Core Viewpoint - The article discusses the rising prominence of stablecoins and their relationship with Real World Assets (RWA), highlighting the potential for significant growth in the RWA market driven by stablecoin adoption and regulatory developments [1][3]. Summary by Sections Stablecoin Market Overview - The global stablecoin market reached a total market capitalization of $232 billion by March 2025, with USDT holding a dominant 70% market share, followed by USDC at 20% and DAI at 3% [3][4]. - Major companies like Ant Group, Xiaomi, and JD.com are accelerating their stablecoin initiatives, with JD.com planning to launch its stablecoin by Q4 2024 [3][5]. RWA and Its Growth Potential - RWA refers to the tokenization of real-world assets using blockchain technology, with a projected on-chain RWA value of approximately $15.4 billion by the end of 2024, reflecting an 80% year-over-year growth [1][3]. - Citigroup predicts that RWA could drive the blockchain industry into a multi-trillion dollar market, with the saying "everything can be RWA" in the Web3 space [1][3]. Stablecoin's Role in RWA - Stablecoins are expected to enhance the stability and liquidity of RWA transactions, allowing for easier buying and selling of RWA tokens [10][11]. - The integration of stablecoins into the RWA market is seen as a bridge connecting the Web3 economy with the real-world economy, with projections indicating that the global RWA market could exceed $16 trillion by 2030 [11][12]. Industry Developments and Collaborations - Companies like Goldman Sachs and BlackRock are actively exploring RWA applications, with various projects underway, including tokenized bonds and real estate assets [12]. - In China, Ant Group and other firms are collaborating on RWA projects, such as the first domestic RWA based on renewable energy assets, raising 100 million RMB [12][13]. Investment Opportunities - The article highlights several companies involved in the stablecoin and RWA sectors, noting significant stock price increases and institutional holdings in related firms [7][8][15]. - The potential for stablecoin legislation to accelerate RWA adoption is emphasized, with predictions of substantial market growth in the coming years [13].

Core Viewpoint - The article emphasizes the investment value of the technology innovation sector, driven by policy support and the growth potential of technology companies, particularly in the context of China's strategic focus on innovation and economic development [2][11]. Group 1: Investment Value of Technology Innovation - The investment value in the technology innovation sector is primarily driven by two factors: high growth potential due to policy support and the inherent growth potential of technology companies [2]. - The Chinese government has consistently emphasized the importance of technology innovation through various policies, making it a key area for long-term investment [2]. - The technology innovation sector is seen as a high-potential growth area, with continuous breakthroughs in fields such as deep learning, robotics, military technology, and innovative pharmaceuticals [2]. Group 2: Performance of Investment Products - The "Longqi Technology Innovation Selected No. 1" product launched by Longqi Technology has achieved impressive returns, outperforming other products in the same category [4][11]. - As of June 20, 2025, the "Longqi Technology Innovation Selected No. 1" product reported a return of ***%, surpassing other products like "Longqi Quantitative Multi-Long No. 1" and "Longqi CSI 2000 Index Enhanced No. 1" [4]. - The article highlights that the performance of the technology innovation products is particularly attractive to investors looking for high-risk, high-return opportunities in the Chinese technology sector [14]. Group 3: Quantitative Investment Strategies - The technology innovation sector, particularly the Sci-Tech Innovation Board and the Growth Enterprise Market, is well-suited for quantitative investment strategies due to their active trading environment [5]. - The flexibility in trading rules and higher turnover rates in these markets create opportunities for achieving excess returns through quantitative stock selection [5]. - Longqi Technology's approach combines fundamental analysis with alternative factors, such as patent and R&D investment metrics, to enhance investment performance in the technology innovation sector [7][11].

Core Insights - The average return of asset management products displayed on the "Private Equity排排网" platform for May 2025 is 0.66%, with 72.55% of products showing positive returns [2][3] - Multi-asset strategy products lead in performance with an average return of 1.53% for May 2025, while stock and derivative strategies have shown over 10% returns in the past year [2][3] Performance by Strategy Futures and Derivatives Strategy - There are 119 products in this category, with an average return of 0.27% for May 2025 and a one-year average return of 13.33% [3][10] - The top three products in this strategy have achieved significant returns, with the highest being managed by 瑞达期货 [8][11] Combination Fund Strategy - A total of 111 products are reported, with an average one-year return of 8.49% and 79.28% of products showing positive returns [12][15] - The leading product in this category is managed by 招商期货, achieving notable returns [12][15] Multi-Asset Strategy - There are 32 products in this category, with a one-year average return of 4.52% and a May 2025 average return of 1.53% [16][18] - The top product is managed by 五矿期货, demonstrating a significant advantage in returns [16][18] Bond Strategy - This category includes 66 products, with an average one-year return of 4.05% and a high positive return rate of 92.42% [19] - The leading product is managed by 海通期货, showcasing strong performance [19]

Core Viewpoint - The recent introduction of the "Stablecoin Regulation" in Hong Kong and the passing of the "GENIUS Act" in the U.S. signify a milestone in the regulatory framework for stablecoins, marking significant progress for cryptocurrencies [2]. Group 1: Stablecoin Overview - Stablecoins are cryptocurrencies that are pegged to specific assets, typically fiat currencies, serving as a bridge between decentralized finance (DeFi) and traditional financial systems [2]. - They offer advantages such as fast and low-cost cross-border transactions while mitigating the price volatility associated with traditional cryptocurrencies [2]. Group 2: Market Growth - According to Artemis, the total market value of stablecoins is projected to grow by nearly $200 billion from 2020 to 2025, reaching approximately $245 billion by the end of May 2025 [2]. Group 3: Investment Opportunities - The rise of stablecoins has attracted significant attention in the financial market, leading to notable increases in the stock prices of stablecoin-related companies in the A-share market this year [2]. - The upcoming event on June 23, hosted by the private equity platform, will feature insights from industry experts on the underlying logic, development paths, and core investment opportunities in digital currencies [3][4][8].

Core Viewpoint - The article discusses the rise and significance of stablecoins, particularly in the context of recent regulatory developments and market interest, highlighting their role as a bridge between fiat and cryptocurrencies [4][110]. Group 1: Background and Emergence of Stablecoins - Prior to September 4, 2017, purchasing cryptocurrencies in China was relatively easy, leading to a surge in the issuance of various altcoins, which resulted in significant financial losses for many investors [10][14]. - Following regulatory crackdowns on cryptocurrency exchanges, the concept of over-the-counter (OTC) trading emerged, allowing users to trade without direct involvement from exchanges, although this method faced issues with transaction efficiency due to price volatility [25][37]. - The introduction of "USD stablecoins" provided a solution to the inefficiencies of OTC trading, as these stablecoins are backed by fiat currency, maintaining a stable value around one dollar [57][63]. Group 2: Regulatory Landscape and Market Dynamics - The lack of regulation allowed stablecoin issuers to expand rapidly, often leading to risky practices such as using collateral for speculative investments, which raised concerns about the stability and security of these assets [78][85]. - Regulatory bodies began to take notice, leading to investigations into stablecoin issuers to ensure they maintained adequate reserves, with notable cases resulting in significant fines for mismanagement of funds [90][94]. - The recent passage of the "Hong Kong Stablecoin Regulation" reflects a growing consensus among stakeholders, including large institutions and regulatory agencies, on the need for clear legal frameworks governing stablecoins [108][112]. Group 3: Economic Implications - There are claims that USD stablecoins could help alleviate the U.S. debt crisis, as they are often backed by U.S. Treasury securities, effectively channeling investment into government debt [115][119]. - However, the scale of stablecoins relative to the total U.S. debt is minimal, with the current stablecoin market being insufficient to make a significant impact on the overall debt situation [123][124].

Core Viewpoint - The subjective long-only strategy is one of the most traditional and common investment strategies among private equity funds, relying heavily on the judgment and research capabilities of the investment team regarding macroeconomics, industry development, and company fundamentals [2] Performance Overview - In May, the average return of subjective long-only private equity products reached 3.18%, significantly improving compared to April, ranking second among 16 secondary strategies, only behind quantitative long strategies [2] - Over the past six months and one year, the subjective long-only strategy ranked in the top three, achieving returns of 7.70% and 24.71% respectively [2] - However, the average return over the past three years was only 35.88%, placing it in the middle of all secondary strategies [2] Top Performers - In the top 20 subjective long-only products over the past six months, several firms such as Youbo Capital, Rongshu Investment, and Tongben Investment have shown outstanding performance [4] - Seven products in the top 20 achieved returns exceeding 100%, with "Nengjing Value Preferred No. 2" from Nengjing Investment ranking first [4] Detailed Rankings - The top 20 subjective long-only products over the past six months include: - "Nengjing Value Preferred No. 2" from Nengjing Investment - "Youbo No. 3 Class A" from Youbo Capital - "Qinsheng Jimaiton No. 1" from Qinsheng Fund [6] Yearly Performance - In the top 20 subjective long-only products over the past year, the threshold for inclusion reached ***%, with five products achieving returns over 200% [9] - "Xingbidazhi Zhen" from Xingbidazhi (Xiamen) Private Equity topped the list [11] Three-Year Performance - The top 20 subjective long-only products over the past three years had a threshold of ***%, with five products achieving returns over ***% [14] - "Pengtie Fengyun No. 3" from Qianhai Pengtie Investment ranked first in this category [16] Investment Strategies - Youbo Capital's success is attributed to its aggressive investment style and the significant growth of its product net value [8] - The investment philosophy of "value speculation" is highlighted by the manager of "Juren Baichuan No. 1" from Juren Asset, combining value investment with market volatility [18]

据Artemis数据显示，稳定币总市值于2020-2025年增长近2,000亿美元。截至2025年5月末，稳定币总市值已达到约2,450亿美元。A股市场，稳定币概念股 今年以来的涨幅也十分抢眼。 稳定币走上台前，进入主流视野，对于金融市场格局有何影响？对投资者而言有何机会？ 6月23日（周一）私募排排网邀请 德邦证券通信首席分析师李宏涛 为投资者解码数字货币的底层逻辑、发展路径与核心投资机会。 路演主题 《稳定币与中国数字货币投资机会》 亮点前瞻 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看路演详情 ） 近期，香港《稳定币条例》于5月30日正式颁布，美国参议院亦于6月17日通过了《GENIUS法案》，明确稳定币监管框架的同时，也意味着加密货币迎来 里程碑式进展。 稳定币是一类币值锚定特定资产（通常为法定货币）的加密货币，是连接去中心化金融系统（Defi）和传统金融体系的桥梁。 通过锚定法币和虚拟货 币，稳定币可以提供虚拟货币的优势，例如快速、低成本的跨境交易，同时又避免了传统加密货币的价格动荡。 中美数字货币的不同 中国数字货币的场景和进展 产业链重点公司与投资机会 imuwang.co 稳定币与中 ...

Core Viewpoint - The micro-cap stock index has shown strong performance this year, consistently outperforming other mainstream broad-based indices since 2010, with the exception of 2017 and 2020 [3][5]. Group 1: Micro-Cap Fund Performance - As of June 17, there are 240 micro-cap style funds, with an average return of 26.26% over the past year, significantly higher than the average return of 7.67% for 23,629 other funds during the same period [5]. - The average return for actively managed micro-cap funds is 28.73%, with 91.84% of these funds achieving positive returns [6]. - The North Exchange theme funds have performed particularly well, with the North Exchange 50 index rising over 80% in the past year [7]. Group 2: Top Performing Micro-Cap Funds - The top three actively managed micro-cap funds in terms of return over the past year are: 1. CITIC Construction North Exchange Selected Two-Year Open Mixed A (016303) with a return of 169.51% [8][10]. 2. Jingshun Longcheng North Exchange Selected Two-Year Open Mixed A (016307) with a return of 98.44% [8]. 3. Yongying Advanced Manufacturing Smart Selection Mixed Initiation A (018124) with a return of 89.79% [8]. Group 3: Index Fund Performance - Among the 57 micro-cap index funds, the average return over the past year is 28.08%, with only three funds showing negative returns, resulting in a positive return rate of 94.74% [14]. - The top three passive micro-cap funds based on return over the past year are: 1. Huatai-PB CSI 2000 Index Enhanced A (019923) with a return of 55.54% [15][17]. 2. CSI 2000 ETF Huaxia (562660) with a return of 49.42% [18]. 3. 2000 Enhanced ETF (159555) with a return of 47.83% [15].

Core Viewpoint - Despite the increasing variety of private equity investment strategies, stock strategies remain the most mainstream and are of significant interest to investors [2][4]. Market Performance - As of May 31, 2025, major stock markets including A-shares, Hong Kong stocks, and US stocks experienced significant volatility over the past year but ultimately recorded varying degrees of increase. The CSI 2000 index led with a rise of over 25%, while the Hang Seng Technology Index surged over 40% [2][4]. - The average return of private equity firms with stock strategies was 26.49%, outperforming major A-share indices, with firms managing less than 500 million achieving the highest average return of 28.55% [4][5]. Private Equity Firms by Scale Over 100 Billion - There are 33 private equity firms with over 100 billion in management and at least three stock strategy products displayed. The top firms include Heiyi Asset, Longqi Technology, and Liangpai Investment, with the top 10 firms having a performance threshold exceeding ***% [6][9]. 50-100 Billion - Among 21 firms in this category, the top performers include Fusheng Asset and Tianxuan Quantitative, with the top 10 firms also having a performance threshold exceeding ***% [10][13]. 20-50 Billion - In this segment, 32 firms were identified, with Shen Nong Investment leading, focusing on innovative drugs and new consumption sectors [14][17]. 10-20 Billion - This group includes 42 firms, with Nengjing Investment Holding taking the top spot, emphasizing subjective investment strategies [18][21]. 5-10 Billion - Comprising 40 firms, the top two are Youbo Capital and Wantao Private Equity, both utilizing subjective strategies [23][26]. Below 5 Billion - The lowest scale group has 101 firms, with Hainan Xiangyuan Private Equity leading, indicating a high performance threshold for the top 10 firms [27][31].

以下文章来源于公募排排网 ，作者康波 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 导语 现在低利率环境已成常态，过去几年，利率从高位一路下滑，到底降了多少？当"躺赢"通道变窄，寻找下一个"收益堡垒"已刻不容缓！但那 些在市场中依然坚挺的资产，又在哪里？ 从指数间的对比来看，东证红利低波指数在近 3年有较好的表现。 在近3年累计回报中，东证红利低波指数累计回报较高，同时近3年的最大 回撤又较小，表现出更强的防御特征，综合风险收益后，表现相对较好。 所以，从过往 3年的历史表现来看，东证红利低波指数与市场有产品跟踪的红利指数相比：收益更高、波动更低 。 （ 点此查看详情 ） 那在红利资产中，东证红利低波动指数为何能脱颖而出？ 东证红利低波动指数从沪深A股中选取100只盈利较为稳定、预期股息率较高并具备低波动特征的上市公司股票作为指数样本股，以反映红利 在全球动荡不安、经济波动的当下，哪类资产能够同时满足高股息与低波动的双重需求？今天，我们就来一场深度掘金，寻找那些可能被低 估的投资机遇。（ 点此查看近3年收益同类排名第 ...