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全球货币体系重构与人民币国际化系列之四:打破资产边界:RWA和数字资产全解析
2025 年 07 月 23 日 打破资产边界:RWA 和数字资产全 解析 ——全球货币体系重构与人民币国际化系列之四 相关研究 《从稳定币应用场景展望人民币国 际化的未来——全球货币体系重塑 和人民币国际化系列之三》 2025/06/22 《美元"稳定币"未必"稳定"—— 全球货币体系重构与人民国际化系 列之二》 2025/06/02 证券分析师 金倩婧 A0230513070004 jinqj@swsresearch.com 冯晓宇 A0230521080005 fengxy2@swsresearch.com 林遵东 A0230524100005 linzd@swsresearch.com 涂锦文 A0230525070006 tujw@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 涂锦文 (8621)23297818× tujw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 风险提示:底层资产风险、技术与安全风险、市场与流动性风险。 策 略 研 究 证 券 研 究 报 告 大 类 资 ...
朗新集团(300682) - 关于独立董事任期满六年离任的公告
2025-07-22 11:56
朗新科技集团股份有限公司 关于独立董事任期满六年离任的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整,没有虚假 记载、误导性陈述或重大遗漏。 朗新科技集团股份有限公司(以下简称"朗新集团"或"公司")董事会于 近日收到独立董事林中先生的书面辞职报告,林中先生自 2019 年 7 月 22 日起 担任公司独立董事及董事会专门委员会的相关职务,连续任职已满 6 年。根据 《上市公司独立董事管理办法》关于独立董事的任职年限等相关规定,林中先生 申请辞去公司独立董事及董事会相关专门委员会委员的职务,离任后将不再担任 公司任何职务。截至本公告披露日,林中先生未持有公司的股份,亦不存在应当 履行而未履行的股份锁定承诺事项。 朗新科技集团股份有限公司 证券代码:300682 证券简称:朗新集团 公告编号:2025-042 特此公告。 朗新科技集团股份有限公司 董事会 2025 年 7 月 22 日 1 鉴于林中先生辞任将导致公司董事会及相关专门委员会中独立董事的所占 比例不符合法定要求,根据《上市公司独立董事管理办法》等相关规定,林中先 生的辞职报告自公司股东大会选举出新任独立董事后生效。在公司召开股东大会 ...
朗新集团(300682) - 关于控股股东及其一致行动人部分股份质押、解除质押的公告
2025-07-22 11:56
朗新科技集团股份有限公司 证券代码:300682 证券简称:朗新集团 公告编号:2025-043 朗新科技集团股份有限公司 关于控股股东及其一致行动人部分股份 质押、解除质押的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整,没有虚假 记载、误导性陈述或重大遗漏。 朗新科技集团股份有限公司(以下简称"公司"或"本公司")于近日接到 公司控股股东及其一致行动人无锡朴华股权投资合伙企业(有限合伙)(以下简 称"无锡朴华")、无锡群英股权投资合伙企业(有限合伙)(以下简称"无锡 群英")以及徐长军先生所持本公司部分股份质押、解除质押的通知,具体情况 如下: 一、股东股份质押、解除质押的情况 | | | | 占其 | 占公 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 是否为控股 | 本次质 | 所持 | 司总 | | 是否 | | | | | | 股东 | 股东或第一 | 押数量 | 股份 | 股本 | 是否 | 为补 | 质押 | 质押 | | 质押 | | | | | | | ...
全球虚拟资产牌照知多少
HUAXI Securities· 2025-07-19 11:35
全球虚拟资产牌照知多少 华西计算机团队 2025年7月19日 分析师:刘泽晶 SAC NO:S1120520020002 邮箱:liuzj1@hx168.com.cn 请仔细阅读在本报告尾部的重要法律声明 核心观点 全球虚拟资产牌照体系已基本成型 证券研究报告|行业深度研究报告 全球虚拟资产牌照监管已构建起系统化的区域规则体系 中国香港:明确 VASP 牌照与稳定币发行牌照,严格规范储备金管理与第三方审计机制 新加坡:分级牌照制度及监管沙盒机制,在合规框架内实现创新与风险的动态平衡 欧洲: MiCA 框架以统一分类标准对加密资产服务提供商(CASP)实施规范,明确资本门槛与持续性合规义务 美国:联邦与州级多层监管网络,将 MSB 与 BitLicense 确立为核心合规基础 跨地区虚拟资产牌照的差异与协同 不同地区虚拟资产牌照的差异本质上反映的是区域监管逻辑与战略重心的分化 三大协同趋势已逐步形成:本币锚定、资产托管与反洗钱合规 "持牌运营""透明披露""托管审计"为三项核心要求。能跨地区持牌、适配多种监管的合规平台与基础设施企业,将成为全球资金青 睐的配置重点。全球虚拟资产牌照体系的目标是确保市场合规、保护 ...
RWA,16万亿美元大赛道!
华尔街见闻· 2025-07-18 10:49
Core Insights - The article discusses the emergence of Real World Assets (RWA) through blockchain technology, transforming traditional financial and physical assets into digital tokens, with a projected market size of $16 trillion by 2030 [1][12] - RWA is seen as a new era for asset allocation, providing liquidity to previously illiquid assets and lowering investment barriers for investors [1][5] Definition and Mechanism - RWA refers to the tokenization of real-world assets such as real estate and receivables using blockchain technology, enabling trading, fragmentation, and circulation of these assets [3][4] - The concept allows traditionally illiquid assets to be purchased in small amounts and traded quickly, similar to cryptocurrencies [4] Market Dynamics - The global RWA market is on the verge of significant growth, with a total RWA asset value of $25.5 billion expected by mid-2025, excluding stablecoins [7][6] - The current market is dominated by private credit (58.5%), U.S. Treasury bonds (29.6%), and commodities (6.4%), with BlackRock's BUIDL being the largest single RWA project valued at over $2.8 billion [9] Historical Development - The evolution of RWA can be categorized into four phases: 1. Concept Exploration (2016-2018): Initial ideas and experiments in asset tokenization [17][18] 2. Infrastructure Development (2019-2021): Platforms began offering RWA token issuance and compliance services [20][21] 3. Financial Institutions' Entry (2022-2023): Major banks started pilot projects for tokenizing bonds and private equity [23][24] 4. Application Expansion (2024-present): RWA is moving beyond financial assets into real estate, energy, and other sectors [27][29] Emerging Trends - New sectors such as AI computing power, carbon assets, and agricultural assets are exploring RWA pathways, indicating significant future potential [29] - Stablecoins are highlighted as a successful use case for RWA, serving as a core medium for transactions within the RWA ecosystem [29] Regional Insights - In China, particularly Hong Kong, RWA development is driven by policy and industry applications, with a focus on green assets and computing power [30][31] - Hong Kong's regulatory framework supports RWA projects, with initiatives like the "Financial Technology Regulatory Sandbox" facilitating compliance [30] Challenges and Risks - The article notes several challenges for RWA mainstream adoption, including regulatory complexities, ensuring on-chain and off-chain asset consistency, and the need for improved infrastructure [36][38] - Market liquidity for RWA is currently insufficient, and the pricing mechanisms for non-standard assets remain immature [39]
朗新集团(300682):AI驱动能源科技战略,积极布局RWA和电力交易
Guotou Securities· 2025-07-15 08:02
Investment Rating - The investment rating for the company is "Buy-A" with a target price of 24.58 CNY, indicating a potential upside from the current price of 20.78 CNY [6]. Core Insights - The company is focusing on becoming a leading AI-driven technology energy enterprise, providing core business software solutions and digital services to major clients in the energy sector [3]. - The company has seen rapid growth in its electricity trading services, with a fivefold increase in overall trading volume expected in 2024 compared to the previous year [4]. - The company is actively deepening its collaboration with Ant Group in the RWA (Real World Asset) sector, enhancing its service offerings in the energy market [10]. Summary by Sections Company Overview - The company aims to leverage AI technology to support the construction of a new power system and enhance energy digitalization services [3]. Business Strategy - The company is expanding its electricity trading services as the market becomes more competitive, with significant growth opportunities anticipated in the coming years [4]. - The company has connected over 800,000 photovoltaic power stations, with a total installed capacity exceeding 50 GW, facilitating green electricity trading [4]. Financial Projections - The company is projected to achieve revenues of 5.17 billion CNY in 2025, with net profits expected to reach 531 million CNY [11]. - The company’s earnings per share (EPS) is forecasted to be 0.49 CNY in 2025, with a price-to-earnings (P/E) ratio of 28.82 [13]. Market Position - The company is positioned to benefit from the ongoing market reforms in the energy sector, which are expected to create new trading opportunities worth hundreds of billions to trillions of CNY [4]. - The company has maintained a 100% performance rate in its trading operations for three consecutive years, indicating strong operational reliability [4].
RWA:真实资产走向链上世界,开启数字金融新时代
Orient Securities· 2025-07-13 14:41
Investment Rating - The report maintains a "Positive" investment rating for the computer industry, specifically focusing on Real World Assets (RWA) [4] Core Insights - RWA represents a transformative innovation in financial technology by converting real-world assets into digital assets on the blockchain, potentially leading to exponential growth in the sector [2][6] - The global RWA asset market reached $24.5 billion as of June 2025, with projections to exceed $16 trillion by 2030, indicating a significant opportunity for investment [6][18] - The report emphasizes the importance of regulatory frameworks being established globally to support the growth of RWA, with regions like Hong Kong and the EU leading the way [26][30] Summary by Sections RWA: Connecting Real World Assets to Blockchain - RWA involves the tokenization of tangible and intangible assets through blockchain technology, enhancing liquidity and reducing transaction costs [11][12] - The RWA market is rapidly expanding, with a diverse range of assets including real estate, bonds, and commodities being tokenized [15][16] RWA Issuance Process and Regulatory Framework - The RWA issuance process consists of five key steps: asset selection, legal and compliance framework establishment, technology implementation, token issuance, and ongoing management [21][23] - Various countries are developing regulatory frameworks for RWA, with Hong Kong adopting a sandbox approach to foster innovation while ensuring compliance [26][30] Expansion of Asset Classes and RWA Market - RWA assets can be categorized into cash flow, equity, and non-cash flow assets, with credit and bonds currently leading the market [35][36] - The report highlights the significant growth potential in the RWA sector, particularly in tokenized real estate and securities, which are becoming increasingly popular [46][53] RWA Industry Ecosystem - The RWA ecosystem is forming a collaborative industry chain involving asset providers, technology firms, platforms, compliance custodians, and investors [4][6] - Key players in the blockchain and fintech sectors are recommended for investment, including companies like 恒生电子 and 新国都 [2][6]
计算机周观察:继续推荐RWA、稳定币主线,关注RDA投资机会
CMS· 2025-07-13 12:16
Investment Rating - The report maintains a "Recommend" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [3][27]. Core Insights - The report emphasizes the ongoing focus on stablecoins and Real World Assets (RWA), particularly in light of recent discussions by the Shanghai State-owned Assets Supervision and Administration Commission regarding cryptocurrency and stablecoin development [6][9]. - RDA (Real Data Assets) is highlighted as a key innovation in the RWA space, aiming to enhance the marketization and valuation of data elements, thus driving efficiency in the integration of real assets and capital [10][12]. Industry Overview - The industry comprises 284 listed companies with a total market capitalization of 3,586.9 billion and a circulating market value of 3,156.1 billion [3]. - The computer sector has shown strong performance, with absolute returns of 78.1% over 12 months and relative performance of 62.3% compared to the benchmark [5]. Market Developments - The report notes significant developments in the stablecoin sector, particularly the push for a pilot program for RMB stablecoins in the Shanghai Free Trade Zone [9][10]. - RDA is positioned as a transformative force in the data asset market, with its framework designed to facilitate the valuation and trading of data assets, thereby unlocking new financing channels for enterprises [12][13]. Investment Recommendations - The report suggests focusing on companies involved in stablecoin issuance, cryptocurrency exchanges, IT service providers, and cross-border payment firms, with specific mentions of companies like 恒生电子, 顶点软件, and 朗新集团 [15][16]. - It also highlights the potential of RDA to accelerate the marketization and valuation of data elements, recommending investments in infrastructure firms and data service providers [16].
计算机行业周报:上海学习稳定币,全球政策共振-20250713
HUAXI Securities· 2025-07-13 08:19
Investment Rating - Industry Rating: Recommended [4] Core Insights - The expectation for stablecoin policy is likely to strengthen, with the Shanghai State-owned Assets Supervision and Administration Commission holding a special study meeting on the development trends and response strategies for cryptocurrencies and stablecoins [11][18] - The Hong Kong Stablecoin Regulation has been officially released and is expected to be implemented on August 1, 2025, establishing a licensing system for fiat-backed stablecoin issuers and enhancing the regulatory framework for virtual asset activities [2][19] - The tokenization ecosystem is extending, with application scenarios continuously enriching, as real asset tokenization is accelerating from regional pilots to global collaboration [3][12] Summary by Sections Stablecoin Policy Expectations - The Shanghai State-owned Assets Supervision and Administration Commission's meeting indicates a potential strengthening of domestic stablecoin policies following the implementation of overseas and Hong Kong regulations [11][18] - The Hong Kong Stablecoin Regulation aims to maintain financial stability while promoting financial innovation, with a licensing system for stablecoin issuers [2][19] Tokenization Ecosystem - The tokenization of real assets is gaining momentum, with companies like Ant Group collaborating with Circle Internet Group to adopt stablecoins on their blockchain platform [3][12] - The recent launch of GFToken by Guangfa Securities (Hong Kong) marks a significant step in deploying multi-currency interest rate mechanisms on-chain [3][12] Investment Recommendations - Beneficiary stocks include: - RWA: Xiexin Energy Technology, Langxin Group, Hongbo Co., Hainan Huatie, Youfang Technology, Yingfeng Environment, etc. - Stablecoins: Sifang Jingchuang, Yuxin Technology, Lakala, New Guodu, Jingbeifang, Tianyang Technology, Hengbao Co., Xiongdi Technology, Yuyin Co., Chutianlong, Dazhihui, Yonyou Network, Xinan Century, etc. - Hong Kong stocks: Zhong'an Online, Lianyi Technology, Lianlian Digital, China Everbright Holdings, Yika, etc. - Licensed: China Post Capital, Nanhua Futures, Hongye Futures, Ruida Futures, Guotai Junan International, Yaocai Securities Finance, etc. [6][34] Market Performance - The computer industry saw a weekly increase of 3.22%, outperforming the CSI 300 index, which rose by 0.82% [35][36] - Among 321 stocks in the computer sector, 256 stocks rose, indicating a strong market performance [42] Core Recommended Stocks - The top-performing recommended stock was Yuxin Technology, with a weekly increase of 7.59%, while Langxin Group experienced a decline of 3.42% [48] Valuation Overview - The SW computer industry PE (TTM) has risen from a low of 37.60 times in 2018 to 84.59 times, exceeding the historical average of 58.17 times from 2010 to 2025 [51]
稳定币是什么?附港美A股相关标的
贝塔投资智库· 2025-07-11 03:59
Group 1: Core Concept of Stablecoins - Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged to fiat currencies or commodities [1] - They emerged to address the volatility of cryptocurrencies like Bitcoin, simplifying the transaction process by allowing users to exchange fiat for stablecoins, which can then be traded on-chain [2] Group 2: Operational Logic - Stablecoins are issued with a 1:1 peg to specific assets, ensuring that for every stablecoin issued, an equivalent asset is held in reserve [3] - When users redeem stablecoins, the corresponding amount is destroyed, and the equivalent reserve asset is paid out, maintaining a synchronized supply [4] Group 3: Types of Stablecoins - Stablecoins can be categorized into four main types: fiat-collateralized (e.g., USDT, USDC), commodity-collateralized (e.g., PAXG), crypto-collateralized (e.g., DAI), and algorithmic stablecoins (e.g., USNBT) [5] Group 4: Regulatory Landscape - In August 2023, Singapore's Monetary Authority released a regulatory framework for stablecoins, followed by the EU's Crypto Asset Market Regulation in December 2024 [6] - Hong Kong is set to implement its Stablecoin Ordinance in August 2025, with several institutions participating in a regulatory sandbox [8] Group 5: Market Outlook - As of July 2025, the global stablecoin market comprises 264 types with a total market capitalization exceeding $255 billion, with projections suggesting it could reach $2 trillion in the coming years [10] - However, JPMorgan has a more conservative estimate, predicting a market size of only $500 billion by 2028, indicating a growth rate of over 25% regardless of the outlook [10] Group 6: Investment Opportunities - Key exchanges include Coinbase, Robinhood, and OSL, which are integral to the stablecoin ecosystem [12] - Major issuers like Circle, which issues USDC, derive most of their revenue from reserve asset yields, making their profitability closely tied to interest rates [14] - Other notable players include PayPal with its PYUSD stablecoin and various entities in the JD and Yuan ecosystems focusing on cross-border payments [16][17][18]