a focus on innovative solutions [22]

Core Insights - Shanghai's Xuhui District is launching a "Metaverse Street" to promote new "ACG (Anime, Comic, Game) consumption" through collaboration with local gaming companies [1][2] - The gaming industry in Xuhui is significant, with over 70 large-scale gaming enterprises and projected total revenue exceeding 70 billion RMB in 2024, accounting for over 40% of Shanghai's gaming revenue [1] - The "Neo World" Metaverse Street spans 1.9 kilometers, featuring commercial entities alongside major gaming company headquarters, aiming to enhance the value of gaming IPs by integrating online and offline channels [1] Industry Developments - The "Metaverse Summer Carnival" event from July 18 to August 17 will feature five major IP theme days, special performances, and pop-up stores, combining cultural experiences with commercial consumption [2] - The initiative aims to create a cross-industry celebration that fosters community interaction and enhances consumer engagement [2] - Major gaming IPs are actively participating in the Metaverse initiative, indicating a trend of direct involvement from top gaming companies in the physical space [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The continuation of the anti - involution market is the main macro - logical line for domestic commodity and stock market trading. Policy expectations under the current economic situation lead to the continuation of this market. The upcoming release of the MIIT's ten - key industries' stable growth plan and the start of the Yarlung Zangbo River downstream hydropower project jointly strengthen the anti - involution market, causing a general rise in domestic - priced commodities, especially industrial products [2][4]. - The background for the ten - key industries' stable growth plan is the challenges faced in the current industrial economy. The ideas for dealing with these challenges are stable growth and transformation, which are complementary. The stable growth is to consolidate the foundation, and the transformation is manifested in improving development quality and cultivating development momentum. The plan clarifies the direction of the anti - involution market, but the final implementation may not exceed expectations, and the market trend is expected to be tortuous with rapid rotation of hot sectors and varieties [6][8]. - For investment strategies, it is not advisable to go against the trend during the fermentation of the anti - involution market, and risks should be controlled and rapid price corrections should be guarded against when the market is extremely optimistic [8]. 3. Summary by Related Content Event Introduction - On July 18, MIIT's Chief Engineer Xie Shaofeng stated that a new round of stable growth work plans for ten key industries such as steel, non - ferrous metals, petrochemicals, and building materials would be implemented, and the specific plans would be released soon. On July 19, the start ceremony of the Yarlung Zangbo River downstream hydropower project was held, with a total investment of 1.2 trillion yuan, a total installed capacity of 60 million kilowatts, and an expected annual power generation of about 300 billion kilowatt - hours. These two events jointly strengthened the anti - involution market, leading to a general rise in domestic - priced commodities [2]. Market Performance - Domestic - priced commodities, especially industrial products, witnessed a long - awaited general rise. Alumina once rose more than 8% during the session, leading the domestic commodities, and varieties such as glass, soda ash, coking coal, and caustic soda once rose more than 5% during the session. The table also shows the settlement price and price change rates of various commodities such as iron ore, rolled steel, and palm oil [2][3]. Economic Situation and Policy Expectations - From the second - quarter macro data, the overall economy has resilience but is weakening marginally. The real estate sector still drags down the economy, exports face challenges, and consumption plays a major role. The continuous negative growth of PPI for 33 months indicates an endogenous deflation risk in the Chinese economy, which forms a negative feedback loop. The market has strong policy expectations under this situation, and the anti - involution market continues [4]. MIIT's Work Plan - In the second half of the year, to maintain the stable operation and high - quality development of the industrial economy, MIIT will focus on two major actions. One is to implement a new round of stable growth actions, including printing stable growth work plans for industries such as machinery, automobiles, and power equipment. The other is to implement intelligent and green transformation and upgrading actions, including printing digital transformation implementation plans for the automobile, machinery, and power equipment industries and green development outlines for the aviation and shipbuilding industries [5]. Policy Background and Ideas - The background for the ten - key industries' stable growth plan is the challenges in the current industrial economy, such as external uncertainties and industrial structural contradictions. The ideas are stable growth and transformation. Stable growth aims to consolidate the foundation, and transformation is manifested in improving development quality and cultivating development momentum. To implement these, the development environment needs to be optimized [6]. Policy Impact and Investment Strategy - The upcoming release of the MIIT's ten - key industries' stable growth plan clarifies the direction of the anti - involution market and strengthens investors' expectations. The start of the hydropower project makes up for the market's concerns about the lack of demand - side pull in the "supply - side reform". However, the final implementation of the plan may not exceed expectations, and the market trend will be tortuous. For investment, it is not advisable to go against the trend during the market fermentation, and risks should be controlled when the market is overly optimistic [8].

Core Insights - The report highlights the significant growth of China's retail sales, which are approximately 80% of the United States in absolute terms, and exceed the US in terms of purchasing power by 1.6 times according to World Bank data [4] - The establishment of the new state-owned enterprise, China Yajiang Group, with a total investment of about 1.2 trillion yuan, indicates a strong push for infrastructure and industrial development [6] - The report emphasizes the importance of innovation in future industries such as humanoid robots, metaverse, and brain-computer interfaces, as promoted by the Ministry of Industry and Information Technology [6] Industry Updates - The National Export Control Work Coordination Mechanism has initiated a special action to combat the smuggling of strategic minerals, impacting related stocks such as Northern Rare Earth and Dongfang Zuoye [6] - The report notes that the market is experiencing a shift towards value investing, with large-cap stocks showing a trend of upward movement, replacing pure concept speculation [10] - The rare earth sector is leading the market rally, driven by government policies on illegal exports and new mineral discoveries, alongside increased demand for humanoid robots [10] Company Focus - China Unicom is exploring the layout of a 100,000-card computing cluster, aiming for a computing scale of 45 EFLOPS by the end of the year [8] - Betta Pharmaceuticals is advancing its clinical projects targeting the KRAS gene, with plans to submit clinical trial applications soon [8] - Luxshare Precision has commenced construction of its robotics headquarters project in Changshu, with a total investment of 5 billion yuan, expected to achieve an annual output value of 10 billion yuan upon reaching full production [8] - Yinlun Machinery has delivered its liquid cooling system for data centers as scheduled, with expectations for accelerated order acquisition due to high investments in digital energy thermal management [8]

Group 1 - The Ministry of Industry and Information Technology emphasizes the promotion of humanoid robots, brain-computer interfaces, and other future industries for innovation and development [1] - The establishment of China Yajiang Group is a significant step to ensure the smooth construction and operation of the Yajiang Hydropower Project, aligning with national security and energy strategies [2] - UBTECH Robotics has secured the largest procurement order in the humanoid robot sector, amounting to approximately 90.51 million yuan, and plans to deliver 500 industrial humanoid robots this year [3] Group 2 - Central state-owned enterprises have signed 75 investment agreements in Tibet, totaling 317.54 billion yuan, focusing on clean energy, green minerals, and infrastructure, which is expected to create over 11,400 jobs [4] - Over 43% of A-share companies have reported positive half-year performance forecasts, with 193 companies expected to turn losses into profits, indicating a favorable trend in the market [8] - The merger and acquisition market has seen a surge with 200 new major asset restructuring projects reported since the introduction of the "Merger Six Guidelines" [10]

Core Viewpoint - The article highlights various government initiatives and industry developments aimed at stabilizing growth in key sectors, addressing competition issues in the automotive industry, and promoting foreign investment in China. Macro News - The Ministry of Industry and Information Technology announced that a work plan for stabilizing growth in ten key industries, including steel and non-ferrous metals, will be released soon [1][8] - The National Development and Reform Commission, along with six other departments, issued measures to encourage foreign investment and reinvestment in China, focusing on advanced manufacturing and high-tech sectors [6] - The Ministry of Industry and Information Technology plans to accelerate 6G technology research and development and promote new industries such as bio-manufacturing and low-altitude industries [6][9] Market Highlights - The China Securities Regulatory Commission is working on improving accounting regulations to enhance the quality of financial disclosures in the capital market [11] - As of July 18, 211 companies are in the process of filing for overseas listings, with 165 planning to list on the Hong Kong Stock Exchange [11] - The 2025 China (Shenzhen) Unicorn Enterprise Conference reported that the number of unicorn companies in China is expected to reach 372 by 2024, with a total valuation exceeding $1.2 trillion [11] Major Company Developments - NIO issued a statement addressing malicious rumors about the company and its employees, emphasizing its commitment to lawful operations [16] - China Unicom and Huawei signed a strategic cooperation agreement to enhance collaboration in network and technology services [16] - Oriental Hope Group released a statement defending its operations in the polysilicon industry against false information and reaffirming compliance with market regulations [17] - ChipLink Integration announced plans to acquire a 72.33% stake in ChipLink Yuezhou for approximately 5.897 billion yuan, which constitutes a related party transaction [12]

Group 1 - The Yarlung Tsangpo River downstream hydropower project has officially commenced with a total investment of approximately 1.2 trillion yuan, aiming to build five tiered power stations primarily for electricity transmission and local consumption in Tibet [1] - The Ministry of Industry and Information Technology (MIIT) plans to accelerate the development of biomanufacturing and low-altitude industries, while promoting innovation in future industries such as humanoid robots and brain-computer interfaces [2][3] - The MIIT and the National Development and Reform Commission (NDRC) are set to issue work plans to stabilize growth in key industries including steel, non-ferrous metals, petrochemicals, and building materials [2][3] Group 2 - The U.S. Department of Commerce has imposed a preliminary anti-dumping duty of 93.5% on Chinese imported anode-grade graphite, citing unfair subsidies [5] - The State Administration for Market Regulation has urged major platform companies like Ele.me, Meituan, and JD.com to standardize promotional activities and foster a healthy competitive environment in the food service industry [6] - A meeting was held to discuss the regulation of the new energy vehicle industry, focusing on enhancing supervision and monitoring product prices and quality [8] Group 3 - The China Iron and Steel Association has proposed a new mechanism for capacity governance to prevent overcapacity risks in the steel industry and to eliminate irrational competition [10] - Yu Shu Technology has initiated its listing guidance, with its controlling shareholder holding approximately 34.76% of the company's shares [11] - Multiple provinces are planning to establish companies to develop local cultural creative Moutai liquor, with participation from distributors based on their allocation of Moutai products [12] Group 4 - As of July 18, 1551 A-share listed companies have released performance forecasts for the first half of 2025, with 26 companies expecting a net profit increase of over 1000% year-on-year [14] - Longhua Automobile reported a net profit of 6.337 billion yuan for the first half of the year, reflecting a year-on-year decline of 10.22% [19] - The major shareholder of Hongbaoli plans to reduce its stake by up to 2% [20]

Core Viewpoint - The article summarizes significant recent events and the latest assessments from securities analysts regarding the A-share market's future direction, highlighting a positive outlook driven by various factors including structural changes and policy support [1][12]. Group 1: Major Events - The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan, focusing on power delivery and local consumption needs [2]. - The State-owned Assets Supervision and Administration Commission announced the establishment of China Yajiang Group Co., Ltd., which will be managed by the State Council [3]. - The State Administration for Market Regulation conducted talks with major food delivery platforms to ensure rational competition and compliance with relevant laws [4]. - The Ministry of Industry and Information Technology is set to release a work plan to stabilize growth in ten key industries, including steel and petrochemicals [5]. - A special action to combat the smuggling of strategic minerals has been initiated by the National Export Control Work Coordination Mechanism [6]. Group 2: Securities Analysts' Insights - CITIC Securities suggests that "going overseas" is a way to counteract domestic competition, with expectations for a sector rally post mid-year reporting season, particularly in technology and materials [13]. - CITIC Jiantou emphasizes the continuation of structural market differentiation, with new sectors being crucial for investment success [14]. - Guotai Junan highlights that the market is transitioning to seek new scenarios, with domestic ROE recovery becoming clearer [16]. - Shenwan Hongyuan notes that A-shares maintain strength due to stable capital market policies and a connection between short-term highlights and mid-term supply-demand improvements [17]. - Dongfang Caifu indicates that the market is likely to maintain a slow upward trend, with a focus on sectors benefiting from domestic consumption and technological advancements [18]. - Xinda Strategy points out that the recent performance of cyclical stocks may signal the onset of a mid-term bull market [19]. - Everbright Strategy anticipates that the market may reach new highs, driven by fundamental and liquidity factors [21]. - China Galaxy suggests that the A-share market is likely to maintain a stable upward trend, with a focus on policy signals from upcoming meetings [23]. - Huaxi Securities believes a new upward trend is underway, emphasizing high-growth sectors and stable dividend assets as key investment areas [24].

Macro Economy - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan [1] - The Ministry of Industry and Information Technology (MIIT) announced that a work plan for stabilizing growth in ten key industries, including steel, non-ferrous metals, and petrochemicals, will be released soon [10] Industry News - The State Administration for Market Regulation conducted administrative talks with Ele.me, Meituan, and JD.com, urging them to adhere to relevant laws and regulations and to engage in rational competition [9] - The MIIT is promoting innovation in future industries such as humanoid robots, the metaverse, and brain-computer interfaces, aiming to lay out new fields and tracks [11] - A joint meeting by MIIT, the National Development and Reform Commission, and the State Administration for Market Regulation focused on regulating competition in the new energy vehicle industry [12] Company News - 1,551 A-share listed companies have released their performance forecasts for the first half of 2025, with 26 companies expecting a net profit increase of over 1,000% year-on-year [3] - Yushutech has initiated its listing counseling with CITIC Securities as the counseling institution [14] - China Shipbuilding Industry Corporation has received approval from the China Securities Regulatory Commission for its absorption and merger with China Shipbuilding Heavy Industry Group [16] - Longhua Automobile reported a net profit of 6.337 billion yuan for the first half of 2025, a year-on-year decrease of 10.22% [19] - Haipuri announced that its innovative drug H1710 has completed the first patient enrollment and dosing in Phase I clinical trials [20]

IT之家 7 月 20 日消息，在科技行业，Meta 公司首席执行官马克・扎克伯格（Mark Zuckerberg）一向以大手笔投资闻名。此前，他曾豪掷 460 亿美元（IT之 家注：现汇率约合 3302.6 亿元人民币）押注元宇宙，然而这一项目最终未能取得预期成果。如今，扎克伯格又将目光转向了人工智能领域，试图通过大规 模招聘顶尖人才来抢占 AI 赛道的领先地位。 据内部消息人士透露，Meta 旗下的超级智能实验室（Superintelligence Labs）正在紧锣密鼓地开展工作，专注于开发各类基础模型。目前，该实验室已汇聚 了 44 名顶尖人才，其中有 50% 的员工来自中国，而 40% 的员工此前曾在 OpenAI 任职。 Meta 近期的招聘行动可谓是火力全开，不惜重金从 OpenAI、苹果等知名企业挖角。在成功招募苹果公司基础模型负责人时，Meta 更是开出了高达 2 亿美 元的签约奖金。此前，Meta 已经从 OpenAI 挖走了 3 名员工，其中一名员工曾表示，他们并未获得 1 亿美元的签约奖金。 据消息人士 @deedydas 获取的详细员工名单显示，超级智能实验室的员工构成相当多元化。除 ...