Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - The Shanghai Data Exchange has introduced a new paradigm called RDA (Real Data Assets), leveraging blockchain technology to convert physical assets and intangible data elements into digital forms, addressing five key challenges in the financialization of physical assets: authenticity, transparency, liquidity, economy, and consensus [2][6] - RDA emphasizes the integration of real-world assets (RWA) with data, facilitating the deep integration of the real economy and the digital economy. The market for RWA has grown significantly, from $300 million at the end of 2021 to over $19 billion by the end of March 2025, highlighting the potential for asset tokenization [6] - The new paradigm of RDA is expected to accelerate the marketization and valuation of data elements, benefiting the entire industry chain. It suggests focusing on investment opportunities in data infrastructure, blockchain technology, and data rights and trading [6][10]

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]

Investment Rating - The industry investment rating is "Outperform the Market - A" [6] Core Viewpoints - The report introduces the RDA (Real Data Assets) paradigm, aiming to bridge cryptocurrency and data elements, emphasizing the marketization and value realization of data elements, and enhancing the efficiency of connecting physical assets and capital [2][3][4] - RDA is positioned as the soul of RWA (Real World Assets), facilitating the mapping of physical assets in the digital realm and providing four funding channels: credit financing, equity financing, securitization, and global fundraising [3][15] - The report suggests focusing on companies related to the Shanghai Data Exchange, including YunSai ZhiLian, Shanghai Steel Union, Wanda Information, and others, as potential investment opportunities [3][17] Summary by Sections Industry Performance - The computer industry index increased by 3.37% this week, outperforming the Shanghai Composite Index by 2.28 percentage points [18][19] - The report highlights that the computer sector's performance is closely tied to themes surrounding stablecoins and related industries [22] Market Overview - The report notes that the RDA paradigm addresses challenges in ensuring the authenticity and transparency of assets during the on-chain process, leveraging blockchain technology and trusted data spaces [4][17] - The report emphasizes the importance of data authenticity in the value realization process, with RDA focusing on the integration of data and physical assets [14][16] Key Industry News - The report mentions significant advancements in AI and quantum computing, including the launch of Kimi's new model and the "Zuchongzhi 3" quantum computing prototype, which showcases China's technological prowess [25] - It also discusses strategic collaborations in the stablecoin space, such as the partnership between Jin Yong Investment and AnchorX to explore the application of stablecoin AxCNH [25]

Investment Rating - The report rates the industry as "Outperforming the Market" [5] Core Insights - The trend of combining onshore and offshore RMB stablecoins is emerging, with Hong Kong leading the offshore RMB business, supported by regulatory advancements [2] - RDA (Real Data Assets) is positioned as a foundational element to promote the synergy between RWA (Real World Assets) and RMB stablecoins, enhancing the credibility and value of underlying assets through data verification [3] - The global scale of RWA has rapidly increased from $300 million at the end of 2021 to $25.44 billion as of July 12, 2025, with projections to reach $600 billion by 2030 [3] - The collaboration between stablecoins and RDA/RWA is expected to enhance the global circulation of RMB assets and support the internationalization of the RMB [3] Summary by Sections Section 1: Industry Dynamics - The offshore RMB stablecoin market is developing with a focus on Hong Kong, Singapore, and London, indicating a trend towards a combined approach for domestic and offshore RMB stablecoins [2] - RDA is a new innovative experiment in China aimed at overcoming financing bottlenecks for real assets, transforming true data into valuable assets [3] Section 2: Market Data - The computer industry has a total market capitalization of approximately 44,223.45 billion, with a circulating market value of about 25,383.08 billion [5] - The industry has shown a 55% absolute return over the past 12 months, indicating strong performance relative to the market [5] Section 3: Related Companies - Companies related to data assets include Shanghai Steel Union, Daotong Technology, and others, while blockchain transaction companies include Yuxin Technology and New Guodu [4]