计算机行业点评报告：政策再发力，稳定币与RWA生态建设加速

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][7]. Core Insights - The Hong Kong government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center in the digital asset field, with a licensing mechanism for digital asset trading and custody service providers [3][6]. - The policy emphasizes the regularization of tokenized government bond issuance and the promotion of broader asset and financial instrument tokenization, including applications in precious metals, non-ferrous metals, and renewable energy [6]. - The report highlights the trend of traditional finance merging with digital economy, as evidenced by recent developments such as the introduction of stablecoins and the issuance of tokenized securities by traditional financial institutions [6][7]. Summary by Sections Recent Developments - On June 26, 2025, the Hong Kong government reiterated its commitment to becoming a global leader in digital assets through the new policy declaration [3]. - The declaration outlines a systematic approach to advancing the digital asset ecosystem through legal optimization, ecological expansion, application deepening, and regulatory improvement [6]. Market Trends - The report notes that traditional financial institutions are increasingly entering the virtual asset trading space and collaborating with blockchain technology platforms to promote asset tokenization, reflecting a trend of integration between traditional finance and the digital economy [6][7]. - The issuance of the "GF Token" by Guangfa Securities in Hong Kong represents a successful attempt at integrating traditional financial assets with blockchain technology [6]. Investment Recommendations - The report suggests focusing on companies involved in cross-border payments, blockchain, and cryptocurrency technology, as well as those related to Real World Assets (RWA) [7]. - Specific companies to watch include: - Cross-border payment and blockchain-related: Jingbeifang (002987.SZ), Lakala (300773.SZ), Xinguodu (300130.SZ), Tianyang Technology (300872.SZ), and Hengsheng Electronics (600570.SH) [7]. - RWA-related: Longxin Group (300682.SZ) and Zhongke Jincai (002657.SZ) [7].