Core Insights - The report indicates a strong market sentiment with a score of 78, categorized as "relatively hot," suggesting a positive outlook for the market [2][6][11] Market Themes Tracking - **Artificial Intelligence Theme**: The "2025 World Artificial Intelligence Conference" is set to take place from July 26 to 29 in Shanghai, focusing on cutting-edge AI technologies and applications. Key companies involved include Zhongke Shuguang (603019) and 360 (601360) [7] - **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 authenticity and value. Related companies include Tongxingbao (301339) and Wanda Information (300168) [7] - **Hydropower Theme**: The commencement of the Yarlung Tsangpo River hydropower project in Tibet, with a total investment of approximately 1.2 trillion yuan, is highlighted as a significant strategic initiative. Key companies involved are Dongfang Electric (600875) and Tibet Tianlu (600326) [7] Market Capital Flow - The report lists the top ten stocks with significant net inflows, with New Yisheng (300502) leading at 127.71 million yuan, followed by Yunnan Zhiye (002428) at 56.46 million yuan [12] - The top ten stocks with the highest net buy in financing include New Yisheng (300502) at 114.00 million yuan and Cambricon Technologies (688256) at 77.97 million yuan [14] Industry Analysis - The report provides insights into the net inflow and outflow of funds across various industries, with the pharmaceutical and banking sectors showing positive net inflows, while industries like machinery and electronics are experiencing significant outflows [17][22]

Core Insights - The report indicates a "hot" market sentiment with a composite score of 72, suggesting a positive outlook for the market [5][10] - Key themes currently attracting attention include Artificial Intelligence, RDA (Real Data Assets), and Hydropower projects, indicating sectors with potential investment opportunities [6] Market Sentiment - The market sentiment temperature indicator shows a score of 72, categorized as "hot," which reflects a strong investor confidence and a gradual upward trend in the market [5][10] - Historical trends indicate that when the sentiment score is below or near 30, the market tends to find support, while scores above 90 may indicate resistance [10] Hot Themes Tracking - **Artificial Intelligence**: The "2025 World Artificial Intelligence Conference" is set to take place from July 26 to 29 in Shanghai, focusing on cutting-edge AI technologies and applications. Related stocks include Zhongke Shuguang (603019) and 360 (601360) [6] - **RDA (Real Data Assets)**: The concept of RDA emphasizes the integration of data with physical assets, enhancing the authenticity and value of these assets. Related stocks include Tongxingbao (301339) and Wanda Information (300168) [6] - **Hydropower**: The Yarlung Tsangpo River hydropower project in Tibet, with a total investment of approximately 1.2 trillion yuan, is a significant strategic initiative approved by the government in December 2024. Related stocks include Dongfang Electric (600875) and Tibet Tianlu (600326) [6] Major Capital Inflows and Outflows - The report lists the top ten stocks with the highest net inflows, with Yanshan Technology (51,513.32 million yuan) and Western Securities (46,629.84 million yuan) leading the list [11] - Conversely, the top ten stocks with the highest net outflows include BYD (-114,438.46 million yuan) and China Power Construction (-106,372.99 million yuan) [13] Industry Insights - The report highlights the sectors with significant net inflows and outflows, indicating investor sentiment towards various industries. The computer and media sectors saw notable inflows, while industries such as automotive and pharmaceuticals experienced significant outflows [17][18]

近日，中国移动（600941）通信联合会区块链与数据要素专业委员会到访国联股份（603613），公司获 批RWA生态合作伙伴核心成员。双方围绕RWA/RDA资产发行标准化、RWA联合实验室共建和香港跨境 数字资产枢纽建设三大战略方向，探讨数字经济与实体经济融合发展的创新路径。国联股份表示，将深 度参与RWA联合实验室建设，在RWA/RDA资产标准化发行、合规化流通等关键领域探索实践，助力构 建安全可控的跨境数字资产流通体系。(新浪财经) ...

Macro Summary - As of the end of June, the total installed power generation capacity in the country reached 3.65 billion kilowatts, representing a year-on-year growth of 18.7%. The average utilization hours of power generation equipment from January to June were 1504 hours, a decrease of 162 hours compared to the same period last year [4] - The National Development and Reform Commission is actively taking practical measures to improve the collaborative development system between state-owned and private enterprises, aiming to mitigate excessive competition and expand cooperation in the industrial supply chain [4] - The Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly issued a notice regarding tax policies for goods entering and exiting the Hainan Free Trade Port [4] Industry Dynamics - The upcoming Global RWA Data Industry Conference will establish the "RWA Global Industry Alliance" to initiate the construction of international standards. Related stocks include GCL-Poly Energy (002015) and Tianyuan Dike (300047) [6] - China Fusion Energy Co., Ltd. has been established in Shanghai, marking an acceleration in the development of the nuclear fusion industry in China. Related stocks include Yongding Co., Ltd. (600105) and Baoli Electric (600468) [6] - The Shanghai Data Exchange held a closed-door seminar titled "New Opportunities in the Capital Market: RDA," introducing the new RDA paradigm for the first time. Related stocks include Shanghai Steel Union (300226) and COSCO Shipping Technology (002401) [6] Company Focus - International Medical (000516) is enhancing its refined operational capabilities and leveraging differentiated advantages to continuously strengthen its overall strength [8] - Funeng Technology (688567) has secured a designated SPS battery cooperation with GAC Group, and its semi-solid batteries have achieved large-scale shipments [8] - AVIC Heavy Machinery (600765) has incorporated a 30% cash dividend minimum into its articles of association, providing a rigid safeguard for shareholder returns [8] - Snowman Group (002639) has proactively developed technical solutions for the concrete temperature control needs of major hydropower projects, which will provide supporting services in subsequent construction [8] Market Review and Outlook - On July 23, the market experienced a high and then a pullback, with the three major indices showing mixed results. The Shanghai Composite Index closed up 0.01%, while the Shenzhen Component Index fell by 0.37% and the ChiNext Index was down 0.01%. Over 4000 stocks in the market declined [10] - The total trading volume for the day was 1.86 trillion, a decrease of 28.4 billion compared to the previous trading day. The market showed signs of divergence as the indices reached new highs, with the Shanghai Composite Index briefly surpassing the 3600-point mark [10] - The market sentiment was cautious, with a lack of leading stocks to drive short-term enthusiasm. The super hydropower concept stocks showed significant divergence, while the financial sector saw activity from brokers, banks, and insurance companies, although most retreated in the afternoon [10] - Technically, after the Shanghai Composite Index's attempt to reach 3600 points, it closed with a long upper shadow, indicating heavy selling pressure above. The short-term moving averages remain in a bullish arrangement, but the MACD indicator shows a reduction in upward momentum [11]

Market News - US stock indices collectively rose, with the Dow Jones up 1.14%, Nasdaq up 0.61%, and S&P 500 up 0.78%. Notable tech stocks like AMD and Nvidia increased over 2% [1] - International precious metal futures generally declined, with COMEX gold futures down 1.34% at $3397.50 per ounce. Crude oil prices showed slight fluctuations, with WTI crude up 0.17% at $65.42 per barrel [1] - European stock indices closed higher, with Germany's DAX up 0.83%, France's CAC40 up 1.37%, and the UK's FTSE 100 up 0.42% [1] Industry Insights - The Hong Kong Monetary Authority is implementing regulations for stablecoins, aiming for a healthy market development while addressing anti-money laundering concerns. The final draft of the regulations is expected to be published by the end of July [2] - The stablecoin market is anticipated to grow as it bridges centralized and decentralized finance, with significant implications for global payment systems. Key stocks in this sector include Newland Digital Technology and Tianyang Technology [2] - The Shanghai Data Exchange introduced the RDA paradigm, focusing on the value of data linked to real assets. This initiative aims to enhance asset verification and value creation through blockchain technology [3] - The low-altitude economy has been recognized as a national strategic emerging industry, with the release of the "Low-altitude Economic Infrastructure Framework Guidelines (2025 Edition)" outlining development paths and indicators [4][5] - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and exceed 3.5 trillion yuan by 2035, driven by policy, technology, and market forces [5] Company Announcements - Tiancheng Control announced a plan for Yunnan Trust to reduce its stake by up to 397,100 shares, not exceeding 1% of total shares [6] - Baobian Electric reported that the Equipment Group plans to reduce its holdings by up to 1,841,530 shares, also not exceeding 1% of total shares [6] - Tianlu Technology's controlling shareholder plans to reduce its stake by up to 220,600 shares, representing 2% of total shares [6] - Yirui Technology announced a plan for shareholders to reduce their holdings by up to 400,440 shares, not exceeding 2% of total shares [6] - Zhongqi Co. disclosed that its shareholder Jiangsu Yueda Group intends to reduce its stake by up to 39,717,000 shares, accounting for 3% of total shares [7]

1 、 商务部新闻发言人介绍，经中美双方商定，国务院副总理何立峰将于 7 月 27 日至 30 日赴瑞典与美方举行经贸会谈。 中美双方将按照两国元首 6 月 5 日通话重要共识，发挥好中美经贸磋商机制作用，本着相互尊重、和平共处、合作共赢的原则，继续就彼此关心的经贸问题开展磋商。 2 、经党中央批准， 海南自贸港将于今年 12 月 18 日启动全岛封关运作 。一批政策举措陆续对外公布，将于全岛封关之日起施行。其中： " 一线 " 进口的 " 零关税 " 商品税目比例将由 21% 提高至 74% ，在岛内享惠主体之间可以免进口税收流通，加工增值达到 30% 的可免关税销往内地。 1 、国家发改委主任郑栅洁主持召开座谈会表示，将积极采取务实有效措施，健全国企民企协同发展的体制机制， 推动整治内卷式竞争、拓展产业 链供应链合作 、促进科技创新、完善公司治理和国际化经营服务等。 2 、 我国将向中度以上失能老年人发放养老服务消费补贴 ，于 7 月起在浙江省、山东省、重庆市以及沈阳市、滁州市、新余市、成都市等试点地区 先行开展，后续将根据试点情况于 2025 年底前在其他省份推开。 3 、最高法发布《关于审理执行异议之 ...

【国内要闻】 ·商务部新闻发言人就中美瑞典经贸会谈答记者问时表示，经中美双方商定，中共中央政治局委员、国 务院副总理何立峰将于7月27日至30日赴瑞典与美方举行经贸会谈。中美双方将按照两国元首6月5日通 话重要共识，发挥好中美经贸磋商机制作用，本着相互尊重、和平共处、合作共赢的原则，继续就彼此 关心的经贸问题开展磋商。 ·据商务部，7月22日，商务部部长王文涛与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会谈， 就中欧经贸合作及其重点问题进行了坦诚、深入的讨论，并就欧盟在第18轮对俄制裁中列单两家中国金 融机构进行严正交涉。 ·国家发展改革委副主任王昌林7月23日在国新办发布会上表示，关于海南自贸港封关的具体时间，经党 中央批准，定于2025年12月18日正式启动。封关不是封岛，而是要进一步扩大开放，促进海南自贸港高 质量发展。封关后，海南与国际的往来将更加顺畅自由，与内地的联系将保持便捷高效。按照现阶段的 封关制度设计，除部分货物从海南自贸港进入内地需要接受查验外，大多数货物以及所有的人员、物 品、交通运输工具等进出海南岛，仍按现行规定管理，封关前后没有变化。大家到海南出差、旅游等， 都和现在一样，不需要 ...

Event Overview - The 2025 China International Big Data Industry Expo will be held from August 27 to 30 in Guiyang [1] - This expo is the world's first themed around big data and will feature five types of activities including professional exhibitions, opening ceremonies, industry exchanges, competitions, and special events [2] Industry Insights - The global digital economy is entering a new phase centered on the marketization of data elements and driven by intelligent technology [2] - The data industry is expected to become a significant driver for the upgrade of the digital economy, digital government, and digital society, potentially reaching a market size of nearly 200 billion yuan by 2025 [2] - Policies related to data elements are anticipated to be implemented soon, leading to a rapid development phase for data elements [2] RDA Development - The concept of RDA (Real Data Assets) has gained attention, aiming to bridge cryptocurrency and data elements [3] - A closed-door seminar on RDA was held, discussing data valuation and related topics [4] - RDA consists of three stages: asset preparation, asset issuance, and asset trading, with a focus on utilizing blockchain technology for data value realization [5] Historical Performance - Following the announcement of the 2025 expo, there was a collective movement in data element stocks, with Zhongyuan Marine Science and Technology reaching the daily limit [6] Related Companies - Notable companies participating in the expo include Huawei, Tencent, and Inspur Information, among others [9]

Group 1: Macroeconomic Insights - The first half of tariff measures has shown a high opening and low closing trend, with actual tariff rates increasing by only 6.5% from January to May, significantly lower than the theoretical increase of 14.5% [1][24] - China's exports have maintained stable volume and increased prices, but are expected to moderate in the future due to reduced tariff impacts from re-exporting and increased orders from non-US sources [1][24] - The economic impact of tariffs is less than expected, with the US inflation remaining low despite tariff increases, influenced by weak demand in the automotive market and fluctuations in oil prices [2][24] Group 2: Sectoral Performance - The second quarter of 2025 shows that total growth still faces bottlenecks, but emerging technologies and certain cyclical sectors are beginning to show performance improvements [3][4] - The electronics, military, non-bank financials, and non-ferrous metals sectors are experiencing high growth, while sectors like steel and aquaculture are showing initial signs of performance recovery [3][4] - The beverage sector, particularly Nongfu Spring, is highlighted as a rare super brand in China with strong growth potential, benefiting from its competitive advantages in brand, channel, and supply chain [13][15] Group 3: Investment Strategies - The Hong Kong stock market has been under pressure since late June, but is expected to outperform the A-share market in the second half of the year due to accumulating positive factors [10][35] - The technology sector in Hong Kong is poised for significant growth, especially with the easing of US chip export restrictions and the acceleration of AI applications [12][35] - The beverage company Nongfu Spring is projected to maintain a high growth trajectory in its packaging water and tea segments, supported by favorable market conditions and competitive positioning [14][16]

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 70, suggesting a positive outlook for the market [6][10] - Recent trends show a gradual upward movement in the market, supported by improved sentiment and favorable policies [10] 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 yuan. Related companies include Wolong Electric Drive (600580) and Changsheng Bearing (300718) [7] - **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 authenticity and value. Related companies include Tongxingbao (301339) and Wanda Information (300168) [7] - **Hydropower Theme**: The commencement of a major hydropower project on the Yarlung Tsangpo River in Tibet, with a total investment of approximately 1.2 trillion yuan, is noted for its strategic significance. Related companies include Dongfang Electric (600875) and Tibet Tianlu (600326) [7] Capital Flow Analysis - The report lists the top ten stocks with the highest net inflow, led by Zhongyou Capital (104,445.34 million yuan) and Ningde Times (50,691.03 million yuan), indicating strong investor interest in these companies [11] - The top ten stocks with the highest net buy in financing include Northern Rare Earth (37,965.55 million yuan) and Xinyi Technology (28,118.99 million yuan), reflecting positive investor sentiment towards these stocks [13] - The report also identifies the top ten sectors with net inflow, with non-ferrous metals leading at 149,037 million yuan, while sectors like machinery and electronics experienced significant outflows [16]