（原标题：越南政府召开数据平台发展会议） 范指出，在越南成功建设数据交易平台将带来全面战略利益：形成一种具有高附加值新型市场，直 接贡献经济增长，推升国家竞争力和企业竞争力；推动发展具有国际、区域水平的专业化、现代化数据 服务市场；促进技术与创新发展，提供高质量原材料和数据；提升国家治理能力，实现数据标准化、透 明化，加快政府部门间、公私部门间、国内外数据互联互通和再利用；保障国家安全、主权和国家地 位，助力发展自主经济及深入有效融入国际。 范强调，数据交易平台绝非用于买卖信息的数据库，必须是提供资源、提升数据附加值的赋能平 台；平台发展应遵循"体制机制先行、基础设施是筑基、技术是突破口、人力资源是关键、实效成果是 动力"的发展路径。 范要求公安部审查、补充和完善体制机制，创建同步、畅通、公开、透明法律框架，确保数据交易 平台有效运行。要研究数据交易平台发展中公私合作的特殊机制和政策；研究制定关于数据定价的规定 和指南，建立数据交易平台监督和定价机制以及数据相关争议解决机制。短期内，公安部需协同相关部 门研究并开展数据平台试运行。 越通社11月1日报道，越南总理范明政当日主持召开越南数据平台发展会议，提出力争 ...

Core Viewpoint - CGN New Energy (01811) has seen a nearly 6% increase in stock price, reaching a new high of 2.92 HKD since June of last year, indicating positive market sentiment towards the company [1] Company Summary - The company's wind power electricity price for the first half of the year is 0.55 CNY/kWh, a decrease of 0.02 CNY/kWh year-on-year, suggesting that the wind power price has stabilized [1] - CGN New Energy is characterized as a "small but beautiful" renewable energy operator, which has been reducing investments in response to increasing operational pressures in the renewable energy sector [1] - In the first half of the year, the company added only 110,000 kW of new renewable energy capacity, all of which was solar, while capital expenditure was maintained at a low level of 400 million USD (2.85 billion CNY) [1] - The capital expenditure primarily focused on a gas project in South Korea, reflecting the company's strategy to minimize blind capital spending and pursue high-quality development to protect shareholder interests [1] Industry Summary - The release of DeepSeek in January 2025 is expected to significantly increase the on-shelf rate of third-party data centers in China [1] - According to the China Academy of Information and Communications Technology, the electricity demand for data centers in China is projected to reach 3000-7000 billion kWh by 2030, accounting for 2.3%-5.3% of total electricity consumption, with a compound annual growth rate of 10.4%-27.1% from 2024 to 2030 [1] - The rise of the data economy is driving a surge in electricity demand, with computing power becoming a new productive force, which in turn supports the growth of renewable energy operators like CGN New Energy [1]

Group 1 - The core viewpoint is that the consumption market in China is undergoing unprecedented structural changes due to factors such as population structure, economic development level, and marketing channels, presenting both challenges and opportunities for the industry [1] Group 2 - Chengsha Ningyale Network Technology Co., Ltd. (Ningyale) has signed a merger agreement with Jiefei Technology International Group, marking a new development opportunity for Ningyale [2] - Ningyale focuses on providing data merger management services for listed companies and building private traffic systems for pre-listed companies, successfully creating the "Zhenpin Yigou" one-stop health vertical e-commerce platform [4] - The company aims to achieve a virtuous cycle ecosystem of "health consumption - data assets - capital returns," establishing a solid foundation for higher quality development [4] Group 3 - Ningyale plans to collaborate with Jiefei Technology to focus on core business areas and leverage both parties' resources for sustainable development [6] Group 4 - Ningyale has successfully completed a 10 million RMB angel round financing, with the investment from the Asia Venture Philanthropy Network (AVPN), which recognizes the innovative model of "Zhenpin Yigou" in addressing value distribution challenges in the data economy [7] - The core innovation of "Zhenpin Yigou" lies in constructing a complete data value transformation chain, allowing users to accumulate consumption data through purchasing health products and services [7] - This innovative model integrates health consumption, data assets, and capital returns, providing new development ideas for the e-commerce industry and exploring feasible paths for market-oriented data factor allocation [7] Group 5 - The financing reflects AVPN's recognition of Ningyale's innovative business model, with plans to use the funds for ecosystem expansion and deepening business cycles [10] - Ningyale aims to explore long-term development paths and build a sustainable development strategy system while collaborating with partners for mutual benefits [10]

Core Viewpoint - The article highlights the impressive performance of Midea Group amidst a complex market environment, showcasing its strong financial results and innovative "smart factory" model as key drivers for future growth and competitive advantage [3][4][20]. Financial Performance - Midea Group reported a total revenue of 252.3 billion yuan for the first half of the year, representing a year-on-year growth of 15.7% [4]. - The net profit attributable to the parent company reached 26 billion yuan, marking a 25% increase compared to the previous year [4]. - The smart home segment generated revenue of 167.2 billion yuan, up 13.3% year-on-year, while the new energy and industrial technology segment saw a revenue increase of 28.6% to 22 billion yuan [6]. Smart Factory Innovation - Midea's "smart factory" in Jingzhou has been certified by the World Record Certification Agency as the world's first multi-scenario intelligent factory, showcasing its advanced manufacturing capabilities [4][8]. - The factory utilizes 14 intelligent agents covering 38 core production scenarios, significantly enhancing production efficiency with an average improvement of over 80% in task completion time [8]. Technological Integration - The "smart factory" integrates AI and big data analytics, processing 3 billion industrial data points daily to optimize production and supply chain management [10][12]. - Midea's self-developed industrial AI system, "Midea Factory Brain," facilitates seamless collaboration among intelligent agents, enhancing overall operational efficiency [12]. Market Position and Future Potential - Midea's diverse business portfolio across smart home, industrial technology, and robotics positions it uniquely in the market, creating a substantial barrier to entry for competitors [13][14]. - The company is transitioning from traditional manufacturing to a "data economy," leveraging its vast industrial data to drive innovation and enhance product offerings [15][16]. - Midea's smart factory solutions not only improve its own operations but also provide opportunities to empower other industrial enterprises, expanding its market share in intelligent manufacturing [11][18]. Strategic Outlook - Midea's focus on AI integration and smart manufacturing is expected to yield significant economic benefits, as evidenced by its strong financial performance [12][21]. - The company's ability to adapt to market changes and customer demands through data-driven strategies positions it for sustained growth and competitive advantage in the global manufacturing landscape [20][22].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overall, in Q2 2025, China's GDP growth rate continued to hold steady, showing positive economic data. Sino-US tariff tensions significantly eased, and the effect of front-loading exports was remarkable. The central bank cut interest rates and reserve requirements, and rolled out a package of financial policies to stabilize the economy and expectations. Large - scale investment projects in China commenced, and sentiment in the capital market improved. With the money market interest rate remaining low, but risk appetite rising, government bonds are expected to decline [3][72]. - In the stock market, hotspots rotated. As funds spilled over from the banking sector to other heavy - weighted sectors, the strength of stock indices became differentiated. IH shifted to wide - range fluctuations, while IF, IC, and IM may continue to rise, but attention should be paid to the risk of a rapid correction in the hyped sectors [1][6]. 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Part 3.1.1 Stock Index Trend Analysis - From late September 2024 to the National Day, the A - share market rose continuously. After the National Day, it opened high and then fell. In November 2024, the market rebounded slightly, and in mid - December, it declined. Around the New Year's Day in 2025, the stock market had three consecutive negative days, and trading volume shrank to 1 trillion. After the Spring Festival, the market rebounded, and trading volume increased to 2 trillion. In March 2025, the market reached a new high of 5755.58 and then quickly fell. On April 7, there was a sharp single - day decline, with the Guozheng A - share Index dropping by 9.29%. After reaching the lowest point of 4820.80 on April 9, the market rebounded. In May, the market rebounded to 5500 and then fluctuated with shrinking volume. In June, stock market fluctuations weakened, and in late June, the stock index rose continuously driven by the banking stocks. In July, it broke through the high point after the sharp rise on September 24, 2024, and trading volume increased to around 2 trillion [4]. - The four major stock indices showed differentiation. In 2025, the Shanghai 50 Index fell in January, rebounded in February, dropped sharply in April, and then rebounded. In July, it reached a new high of 2824.86 but was lower than the high point on September 24, 2024. The CSI 300 Index also reached a new high in July. The CSI 500 Index filled the gap in July after failing to do so in May. The CSI 1000 Index rose rapidly in July and exceeded all high points since September 24, 2024 [5]. 3.1.2 Stock Index Fluctuations and Premium/Discount Situations - In January 2025, stock index fluctuations further decreased, and in February, there was a significant rebound. In March, there was a slight decline, and in April, there were large - scale fluctuations. During the rapid rebound of the Shanghai 50 and CSI 300, the stock index futures of the CSI 500 and CSI 1000 were at a large discount. Fluctuations decreased in May and June, and in July, there was a further rebound. The long - term contracts of IC and IM gradually returned to normal. The premium/discount of the Shanghai 50 Index dropped to within ±5 points, while the far - month contracts of IC had a discount of over 300 points [15]. 3.1.3 Industry Strength and Weakness Transformation - The CSI 300 Index declined in January 2025, rebounded significantly in February, slightly declined in March, had a single - day sharp decline in April, and then quickly rebounded. It fluctuated at a high level in May and June and rose rapidly in July. In terms of reversal intensity, most sectors showed positive trends, with materials having a reversal intensity of up to 13, and pharmaceuticals and industry exceeding 8. Only the public utilities sector declined, with a decline of only 2% [16][19]. 3.1.4 Industry ALPHA Risk - Return - The tracking of ALPHA risk - return statistics shows that the consistency of the CSI 300 sector's trend has increased. The telecommunications and materials sectors have full - cycle ALPHA. The full - cycle ALPHA values are (0.467%, 0.284%, 0.114%; 0.107%, 0.088%, 0.058%). Most sectors' full - cycle ALPHA values are inconsistent, and the ALPHA values of the industrial, optional, and consumer sectors are negative [23]. 3.2 Government Bond Futures Analysis 3.2.1 Economic Steady Recovery - From 2023 to 2025, GDP growth showed fluctuations but generally maintained a certain level. CPI and PPI data indicated that the economy was in a deflationary state, with industrial PPI remaining negative and the year - on - year decline expanding. Industrial added value increased year - on - year, and the cumulative year - on - year growth was relatively stable. The manufacturing PMI and non - manufacturing PMI fluctuated, and the non - manufacturing PMI was more affected by policy changes. Consumption growth was unstable [28][35]. 3.2.2 Slightly Rising Monetary投放 Growth Rate - In 2024 and 2025, the amount of new RMB loans fluctuated greatly. The growth rate of M1 first declined and then increased, indicating that the recovery speed of social hot money accelerated. The growth rate of M2 showed a downward trend. The central bank continuously implemented interest rate cuts and reserve requirement ratio cuts, and the LPR decreased. The yield to maturity of government bonds fluctuated, and the overall trend was downward [43][49]. 3.2.3 Monetary Policy - From 2024 to 2025, the central bank carried out a series of monetary policy operations, including borrowing government bonds, conducting temporary open - market operations, adjusting the LPR, and implementing a package of financial policies in May 2025, which included reducing the reserve requirement ratio, lowering policy interest rates, and increasing the quota of re - loans [50][57].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Last week, the stock index reached a阶段性 high and then declined. The stock market's rise was mainly due to the positive market sentiment after the trade agreement and the rally of large - financial stocks on Wednesday. However, unconfirmed rumors led to the index's fall. With the asset price back to the pre - tariff level in early April, there is a lack of upward drive, and concerns about weakening macro - expectations have increased [1]. - This week, the release of domestic economic data in April and LPR data is expected. Given the trade agreement in early May, April data has limited impact on future economic expectations. As the current price is at the upper edge of the late - March range, significant upward movement requires unexpected positive drivers. It is predicted that the market will continue to fluctuate widely, and there may be a slight adjustment without upward drive. But the mid - term trend of positive policies and bullish sentiment remains unchanged, and there will be buying power on dips [2]. 3. Summary by Directory 2. Strategy Suggestions - **Short - term Strategy**: For intraday trading, refer to 1 - minute and 5 - minute K - line charts. Set stop - loss and take - profit levels for IF, IH, IC, and IM at 76/95 points, 58/31 points, 66/121 points, and 84/142 points respectively [4]. - **Trend Strategy**: Adopt a short - term high - selling and low - buying strategy. The core operating ranges for IF2506, IH2506, IC2506, and IM2506 are 3770 - 3964 points, 2646 - 2768 points, 5552 - 5924 points, and 5869 - 6264 points respectively [4]. - **Cross - variety Strategy**: Hold the strategy of shorting IF (or IH) and going long on IC (or IM) [5]. 1. Spot Market Review - **Global Index Performance**: Last week, most global stock indexes rose. In the US, the Dow Jones, S&P 500, and Nasdaq rose 3.41%, 5.27%, and 7.15% respectively. In Europe, the UK's FTSE 100, Germany's DAX, and France's CAC40 rose 1.52%, 1.14%, and 1.85% respectively. In the Asia - Pacific region, the Nikkei 225 and the Hang Seng Index rose 0.67% and 2.09% respectively [8]. - **Domestic Index Performance**: In China, most major indexes rose last week. The Shanghai Composite Index rose 0.76%. Among different indexes, the CSI 1000 rose 1.38%, the Shanghai 50 rose 1.22%, and the CSI 500 rose 0.52% [8]. - **Industry Performance**: Most industries in the CSI 300 and CSI 500 indexes rose last week. In the CSI 300, the financial sector rose 1.98%, and the optional consumption sector rose 1.95%. In the CSI 500, the pharmaceutical sector rose 1.25%, and the financial real - estate sector rose 1.07% [9]. 2. Stock Index Futures Market Review - **Futures Contract Performance**: Last week, the IF futures contract had the largest increase, and the IH futures contract had the largest amplitude. The trading volume and open interest of stock index futures declined [11][13]. - **Basis and Cross - variety Ratio**: The report also presented the basis trends of stock index futures and the cross - variety ratios of different index futures [16]. 3. Index Valuation Tracking - The price - to - earnings ratios (TTM) of the Shanghai Composite Index, CSI 300, Shanghai 50, CSI 500, and CSI 1000 are 14.13 times, 12.28 times, 10.76 times, 27.66 times, and 36.02 times respectively [17][18]. 4. Market Fundamentals Review - The number of new investors in the two markets and the share of newly - established equity - biased funds are presented. The capital interest rate declined last week, and the central bank had a net capital withdrawal [20].