Core Viewpoint - The 2025 China Internet Conference emphasizes the acceleration of digital and intelligent development, highlighting the importance of smart technology as a core driver for industrial upgrading and the development of new productive forces [1]. Group 1: Policy Guidance - The conference suggests that policy should lead the way in establishing a solid foundation for digital and intelligent development, focusing on areas like artificial intelligence and 6G technology [1]. - It calls for continuous improvement of the policy system and top-level design to attract capital, talent, and technology, aiming to seize technological advantages [1]. - The alignment of strategic layouts with the goals of building a strong network and digital China is essential for finding development opportunities within policy dividends [1]. Group 2: Innovation and Technology - The conference highlights the need for increased R&D investment and the establishment of a collaborative innovation system involving universities and research institutions to overcome technological bottlenecks [2]. - Emphasis is placed on strengthening independent research and addressing critical areas that hinder progress, referred to as "choke points" [2]. - The establishment of a technology ethics framework is necessary to balance innovation vitality with risk prevention, ensuring alignment with national strategies and social ethics [2]. Group 3: Empowerment and Integration - The conference advocates for leveraging digital technology to enhance the deep integration of real and digital sectors, encouraging industries to utilize smart technology for transformation and upgrading [2]. - Focus areas include cloud computing, big data, and artificial intelligence, aimed at optimizing supply chains and enhancing competitiveness [2]. - The goal is to improve production processes, innovate business models, and increase the resilience of industrial chains, leading to quality enhancement and cost reduction [2].

Core Insights - The report indicates that the current market sentiment is at a high level, with a score of 91, categorizing it as "overheated" [5][9] - Recent market trends show a gradual upward movement supported by improved market sentiment and policy backing [9] Market Themes Tracking - **Robotics Theme**: The report highlights a significant procurement project for humanoid biped robots by China Mobile (Hangzhou) with a total bid amount of 124 million [6] - **RDA Theme**: The introduction of the RDA (Real Data Asset) paradigm by the Shanghai Data Exchange emphasizes the integration of data with physical assets, enhancing their authenticity and value [6] - **Hydropower Theme**: The commencement of the Yarlung Tsangpo River hydropower project in Tibet, with a total investment of approximately 1.2 trillion, is noted for its strategic significance [6] Major Capital Inflows and Outflows - The report lists the top ten stocks with the highest net inflows, with Dongfang Caifu leading at 166,279.18 million [10] - It also details the top ten stocks with the highest net outflows, with China Power Construction showing a significant outflow of -243,736.10 million [12] Industry Analysis - The report provides insights into the top ten industries with the highest net inflows, led by non-ferrous metals and non-bank financials [16] - Conversely, it identifies industries with the highest net outflows, including construction decoration and basic chemicals [20] Financing and Margin Trading - The report highlights the top ten stocks with the highest net buy in financing, with China Power Construction at 72,515.27 million [12] - It also notes the top ten stocks with the highest net sell in margin trading, with China Power Construction again leading at 946.69 million [13]

Market Sentiment - The current market sentiment score is 81, indicating an "overheated" market condition, which suggests a high level of investor optimism [6][10][22] - Historical trends show that when the sentiment score is below or close to 30, the market tends to find support, while scores above 90 may indicate resistance [10] Hot Themes Tracking - **Robotics Theme**: The government is promoting entrepreneurship, with significant contracts awarded in the robotics sector, including a project worth 124 million yuan for humanoid biped robots [7] - **RDA Theme**: The introduction of the RDA (Real Data Asset) paradigm emphasizes the integration of data with physical assets, enhancing their authenticity and value [7] - **Hydropower Theme**: A major hydropower project on the Yarlung Tsangpo River has commenced, with a total investment of approximately 1.2 trillion yuan, highlighting its strategic importance [7] Capital Flow Analysis - The top net inflow stocks include GoerTek (46.59 million yuan), CATL (46.27 million yuan), and Great Wall Military Industry (46.27 million yuan), indicating strong investor interest in these companies [11] - The top net outflow stocks include Construction Industrial (-66.24 million yuan) and Shenghong Technology (-62.40 million yuan), reflecting investor caution towards these companies [13] Industry Insights - The report highlights significant capital movements across various industries, with the electronics and medical sectors showing strong net inflows, while industries like construction and non-bank financials are experiencing notable outflows [17][18][20]

Core Insights - The report indicates that the current market sentiment is at a high level, with a score of 90, categorizing it as "overheated" [6][11] - Recent market trends show a gradual upward movement supported by improved sentiment and policy backing [11] - Key investment themes identified include robotics, RDA (Real Data Assets), and hydropower projects, which are expected to drive growth in their respective sectors [7] Market Sentiment - The market sentiment temperature indicator shows a score of 90, indicating an "overheated" market condition, which suggests caution for investors as high sentiment can lead to potential market corrections [6][11] - Historical data indicates that when sentiment falls below 30, the market tends to find support, while levels above 90 may present resistance [11] Investment Themes - **Robotics**: The government is promoting entrepreneurship in robotics, with significant contracts awarded, such as a 124 million yuan project for humanoid biped robots [7] - **RDA**: The introduction of RDA by the Shanghai Data Exchange emphasizes the integration of real data with physical assets, enhancing their verification and value [7] - **Hydropower**: The commencement of a major hydropower project on the Yarlung Tsangpo River, with an investment of approximately 1.2 trillion yuan, is expected to have significant strategic implications [7] Key Stocks and Sectors - Notable stocks related to the robotics theme include Wolong Electric Drive (600580) and Changsheng Bearing (300718) [7] - For the RDA theme, relevant stocks include Tongxingbao (301339) and Wanda Information (300168) [7] - In the hydropower sector, key stocks are Dongfang Electric (600875) and Tibet Tianlu (600326) [7] Capital Flow Analysis - The report provides insights into net capital inflows, highlighting significant investments in companies like CATL (300750) and BYD (002594), indicating strong investor confidence [12][14] - Conversely, there are notable net outflows from companies such as Dongfang Fortune (300059) and Sifang Jingchuang (300468), suggesting caution in those areas [14][19]

Market Sentiment - The current market sentiment score is 84, indicating an "overheated" market condition [2][10][21] - Historical trends show that when sentiment is below or near 30, the market tends to find support, while above 90, resistance is likely [10] Hot Themes Tracking - **Robotics Theme**: The government is promoting entrepreneurship, with significant contracts awarded for humanoid biped robots, totaling 124 million yuan. Related stocks include Wolong Electric Drive and Changsheng Bearing [7] - **RDA Theme**: The Shanghai Data Exchange has introduced the RDA paradigm, emphasizing the integration of real data assets with physical assets. Related stocks include Tongxingbao and Wanda Information [7] - **Innovative Pharmaceuticals Theme**: New measures from the National Healthcare Security Administration support the use of medical insurance data in drug development. Related stocks include Heng Rui Medicine and Betta Pharmaceuticals [7] Capital Flow Analysis - **Net Inflow**: The top ten stocks with the highest net inflow include Changshan Beiming and Runhe Software, with inflows of 201 million yuan and 93 million yuan respectively [11] - **Net Buy in Financing**: New Yi Sheng leads with a net buy of 56 million yuan, followed by Changshan Beiming with 34 million yuan [12] - **Net Outflow**: The top ten stocks with the highest net outflow include Zhongdian Port and ST Huatuo, with outflows of 51 million yuan and 39 million yuan respectively [13] Industry Insights - The computer and electronic sectors are currently attracting significant capital inflow, while industries like banking and environmental protection are experiencing net outflows [16][17][22]

Group 1 - The market sentiment index from Huaxin Securities indicates a score of 73, categorizing the market as "relatively hot," suggesting a positive outlook for investments [5][10][22] - Recent themes in the market include robotics, RDA (Real Data Assets), and innovative pharmaceuticals, with specific projects and government support driving interest in these sectors [6][10] - The robotics theme is highlighted by a significant procurement project worth 124 million yuan for humanoid biped robots, indicating strong growth potential in this area [6] Group 2 - The RDA theme emphasizes the integration of real data assets with physical assets, enhancing the authenticity and value of data, which could lead to new investment opportunities [6] - The innovative pharmaceuticals sector is supported by new measures from the National Healthcare Security Administration, promoting the use of medical insurance data for drug development, which may benefit companies in this field [6] - Key companies mentioned in the robotics sector include Wolong Electric Drive and Changsheng Bearing, while in the RDA sector, Tongxingbao and Wanda Information are highlighted, and in innovative pharmaceuticals, Heng Rui Medicine and Bei Da Pharmaceutical are noted [6]

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.

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the significance of RDA (Real Data Assets) in promoting the marketization and value realization of data elements, enhancing the efficiency of connecting physical assets and capital, and fostering the deep integration of the real economy and digital economy [4][5] - RDA encapsulates data assets and their associated physical assets, forming a new asset type that leverages the multiplier effect of releasing the value of physical assets [6] Summary by Sections Industry Overview - The report highlights a projected industry performance that is expected to surpass the overall market [1][11] RDA Characteristics - RDA features include real-number integration, transparency, reliable returns, value reconstruction, and ecological collaboration, which collectively aim to break through the financing bottlenecks of physical assets [5] Investment Recommendations - Recommended companies benefiting from RDA include Zhuoyi Information, Hehe Information, Lais Information, and others, with a focus on those that can leverage the new asset forms created by RDA [6]

Investment Rating - The industry investment rating is "Outperform the Market - A" [6] Core Viewpoints - The report introduces the RDA (Real Data Assets) paradigm, aiming to bridge cryptocurrency and data elements, emphasizing the marketization and value realization of data elements, and enhancing the efficiency of connecting physical assets and capital [2][3][4] - RDA is positioned as the soul of RWA (Real World Assets), facilitating the mapping of physical assets in the digital realm and providing four funding channels: credit financing, equity financing, securitization, and global fundraising [3][15] - The report suggests focusing on companies related to the Shanghai Data Exchange, including YunSai ZhiLian, Shanghai Steel Union, Wanda Information, and others, as potential investment opportunities [3][17] Summary by Sections Industry Performance - The computer industry index increased by 3.37% this week, outperforming the Shanghai Composite Index by 2.28 percentage points [18][19] - The report highlights that the computer sector's performance is closely tied to themes surrounding stablecoins and related industries [22] Market Overview - The report notes that the RDA paradigm addresses challenges in ensuring the authenticity and transparency of assets during the on-chain process, leveraging blockchain technology and trusted data spaces [4][17] - The report emphasizes the importance of data authenticity in the value realization process, with RDA focusing on the integration of data and physical assets [14][16] Key Industry News - The report mentions significant advancements in AI and quantum computing, including the launch of Kimi's new model and the "Zuchongzhi 3" quantum computing prototype, which showcases China's technological prowess [25] - It also discusses strategic collaborations in the stablecoin space, such as the partnership between Jin Yong Investment and AnchorX to explore the application of stablecoin AxCNH [25]

Investment Rating - The report rates the industry as "Outperforming the Market" [5] Core Insights - The trend of combining onshore and offshore RMB stablecoins is emerging, with Hong Kong leading the offshore RMB business, supported by regulatory advancements [2] - RDA (Real Data Assets) is positioned as a foundational element to promote the synergy between RWA (Real World Assets) and RMB stablecoins, enhancing the credibility and value of underlying assets through data verification [3] - The global scale of RWA has rapidly increased from $300 million at the end of 2021 to $25.44 billion as of July 12, 2025, with projections to reach $600 billion by 2030 [3] - The collaboration between stablecoins and RDA/RWA is expected to enhance the global circulation of RMB assets and support the internationalization of the RMB [3] Summary by Sections Section 1: Industry Dynamics - The offshore RMB stablecoin market is developing with a focus on Hong Kong, Singapore, and London, indicating a trend towards a combined approach for domestic and offshore RMB stablecoins [2] - RDA is a new innovative experiment in China aimed at overcoming financing bottlenecks for real assets, transforming true data into valuable assets [3] Section 2: Market Data - The computer industry has a total market capitalization of approximately 44,223.45 billion, with a circulating market value of about 25,383.08 billion [5] - The industry has shown a 55% absolute return over the past 12 months, indicating strong performance relative to the market [5] Section 3: Related Companies - Companies related to data assets include Shanghai Steel Union, Daotong Technology, and others, while blockchain transaction companies include Yuxin Technology and New Guodu [4]