事件 2025年7月10日，上海市国资委党委召开中心组学习会，围绕加密货币与稳定币的发展趋势及应对策略开展学习。 作为RWA的"灵魂"，RDA对释放数据价值具有重要意义。通过数据资产交易市场功能保障和区块链等可信技术保障， RDA能够帮助企业合规、高效、低成本地实现数据价值化，拓宽数据企业融资渠道，充分激发数据要素市场活力。 投资策略 上海国资学习加密货币与稳定币，上海数交所首提RDA，产业催化不断，具备数据资源储备的公司数据价值将被进一 步释放。同时，国资背景的可信技术服务商以及数商有望成为构建金融创新"中国方案"过程中的中坚力量。可关注两 个方向：1、稳定币；2、数据产品与运营。 参考来源：2025年7月15日 华龙证券 孙伯文 朱凌萱 计算机行业点评报告：稳定币持续"升温"，关注RDA相关投资机 会 本报告由国诚团队投资顾问 王志起 执业证书编号A1290625030016 整理。同时，本公司可发布其他与本报告所载资料 不一致及结论有所不同的报告。本报告中的信息或意见不构成交易买卖指令或买卖出价，投资者应自主进行投资决 策，据此做出的任何投资决策与本公司或作者无关，自行承担风险，本公司和作者不因此承担任 ...

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 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 report indicates that the current market sentiment is at a high level, with a score of 91, categorizing it as "overheated" [5][9] - Recent market trends show a gradual upward movement supported by improved market sentiment and policy backing [9] 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 [6] - **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 their authenticity and value [6] - **Hydropower Theme**: The commencement of the Yarlung Tsangpo River hydropower project in Tibet, with a total investment of approximately 1.2 trillion, is noted for its strategic significance [6] Major Capital Inflows and Outflows - The report lists the top ten stocks with the highest net inflows, with Dongfang Caifu leading at 166,279.18 million [10] - It also details the top ten stocks with the highest net outflows, with China Power Construction showing a significant outflow of -243,736.10 million [12] Industry Analysis - The report provides insights into the top ten industries with the highest net inflows, led by non-ferrous metals and non-bank financials [16] - Conversely, it identifies industries with the highest net outflows, including construction decoration and basic chemicals [20] Financing and Margin Trading - The report highlights the top ten stocks with the highest net buy in financing, with China Power Construction at 72,515.27 million [12] - It also notes the top ten stocks with the highest net sell in margin trading, with China Power Construction again leading at 946.69 million [13]

Market Sentiment - The current market sentiment score is 81, indicating an "overheated" market condition, which suggests a high level of investor optimism [6][10][22] - Historical trends show that when the sentiment score is below or close to 30, the market tends to find support, while scores above 90 may indicate resistance [10] Hot Themes Tracking - **Robotics Theme**: The government is promoting entrepreneurship, with significant contracts awarded in the robotics sector, including a project worth 124 million yuan for humanoid biped robots [7] - **RDA Theme**: The introduction of the RDA (Real Data Asset) paradigm emphasizes the integration of data with physical assets, enhancing their authenticity and value [7] - **Hydropower Theme**: A major hydropower project on the Yarlung Tsangpo River has commenced, with a total investment of approximately 1.2 trillion yuan, highlighting its strategic importance [7] Capital Flow Analysis - The top net inflow stocks include GoerTek (46.59 million yuan), CATL (46.27 million yuan), and Great Wall Military Industry (46.27 million yuan), indicating strong investor interest in these companies [11] - The top net outflow stocks include Construction Industrial (-66.24 million yuan) and Shenghong Technology (-62.40 million yuan), reflecting investor caution towards these companies [13] Industry Insights - The report highlights significant capital movements across various industries, with the electronics and medical sectors showing strong net inflows, while industries like construction and non-bank financials are experiencing notable outflows [17][18][20]

Core Insights - The report indicates that the current market sentiment is at a high level, with a score of 90, categorizing it as "overheated" [6][11] - Recent market trends show a gradual upward movement supported by improved sentiment and policy backing [11] - Key investment themes identified include robotics, RDA (Real Data Assets), and hydropower projects, which are expected to drive growth in their respective sectors [7] Market Sentiment - The market sentiment temperature indicator shows a score of 90, indicating an "overheated" market condition, which suggests caution for investors as high sentiment can lead to potential market corrections [6][11] - Historical data indicates that when sentiment falls below 30, the market tends to find support, while levels above 90 may present resistance [11] Investment Themes - **Robotics**: The government is promoting entrepreneurship in robotics, with significant contracts awarded, such as a 124 million yuan project for humanoid biped robots [7] - **RDA**: The introduction of RDA by the Shanghai Data Exchange emphasizes the integration of real data with physical assets, enhancing their verification and value [7] - **Hydropower**: The commencement of a major hydropower project on the Yarlung Tsangpo River, with an investment of approximately 1.2 trillion yuan, is expected to have significant strategic implications [7] Key Stocks and Sectors - Notable stocks related to the robotics theme include Wolong Electric Drive (600580) and Changsheng Bearing (300718) [7] - For the RDA theme, relevant stocks include Tongxingbao (301339) and Wanda Information (300168) [7] - In the hydropower sector, key stocks are Dongfang Electric (600875) and Tibet Tianlu (600326) [7] Capital Flow Analysis - The report provides insights into net capital inflows, highlighting significant investments in companies like CATL (300750) and BYD (002594), indicating strong investor confidence [12][14] - Conversely, there are notable net outflows from companies such as Dongfang Fortune (300059) and Sifang Jingchuang (300468), suggesting caution in those areas [14][19]

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]

Market Sentiment - The current market sentiment score is 84, indicating an "overheated" market condition [2][10][21] - Historical trends show that when sentiment is below or near 30, the market tends to find support, while above 90, resistance is likely [10] Hot Themes Tracking - **Robotics Theme**: The government is promoting entrepreneurship, with significant contracts awarded for humanoid biped robots, totaling 124 million yuan. Related stocks include Wolong Electric Drive and Changsheng Bearing [7] - **RDA Theme**: The Shanghai Data Exchange has introduced the RDA paradigm, emphasizing the integration of real data assets with physical assets. Related stocks include Tongxingbao and Wanda Information [7] - **Innovative Pharmaceuticals Theme**: New measures from the National Healthcare Security Administration support the use of medical insurance data in drug development. Related stocks include Heng Rui Medicine and Betta Pharmaceuticals [7] Capital Flow Analysis - **Net Inflow**: The top ten stocks with the highest net inflow include Changshan Beiming and Runhe Software, with inflows of 201 million yuan and 93 million yuan respectively [11] - **Net Buy in Financing**: New Yi Sheng leads with a net buy of 56 million yuan, followed by Changshan Beiming with 34 million yuan [12] - **Net Outflow**: The top ten stocks with the highest net outflow include Zhongdian Port and ST Huatuo, with outflows of 51 million yuan and 39 million yuan respectively [13] Industry Insights - The computer and electronic sectors are currently attracting significant capital inflow, while industries like banking and environmental protection are experiencing net outflows [16][17][22]

Group 1 - The market sentiment index from Huaxin Securities indicates a score of 73, categorizing the market as "relatively hot," suggesting a positive outlook for investments [5][10][22] - Recent themes in the market include robotics, RDA (Real Data Assets), and innovative pharmaceuticals, with specific projects and government support driving interest in these sectors [6][10] - The robotics theme is highlighted by a significant procurement project worth 124 million yuan for humanoid biped robots, indicating strong growth potential in this area [6] Group 2 - The RDA theme emphasizes the integration of real data assets with physical assets, enhancing the authenticity and value of data, which could lead to new investment opportunities [6] - The innovative pharmaceuticals sector is supported by new measures from the National Healthcare Security Administration, promoting the use of medical insurance data for drug development, which may benefit companies in this field [6] - Key companies mentioned in the robotics sector include Wolong Electric Drive and Changsheng Bearing, while in the RDA sector, Tongxingbao and Wanda Information are highlighted, and in innovative pharmaceuticals, Heng Rui Medicine and Bei Da Pharmaceutical are noted [6]

Group 1 - The report indicates that the current market sentiment score is 62, categorizing it as "relatively hot," suggesting a positive market outlook and potential for upward movement [5][10][22] - The report highlights three key themes: robotics, RDA (Real Data Assets), and innovative pharmaceuticals, each with specific developments and related companies [6][10] - In the robotics sector, significant contracts have been awarded, such as a 124 million yuan project for humanoid biped robots, indicating strong growth potential in this area [6] Group 2 - The RDA theme emphasizes the integration of real data with physical assets, enhancing the verification and value of these assets, which could lead to new investment opportunities [6] - The innovative pharmaceuticals theme is supported by new measures from the National Healthcare Security Administration to promote high-quality development, indicating a favorable regulatory environment for related companies [6] - The report lists specific companies associated with each theme, such as Wolong Electric Drive and Changsheng Bearing for robotics, Tongxingbao and Wanda Information for RDA, and Heng Rui Medicine and Bei Da Pharmaceutical for innovative drugs [6]