Summary of RDA Conference Call Industry Overview - The conference focuses on the Real Digital Assets (RDA) sector, particularly in the context of data as a production factor in China, which is the first country to recognize data in accounting reports [4][12]. Key Points and Arguments - **RDA Concept**: RDA represents a method of expressing real assets through authentic data, differing from Real World Assets (RWA) which primarily tokenizes existing financial products. RDA emphasizes the use of continuous, real data for effective trading and management in capital markets [3][5]. - **Data Standardization Challenges**: RDA faces challenges such as data standardization, authenticity verification, and clarity of property rights. Industry standards are necessary to address these issues [6][8]. - **Shanghai Data Exchange Innovations**: Since its establishment in 2021, the Shanghai Data Exchange has focused on cross-organizational data flow and has launched the first RW product, tokenizing the equity of Malu grapes, highlighting the need for real data to express real assets [5][9]. - **Market Growth Projections**: The cross-organizational data flow market is expected to exceed 1 trillion yuan by 2030, with a growth rate of over 25% annually [23]. - **Data Resource Shell (DAS)**: DAS is crucial for packaging real-world assets, enhancing transparency and investor trust by reflecting operational activities and property rights [8][9]. - **Global vs. Chinese Development**: Global RWA development focuses on financial product tokenization, while China emphasizes integration with the real economy, particularly in agriculture, to address information disclosure issues [7][10]. - **Data Asset Capitalization**: Data resource providers can achieve assetization and capitalization by collaborating with financial institutions and utilizing blockchain technology for automatic confirmation of rights and benefits [11][19]. Additional Important Insights - **Investment Decision Support**: The development of artificial intelligence aids in investment decision-making by providing more transparent and real-time data expressions [2][10]. - **Data Management Evolution**: Companies have evolved through stages of data management, from internal data organization to becoming significant data suppliers [13][14]. - **Regulatory Environment**: The regulatory landscape is crucial for the successful integration of data assets with financial markets, with ongoing efforts to align domestic practices with international standards [17][26]. - **Current Market Applications**: Data assets have seen practical applications in financial markets, with examples such as the Shanghai Data Exchange's loan balance exceeding 1 billion yuan in 2024 [24]. - **Challenges in Cross-Border Operations**: There are complexities in data and capital flow between domestic and Hong Kong markets, necessitating improvements in compliance and operational mechanisms [26]. This summary encapsulates the essential discussions and insights from the RDA conference call, highlighting the industry's current state, challenges, and future prospects.

Report Overview - Report Title: "How to View Photovoltaic Convertible Bonds under the Background of 'Anti-Involution' - Convertible Bond Weekly Report 20250712" - Report Type: Fixed Income Asset Allocation | Comment Report - Report Date: 2025-07-16 1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Report's Core View - From July 7 to July 12, 2025, the convertible bond market continued its mild recovery, with increased trading activity. Medium - sized and convertible bonds with expected elasticity performed relatively well. The equity market was highly differentiated, with low - valuation and cyclical manufacturing sectors becoming the main investment directions [2][6]. - The photovoltaic equipment sector has low market attention and congestion. Photovoltaic convertible bonds have cost - effective valuations. Driven by the "anti - involution" policy, the industry's fundamentals are expected to recover, and the holdings of active equity funds may gradually increase [2][6]. - The valuation of the convertible bond market is differentiated by the parity range. The low - parity range shows significant differentiation, while the valuation of the high - parity range has increased. The implied volatility has declined, and the market sentiment is cautious [2][6]. - The primary market supply of convertible bonds is steadily released, and the clause game shows intensified differences. It is recommended to focus on the layout opportunities in the low - valuation and high - safety - margin directions, taking into account the rhythm and rotation [2][6]. 3. Summary by Relevant Catalogs 3.1 Market Weekly Review - **Photovoltaic Equipment Sector**: The market attention and capital participation of the photovoltaic equipment sector are at a relatively low historical level. The allocation ratio of active funds has significantly decreased, and the turnover and trading volume are weak. There are signs of chip clearing, and the congestion is at a relatively low historical level. Under the "anti - involution" policy, the supply - side clearing is expected to repair the fundamentals. Photovoltaic convertible bonds have strong bond - bottom returns and valuation advantages, showing valuation repair and risk - return matching [9]. - **A - share Market**: The A - share market continued to rise in shock, with obvious style differentiation. Funds were concentrated on low - valuation and cyclical manufacturing sectors. The real estate, steel and other sectors led the gains, and the trading activity increased significantly, reflecting the strengthened expectation of valuation repair. There was increased differentiation within the growth direction, with some sectors maintaining high popularity and others experiencing a decline in trading. The trading rhythm of the market accelerated, and the rotation characteristics were enhanced [9]. - **Convertible Bond Market**: The convertible bond market continued to rise moderately, with increased trading activity. Medium - sized convertible bonds performed well, and the style slightly inclined to elastic varieties. The valuation of the convertible bond market showed a differentiated trend according to the parity range. The implied volatility fluctuated and declined, and the sentiment became more cautious. In terms of industries, the financial and pharmaceutical sectors attracted capital inflows, and the cyclical sectors were relatively strong [9]. - **Primary Market of Convertible Bonds**: The primary market of convertible bonds maintained a stable rhythm. One convertible bond was open for subscription, two new bonds were listed, and five companies updated their issuance plans. The issuance momentum is expected to continue to be steadily released. In terms of clause games, there were no proposals for downward revisions, and some bonds clearly stated not to revise downward. Multiple varieties announced forced redemptions, and some promised not to redeem in advance [9]. 3.2 Market Theme Weekly Review - **Equity Theme**: The A - share market continued its structural differentiation, with increased short - term trading activity. Gaming funds continued to concentrate on high - elasticity directions, and the financial technology theme was strong. The new energy sector was highly differentiated, and the digital economy showed a structural recovery. The overall market trading sentiment was high, and the theme rotation accelerated [24]. - **Convertible Bond Theme**: The convertible bond market continued to rise, with the increase rate moderately narrowing. The trading activity reached a recent high, and medium - sized convertible bonds performed better. The valuation of the convertible bond market was differentiated by the parity and market price ranges. The implied volatility declined, and the market sentiment was slightly cautious. The non - banking, coal, and pharmaceutical sectors led the gains, and the trading volume was concentrated in the pharmaceutical and biochemical sectors [27]. 3.3 Market Weekly Tracking - **Main Stock Indexes**: The main A - share stock indexes continued to strengthen, with small and medium - sized and science - innovation stocks performing prominently. The market capital showed a net outflow, but the scale of the net outflow decreased, indicating a marginal improvement in market sentiment [29][30]. - **Industry Performance**: The A - share market showed a structural market dominated by low - valuation sectors. The real estate sector led the gains, followed by the steel, comprehensive, and non - banking financial sectors. The automobile sector led the decline, and some previous hot sectors faced correction pressure. The market capital was concentrated on low - valuation cyclical sectors and also considered structural opportunities in the growth track [34]. - **Convertible Bond Market**: The convertible bond market continued to rise, with the increase rate moderately narrowing. Medium - sized convertible bonds performed better, and the trading activity reached a recent high. The valuation of the convertible bond market was differentiated by the parity and market price ranges. The implied volatility declined, and the market sentiment was slightly cautious. The non - banking, coal, and social service sectors led the gains, and the pharmaceutical, basic chemical, and power equipment sectors had the highest trading volume [45][55]. 3.4 Primary Market Tracking and Clause Game - **New Bond Issuance**: One convertible bond was open for subscription (Guanghe Convertible Bond), and two new bonds were listed (Huachen Convertible Bond and Luwei Convertible Bond). Five listed companies updated their convertible bond issuance plans, including three accepted by the exchange and two approved by the general meeting of shareholders [66][67]. - **Clause Game**: There were no proposals for downward revisions of convertible bonds during the week, and some bonds clearly stated not to revise downward. Multiple varieties announced forced redemptions, and some promised not to redeem in advance. There were 3 convertible bonds that announced they were expected to trigger downward revisions, 13 that announced no downward revisions, 2 that announced they were expected to trigger redemptions, 3 that announced no early redemptions, and 4 that announced early redemptions [75][80].

Summary of Conference Call Records Industry or Company Involved - The records cover various industries including technology, military, environmental services, and pharmaceuticals, with specific mentions of companies like China Electronics, Hanlan Environment, and Baiji Shenzhou. Core Points and Arguments Trade and Currency Dynamics - The easing of trade tensions between the US and China has positively impacted the stock market, with the US market recovering to pre-trade war levels [1] - The depreciation of the US dollar is expected to lead to capital flows into the Asia-Pacific markets, particularly benefiting major economies in the region [2] Market Performance and Investment Focus - April's market performance was strong, particularly in growth and technology sectors, although these sectors showed relative weakness [3] - The focus for May should be on sectors like technology, self-sufficiency in manufacturing, and improvements in fundamentals such as semiconductors and innovative pharmaceuticals [4][5] Artificial Intelligence and Data - The future of technology is expected to be driven by artificial intelligence, with a significant gap in data availability between China and the US being a critical factor [6][7] - High-quality datasets are becoming a key competitive advantage in AI applications, with companies encouraged to protect their data [8] Company-Specific Insights - China Electronics is projected to see significant growth in IT data business revenue, with expectations of tripling revenue in the coming year [9] - The military and aerospace sectors are expected to benefit from increased demand for domestic production and exports, particularly in the context of geopolitical tensions [10][12] Financial Performance and Projections - The company involved in military-grade alloys has shown stable profitability with a gross margin around 30%, and is expected to see revenue growth from 1.5 billion to 4 billion by 2025 [13][14] - Hanlan Environment is highlighted for its strong cash flow and potential for increased dividends, with a projected significant rise in cash distribution capabilities [16][18] Environmental Services Sector - The garbage incineration power generation sector is expected to see operational efficiency improvements, with potential for significant revenue growth through partnerships with data centers [19][20] - The sector is compared to distributed nuclear power in terms of stability and economic viability, indicating a strong future outlook [20][21] Pharmaceutical Industry - Baiji Shenzhou is recognized for its strong R&D capabilities and global commercialization potential, with projected profit growth reaching 6.7 billion by 2027 [32][35] - The company is positioned as a leader in blood cancer treatment, with multiple innovative drugs entering clinical stages [34][35] Robotics and Automation - The robotics sector is expected to see growth driven by partnerships with major companies like Tesla, with a projected 20% growth in the automotive sector [44] - The industrial automation segment is recovering, with significant growth anticipated in traditional industries and new energy sectors [46] Other Important but Possibly Overlooked Content - The records indicate a strong emphasis on the importance of data security and the competitive landscape in AI, highlighting the need for companies to protect their proprietary data [8] - The environmental services sector is undergoing a transformation with increased efficiency and potential for higher returns, which may not be fully recognized by the market [19][20] - The military and aerospace sectors are underlined as critical areas for investment, particularly in light of ongoing geopolitical tensions and domestic production initiatives [10][12]

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the A-share market and various sectors including technology, real estate, and semiconductor industries. Core Points and Arguments 1. **Market Performance**: The A-share market experienced a significant increase in trading volume, rising from approximately 1.2 trillion to 1.7 trillion, with the Shanghai Composite Index reaching a new high for the year [1][2] 2. **ETF Activity**: There was notable activity in ETFs, particularly on Fridays, indicating potential involvement from state-backed funds, although overall inflows were not consistent throughout the week [2] 3. **Tariff Agreements**: The initial phases of U.S. tariff agreements were better than expected, leading to a temporary recovery in risk appetite among investors. However, ongoing uncertainties regarding tariffs remain a concern [3][4] 4. **Economic Policies**: The urgency for policies aimed at stabilizing prices and addressing economic pressures has increased, with recent measures including subsidies for families and employment stabilization policies [5][6] 5. **Sector Performance**: The technology sector, particularly companies like Alibaba, JD, and Meituan, faced significant pressure due to competition in the food delivery market, although there was a slight recovery noted in the week [7] 6. **Banking Sector**: The banking sector underperformed compared to the overall market, with low volatility dividend stocks lagging behind growth sectors like the ChiNext [8] 7. **Market Sentiment**: Despite a rebound in market sentiment, the overall enthusiasm among investors appears muted, with rapid sector rotation and challenges in generating consistent profits for many investors [10][11] 8. **Rare Earth Prices**: There has been an upward trend in the prices of rare earth materials, with leading companies like Northern Rare Earth reporting better-than-expected performance [12] 9. **AI and Semiconductor Industry**: The AI sector, particularly companies like Nvidia, reached a historic market cap of $4 trillion, indicating strong growth potential in the tech space [13][19] 10. **Real Estate Policies**: The government is focusing on stabilizing the real estate market, with indications that weaker fundamentals may lead to more supportive policies [15][16] 11. **Emerging Technologies**: There is a growing interest in sectors like robotics and 3D printing, with potential for significant investment opportunities as market conditions evolve [22][20] Other Important but Possibly Overlooked Content 1. **Data Assets**: The concept of Real Data Assets (RDA) is gaining traction, indicating a shift towards integrating data as a valuable asset in investment strategies [17][18] 2. **Investment Strategies**: Investors are advised to focus on leading companies in sectors facing supply excess, such as silicon materials, as these firms are expected to have better resilience and pricing power in the long term [16] 3. **Market Dynamics**: The current market environment is characterized by a lack of clear leadership among sectors, with mixed signals and volatility affecting investor confidence [18][19]

Group 1: Event Overview - The "Everlasting Data Expo 2025 Series Event - Direct to Data Expo (Hangzhou) Special Session" was successfully held on July 11, focusing on the digital economy development in Hangzhou and the Yangtze River Delta region [1] - The event aimed to build a bridge for regional enterprises to connect with the 2025 Data Expo and explore cross-regional cooperation potential [1] Group 2: Company Profile - Anheng Information Technology Co., Ltd. was founded in 2007 and currently employs over 3,800 staff, operating under a dual headquarters strategy in Hangzhou and Beijing, with branches in 34 provinces and cities across China [3] - The company is a global leader in digital security, dedicating 30% of its revenue to R&D, with over 26% of its workforce in research and development, focusing on network and data security [3] Group 3: Security and Data Integration Initiatives - Anheng Information has a proven security capability, having participated in major events such as the 2008 Beijing Olympics and the 2016 G20 Hangzhou Summit, and has become an official partner for cybersecurity with the Asian Olympic Council [3] - The company is actively expanding into the data element field, utilizing privacy computing to help banks build inclusive financial models, which has been recognized as a significant case by the China Economic Times [4] Group 4: Data Infrastructure Solutions - Anheng Information released the "Data Space" overall solution that meets data infrastructure requirements and complies with trusted data space standards, along with the self-developed "Data Router" to facilitate data flow [4] - The company has supported the construction of trusted data spaces across various industries, including Ningbo, Chongqing, and Hangzhou, establishing benchmark cases [4] Group 5: Participation in Data Expo 2025 - Anheng Information plans to showcase innovations in four key areas at the 2025 Data Expo, including data infrastructure, data element scenarios, data technology, and data security [5] - The company aims to share experiences in data security governance and AI security protection, and to explore pain points with local data authorities and groups [5] - The Data Expo is viewed as a crucial platform for closing the loop in business, ecology, technology, and scenarios related to big data, data elements, and data infrastructure [5]

"人类实践开拓到哪里，管理活动就推进到哪里"——7月12日，在北京信息科技大学、北京科技人才研 究会主办的2025智能决策与大数据应用国际会议暨麒麟科技创新论坛(IDBDA2025)上，中国工程院院 士、合肥工业大学教授杨善林所做的《管理科学与人工智能》主题报告中的这一观点引发参会者的思考 和共鸣。 泰国兰实大学副校长切特内蒂·斯里萨安教授探讨了大数据技术在泰国高速公路网管理中的应用；北京 信息科技大学管理科学与工程学院副院长何琼阐述了数据驱动的城市管网健康评估、提升城市安全韧性 方面的实践；美国加州大学河滨分校陈子忠教授介绍了超算在平衡功耗、容错和性能间的研究进展；用 友网络（600588）科技股份有限公司助理总裁庄怀轩报告了人工智能加速企业数智化转型的一系列行业 实践经验；古斯塔夫·埃菲尔大学的蒂埃里·格兰皮埃尔教授分享了分布式实时计算建模的研究进展。 据悉，此次大会聚焦大数据背景下智能决策的理论研究与应用发展，探讨新一代信息技术在数字经济、 文化科技、循环经济、资本市场、城市治理等领域的发展及应用，旨在促进本领域学术交流、人才培养 与产业合作。 在圆桌论坛环节，拓尔思（300229）信息技术股份有限公司 ...

Group 1 - The total national data production is projected to reach 41.06 ZB in 2024, representing a year-on-year growth of 25%, with an acceleration of 2.56 percentage points compared to the previous year [1] - Key sectors such as artificial intelligence, smart devices, low-altitude economy, and robotics are experiencing rapid data growth due to increased enterprise development and utilization activities [1] - Approximately 66% of leading enterprises and 30% of data technology companies have purchased data, indicating a significant engagement in data utilization [1] Group 2 - The development and utilization of public data resources are accelerating, with a national integrated government data sharing hub supporting over 540 billion calls [2] - Challenges remain in public data development, including insufficient supply, limited openness, and security and cost issues, suggesting a need for more "authorized operation" models to enhance market vitality while ensuring public data's public interest [2] - There is an uneven distribution of data resource development and utilization across regions and industries, with the eastern region being more active, particularly in transportation logistics and electricity sectors [2]

Group 1: Blockchain and Cross-Border Payment - The company has developed several blockchain-based platforms, including the Nansha Offshore Trade Comprehensive Service Platform and the Chain Cloud Warehouse Smart Asset Supervision Platform, among others [1] - The company holds an internet payment license and has the capability to provide cross-border payment services, covering scenarios such as cross-border e-commerce and general trade [1] - The company is actively exploring opportunities in the global international payment market and is developing digital RMB payment-related services, including a comprehensive service platform project worth millions [1] Group 2: Domestic Market and Smart Financial Equipment - The company has maintained its leading position in the domestic smart financial equipment market for 17 consecutive years, with over 330,000 service devices [2] - The procurement ratio of new smart financial devices in major banks is approaching 100%, indicating strong demand for innovative financial technology [2] - The integration of AI technologies is driving the upgrade of smart terminals, creating new market demands [2] Group 3: Overseas Business and Market Expansion - The company provides smart financial devices and solutions, with operations in eight international branches covering over 120 countries [2] - Revenue from the North American region is currently minimal, but the company plans to deepen its presence in Europe and Asia-Pacific while exploring new business avenues [2] - The focus will be on accelerating the digital transformation of bank branches and expanding into retail and other new business sectors [2] Group 4: Collaboration with Guangzhou Data Group - The company is a key player in the Guangzhou Data Group, focusing on public data operations and AI computing power solutions [3] - It has undertaken projects worth 3.67 billion and 4.73 billion for the construction of AI computing power centers, supporting various public and private sectors [4] Group 5: Product Offerings and Future Focus - Guangdian Wuzhou specializes in intelligent computing products, including servers and AI solutions, serving various industries such as finance and education [5] - The company aims to strengthen its market presence in key regions and enhance its project conversion capabilities to improve profitability [5] Group 6: Capital Operations Strategy - The company employs a dual-driven strategy of "industry + capital," focusing on acquisitions and strategic investments in high-growth sectors [6] - It targets companies with strong growth potential and sustainable profitability, particularly in hard technology and new business models [6]

Group 1 - The 2025 Global Digital Economy Conference was held in Beijing, focusing on "Building Digital Friendly Cities" and attracting guests from over 50 countries to discuss topics like artificial intelligence and data elements [1] - Baiwang Co., a leading company in China's data intelligence sector, showcased its innovative achievements at the conference, highlighting its role in digital innovation and industry empowerment [1][7] - Baiwang Co. launched its self-developed product, the Inclusive Financial Marketing Intelligent Agent, which integrates smart technology with financial services to enhance the digital marketing capabilities of financial institutions [1][3] Group 2 - The Intelligent Agent offers a comprehensive solution for financial marketing pain points, utilizing RPA technology for automated data collection and providing visual analytics and risk monitoring [3] - Baiwang's Chief Strategy Officer emphasized the company's decade-long technological development and its impact on over a hundred financial institutions, promoting digital inclusive finance and supply chain finance [3][5] - The conference also featured a forum on innovative development in intelligent computing, where Baiwang discussed the transformation of computing power into productivity and the role of data intelligence in upgrading industries [5] Group 3 - Baiwang Co.'s performance at the conference demonstrated its technological strength and innovative capabilities in the digital economy sector [7] - The company aims to continue leveraging data-driven development and deepen the application of data intelligence in finance, while fostering collaboration with domestic and international enterprises [7]

Group 1 - The Shanghai Municipal Government has issued measures to promote high-quality development in the software and information services industry, focusing on activating data elements to drive industry growth [1] - Specific measures include the introduction of public data authorization management, encouraging financial institutions to pilot data asset pledge loans, and implementing major demonstration projects in blockchain technology and medical data empowerment [1] - The National Data Bureau's report indicates that China's annual data production is expected to reach 41.06 zettabytes in 2024, representing a year-on-year growth of 25% [1] Group 2 - Several listed companies are actively positioning themselves in the data element industry to seize market opportunities [2] - Guangdian Measurement and Testing Group has developed a comprehensive digital ecosystem service system and aims to participate in the national data element standardization construction [2] - Beijing Siter Technology has established close cooperation with major telecom operators, creating innovative products that provide a full suite of solutions for the data industry [2] - The continuous policy support is expected to enhance the development and utilization of data resources, injecting momentum into the rapid growth of the digital economy [2]