Core Viewpoint - The rapid development of data assetization is driven by the integration of the Internet of Things (IoT) and Real Data Assets (RDA), which is reshaping the industrial logic of data assetization [1][2][5]. Group 1: Data Assetization and RDA - RDA (Real Data Assets) extends the concept of RWA (Real World Assets) by focusing on the authenticity verification and value enhancement of data, encapsulating operational data from physical assets to improve credit, transparency, and regulatory compliance [5][6]. - The true breakthrough of RDA is fueled by the real-time data continuously released by IoT devices, which serve as a natural "data mine" and "value factory" for RDA [7][8]. - RDA aims to complete the entire process of data ownership, value realization, and financialization, requiring data assets to have clear ownership, traceable sources, and continuous flow to participate in capital market transactions [8][9]. Group 2: Role of IoT in RDA - IoT enables real-time data collection from various physical assets, providing high credibility, strong relevance, and traceable foundational data for RDA, facilitating the transformation of data from a "resource" to an "asset" [7][8]. - The collaboration between IoT and RDA will gradually reveal its synergistic effects in specific application scenarios, such as dynamic transparency in battery lifecycle management and real-time operational data in offshore wind power maintenance [9][10]. Group 3: Financial Implications and Innovations - The integration of IoT, stablecoins, and RDA/RWA creates a closed-loop for machine economy, allowing devices to autonomously participate in value flow and enabling real-time settlement without traditional financial intermediaries [13][14]. - The emergence of stablecoins as a financial infrastructure will significantly enhance autonomous trading and automatic settlement among devices, improving industrial collaboration efficiency [14][15]. - The dynamic credit era will see IoT devices transition from passive data contributors to active data asset owners, leading to a transformation in asset valuation and credit assessment [16][17]. Group 4: Challenges and Future Outlook - The distributed nature of data asset circulation and pricing may introduce new risk management challenges, such as data falsification, necessitating the implementation of hardware trust mechanisms to ensure data authenticity [19][20]. - The evolution of data assetization and pricing power presents both challenges and opportunities for IoT companies, potentially allowing them to transition from "data producers" to "data bankers" [20][21].

Core Insights - The B2B industry is undergoing unprecedented technological reconstruction and ecological transformation driven by digital economy trends. The company, Shushangyun, is a leader in China's B2B system development, leveraging innovative technologies such as microservices architecture, AI platforms, and blockchain to serve over 1,500 enterprise clients across 38 sectors [2][3]. Group 1: AI-Driven Innovations - AI-native architecture is shifting from tool empowerment to system reconstruction, with intelligent recommendation engines significantly reducing supplier selection time from weeks to days [2]. - The company plans to launch a third-generation AI platform by 2025, integrating multimodal large models and industry knowledge graphs to enhance decision-making capabilities [2]. - Automation in transaction processes has evolved to achieve full-chain order processing without human intervention, reducing manual involvement by 70% [3]. Group 2: Blockchain Advancements - Blockchain technology is moving beyond basic traceability to facilitate value flow, exemplified by a project that reduced financing costs for gas stations by 18% through real-time data collection [3][4]. - The company is developing a "cross-chain technology" system that allows different B2B platforms to share credit data, significantly lowering due diligence costs [4]. - A carbon footprint tracking system developed for a paper company has enabled compliance with EU carbon tax exemptions, saving over 10 million yuan annually [5]. Group 3: IoT and 5G Integration - The deployment of 5G and IoT systems in smart factories has achieved millisecond-level response times, reducing defect rates from 2.3% to 0.7% [6]. - A logistics project in Southeast Asia demonstrated a 120% increase in cross-border order processing capacity, with daily handling exceeding 2 million orders [7]. - The combination of blockchain and IoT is expected to eliminate 90% of B2B logistics disputes in the next three years [7]. Group 4: Privacy Computing - Federated learning technology is being utilized to analyze sales data from 3,000 distributors without sharing raw data, improving overall gross margins by 2.1 percentage points [8]. - Zero-knowledge proof technology is simplifying compliance processes in cross-border trade, reducing customs clearance time from 72 hours to 4 hours [9]. Group 5: Ecosystem Development - Vertical platforms are creating irreplaceable competitive barriers, with examples showing significant efficiency improvements in industrial and agricultural sectors [10]. - The integration of cross-industry resources is exemplified by a platform that reduced customer order delivery times from 45 days to 15 days [10]. Group 6: Organizational Evolution - The company is transitioning from a "system developer" to an "industry digital partner," with a dual-track structure focusing on foundational technologies and industry-specific innovations [11]. - A customer success system has been established to ensure effective technology implementation, reducing system launch cycles by 40% and training time by 50% [11]. Group 7: Future Outlook - The company emphasizes the balance between technology and human involvement, aiming for a future where B2B platforms enhance human decision-making rather than replace it [12]. - The vision for 2027 includes B2B platforms as "enhanced intelligence" systems, allowing for efficient and transparent business operations [12].

Summary of Conference Call on Stablecoins and Cybersecurity Industry Overview - The discussion revolves around the **stablecoin** industry, which is emerging as a significant tool for **cross-border payments** due to its advantages of convenience, low cost, and real-time transactions [2][3][8]. Key Points and Arguments - **Technological Risks**: Stablecoins face substantial cybersecurity risks, including system vulnerabilities and DDoS attacks, as evidenced by incidents like the theft of 400,000 Ether worth $1.5 billion [5][9]. - **Regulatory Developments**: Various regions are actively developing stablecoin regulations. For instance, Hong Kong is set to implement a stablecoin licensing system, while the U.S. Senate has passed the "Genius Act" to establish a regulatory framework [2][6]. - **Market Opportunities**: The rise of stablecoins is expected to create new opportunities in the cybersecurity market, particularly in infrastructure development and security assurance, as businesses increasingly rely on secure information systems for cross-border transactions [2][8][12]. - **Technological Components**: The technology behind stablecoins includes blockchain, smart contracts, encryption, and user identity verification, all of which are critical for ensuring security [7][12]. Important but Overlooked Content - **Current Stage of Development**: The stablecoin sector is at different stages globally, with the U.S. and Europe having more established infrastructure compared to Hong Kong, which is preparing for pilot projects, and mainland China, which is still in the research phase [11][14]. - **Cybersecurity Solutions**: The need for comprehensive cybersecurity solutions is emphasized, including risk assessments for cross-border data and compliance with data security laws [9][14]. - **Commercial Models**: The commercial model for stablecoin security solutions is still in exploration, focusing on providing integrated security solutions rather than standalone products [15]. - **Market Expansion**: The potential for cybersecurity firms to expand into international markets through stablecoin applications in Hong Kong is highlighted, as it simplifies cross-border transactions [19][21]. Future Outlook - The stablecoin market has significant growth potential, but its expansion is contingent on regulatory clarity. Once policies are established, the growth rate of stablecoins could surpass that of other technologies like quantum-resistant cryptography [22]. - The cybersecurity industry is expected to remain relevant as digitalization continues, with a call for increased attention from capital markets towards cybersecurity firms [23].

Core Viewpoint - The National Data Expert Advisory Committee (Application Group) held an internal exchange seminar focusing on the "Cross-Border Flow Trust Mechanism for Data Elements" to address challenges and propose solutions for data cross-border flow [1] Group 1: Technical Recommendations - A unified data identification system based on domain name systems is recommended to enhance data management [1] - The application of privacy computing and other digital technologies is suggested to ensure "data is usable but invisible" [1] Group 2: Regulatory Recommendations - Active participation in the formulation of international rules is encouraged to deepen international cooperation on cross-border data regulations [1] Group 3: Policy Recommendations - The implementation of data classification and grading is advised, along with pilot projects to explore differentiated management paths [1] - A "combined management and release" policy environment for cross-border data flow is proposed [1]

Core Viewpoint - Tianrongxin, a leading cybersecurity company, is expected to significantly reduce its losses in the first half of 2025, with projected revenues of 800 million to 850 million yuan and a net loss of 60 million to 70 million yuan, indicating a strong improvement in profitability [1] Group 1: Financial Performance - The company anticipates a year-on-year revenue growth of over 8% in the second quarter, suggesting it may have achieved profitability during this period [1] - Tianrongxin's gross margin has increased by over 4 percentage points year-on-year, while total sales, R&D, and management expenses have decreased by 13% compared to the previous year [1] Group 2: Strategic Initiatives - The company is advancing its "AI + Security" strategy, with significant upgrades to its Tianwen large model, transitioning from "rule-driven" to "intelligent decision-making" for cybersecurity defense [1] - Tianrongxin has successfully passed tests for its large model security gateway, receiving the first "Large Model Security Protection Fence Product Certification (Enhanced Level)" from the Ministry of Public Security [1] Group 3: Future Goals and Collaborations - The company's strategic goal for the next decade is to become a leading provider of cybersecurity and intelligent computing cloud solutions in China [2] - In March, Tianrongxin began a comprehensive partnership with Huawei to develop an intelligent computing integrated machine based on the Kunpeng architecture, aiming to support the digital transformation of critical industries in China [2] - The intelligent computing integrated machine is expected to generate over 100 million yuan in sales this year, with future cloud computing business goals targeting at least half the output of the security segment over the next 3-5 years [2] Group 4: Technological Developments - Tianrongxin is involved in research and application of technologies related to stablecoins, blockchain, zero trust, privacy computing, and commercial cryptography [2] - The company is participating in key infrastructure security projects for digital currency and cross-border payment in the financial industry [2]

Core Viewpoint - The strategic cooperation between Jingbeifang and Guofu Quantum marks the initiation of Jingbeifang's overseas expansion strategy, focusing on the virtual assets and digital currency sectors, particularly in the promising area of stablecoins [1][2]. Group 1: Strategic Cooperation - Jingbeifang and Guofu Quantum have signed a strategic cooperation agreement to collaborate deeply in the virtual asset and digital currency business, emphasizing stablecoins [1]. - Guofu Quantum, as the founding shareholder of Yuan Coin Technology, provides critical support for Jingbeifang's entry into the stablecoin market and expansion into overseas markets through its compliance licenses and ecosystem layout [1][2]. - The partnership aims to build a stablecoin issuance, circulation, and application ecosystem, leveraging both companies' strengths in technology and compliance [1][2]. Group 2: IT Technology Application Innovation - The collaboration will focus on researching the application of foundational technologies such as blockchain, artificial intelligence, big data, privacy computing, and quantum technology in stablecoin operations and virtual asset trading platforms [2]. - Both companies will work on IT infrastructure construction to support various application scenarios, including stablecoin wallets and supply chain finance platforms [2]. Group 3: Financial Business Innovation - The partnership will explore innovative financial business products and operational models within a compliant policy framework, targeting areas like inclusive finance, cross-border payments, and virtual asset transactions [2]. - By closely monitoring stablecoin policy dynamics, the companies aim to seize opportunities in the stablecoin sector and contribute to its healthy development while expanding their growth space in financial technology [2]. Group 4: Market Expansion Strategy - This cooperation is seen as a significant milestone in Jingbeifang's strategy to expand its non-bank financial institution client base, with Hong Kong positioned as a gateway to the international fintech market [3]. - Through collaboration with Guofu Quantum, Jingbeifang aims to break traditional models and achieve a global closed-loop system [3].

Group 1: Financial Exhibition Overview - The 2025 China International Financial Exhibition commenced in Shanghai, featuring five thematic exhibition areas covering financial infrastructure, products and services, and financial technology, with a total exhibition area of 60,000 square meters and over 400 participating units [1] Group 2: Innovations in Payment Technology - WeChat Pay showcased a palm payment device that integrates scanning, palm, and card payment functionalities, designed to operate under various environmental conditions [1] - The exhibition highlighted the application of artificial intelligence in financial services, with China UnionPay presenting its intelligent payment services and AI-integrated product architecture [1][2] Group 3: Advanced Financial Infrastructure - The Netlink Clearing Company demonstrated its self-controlled "Netlink Smart Factory," featuring a distributed cloud computing architecture with processing capabilities exceeding 300,000 transactions per second and an average transaction time of 200 milliseconds [3] Group 4: Cross-Border Payment Solutions - DBS Bank introduced its low-cost small cross-border payment solutions, capable of completing multi-currency settlements within 120 seconds, providing 24/7 service and ensuring transaction accuracy and privacy [4] Group 5: Data Security Innovations - Jin Network showcased its self-developed "Data Chain Communication" product, which utilizes blockchain and privacy computing technologies to create a secure data space, facilitating compliance and efficiency in supply chain finance [5]

Group 1 - The company, Dongxin Peace Technology Co., Ltd., experienced abnormal stock trading fluctuations over two consecutive trading days on June 16, 2025, which is in accordance with the relevant regulations of the stock trading rules [2] - The company's board of directors conducted verification regarding the abnormal trading and confirmed that there is no undisclosed significant information or major matters in the planning stage that could affect the stock price [2][3] - The board also stated that there are no matters that should have been disclosed according to the Shenzhen Stock Exchange's listing rules that have not been disclosed, and previous disclosures do not require correction or supplementation [2][3] Group 2 - The company is focusing on advanced technologies and actively investing in research and application in areas such as blockchain, privacy computing, and digital wallets [3] - The company acknowledges potential risks associated with new technology development and commercial application not meeting expectations, as well as uncertainties regarding the application scenarios and market scale of certain projects or products [3]

Core Viewpoint - The company is facing risks related to the underperformance of new technology research and commercial applications, particularly in the context of increasing market interest in digital currencies like the digital yuan and stablecoins [1] Group 1 - The company has been focusing on cutting-edge technologies and actively investing in research and applications related to blockchain, privacy computing, and digital wallets [1] - There is significant uncertainty regarding the application scenarios and market scale of some projects or products [1]

Core Viewpoint - China is accelerating the construction of a data security industry system through policy guidance, technological innovation, and market demand, with the industry poised for historic development opportunities by 2025 as the market scale surpasses 100 billion yuan [1] Group 1: Policy Framework - The policy framework for China's data security industry has developed a "top-level design + special policies + local practices" structure, elevating data security to a national strategic level [4] - The "Guiding Opinions on Promoting the Development of the Data Security Industry" aims for the industry scale to exceed 150 billion yuan by 2025, establishing five provincial-level key laboratories and addressing seven major tasks [4] - Local governments, such as Chongqing and Zhejiang, are pioneering data governance innovations, with Chongqing implementing a "data lifecycle security responsibility" mechanism and Wenzhou building a data element circulation safety ecosystem [4] Group 2: Technological Innovation - Technological evolution is the core driving force for the development of the data security industry, with privacy computing technology expected to account for 45% of the data circulation market by 2025 [5] - Key technologies like federated learning, multi-party secure computation (MPC), and trusted execution environments (TEE) are creating a complementary landscape, enabling "data available but invisible" scenarios in finance and healthcare [5] - AI integration is transforming security paradigms, with AI-based threat detection systems analyzing PB-level network traffic and reducing false positive rates to below 0.5% [5] Group 3: Market Demand - The data security market demand is surging due to policy drivers and digital economy growth, with the market scale expected to reach 120 billion yuan by 2025, particularly in finance, government, and telecommunications [6] - The financial sector is investing over 30% of its IT budget in security due to cross-border data transmission compliance requirements, while the government focuses on secure data sharing [6] - Data security is shifting from a "cost center" to a "value creator," with pilot projects in various sectors demonstrating market-oriented data element allocation [6] Group 4: Challenges and Responses - The data security industry faces challenges such as performance bottlenecks in privacy computing and the need for improved data asset rights and dynamic risk assessment mechanisms [7] - The industry is accelerating standardization and ecological collaboration, with national efforts to enhance the data security standard system and enterprises forming partnerships for resource integration [7] - New collaborative models between data exchanges and security service providers are emerging, creating standardized service systems encompassing quality assessment and security certification [7] Group 5: Future Outlook - By 2030, China's data security industry is expected to exceed 500 billion yuan, forming a technologically advanced and ecologically complete industry system [8] - Data security will become a cornerstone for high-quality digital economic development as foundational systems for data rights, pricing, and trading are established [8] - Companies need to focus on three trends: deepening technological integration, upgrading scenario-based services for SMEs, and accelerating global layout to enhance competitiveness [8]