2025 年 07 月 11 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：76 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 76 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：数据、跨境支付、创新药 1、数据主题：据《央视新闻》报道，为了破解数据流通 交易效率不高的难题，国家数据局、国家市场监督管理总局 首次推出数据流通交易便利化举措，发布数据流通交易合同 示范文本，为有需要的经营主体提供参考。有关企业反馈， 合同应用将大幅降低数据流通交易的协商成本，预计可提升 30%的效率。相关 标 的：奥飞数据（ 300738）、易华录 （300212） 2、跨境支付主题：7 月 4 日，央行发布《人民币跨境支 付系统业务规则（征求意见稿）》，向社会公开征求意见至 8 月 3 日。此次修订简化境外机构参与条件 ...

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 66, suggesting a positive outlook for market performance [5][12] - Recent policy support and improved market sentiment are driving a gradual upward trend in the market [12] Hot Topics Tracking - **Data Theme**: The National Data Bureau and the State Administration for Market Regulation have introduced measures to enhance data circulation efficiency, potentially increasing efficiency by 30% [6] - **Cross-Border Payment Theme**: The People's Bank of China has released a draft for the rules governing the Renminbi cross-border payment system, aiming to simplify participation conditions for foreign institutions [6] - **Innovative Drug Theme**: The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, emphasizing the use of medical insurance data in drug research [6] Market Sentiment Analysis - The market sentiment temperature indicator shows a trend where scores below 30 provide support for the market, while scores above 90 indicate resistance [12] - The report suggests that during "relatively hot" market conditions, investors may consider increasing their investments while remaining cautious of potential overheating risks [24] Major Capital Flows - The report lists significant net inflows for various stocks, with "跨境通" (Cross-Border Communication) leading at 85,258.43 million [13] - Conversely, notable net outflows were observed in "中油资本" (China Oil Capital) with -76,258.27 million, indicating investor caution in certain sectors [15] Industry Performance - The report highlights the performance of various industries, with significant net inflows observed in sectors such as non-ferrous metals and electronics, while industries like pharmaceuticals and defense showed substantial net outflows [20][21]

Core Insights - The report indicates that the current market sentiment is at a high level, with a score of 88, categorizing it as "overheated" [6][10][22] - Recent policy support and improved market sentiment have contributed to a bullish trend in the market [10] Market Themes Tracking - **Data Theme**: The National Data Bureau and the State Administration for Market Regulation have introduced measures to enhance data circulation efficiency, potentially increasing efficiency by 30% [7] - **Cross-Border Payment Theme**: The People's Bank of China has released a draft for the rules governing the Renminbi cross-border payment system, aiming to simplify participation conditions for foreign institutions [7] - **Innovative Drug Theme**: The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, emphasizing the use of medical insurance data for drug research [7] Major Capital Inflows - The report lists the top ten stocks with significant net inflows, including Zhongyou Capital (90.12 million), Pengding Holdings (64.11 million), and others [11][12] Major Capital Outflows - The report also highlights the top ten stocks with significant net outflows, such as Changshan Pharmaceutical (-83.03 million) and Jinyi Culture (-79.62 million) [13][23] Financing and Margin Trading - The report provides insights into financing net purchases and margin trading, indicating investor sentiment towards specific stocks and sectors [23]

合同是市场经济有序运行的基础。现在，经营主体参与数据流通交易有了可参考的合同示范文本。 两部门印发数据流通交易合同示范文本。 7月4日，国家数据局、市场监管总局联合印发数据流通交易合同示范文本（以下简称"示范文本"），聚 焦数据流通中的4类典型场景，即数据提供、数据委托处理、数据融合开发和数据中介，为有需要的经 营主体提供合同应用参考。 其中，数据提供合同（示范文本），适用于数据提供方通过有偿交易、无偿共享、许可使用等方式将数 据提供给数据接收方的活动，涵盖应用程序接口（API）、数据集等各种提供方式。 数据委托处理服务合同（示范文本），适用于数据委托方将其持有或控制的数据委托给受托方，由受托 方按照委托方的指示和要求进行数据处理的活动。 数据融合开发合同（示范文本），适用于数据融合各参与方将其持有的数据向彼此开放共享或共同委托 给特定处理方，用于共同创建数据平台、数据空间、数据池、衍生数据等情况，如合作建设人工智能数 据训练专区、行业数据共享应用平台，以及共建联盟式数据资源池等。 数据中介服务合同（示范文本），则适用于数据中介方为促成数据流通交易而提供市场推广、信息发 布、客户对接、交易撮合、合同订立等的媒 ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 合同示范文本印发，数据流通交易有望提速 报告要点 [Table_Summary] 近日，国家数据局、市场监管总局联合印发了包括《数据提供合同（示范文本）》、《数据委托处 理服务合同（示范文本）》、《数据融合开发合同（示范文本）》和《数据中介服务合同（示范文 本）》等在内的数据流通交易合同示范文本。当前，随着示范文本等数据流通交易便利化举措的 推出，政策端或聚焦全国一体化数据市场建设情况，并出台相应举措加速其进程，因此我们认 为数据要素产业或逐步进入落地阶段，有望迎来数据要素价值的重估，惠及全产业链，建议关 注具备海量数据资源的企业，以及在数据处理、管理和分析方面具备深厚积累的企业。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title2] 合同示范文本印发，数据流通交易有望 ...

记者今天从国家数据局了解到，为了破解数据流通交易效率不高的难题，国家数据局、国家市场监督管 理总局首次推出数据流通交易便利化举措，发布数据流通交易合同示范文本，为有需要的经营主体提供 参考。国家数据局相关负责人表示，目前，主要有4类典型的数据流通交易场景：数据提供方向数据接 收方提供数据，数据委托方将数据交给数据受托方进行处理，多方共同参与数据融合开发，数据中介方 为促成数据流通交易提供服务。本次发布的合同示范文本就是针对这4类场景定向推出的便利化举措。 (央视新闻) ...