Core Viewpoint - The transformation of the Chinese economy poses significant challenges to the existing fiscal system based on land premiums, necessitating the exploration of new production factors to reconstruct the fiscal foundation from central to local levels [1] Group 1: Economic Transformation - The Chinese government is urgently seeking new production factors to convert into effective revenue, aiming to restructure the fiscal foundation across various entities [1] - The only viable option currently identified is data, which is seen as a critical asset in the AI economy [1] Group 2: Data Assetization - The assetization of data is crucial, and it is believed that blockchain technology will play a key role in ensuring the security and legality of data, allowing it to be recognized as an asset [1] - The transformation of data into a marketable asset is expected to enhance balance sheets and generate credit [1] Group 3: Future Business Models - The emergence of Real Data Assets (RDA) is anticipated to give rise to new business models and opportunities for large companies [1]

Group 1: RDA Policy and Market Positioning - The company views the RDA (Real Data Assets) policy as a transformative opportunity, emphasizing the integration of real assets with data for enhanced verification and value addition [3] - RDA can accelerate the marketization and valuation of data elements, promoting the synergy between data and other factors, thus enhancing the efficiency of connecting physical assets with capital [3] - The company is a key player in the data asset management sector, having developed the first national standards for data rights authorization and received the DRCA certificate from the Ministry of Industry and Information Technology [4] Group 2: Technological Infrastructure and Services - The company launched a "Data Element Trading Operation Management Platform" in 2024, aimed at facilitating data rights confirmation and secure circulation [4] - The main product, "Data Asset Management Platform DAM V13," integrates various advanced technologies, providing essential services for RDA asset encapsulation and generation [4] - The AI platform SunwayLink enables businesses to build AI models without specialized knowledge, enhancing operational efficiency across various sectors [5] Group 3: AI Applications and Client Demand - SunwayLink has been integrated with major platforms, receiving positive feedback from clients, and is currently being promoted actively [6] - The AI agent is particularly beneficial in the pharmaceutical sector, streamlining processes such as literature review and data analysis, significantly reducing time from weeks to minutes [7][8] - The platform supports real-time quality compliance monitoring in production, drastically reducing audit preparation time from one month to two days [8] Group 4: International Expansion and Market Strategy - The company is actively exploring international markets, particularly in Asia, leveraging its strong technical foundation and experience [9] - Recent participation in major industry exhibitions in Japan and Malaysia has garnered significant interest in the company's digital services [9] Group 5: Shareholder Actions and Future Outlook - The company announced a share reduction plan, with specific shareholders reducing their stakes due to fund lifecycle considerations, amounting to a 1.07% reduction from venture capital firms and a 3% reduction from employee shareholding platforms [9] - The company emphasizes that this reduction does not involve any undisclosed significant information [9]

Group 1: A-Share Market and Computer Sector - The A-share market showed mixed performance on July 15, with the computer sector leading in gains [1] - The Computer ETF (159998) rose by 2.23% in the afternoon, with a trading volume exceeding 120 million yuan and a net subscription of 49.2 million units during the session [1] - Key stocks in the Computer ETF included Youfu Network, which increased by over 9%, and Runze Technology, which rose by over 8% [1] Group 2: ETF and Index Information - As of July 14, the Computer ETF had a total size of 3.223 billion yuan, ranking first among similar products [1] - The ETF tracks the CSI Computer Index, which selects stocks from companies involved in information technology services, application software, system software, and computer hardware [1] - The top ten holdings of the ETF as of March 31 included leading companies such as Hikvision, Zhongke Shuguang, and Keda Xunfei, with Zhongke Shuguang accounting for 6.86% of the fund's net value [1] Group 3: AI Developments and Market Trends - Elon Musk's AI company xAI released its flagship model Grok 4, achieving a 25.4% accuracy rate in a test, surpassing competitors like Google's Gemini 2.5 Pro and OpenAI's o3 [2] - There is a rapid growth in overseas AI demand, particularly from new enterprises, driving high capital expenditures in AI [2] - The optical module industry is expected to maintain high growth potential as a foundational component for expanding computing clusters [2] Group 4: RDA Concept and Data Economy - The Shanghai Data Exchange introduced the RDA (Real Data Assets) paradigm, emphasizing the integration of real numbers with physical assets and the role of data in verifying and enhancing the value of other assets [3] - RDA aims to accelerate the marketization and valuation of data elements while promoting the interconnected development of data and other factors [3] - This initiative is expected to improve the efficiency of connecting physical assets and capital, fostering the deep integration of the real economy and digital economy [3]