此外，8月29日，晶泰控股宣布拟通过配售代理配售最多约2.86亿股配售股份。根据公告，该资金除用 于公司运营与产品研发、并购外，还将探索应用RWA(真实世界资产)及RDA(真实数据资产)等创新金融 工具，研发区块链新业务。同日，晶泰控股便宣布圆满完成26.5亿港元新股配售定价，全程从开簿到定 价不到一个交易日即告完成。此次配售价格定为每股9.28港元，较IPO发行价溢价约75.8%，较最近30个 交易日平均收市价溢价约23.4%，彰显出市场对其价值的高度认可。 晶泰控股(02228)再涨超8%，截至发稿，涨7.27%，报11.06港元，成交额19.75亿港元。 消息面上，晶泰控股近日发布中期业绩，收入5.17亿元人民币，同比增加403.83%；股东应占溢利 8279.5万元，上年同期股东应占亏损12.37亿元，为集团首次实现半年盈利。期内财务表现预期改善乃主 要由于集团与DoveTree合作，集团基于端到端人工智能药物发现平台及综合"AI+机器人"技术，向 DoveTree提供药物发现解决方案及服务，该合作带动重大收益增长。 ...

据证券之星公开数据整理，近期三维天地（301159）发布2025年中报。截至本报告期末，公司营业总收 入6926.3万元，同比上升4.6%，归母净利润-6057.69万元，同比上升12.08%。按单季度数据看，第二季 度营业总收入4807.8万元，同比上升4.65%，第二季度归母净利润-3093.23万元，同比上升19.9%。本报 告期三维天地盈利能力上升，毛利率同比增幅15.2%，净利率同比增幅16.44%。 建议关注公司现金流状况（近3年经营性现金流均值/流动负债仅为-41.8%） 建议关注财务费用状况（近3年经营活动产生的现金流净额均值为负） 最近有知名机构关注了公司以下问题： 证券之星价投圈财报分析工具显示： 业务评价：去年的净利率为-56.94%，算上全部成本后，公司产品或服务的附加值不高。从历史年报数 据统计来看，公司上市以来中位数ROIC为13.27%，投资回报也较好，其中最惨年份2024年的ROIC 为-24.15%，投资回报极差。公司历史上的财报相对一般（注：公司上市时间不满10年，上市时间越长 财务均分参考意义越大。），公司上市来已有年报3份，亏损年份2次，显示生意模式比较脆弱。 商业模式 ...

据证券之星公开数据整理，近期三维天地（301159）发布2025年中报。截至本报告期末，公司营业总收 入6926.3万元，同比上升4.6%，归母净利润-6057.69万元，同比上升12.08%。按单季度数据看，第二季 度营业总收入4807.8万元，同比上升4.65%，第二季度归母净利润-3093.23万元，同比上升19.9%。本报 告期三维天地盈利能力上升，毛利率同比增幅15.2%，净利率同比增幅16.44%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率29.35%，同比增15.2%，净利率-88.08%，同比 增16.44%，销售费用、管理费用、财务费用总计4311.53万元，三费占营收比62.25%，同比减13.74%， 每股净资产7.73元，同比减23.33%，每股经营性现金流-0.87元，同比增35.65%，每股收益-0.78元，同 比增12.36% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 6621.93万 | 6926.3万 | 4.60% | | 归母浄利润（元） | -6890.31万 ...

晶泰控股(02228)再次用教科书级的"闪电配售"充分展现了其在资本市场的强大号召力与高效执行力。 2025年8月29日，晶泰控股发布公告称与配售代理订立配售协议，拟通过配售代理配售最多约2.86亿股 配售股份。根据公告，该资金除用于公司运营与产品研发、并购外，还将探索应用RWA(真实世界资产) 及RDA(真实数据资产)等创新金融工具，研发区块链新业务。同日，晶泰控股便宣布圆满完成26.5亿港 元新股配售定价，全程从开簿到定价不到一个交易日即告完成。此次配售价格定为每股9.28港元，较 IPO发行价溢价约75.8%，较最近30个交易日平均收市价溢价约23.4%，彰显出市场对其价值的高度认 可。 据悉，晶泰控股过往的配售项目市场反响热烈，簿记常获得多倍覆盖。此次配售延续强劲态势，开簿后 迅速实现覆盖，吸引了众多包括国际头部主权基金、境内外长线基金在内的多家机构踊跃认购，最终实 现订单多倍覆盖且发行规模较初始规模上调超13%。此次配售是公司继2025年1月和2月新股配售后的第 三次公开市场融资，充分展现了全球投资者对公司发展前景的坚定信心。 而据参与此次配售的投行相关人士对智通财经透露，本次参与配售的基金中就包括 ...

Core Insights - The report indicates a neutral market sentiment with a score of 45, suggesting a balanced outlook for investors [5][10] - Key themes currently attracting attention include Artificial Intelligence, RDA (Real Data Assets), and Hydropower projects, which are expected to drive investment opportunities [6] Market Sentiment - The market sentiment temperature indicator shows a score of 45, categorized as neutral, with historical trends indicating that scores below 30 provide support while scores above 90 may present resistance [10][22] - Recent improvements in market sentiment and supportive policies are leading to a gradual upward trend in the market [10] Hot Topics 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. Key companies involved include Zhongke Shuguang (603019) and 360 (601360) [6] - **RDA (Real Data Assets)**: The Shanghai Data Exchange has introduced the RDA paradigm, emphasizing the integration of data with physical assets for verification and value enhancement. Related companies include Tongxingbao (301339) and Wanda Information (300168) [6] - **Hydropower**: The Yarlung Tsangpo River downstream hydropower project has commenced in Tibet, with a total investment of approximately 1.2 trillion yuan. This project is significant for both local and external power supply. Key companies involved are Dongfang Electric (600875) and Tibet Tianlu (600326) [6] Capital Flow Analysis - The report lists the top ten stocks with significant net inflows, highlighting companies such as Yidian Tianxia (90.89 million yuan) and Shenzhou Digital (75.27 million yuan) as attracting substantial investment [11] - Conversely, the report also identifies the top ten stocks with net outflows, including Ningde Times (-169.10 million yuan) and Dongfang Fortune (-167.78 million yuan), indicating investor caution in these areas [13] Industry Overview - The report provides insights into the performance of various sectors, with the computer and media sectors showing positive net inflows, while sectors like food and beverage and automotive are experiencing significant outflows [17][18] - Financing net purchases are predominantly seen in the food and beverage sector, indicating investor confidence in these industries [19]

2025 年 07 月 31 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：64 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 0 10 20 30 (%) 沪深300 相关研究 | 1、《双融日报》2025-07-30 | | --- | | 2、《双融日报》2025-07-29 | | 3、《双融日报》2025-07-28 | ▌ 华鑫市场情绪温度指标：（较热） 3、水电主题：7 月 19 日，雅鲁藏布江下游水电工程开 工仪式在西藏自治区林芝市举行。该工程位于西藏自治区林 芝市，将建设 5 座梯级电站，总投资约 1.2 万亿元。该工程 电力以外送消纳为主，兼顾西藏本地自用需求。雅鲁藏布江 下游水电工程是一项具有重大战略意义的项目，中国政府于 2024 年 12 月份核准了该项目。有消息显示，这一"超级水 电工程"的投资金额之巨、施工难度之高、耗时之久、影响 之 广 ， 都 将 创 下 历 史 纪 录 。 相 关 标 的 ： 东 方 电 气 （600875）、西藏天路（600326） ▌ 风险提示 宏观经济意 ...

Core Viewpoint - Multiple positive factors are converging, indicating a significant turning point for the Chinese economy, with clear policy focus and an optimistic outlook for the A-share market [1][3]. Economic Turning Point - China is at a critical time window in the economic cycle, transitioning from a prolonged price decline phase [3][4]. - Recent stock market performance reflects a shift in market expectations, driven by the "anti-involution" policy and a potentially easing international environment [3][5]. A-share Market Outlook - The A-share market is expected to rise above 4000 points, contingent on the effectiveness of the "anti-involution" policy [4][6]. - The "anti-involution" policy aims to end the long-term downward price spiral, requiring coordinated efforts from both supply and demand sides [5][6]. Sector Focus - The "pro-cyclical" sectors are anticipated to benefit significantly from the economic recovery, with a strong correlation to overall economic conditions [6][7]. - Three key investment directions are highlighted: 1. Real Data Assets (RDA) - The importance of converting vast data resources into valuable assets is emphasized, with expectations for national support in this area [7]. 2. Circular Economy - Technological innovations to overcome energy bottlenecks, such as converting waste plastics into petrochemical products, are crucial [7]. 3. Solid-State Battery Industrialization - The potential for large-scale commercialization of solid-state batteries in the next couple of years is noted, which could enhance China's position in various industries [7]. Market Confidence - The long-term trajectory of the Chinese capital market will largely depend on investor confidence, rooted in trust in the current system and governance capabilities [8]. - There is a strong belief that the Chinese capital market can achieve a sustained upward trend over the long term [8].

在数字经济蓬勃发展的当下，数据资产化正以前所未有的速度发展。 7月22日，国家数据局再次强调，推动数据产业从"单点突破"向"全域发展"转型，是加快构建以数据为关键要素的数字经济体系、发展新质生产力和新动 能的必然要求。 与此同时，资本市场对数据资产化的关注也在持续升温。 7月23日，上海数据交易所举行主题为"资本市场新机遇：RDA"的闭门研讨会，吸引了十余家国内顶级金融机构共同探讨RWA（真实世界资产）与RDA （真实数据资产）等前沿议题。RDA概念的火爆出圈，不仅映射出市场与政策的合力推动，也传递出数据资产化正加速向纵深发展的明确信号。 然而，当前关于RDA的讨论多聚焦于数据确权、资产化和交易机制本身，却鲜有深入探讨一个更为根本的问题：谁能为RDA持续、稳定地提供源源不 断、真实可信的"真数据"？ 答案正是物联网。 物联网不仅是RDA数据供给的底座，更是连接实体世界与数字经济的桥梁。无处不在的物联网设备和实时数据采集能力，将为RDA注入生命力和可验证 性，使得数据资产真正具备动态性、时效性与可追溯性。 从本质上看，RDA（全称为Real Data Assets，真实数据资产）是对RWA的延伸，RWA聚焦于将 ...

Core Insights - The report indicates that the current market sentiment is at a high level, with a composite score of 81, categorizing it as "overheated" [5][10][22] - Recent market trends show a gradual upward movement supported by improved sentiment and policy backing [10] 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 related stocks include Zhongke Shuguang (603019) and 360 (601360) [6] - **RDA Theme**: The introduction of the RDA (Real Data Asset) paradigm emphasizes the integration of data with physical assets, enhancing authenticity and value. Related stocks include Tongxingbao (301339) and Wanda Information (300168) [6] - **Hydropower Theme**: The Yarlung Tsangpo River hydropower project in Tibet, with a total investment of approximately 1.2 trillion yuan, is significant for its strategic importance and scale. Related stocks include Dongfang Electric (600875) and Tibet Tianlu (600326) [6] Major Capital Inflows and Outflows - The report lists the top ten stocks with significant net inflows, with Shenghong Technology (300476) leading at 117.24 million yuan, followed by Guangxun Technology (002281) at 101.84 million yuan [11] - Conversely, the top ten stocks with net outflows include Tibet Tianlu (600326) with a net outflow of -91.52 million yuan, and Tuo Wei Information (002261) at -71.24 million yuan [13] Industry Analysis - The report highlights the sectors with the highest net inflows, including SW Communication and SW Electronics, indicating strong investor interest in these areas [17] - Conversely, sectors experiencing the most significant net outflows include SW Agriculture and Forestry, suggesting potential caution among investors in these industries [18]

Core Insights - The company, Desheng Technology, focuses on social security and livelihood services, leveraging AI technology to enhance efficiency and reduce costs in key areas such as employment, medical services, and government affairs [1][2] - Desheng Technology has established a grassroots service network through its "social security card + employment + government" model, which has begun to show initial commercial viability [2] - The company has achieved significant milestones, including the world's first ISO55013 data asset management certification and winning a major project for the operation of the Guangzhou Data Exchange [3] Group 1 - Desheng Technology has been dedicated to social security and livelihood services for over 20 years, aiming to connect government services with individual needs through social security cards [1] - The company operates in approximately 200 cities, providing services that include employment and medical assistance, and has established a comprehensive ecosystem [1][2] - The company is actively helping local governments and enterprises to develop data asset packages, utilizing data accumulated from social security services to create marketable digital assets [2] Group 2 - Desheng Technology's data operations have been recognized, with the company acting as a certified data broker for major data exchanges, assisting governments in unlocking data value [3] - The company has successfully facilitated data financing for enterprises, exemplified by a project that provided a heating company in Beijing with a credit increase of 20 million yuan [2][3] - The company is positioned to integrate data operations with technology and infrastructure, enhancing its service offerings and market presence [3]