Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities in the fintech sector, particularly in stablecoins and RWA (Real World Assets) [4]. Core Insights - The report emphasizes the global regulatory evolution surrounding stablecoins, highlighting the transition from a "grey area" to a "regulatory sandbox" as major economies establish frameworks to support the industry. This regulatory clarity is expected to enhance market acceptance and reduce transaction costs [9][20]. - The report suggests that the RWA market is poised for significant growth, with projections indicating that the on-chain asset scale could exceed $2 trillion by 2030, up from over $23 billion in 2025 [16][30]. - The report identifies key companies to watch in the stablecoin and RWA sectors, including Zhongke Jincai, Jinzheng Co., and Langxin Group, among others, recommending investors to focus on these entities as they navigate the evolving landscape [30]. Summary by Sections 1. Global Evolution of Stablecoins and RWA - The report outlines the overseas development of stablecoins, noting that major economies are creating regulatory frameworks to facilitate their use in cross-border payments and digital asset transactions. This shift is expected to lead to a more structured and compliant market [9]. - In China, the report discusses the Hong Kong regulatory sandbox for stablecoins, which aims to balance financial stability with innovation, allowing for the issuance of various fiat-backed stablecoins [20][21]. 2. Investment Recommendations - The report recommends focusing on the following companies involved in stablecoins: Zhongke Jincai, Jinzheng Co., Zhong An Online, Lianlian Digital, China Everbright Holdings, Yuxin Technology, Tianyang Technology, Sifang Chuangxin, and Jingbei Fang [30]. - For RWA, the report highlights Langxin Group, Xiexin Energy, and Jieshun Technology as key players, along with potential RWA assets that could be tokenized [30]. 3. Market Review - The report provides a market review for the week of June 9-13, 2025, noting a slight decline in the CSI 300 index by 0.25% and a 2.25% drop in the computer sector, with specific stocks showing significant gains and losses [38][43].

Group 1 - Ant Group and GCL-Poly Energy announced the establishment of a new company "Ant Xinneng" to create an "AI-driven next-generation new energy ecosystem" by integrating AI and blockchain technology with energy project development and management [1] - Ant Xinneng aims to tap into the trillion-level market of energy AI applications, focusing on intelligent operations and decision-making across various electricity business scenarios, including power plant operation and maintenance, electricity trading, and virtual power plants [1][2] - GCL-Poly's President Zhu Yufeng emphasized the goal of providing standardized products for customers to manage energy assets and achieve low-emission targets, particularly in carbon asset management [1][3] Group 2 - The collaboration comes at a time when the domestic electricity market is undergoing significant changes, transitioning from traditional planned scheduling to a multi-layered market system with market-oriented trading mechanisms [2] - GCL-Poly's AI Virtual Power Plant (AIVP) and risk-weighted assets (RWA) innovations won multiple awards at the SNEC exhibition, highlighting the company's leadership in green energy technology and understanding of electricity trading [2] - The partnership is seen as a model of synergy between digital economy and energy industry, marking a strategic choice for GCL-Poly to embrace AI and reshape future energy forms [3]

001376 百通能源 0.08 4.69 650.33 沪指6月13日下跌0.75%，申万所属行业中，今日上涨的有3个，涨幅居前的行业为石油石化、国防军 工、公用事业，涨幅分别为2.05%、1.72%、0.48%。公用事业行业位居今日涨幅榜第三。跌幅居前的行 业为美容护理、传媒，跌幅分别为4.12%、2.53%。 资金面上看，两市主力资金全天净流出476.73亿元，今日有7个行业主力资金净流入，国防军工行业主 力资金净流入规模居首，该行业今日上涨1.72%，全天净流入资金25.70亿元，其次是石油石化行业，日 涨幅为2.05%，净流入资金为15.12亿元。 主力资金净流出的行业有24个，计算机行业主力资金净流出规模居首，全天净流出资金70.43亿元，其 次是汽车行业，净流出资金为54.28亿元，净流出资金较多的还有医药生物、电子、电力设备等行业。 公用事业行业今日上涨0.48%，全天主力资金净流入9731.62万元，该行业所属的个股共131只，今日上 涨的有50只，涨停的有3只；下跌的有69只，跌停的有1只。以资金流向数据进行统计，该行业资金净流 入的个股有48只，其中，净流入资金超5000万元的有5只，净 ...

Group 1 - The core viewpoint of the articles highlights the collaboration between Ant Group's Ant Financial and GCL-Poly Energy to establish a new company, "Ant Xinneng," aimed at creating an AI-driven next-generation renewable energy ecosystem [1][2] - GCL-Poly Energy's stock performance shows significant gains, with a 10% limit up, indicating strong market interest and confidence in the company's future prospects [1] - The public utility ETF has shown a modest increase of 0.61%, reflecting positive sentiment in the public utility sector amid economic stabilization measures [1][2] Group 2 - The report from Galaxy Securities emphasizes that economic stabilization measures are boosting electricity demand and accelerating the energy transition [2] - The public utility sector is characterized by high performance stability and predictable dividends, which are expected to become more attractive as market interest rates decline [2] - As of May 30, 2025, the top ten weighted stocks in the CSI All Share Public Utilities Index account for 58.61% of the index, indicating a concentration of investment in key players like China Nuclear Power and Yangtze Power [2]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) aims to accelerate the training of chief architects who can promote the deep integration of AI technology innovation and industrial innovation [1] - Apple has postponed the upgrade release date for its Siri AI to spring next year [1] - Meta has made a strategic investment of up to $14.3 billion in the AI startup Scale AI and has hired its CEO, Wang Tao, to join the AI team [1] Group 2 - AMD and OpenAI have jointly released a powerful AI chip that enhances inference performance by 35 times [1] - Alibaba's Qianwen and DeepSeek have been selected among the top ten global contributors to AI open source [1] - iFlytek has launched an upgraded intelligent interaction solution, revitalizing its AIUI open platform [1] Group 3 - Ant Group and GCL-Poly have collaborated to build an energy AI service platform [1] - Nanjing is developing into a "Robot City," focusing on the development of embodied robotics industry [1] - ByteDance's AI development tool TRAE has surpassed one million monthly active users [1]

蚂蚁数科与协鑫能科共建能源AI服务平台 金十数据6月12日讯，从SNEC上海光伏展现场获悉，蚂蚁数科与协鑫能科宣布成立新公司蚂蚁鑫能。 新公司将通过整合行业数据与AI大模型技术，实现从电站运维、电力交易到虚拟电厂等各电力业务场 景的智能化运营和决策。去年12月，双方刚战略性签约并合作完成超2亿元光伏绿色资产RWA。 （一 财） ...

光伏资讯 | PV-info 近日，光伏行业各企业均发布2024年报，光伏资讯整理了各企业高管简历及薪酬情况。 一、董事会成员 1、朱钰峰：董事长 朱钰峰先生：1981 年 6 月出生，中国国籍，无境外居留权，毕业于加拿大 George Brown College（乔治 布朗学院）工商管理学院。现任协鑫集团党委书 记、副董事长兼总裁、协鑫集团有限公司（PRC）董事、 协鑫科技控股有限公司（股票代号：03800.HK）董事会副主席、协鑫新能源控股有限公司（股 票代号： 00451.HK）董事会副主席、协鑫能源科技股份有限公司（股票代号：002015.SZ）董事长、协鑫集成董事 长。 朱钰峰先生同时还担任中华全国青年联合会常务委员会委员、中国青年企业家协会副会长、中国电力企 业联合会副理事长、江苏省总商会副会长、江苏 省青年商会会长、苏州市工商业联合会委员会副主席、 政协苏州市委员会委员等社会职务。另外，朱钰峰先生还荣膺"2017 中国新能源十大年度人物"、 "2017 年度臻善领袖奖"、"2021 年度中国能源行业领军人物"、"2022 年度商业创新领袖"、"2023 年度江苏财经人物"等荣誉。 报告期内从公司 ...

Group 1 - The National Energy Administration anticipates that the overall power supply during the peak summer period will be secure, although some regions may experience tight supply during peak hours [1] - Power industry listed companies are leveraging their strengths through coal power, green energy development, virtual power plant construction, and energy storage technology to ensure stable power supply [1] - Jiangsu Guoxin has reported sufficient coal reserves and a robust emergency response system, indicating confidence in meeting grid demands during peak electricity usage [1] Group 2 - China Yangtze Power's new solar power project is expected to generate approximately 19.84 million kilowatt-hours of clean energy annually, saving about 59,700 tons of standard coal and reducing CO2 emissions by approximately 163,500 tons [2] - Energy storage technology is increasingly crucial for addressing the mismatch between electricity supply and demand, with GCL-Poly Energy reporting multiple grid-connected energy storage projects [2] - The proactive layout of listed companies in the green energy sector not only supports summer power supply but also contributes to carbon emission reduction goals [2] Group 3 - Virtual power plants are emerging as an innovative solution for optimizing power systems and market transactions by aggregating distributed resources [3] - GCL-Poly Energy is enhancing its virtual power plant management platform through digital technology to ensure stable power supply and reduce energy consumption [3] - Industry experts emphasize the need for continued technological innovation and investment to address challenges and improve power supply capabilities for sustainable energy development [3]

6月5日，多个电力板块迎来上涨。数据显示，南网电网系概念股涨4.52%，虚拟电厂概念股涨3.26%， 个股方面，南网能源（003035）（003035.SZ）涨停，协鑫能科（002015）（002015.SZ）涨3.86%。 《通知》显示，绿电直连项目以满足企业绿色用能需求、提升新能源就近就地消纳水平为目标。为此 《通知》规定，并网型项目整体新能源年自发自用电量占总可用发电量的比例应不低于60%，占总用电 量的比例应不低于30%，并不断提高自发自用比例，2030年前不低于35%，上网电量占总可用发电量的 比例上限则一般不超过20%。 在王永利看来，相比传统通过电网统筹调配的方式，绿电直连鼓励"就地生产、就地消纳"，可有效降低 输电损耗、提升绿电消纳水平，也满足企业日益增长的绿色用能需求，尤其适用于园区、数据中心、制 造基地等高负荷主体。 主营新能源电站一体化综合解决方案的晶科科技（601778）（601778.SH）今年5月曾在交流活动上表 示，公司在开发方面聚焦开发优势，拓展源网荷储一体化、海上风电、风光制氢、抽蓄调峰、数据中心 等园区绿电直连合作在内的新模式，积极储备项目资源，蓄力发展，也做积极变现。 贝 ...

Group 1 - The core viewpoint highlights the significant growth of the green power ETF, with a trading volume of 6.1863 million yuan and a 1.81% turnover rate, indicating strong market interest [1] - Over the past three months, the green power ETF has seen an increase in scale by 68.9715 million yuan, ranking first among comparable funds [1] - The ETF's share count has grown by 49.2 million shares in the last three months, also leading among comparable funds [1] Group 2 - The current price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is 18.67, which is below 85.57% of the historical data over the past three years, indicating a low valuation [1] - The top ten weighted stocks in the index account for 58.12% of the total, with major companies including Changjiang Electric Power and China Nuclear Power [1] - Recent government initiatives aim to enhance the electricity service environment, promoting energy efficiency and the use of green electricity, which may benefit companies in the sector [1] Group 3 - In 2024, multiple policies are expected to create a stable market environment for renewable energy operators, leading to a stabilization in the industry [2] - The upcoming national energy work conference in 2025 is anticipated to further integrate renewable energy into the electricity market [2] - The market has likely priced in expectations for electricity volume and pricing in the renewable energy sector, with potential positive changes from green certificates and subsidies [2]