Core Insights - The Hong Kong Stablecoin Regulation, passed on May 21, 2025, has led to a rapid development phase in the market, with major financial and tech firms expressing intentions to apply for stablecoin licenses, indicating strong demand for such licenses in Hong Kong [2] - The regulatory framework emphasizes high standards and compliance, requiring applicants to have substantial capital, robust risk management systems, and clear application scenarios, aiming to balance safety and innovation [2][6] - Stablecoins, which are digital assets pegged to fiat currencies, are gaining traction as they provide a more stable alternative to volatile cryptocurrencies like Bitcoin, making them suitable for daily transactions and cross-border settlements [3][4] Industry Trends - The global regulatory landscape for stablecoins is shifting, with increasing recognition of their potential to enhance financial stability and facilitate cross-border transactions, particularly in the context of China's strategic push for compliance-driven stablecoin development through Hong Kong [4][5] - Stablecoins are seen as a tool for promoting the internationalization of the Renminbi and enhancing the resilience of financial infrastructure, offering faster and more transparent cross-border settlement solutions compared to traditional banking networks [5][6] - The interaction between stablecoins and Real World Assets (RWA) is expected to create a new financial model in Hong Kong, where stablecoins serve as a monetary layer and RWAs represent the asset layer, enhancing liquidity and investment opportunities [8][10] Regulatory Developments - Hong Kong's regulatory approach aims to create a sustainable and replicable ecosystem for digital assets, with a focus on compliance and risk management, while also attracting global capital and projects [6][7] - The U.S. government is also advancing stablecoin regulation, recognizing their commercial potential and the need to maintain the dollar's dominance in the digital finance landscape [7][8] - The establishment of a clear regulatory framework is crucial for the successful integration of stablecoins and RWAs into the financial system, ensuring that innovation does not compromise financial stability [12][13] Recommendations for Financial Institutions - Financial institutions in Hong Kong should develop a systematic understanding of stablecoins and RWAs, focusing on their impact on traditional financial logic and risk management [15][16] - Institutions are advised to prioritize standard financial RWAs due to their higher maturity and compliance advantages, which can help build trust and reduce costs [16] - Strengthening compliance capabilities and establishing high-level trust with regulators is essential for navigating the evolving landscape of stablecoins and RWAs [17][18]

证券日报网讯朗新集团（300682）9月26日在互动平台回答投资者提问时表示，截至9月19日，公司股东 人数为33，491户。 ...

Core Viewpoint - Longxin Group's stock price has experienced significant fluctuations, with a year-to-date increase of 61.92% but a recent decline over various trading periods, indicating volatility in investor sentiment and market conditions [1][2]. Financial Performance - For the first half of 2025, Longxin Group reported revenue of 1.542 billion yuan, a year-on-year decrease of 0.39%, and a net profit attributable to shareholders of 28.638 million yuan, down 23.02% compared to the previous year [2]. - Cumulatively, since its A-share listing, Longxin Group has distributed a total of 1.028 billion yuan in dividends, with 655.8 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 26, Longxin Group's stock price was 19.35 yuan per share, with a market capitalization of 20.903 billion yuan. The stock has seen a trading volume of 286 million yuan and a turnover rate of 1.40% [1]. - The stock has been on the "Dragon and Tiger List" once this year, with the most recent appearance on June 16, where it recorded a net purchase of 52.537 million yuan [1]. Shareholder Information - As of September 19, the number of shareholders in Longxin Group increased to 33,500, reflecting a 6.65% rise, while the average circulating shares per person decreased by 6.24% to 30,876 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 19.968 million shares, a decrease of 24.0787 million shares from the previous period [3]. Business Overview - Longxin Group, established on May 7, 2003, and listed on August 1, 2017, operates primarily in the public utility sector, focusing on business information systems technology and services, with revenue contributions of 60.91% from platform operations and 35.11% from software services [2]. - The company is categorized under the computer-IT services industry and is involved in various concept sectors, including RWA concept, smart parking, blockchain, AI Agent, and domestic software [2].

Investment Rating - The report maintains a "Synchronize with the market - A" rating for the power equipment and new energy industry [1] Core Viewpoints - The power equipment and new energy industry has shown a stable market performance over the past year, with significant developments such as the tightening of energy consumption standards for polysilicon and advancements in robotics technology [1][3] - The new energy sector is experiencing a shift towards stricter energy consumption regulations, which is expected to lead to a substantial improvement in the supply-demand balance for polysilicon [3][7] Summary by Relevant Sections Investment Recommendations - Recommended stocks include: - Buy - A: 福莱特 (601865.SH), 横店东磁 (002056.SZ), 阳光电源 (300274.SZ), 阿特斯 (688472.SH), 德业股份 (605117.SH), 石英股份 (603688.SH), 博威合金 (601137.SH) - Buy - B: 爱旭股份 (600732.SH), 隆基绿能 (601012.SH), 大全能源 (688303.SH), 朗新集团 (300682.SZ) [2] - Additional stocks to actively monitor include: 协鑫科技, 通威股份, 信义光能, TCL 中环, 新特能源, 帝尔激光, 福斯特, 晶澳科技, 天合光能, 晶科能源, 迈为股份, 晶盛机电, 弘元绿能 [10] Industry Performance - In August, the industrial solar power generation increased by 15.9%, while wind power generation grew by 20.2%, indicating a robust growth trend in the renewable energy sector [4] - The average energy consumption for polysilicon is projected to tighten significantly, with new standards suggesting a reduction to 6.69 kgce/kg for 2024, compared to previous expectations [3][4] Price Tracking - Polysilicon prices have shown an upward trend, with dense material averaging 51.0 CNY/kg, up 2.0% from the previous week, indicating a tightening supply situation [6] - The price of silicon wafers and battery cells has also increased, reflecting the upward pressure from upstream costs [8][9]

Investment Rating - The report suggests a positive outlook on the RWA (Real World Assets) sector, indicating significant potential for growth and investment opportunities in the tokenization of real estate and other assets [5][12]. Core Insights - RWA represents an upgrade of asset securitization through blockchain technology, allowing for the tokenization of both tangible and intangible assets, thus enhancing liquidity and providing new financing channels [12][13]. - The global on-chain RWA market reached approximately $26.65 billion as of August 26, 2025, with private credit and U.S. Treasury bonds being the primary assets tokenized [5][10]. - The report emphasizes that the real estate sector is poised to become a key application area for RWA, driven by its inherent asset value retention and expected cash flow [5][12]. Summary by Sections 1. Definition and Advantages of RWA - RWA allows for the tokenization of real-world assets, breaking down investment barriers and enhancing liquidity [12][17]. - The advantages of RWA include increased asset liquidity, lower investment thresholds, and enhanced transaction transparency [17][19]. 2. Development History and Market Scale - RWA has evolved from concept to market realization since 2017, entering a rapid expansion phase since 2023 [5][10]. - The total scale of global on-chain RWA has surpassed $26.65 billion, with significant growth in issuance volumes [10][12]. 3. Issuance Process and Regulatory Environment - The RWA issuance process involves asset selection, on-chain integration, issuance and trading, and ongoing management [5][18]. - Regulatory frameworks vary globally, with strict regulations in Europe and the U.S., while regions like Hong Kong adopt more flexible approaches [5][18]. 4. Tokenization of Real Estate - The report highlights the potential of RWA in real estate, suggesting it could reshape investment logic and open new financing avenues [5][12]. - Case studies, such as the tokenization of a commercial property in Hong Kong, illustrate the practical applications and benefits of RWA in real estate [5][12]. 5. Investment Recommendations - The report recommends focusing on companies with substantial real estate holdings that can leverage RWA projects to enhance liquidity and asset valuation [5][12]. - Companies with regulatory advantages are also highlighted as potential leaders in the RWA space [5][12].

Core Viewpoint - The establishment of the joint venture "Ant Chain Trust" between Langxin Technology and Ant Group aims to leverage their technological strengths to create a comprehensive service platform for asset tokenization, addressing the challenges of asset management, valuation, and risk management in a blockchain environment [1][2][3]. Group 1: Company Overview - Langxin Group has over 10 years of experience in serving the energy sector, focusing on energy digitalization and the energy internet strategy, providing solutions to major clients like State Grid and Southern Power Grid [5]. - The company reported a main revenue of 1.542 billion yuan in the first half of 2025, a year-on-year decrease of 0.39%, with a net profit attributable to shareholders of 28.638 million yuan, down 23.02% year-on-year [5]. Group 2: Joint Venture Purpose - The primary purpose of forming "Ant Chain Trust" is to facilitate the tokenization of real-world assets, which includes asset management, data aggregation, and automated pricing services, thereby enhancing the efficiency and cost-effectiveness of asset valuation [1][2]. - The joint venture aims to provide services traditionally offered by rating agencies like Moody's and S&P, focusing on financing needs in the real economy, particularly in the green asset sector [2][3]. Group 3: Market Opportunities - The market potential for "Ant Chain Trust" is significant, especially in the context of China's dual carbon goals, with the green finance sector expected to grow substantially, potentially reaching asset scales in the tens of trillions [4]. - The service offerings will target both asset owners and investors in Web2 and Web3, with a focus on distributed assets in sectors like renewable energy and manufacturing [4].

Group 1 - The core purpose of the joint venture "Ant Chain Trust" established by Longxin Technology and Ant Group is to create a full-chain service platform that provides automated, intelligent, and low-cost rating and pricing services for energy asset operations [1] - The joint venture aims to support the tokenization of real-world assets, focusing on green asset services, and is expected to become a "core infrastructure" in the energy and green asset sectors [1] - Longxin Technology has a long-standing partnership with Ant Group, with over ten years of collaboration, and their first joint venture, Bangdao Technology, has become the largest public utility payment platform in China [1] Group 2 - The market opportunity for Ant Chain Trust includes serving asset owners and both Web2 and Web3 investors, with AIoT technology addressing challenges in verifying the authenticity and status of off-chain assets [1] - The push for green finance in China, driven by the "dual carbon" goals, is expected to lead to a significant increase in the scale of green assets, potentially reaching tens of trillions, with strong financing demand [1] - Ant Chain Trust is positioned to cover both generation and load-side assets, enhancing its relevance in the growing green finance landscape [1]

Group 1: Company Overview and Collaboration - The joint venture "Ant Chain Trust" was established by Longxin Technology and Ant Group to leverage their technological strengths in asset management and tokenization [2][3]. - Longxin Technology has over ten years of collaborative history with Ant Group, including the establishment of the first joint venture, Bangdao Technology, which has become the largest public utility payment platform in China [3][4]. Group 2: Market Opportunities and Services - The market for asset rating and pricing is on the verge of explosive growth, driven by the green finance initiative and the increasing demand for financing in the green economy, with potential asset scales reaching several trillion [4]. - Ant Chain Trust aims to provide comprehensive services for various green assets, including management, rating, pricing, and oracle services, targeting both generation and load-side assets [4]. Group 3: Technological Integration and Benefits - The integration of AIoT (Artificial Intelligence of Things) will facilitate the real-time data linking of distributed assets, addressing challenges in verifying the authenticity and status of off-chain assets [3][4]. - The platform aims to automate and lower the costs of asset rating and pricing services through blockchain technology, enhancing the value of physical assets [3].

Group 1 - The core point of the news is that Longxin Group's stock price has dropped by 5.07%, currently trading at 20.95 yuan per share, with a total market capitalization of 22.631 billion yuan [1] - Longxin Technology Group Co., Ltd. is based in Wuxi, Jiangsu Province, and was established on May 7, 2003, with its listing date on August 1, 2017 [1] - The company's main business involves information technology systems and services for public utilities, as well as family internet services, with revenue composition being 60.91% from platform operations, 35.11% from software services, and 3.98% from other businesses [1] Group 2 - From the perspective of major fund holdings, Guotai Fund has a significant position in Longxin Group, with the Guotai Hang Seng A-share Power Equipment ETF holding 57,900 shares, accounting for 2.13% of the fund's net value [2] - The Guotai Hang Seng A-share Power Equipment ETF has a current scale of 63.922 million, with a year-to-date return of 46.13%, ranking 680 out of 4222 in its category [2] - The fund manager, Wu Zhonghao, has been in position for 3 years and 235 days, with the fund's total assets amounting to 15.185 billion yuan, achieving a best return of 66.7% and a worst return of -11.49% during his tenure [2]

Group 1 - The core viewpoint of the news is the collaboration between Langxin Technology Group and Ant Group to establish "Ant Chain Trust," focusing on green asset management and dynamic rating pricing using blockchain, IoT, and AI technologies [1][2] - The partnership aims to address the challenges in traditional green asset management, such as data silos and the inability to reflect real-time operational data and policy risks, by creating a comprehensive service platform covering the entire lifecycle of renewable energy assets [2][3] - The launch of the first domestic report on token economy by Ant Group highlights the importance of real-world asset tokenization (RWA) and tokenized payment systems as key pillars for ecological development, emphasizing the need for verifiable, programmable, and quantifiable asset conditions for successful RWA scaling [2][3] Group 2 - Langxin showcased its AI energy model applications in various business scenarios, including power marketing and virtual power plants, providing comprehensive evaluation and management services for renewable energy assets [3][4] - The RWA model, which transforms future revenue rights of renewable energy assets into tradable digital assets, is expected to accelerate capital turnover and enhance the financial viability of charging station operators and distributed energy enterprises in China [4][5] - The company is projected to achieve revenues of 5.173 billion, 6.122 billion, and 7.260 billion yuan from 2025 to 2027, with net profits of 531 million, 673 million, and 811 million yuan respectively, maintaining a buy rating with a target price of 24.58 yuan [6]