Core Viewpoint - The company will continue to deepen its collaboration with Ant Group in the area of RWA (Real World Assets) to enhance its financial services and support the development of the charging infrastructure industry [1] Group 1: Collaboration and Projects - The company completed its first domestic RWA project based on new energy physical assets in Hong Kong in August last year, which involved financing for 9,000 charging piles through RWA [1] - The new energy RWA project allows the company to identify quality assets on its digital platform, New Electric Path, and provide operational support to charging pile operators, thereby revitalizing existing assets and creating ongoing value [1] Group 2: Platform Development and Impact - As of the end of 2024, the New Electric Path platform has partnered with over 3,000 charging pile operators and connected more than 1.6 million charging devices, with a distributed photovoltaic cloud platform reaching a cumulative connection of 25 GW [1] - The company aims to benefit more entities in the real economy, including charging operators, through innovative financial services while ensuring reasonable returns and promoting the continuous development of its platform business [1]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Stablecoins are emerging as a new global digital currency solution, characterized by asset anchoring, low volatility, and high settlement efficiency, becoming essential tools for on-chain payments and cross-border settlements. The current phase is marked by accelerated policy development and the establishment of compliance frameworks, transitioning stablecoins from a gray area to institutionalized development. A diverse ecosystem of stablecoins is expected to coexist in the future [2] - Real World Assets (RWA) emphasize the digital circulation of real-world assets (such as photovoltaic and real estate rights) through on-chain verification and mapping. The initial focus is on green energy and industrial equipment assets, with preliminary mechanisms for on-chain yield mapping and cross-border issuance established. RWA is transitioning from a technical concept to a verifiable and tradable asset form, entering a phase driven by practical demand [2] Summary by Sections 01 Stablecoins: A Global Digital Currency Solution - Stablecoins are designed to maintain price stability, typically pegged to fiat currencies or commodities, and are increasingly used for transactions and value storage. They play a crucial role in the volatile cryptocurrency market, particularly in cross-border payments [10] - The development of stablecoins in Hong Kong is supported by the establishment of a digital currency infrastructure, with the Hong Kong Monetary Authority (HKMA) initiating the digital Hong Kong dollar project and conducting trials for tokenized asset settlements [16][19] - The HKMA's regulatory sandbox for stablecoin issuers is progressing, with several institutions participating in testing mechanisms for issuance and reserve management [19] 02 RWA: From Concept to Implementation - RWA is defined as non-digital assets and related rights that are tokenized for on-chain trading. As of June 2025, the total value of global on-chain RWA assets has surpassed $23.3 billion [36] - Stablecoins serve as a bridge between traditional finance and the crypto world, enhancing liquidity and efficiency in RWA transactions, and enabling innovative financial products [37][41] - The integration of stablecoins with RWA facilitates cross-border payments and reduces transaction costs, making it easier for investors to engage in fragmented asset investments [44] 03 Industry Chain and Development Status: Policy-Driven, Compliance-Enhanced - The industry is supported by a three-tier structure: upstream providing technology and compliance support, midstream focusing on asset tokenization, and downstream involving applications in payments and investments [58] - The overall industry is still in an exploratory phase, with significant room for improvement in infrastructure, legal frameworks, and application ecosystems [58] - The report highlights the competitive landscape, noting key players such as Ant Group and JD.com, which are actively developing stablecoin and RWA projects [74][81]

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：2025-039 朗新科技集团股份有限公司 关于控股股东部分股份解除质押的公告 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 公司控股股东无锡朴华股权投资合伙企业（有限合伙）（以下简称"无锡朴华"） 所持本公司部分股份解除质押的通知，具体情况如下： 二、股东股份累计质押基本情况 截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | 占其 | 占公 | 已质押股份情况 | | | 未质押股份情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 持股 | 持股 | 累计质 | 所持 | 司总 | 已质押股 | 占已 | 未质押 | 占未 | | | | | | 股份 | 股本 | | 质押 | 股份限 | 质押 | | 股东名称 | 数量 | 比例 （% | 押数量 （万 | 比例 | 比例 | 份限售 ...

Group 1 - The concept of stablecoins is experiencing a rebound, with Longxin Group rising over 10% [1] - Dongxin Peace has achieved six consecutive trading limits in nine days, while other companies like Electric Science Cybersecurity and Beixin Source also saw significant gains [1] - Circle, the first stablecoin stock in the US, surged over 33% to close at $199.59, which is more than 540% increase from its issuance price of $31 [1]

Group 1 - Ant Group concept shows signs of recovery, with Longxin Group (300682) rising over 10% [1] - Jinqiao Information (603918) previously hit the daily limit, while Jida Zhengyuan (003029), Hope Shares (301024), Yuxin Technology (300674), and Tax Friend Shares (603171) also experienced gains [1] - There is a notable influx of dark pool funds into these stocks [2]

与蚂蚁集团合作深化，稳定币立法激活RWA 交易场景。1）服务场景多元化：朗新集团与蚂蚁集团的合 作从最初的生活缴费场景延至出行等更丰富的生活服务场景，与支付宝在出行领域共同首创了"先充后 付"等应用功能。2）公司与蚂蚁数科合作，将超过9000 个充电桩收益权代币化，在香港完成国内首单 新能源RWA 融资1 亿元资金用于支持中小运营商建设，尝试验证RWA 融资链路，未来有望持续推进与 蚂蚁集团的多元金融合作。 香港稳定币立法，设立发牌制度，为RWA 提供合规结算工具。2025 年5 月21 日，香港立法会三读通过 《稳定币条例草案》，确立全球首个稳定币专项监管框架，为RWA交易提供了合规的结算工具。《稳 定币条例》目前已获立法会通过，为法币稳定币发行人设立发牌制度，并将在2025 年8 月1 日生效。 蚂蚁旗下两家子公司抢滩布局稳定币，香港金管局表态将尽快处理牌照申请。目前蚂蚁数科已经启动申 请香港稳定币牌照，将中国香港列为全球总部，并且已经在香港完成监管沙箱的先行先试；蚂蚁集团旗 下国际业务部门正计划在新加坡和中国香港申请稳定币牌照，并计划在卢森堡寻求许可，在跨境支付和 资金管理方面为公司提供服务支持。与此同 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The development of Real World Assets (RWA) is accelerating, supported by the regulatory framework for stablecoins, which enhances the liquidity and efficiency of asset financing [3][29]. - The Hong Kong Monetary Authority (HKMA) launched the Ensemble Project Sandbox in August 2024 to promote tokenization experiments for traditional securities and RWAs, indicating a significant step towards modernizing financing methods [28][29]. - The market value of RWAs has reached $23.9 billion, reflecting a growth of over 51% from $15.8 billion at the beginning of the year, showcasing increasing interest in RWAs as a new investment tool [10]. Summary by Sections Definition and Scale of RWA - RWA refers to the tokenization of real-world assets such as real estate, gold, and financial assets, allowing these assets to be split, traded, and circulated across borders [10][26]. - The advantages of RWA include increased asset liquidity, lower investment thresholds, reduced financing costs, improved financing efficiency, and enhanced asset transparency [10][26]. Comparison with Stablecoins - Stablecoins are blockchain-based digital currencies pegged to fiat currencies or commodities, focusing on maintaining stable value, while RWAs focus on tokenizing real-world assets [12][14]. - Stablecoins serve as a stable and trustworthy tool for purchasing RWAs, facilitating international transactions and enhancing liquidity in the RWA market [15][27]. Regulatory Framework and Projects - The HKMA's Ensemble Project Sandbox supports institutions in tokenization experiments, covering themes such as fixed income, liquidity management, green finance, and trade finance [28][29]. - Major cross-border RWA financing projects include Longshine Group's charging station project, GCL Energy Technology's photovoltaic project, and Xunying Travel's battery swapping project, with financing amounts ranging from CNY 100 million to over CNY 200 million [29][30]. Advantages of RWA Financing - RWA financing addresses traditional asset financing challenges by enabling the digitization and tokenization of assets, thus improving liquidity and reducing costs [10][9]. - The flexibility of RWA financing allows enterprises to customize transaction structures according to market demands, enhancing the likelihood of successful fundraising [9][10].

| 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 600570 | 恒生电 | 10.02 | 6.55 | 67354.04 | 18.45 | | | 子 | | | | | | 002537 | 海联金 汇 | 10.03 | 12.85 | 45612.91 | 35.81 | | 300773 | 拉卡拉 | 15.34 | 24.19 | 22210.41 | 4.86 | | 300682 | 朗新集 | 19.99 | 11.51 | 19476.34 | 8.87 | | | 团 | | | | | | 603918 | 金桥信 息 | 6.14 | 17.43 | 14162.01 | 11.80 | | | 中国人 | | | | | | 601319 | 保 | 2.47 | 0.35 | 12804.02 | 11.87 | | 300663 | 科蓝软 | 6.24 | 16.11 | 1195 ...

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：2025-038 朗新科技集团股份有限公司 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。 一、股票交易异常波动情况 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，以 下简称"公司"或"朗新集团"）于 2025 年 6 月 12 日、6 月 13 日、6 月 16 日 连续三个交易日收盘价格涨幅偏离值累计超过 30%，根据深圳证券交易所的相 关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况 针对公司股票交易异常波动情况，公司董事会通过电话、现场等问询方式， 对控股股东、实际控制人、全体董事、监事及高级管理人员就相关问题进行核实， 现将相关情况说明如下： 1、公司未发现前期披露的信息存在需要更正、补充之处； 2、公司目前经营正常，近期经营情况及内外部经营环境未发生重大变化。 3、公司未发现近期公共传媒报道可能对公司股票交易价格产生较大影响的 未公开重大信息。 4、公司、控股股东以及实际控制人不存在关于公司应披露而未披露的重大 事项，或处于筹划阶段的重 ...

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the AI industry, public cloud services, and the renewable energy sector, with a focus on companies like Huoshan Engine, Guoneng Rixin, and Zhongji Xuchuang [2][9][13]. Core Insights and Arguments AI Industry - Huoshan Engine leads the domestic public cloud large model invocation market with a 46.4% market share [2][3]. - Daily invocation of Huoshan Engine's Daobao model increased from 4 trillion tokens in December 2024 to over 16.4 trillion tokens by May 2025, indicating rapid growth [3]. - AI tool token consumption has surged, with programming tools increasing by 8.4 times and general tools by 10 times [2][3]. - Visual understanding models in K12 education have seen a 12-fold increase in token consumption [2][3]. - Daily token consumption for intelligent inspection videos and video retrieval has surpassed 10 billion [4]. Pricing Strategy - Huoshan Engine's Daobao 1.6 pricing strategy varies by input range, significantly reducing costs for enterprises, especially for requests within the 0-32K range, where costs can drop by 63% [5]. Demand for Computing Power - The AI era is driving a shift from BI to multi-modal data processing, increasing demand for computing power [6]. - Domestic computing power is currently in short supply, with potential price increases expected in the second half of the year [21]. - Despite NVIDIA's potential return to the Chinese market, domestic computing power still has significant growth potential [21]. Renewable Energy Sector - The National Development and Reform Commission's green electricity direct supply policy benefits Guoneng Rixin and Langxin, enhancing their competitive edge in renewable energy generation efficiency [9]. - Guoneng Rixin's products and services are expected to help reduce waste in wind and solar energy generation [9]. Optical Module Market - The demand for optical modules is rapidly increasing, with expectations of 15-17 million units of 800G products needed by 2025 and optimistic projections of 25-30 million units by 2026 [13]. - Zhongji Xuchuang is highlighted as a leading player in the optical module market, with significant potential for rebound and sustained growth [13]. International Expansion and Market Dynamics - Companies like Changfei Fiber have improved their performance, with revenue and profit growth returning to levels seen in 2021 and 2022 [15][16]. - The international market is opening new opportunities, with overseas revenue exceeding 30% [16]. - The hollow fiber technology is identified as a key growth driver for Changfei Fiber, with significant investments from major players like Microsoft [17]. Other Important Insights - The AI industry is expected to see a new wave of growth if major models are upgraded in the coming months [6]. - The consumer electronics sector is anticipated to benefit from innovations in foldable screens and wearable devices, with significant sales expected [23][24]. - The electronic sector is currently facing challenges but may see valuation recovery opportunities, particularly in the consumer electronics segment [19]. This summary encapsulates the key points discussed in the conference call, highlighting the trends, opportunities, and challenges within the AI and renewable energy sectors, as well as the performance of specific companies.