Core Insights - The domestic data factor industry is evolving towards a higher value "government-industry linkage" model, driven by policy guidance and industrial construction [1] - The digital economy's core industries are becoming significant drivers of the overall economic system, with the data factor market expected to exceed 300 billion yuan by 2028, growing at a compound annual growth rate (CAGR) of approximately 20.26% [6] - The establishment of a data value circulation system is crucial for the efficient flow of data assets, with a focus on compliance and rights confirmation [11][13] Policy Analysis - The improvement of the data industry value chain and local data systems is essential for the circulation of data factors, marking a new phase of quality enhancement in the digital industry [3] - The "Data Twenty Articles" policy has initiated the construction of a data ownership system, which is vital for the efficient circulation of data value [11] Market Scale - The digital economy in China has grown from 27.2 trillion yuan in 2017 to 53.9 trillion yuan in 2023, with a CAGR of about 12.07% [6] - By 2025, the overall scale of the data factor industry is expected to reach around 200 billion yuan, with data processing and analysis becoming the largest segment, projected to reach 144 billion yuan by 2028 [6] Data Value Chain Circulation - The construction of a data value circulation system is supported by advanced technology and regulatory compliance, focusing on the phased development of data value [8] - Data asset registration is crucial for the division of ownership and promoting the market circulation of data assets [13] - The establishment of a data evaluation policy framework is necessary for the accurate assessment of data value, which is essential for market circulation [16][17] Capitalization of Data Assets - The entry of data assets into financial statements marks a significant step in the capitalization of data factors, with the implementation of regulations starting January 1, 2024 [19] - The market for data asset transactions is characterized by a "cold inside, hot outside" distribution pattern, with off-market transactions dominating due to their flexibility [21] Industry Practices - The financial sector is expected to see a CAGR of approximately 19.06%, reaching over 100 billion yuan by 2028, driven by the integration of diverse data [32] - The industrial manufacturing sector is projected to grow at a CAGR of about 24.22%, with a focus on high-quality data sets and trusted data spaces [35] - The healthcare industry is anticipated to grow at a CAGR of around 23.69%, emphasizing the compliance and security of personal health data [37] Trends - The construction of high-quality data sets is crucial for the development of the artificial intelligence industry, transitioning from "point breakthroughs" to "holistic development" [40] - The establishment of trusted data spaces will be fundamental for ensuring the circulation and high-value application of data factors [43]

Group 1 - The Guangzhou Tianhe District Data Element Industry Association has completed its registration according to the regulations of the Social Organization Registration Management Ordinance [1] - The association is officially announced to be established [1] Group 2 - The association's unified social credit code is 51440106MJK977757T [2] - The legal representative of the association is Liu Yang [2] - The address of the association is 75 Tiyu West Road, Shop 102, Tianhe District, Guangzhou [2]

Summary of Key Points from the Conference Call Industry and Company Involvement - The discussion primarily revolves around the **Chinese economy** and its **capital markets**, with a focus on the implications of the "anti-involution" policy and macroeconomic trends. Core Insights and Arguments 1. **Anti-Involution as a Core Task**: The Chinese economic decision-making body has established "anti-involution" as a core task to end the downward price spiral and address corporate profit pressures and macro risks, indicating a more complex environment than a decade ago [2][4][6] 2. **Economic Transition**: The Merrill Lynch investment clock suggests that the Chinese economy may be transitioning from a deflationary quadrant, with a critical time window expected in the second half of 2025, as capital begins to anticipate future conditions and extend asset durations [2][5] 3. **Debt Levels**: Urban household debt in China is nearing 70%, significantly higher than a decade ago, necessitating stronger demand-side support for the anti-involution measures, potentially requiring unconventional counter-cyclical policies [2][10] 4. **Manufacturing Dominance**: The "Made in China 2025" initiative has largely been achieved, positioning China's industrial and manufacturing sectors with global dominance, which provides a strong governance foundation for the success of anti-involution policies [2][11] 5. **US-China Relations**: The strategic rivalry between the US and China has prompted the introduction of anti-involution policies to adapt to changes in the global economic landscape and to rebalance domestic policies with a focus on development and livelihood [2][12][14] Important but Overlooked Content 1. **Market Reactions**: Recent market trends indicate a significant shift, with the Shanghai Composite Index potentially breaking the 4,000-point mark, driven by the performance of cyclical assets [2][26] 2. **Investment Strategy**: Investors are advised to recognize market turning points, as the expansion window for deflationary assets is closing, and cyclical assets are expected to benefit significantly [23][25] 3. **Future Planning**: The upcoming 14th Five-Year Plan will focus on data assetization, establishing a circular economy, and utilizing blockchain technology for data capitalization, which are crucial for China's economic strategy [27][28][30] 4. **Technological Advancements**: China has made significant breakthroughs in recycling technologies and solid-state battery production, which could enhance its competitive edge in the global market [30][31] 5. **Demand-Side Policies**: Future effective demand-side policies may stem from income distribution adjustments and the digital economy, aiming to boost consumption and support the middle class [32] This summary encapsulates the critical insights and implications discussed in the conference call, highlighting the evolving landscape of the Chinese economy and its capital markets.

Core Insights - The article discusses the ongoing challenges in the data element industry, particularly the issues of "supply shortages and flow difficulties," and highlights the efforts being made to address these pain points through pilot projects initiated by the National Data Bureau [1][2] - Wenzhou has emerged as a leading pilot city, successfully implementing all six key tasks of the national data infrastructure pilot program, which includes the establishment of various data facilities [2][6] Group 1: Data Infrastructure Development - Wenzhou has launched six foundational infrastructure pilot projects, including trusted data spaces and data networks, which have begun to yield results [1][2] - The city has strategically positioned the data element industry as a key emerging sector, establishing the "Data Security Port" to enhance data safety and compliance [2][3] - The Data Security Port has attracted over 670 enterprises and developed more than 470 data products, showcasing its effectiveness in building a robust data ecosystem [2][3] Group 2: Institutional Innovation - The article emphasizes the need for a comprehensive data governance framework to address the challenges of data circulation, including compliance and security concerns [2][4] - Wenzhou has pioneered a full-process data governance system that includes pre-compliance review, technical safeguards, and post-judicial guarantees to facilitate data flow [3][4] - The establishment of a judicial support cluster, including a data resource court and arbitration center, provides essential legal and compliance certainty for data transactions [3][4] Group 3: Future Development and Collaboration - Wenzhou aims to deepen the integration of data elements with the real economy, focusing on creating high-value application scenarios to drive infrastructure capabilities [6][7] - The city plans to expand its influence by attracting leading enterprises and establishing national-level laboratories to enhance data resource aggregation [7] - A collaborative initiative called the "Hundred Cities Action" has been launched, involving 25 cities to promote data product development, infrastructure connectivity, and digital reform applications [7]

Group 1 - The "Data Element ×" competition in Guangdong is actively ongoing, with the Jiangmen city hosting the "Data Element × Cultural Tourism" track, focusing on digitalization and innovative development in cultural tourism [1][2] - Jiangmen ranks 77th in the "2025 China City Data Element Top 100" list, reflecting its efforts in market-oriented data element reforms and the integration of digital and real economies [2][4] - The competition aims to address challenges in cultural heritage protection and tourism service enhancement through data resource sharing and innovative digital solutions [3][4] Group 2 - Jiangmen's tourism market showed significant growth in 2024, with 25.46 million visitors and a revenue of 29.31 billion yuan, marking year-on-year increases of 11.9% and 17.2% respectively [5] - The competition is expected to promote the digitalization and circulation of cultural resources, attracting technology, talent, and capital to enhance the value of cultural tourism data [5][6] - The Guangdong division of the competition will provide various awards and support for participants, including policy incentives and talent support, to foster a robust data element ecosystem [6]

Group 1: Disease Outbreak - The number of confirmed cases of Chikungunya fever in Shunde District, Foshan, has reached 2,934, with a significant increase of 463 cases reported in one day [1] - The outbreak began on July 15, with 478 cases reported on the first day, indicating a rapid rise in cases over a short period [1] - The World Health Organization has reported that 119 countries and regions have identified Chikungunya virus transmission, affecting approximately 5.5 million people [1] Group 2: Satellite Internet - Shanghai Yuanxin Satellite has announced a tender for rocket launch services, requiring a total of 94 satellites to be launched by 2026, with a contract value of 1.336 billion yuan [2] - This tender follows a previous announcement for nine launch services earlier in the year, indicating a significant acceleration in the construction of the Thousand Sails constellation [2] - The market for satellite internet in China is projected to reach nearly 100 billion yuan in the next five years, with the private rocket market expected to exceed 30 billion yuan [2] Group 3: AI and Computing Power - The computing power sector is experiencing increased interest, with several companies seeing significant stock price increases ahead of the World Artificial Intelligence Conference [3] - Huawei is set to showcase its Ascend 384 super node technology, which features the largest scale of 384 card high-speed bus interconnection in the industry [3] - The demand for PCB (Printed Circuit Board) is expected to grow due to the recovery in electronic demand and the rise of AI and high-speed communication technologies [3] Group 4: Data Elements - The data elements sector has seen stock price increases, with several companies reaching their daily limit [4] - The National Data Bureau plans to enhance the marketization of data elements, focusing on creating a closed-loop ecosystem for data labeling, high-quality datasets, models, and application scenarios [4] - The market for RWA (Real World Assets) is expected to grow significantly, with increasing demand for standardized data assets across various sectors [4] Group 5: Electronic Identification - The Ministry of Public Security is promoting the electronicization of identification documents, aiming to streamline data sharing and business collaboration across departments [5] - The market for electronic identification is projected to exceed 100 billion yuan by 2025, with expectations of rapid growth in the following years [5] - The integration of technologies such as blockchain and biometrics is anticipated to enhance the application of electronic identification in various sectors [5] Group 6: Low Altitude Economy - The "Low Altitude Economic Infrastructure Framework Guide (2025 Edition)" has been officially released, outlining a multi-level indicator system for low-altitude infrastructure [6] - The low-altitude economy is recognized as a strategic emerging industry, with the market expected to reach 1.5 trillion yuan by 2025 and potentially exceed 3.5 trillion yuan by 2035 [6] - The development of the low-altitude economy is driven by policies, technology, and market forces, leading to significant capital investment and industry collaboration [6]

Group 1 - The conference titled "Data-Driven Industrial Upgrade and Innovation Practice Seminar" was held in Kunming, focusing on activating traditional industries through data elements [1] - The event was organized by various institutions including Yunnan Provincial Business Association and Tsinghua University, with participation from multiple companies [1] - Keynote speeches highlighted the importance of data elements in industrial upgrades and the strategic planning for developing the data industry in Yunnan [2] Group 2 - Notable presentations included topics on digital transformation, AI's impact on enterprise competitiveness, and the role of data consulting in enhancing industrial competitiveness [2] - The conference featured a launch of a training program for cultivating composite data talents, and strategic cooperation agreements were signed between companies [3] - A project promotion and investment negotiation session attracted over 30 companies, facilitating effective project and funding connections [3]

| 连板数 | 晋级率 | | 2025-7-15 | | --- | --- | --- | --- | | 4 #5 | 1/2=50% | 上纬新材 (机器人) | | | 2讲3 | 6/12=50% | 兰生股份(参股券商) | | | | | 华宏科技(业绩+稀土) | | | | | 上海物贸(数据要素) | | | 1进2 | 4/45=9% | 楚天龙(稳定币) | | | | | 诚意药业(创新药) | | | 其他涨停 | | 柳钢股份11天6板 (钢铁+业绩) | | | | | 金时科技7天4板 (稳定币) | | | | | 兴业科技4天2板 (皮革) | | 今日共42股涨停，连板股总数11只，其中三连板及以上个股7只，上一交易日共18只连板股，连板股晋级率38.89%（不含ST股、退市股）。个股方面，全市 场超4000只个股下跌，跌停个股达16只，数量明显增加。高位股持续低迷，昨日三连板及以上个股中，除上纬新材外其余个股全部下跌，其中联环药业、国 晟科技跌停。板块方面，受新易盛超预期业绩刺激，算力硬件端大幅走强，板块内基本面优良的大市值个股表现亮眼，千亿权重新易盛20CM涨停， ...

Group 1 - The Shanghai Composite Index rose by 0.27% to close at 3519.65 points, with a trading volume of 1.4588 trillion yuan, a decrease of 253.4 billion yuan compared to last Friday, indicating a decline in market bullish sentiment [1] - RDA (Real Data Assets) concept stocks continued to perform strongly, with companies like China Merchants Industry Holdings, Shibei High-tech, and Greenland Holdings hitting the daily limit, while the silver sector also showed robust performance [1] - The Shanghai Data Exchange introduced the RDA paradigm, emphasizing the integration of real data with physical assets, which is expected to accelerate the marketization and valuation of data elements and enhance the efficiency of connecting physical assets with capital [1] Group 2 - The 66th edition of the "Digging Gold" competition is currently underway, with participants actively engaging in simulated stock trading using a virtual fund of 500,000 yuan [4][5] - Participants can earn cash rewards based on their performance, with the first-place winner receiving 688 yuan and additional rewards for subsequent positions, as well as monthly point-based rewards for top performers [5][10] - The competition encourages participants to operate at least three stocks to maximize their points, as operating fewer than three stocks will result in only receiving 80% of the points for that round [10][11]

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]