Investment Rating - The report maintains a positive rating for the industry, suggesting that AI computing power leasing could become the next ideal anchor asset for RWA [4]. Core Insights - RWA serves as a bridge between real-world assets and web3.0, facilitating the transition from web2.0 to web3.0 financing channels by tokenizing tangible and intangible assets on the blockchain [1][8]. - The expansion of RWA assets has evolved from traditional financial assets to real estate and physical economy assets, with significant participation from major financial institutions [11][12]. - AI computing power leasing is identified as a promising next step in the RWA asset chain, characterized by market growth, clear yield transparency, and defined market financing needs [2][3]. Summary by Sections RWA Asset Expansion Path - RWA utilizes blockchain technology to convert real-world assets into digital tokens, enabling investment in fixed-income products and facilitating asset diversification and risk sharing [1][8]. - The RWA asset category has expanded significantly since the introduction of stablecoins like USDT in 2014, which addressed volatility in the crypto market [11][12]. Characteristics of Ideal Anchor Assets for RWA - Ideal RWA anchor assets should exhibit continuous market growth, transparent yield, and clear market financing demand [18][19]. - The process of "confirmation—splitting—circulation—financialization" is essential for RWA, ensuring that assets are digitized and can be traded efficiently [18][20]. AI Computing Power Leasing as the Next Anchor Asset - The report highlights that AI computing power leasing possesses the necessary characteristics to become an ideal anchor asset for RWA, driven by the increasing demand for computational resources in AI applications [2][29]. - The global AI computing power leasing market is projected to grow significantly, with estimates reaching $14.6 billion in 2024 and expanding to $63.64 billion by 2031 [44][47]. Investment Recommendations - The report suggests closely monitoring the relevant industry chain, including IDC manufacturers and cloud service providers, as they are poised to benefit from the growth of RWA and AI computing power leasing [3][58].

智通财经6月20日电，稳定币概念股开盘走低，楚天龙、东信和平跌超9%，四方精创、翠微股份、朗新 集团、吉大正元、宇信科技、天阳科技等跌超5%。 稳定币概念股开盘下挫 楚天龙等多股大跌 ...

Core Insights - The report highlights a structural decline in prices across the photovoltaic industry, particularly in battery cells, modules, and polysilicon, driven by weak demand and high inventory levels in Europe [4][5][6] - The report suggests a cautious outlook for the short term, with expectations of continued price declines in battery cells and modules due to low terminal demand and overstocking [4][5] - Key companies recommended for investment include Aiko Solar, Longi Green Energy, and others focusing on new technologies and supply-side improvements [4][6] Market Trends - The average price of N-type battery cells (182-183.75mm) is reported at 0.240 CNY/W, down 2.0% from the previous week, while the price for 182*210mm N-type battery cells remains stable at 0.265 CNY/W [4] - The average price of 182mm TOPCon double-glass modules is stable at 0.68 CNY/W, with a notable premium for BC modules [4] - The price of photovoltaic glass has decreased, with 3.2mm coated glass priced at 19.5 CNY/㎡, down 2.5% [4] Polysilicon and Wafer Prices - The average price for dense polysilicon is reported at 35.0 CNY/kg, remaining stable, while granular silicon has decreased by 1.4% to 34.0 CNY/kg [5] - The average price for N-type wafers (182-183.75mm) is stable at 0.93 CNY/piece, while the price for 182*210mm wafers has decreased by 1.9% to 1.05 CNY/piece [5] Investment Recommendations - Companies to actively monitor include Xinyi Solar, GCL-Poly Energy, Tongwei Co., and others, focusing on various strategic directions such as overseas expansion and domestic substitution [6]

Core Technology Components - The technology architecture of RWA tokenization includes five main components: blockchain ledger, smart contracts, oracles, cross-chain technology, and off-chain asset custody and verification [3][4][5][6][10][11]. Blockchain Ledger - Provides decentralized records for asset ownership, transaction history, and token data, utilizing public chains like Ethereum, Solana, Polymesh, and Avalanche, as well as consortium chains like AntChain's "two chains and one bridge" architecture [4]. Smart Contracts - Automates the processes of tokenization, trading, revenue distribution, and compliance management, with standards such as ERC-3643 for compliant tokens and ERC-721/1155 for non-fungible assets [5]. Oracles - Ensures secure transmission of off-chain asset data to on-chain, maintaining consistency between tokens and assets, with projects like Chainlink and Pyth Network providing real-time data services [6]. Cross-Chain Technology - Facilitates interoperability of assets and data across multiple chains, utilizing cross-chain bridges and protocols [8][9]. Off-Chain Asset Custody and Verification - Custody is managed by regulated entities to ensure 1:1 anchoring, with periodic audits recorded on-chain, while verification involves IoT monitoring and AI for valuation accuracy [10][11]. RWA Tokenization Process - The process includes asset assessment and digitization, tokenization through smart contracts, compliance embedding, on-chain recording and trading, and automated revenue distribution [12][13][14][15][16]. Technical Challenges - Key challenges include smart contract security requiring formal verification and auditing, real-time synchronization of off-chain asset changes, scalability issues related to high gas fees on Ethereum, and balancing privacy with compliance [17][20]. Future Trends - The integration of AI and IoT is expected to enhance pricing accuracy, while dedicated blockchains and Layer 2 solutions will improve efficiency and reduce costs [20].

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]

天风证券表示，稳定币有望"重塑全球金融支付体系"，如USDT等稳定币替代传统电汇，成本从25-50美 元/笔降至低于1美元，到账时间从1-5个工作日压缩至分钟级。 隔夜美股稳定币龙头Circle大涨33.8%，市值至444亿美元（约3200亿人民币），且传统支付行业龙头 VISA和Mastercard分别下跌5.4%和4.6%。 据央视新闻报道，美国参议院当地时间6月17日通过了一项立法，旨在为被称为"稳定币"的加密货币建 立监管框架。这项名为"《指导与建立美国稳定币国家创新法案》"（天才法案）的议案获得两党支持， 以68票对30票的结果在参议院获得通过，标志着该院首次批准主要的加密货币立法。 此外，6月18日，央行行长潘功胜在2025陆家嘴论坛上表示，全球希望改善跨境支付体系的呼声不断高 涨，新兴支付基础设施和结算方式不断涌现，推动全球跨境支付体系朝着更加高效、安全、包容、多元 的方向发展，这一趋势未来会持续增强。 德意志银行最新研报显示稳定币市场总规模从2020年的20N亿美元激增至2025年5月的2460亿美元。同 时，交易量增长了598%，2024年以27.6万亿美元的交易量超越Visa和Master ...

Core Insights - The report highlights the emergence of new investment opportunities in the 3D printing sector, particularly driven by the popularity of LABUBU, which is expected to boost demand for PLA materials [7][9][10] - The report discusses the impact of geopolitical tensions on commodity prices, particularly in the energy sector, and suggests that these tensions may lead to increased volatility in oil and gas prices [10][14] - The report emphasizes the importance of monitoring macroeconomic indicators, such as inflation and employment data, which are expected to influence monetary policy decisions by the Federal Reserve [6][10] Market Trends - The domestic market indices showed slight declines, with the Shanghai Composite Index closing at 3,387.40, down 0.04% [4] - The new materials sector experienced a 0.68% increase, outperforming the ChiNext Index by 0.47% [9] - The report notes a significant drop in coal imports, with a 17.75% year-on-year decrease in May, indicating a tightening supply [17][20] Industry Commentary Chemical Raw Materials - The report indicates that the demand for PLA is set to rise due to the popularity of LABUBU, which has sparked interest in 3D printing [7][9] - The prices of key materials such as amino acids and vitamins remained stable, with some minor fluctuations noted [9] Power Equipment and New Energy - The report discusses advancements in smart elderly care robots and their potential applications in various settings, highlighting a strategic partnership between Kepler and Hanwei Technology Group [10] - The report also mentions the National Energy Administration's initiatives to explore off-grid hydrogen production, which could reshape the energy landscape [10] Basic Chemicals - The report notes that the contract price for potassium fertilizer has increased to $346 per ton, up from $273 per ton last year, reflecting rising global commodity prices [12][14] - The report suggests that geopolitical tensions may disrupt the supply of certain chemicals, particularly those imported from Iran and Israel [14][15] Coal - The report highlights a slight increase in coal production, with a total output of 1.985 billion tons from January to May, marking a 6.0% year-on-year increase [17] - The report anticipates a potential rebound in coal prices during the summer, driven by seasonal demand [20] Home Appliances - The report indicates that the home appliance sector is transitioning from explosive restocking to stable demand, with export growth slowing [21][22] - Rising shipping costs are impacting the industry, with significant increases in freight rates observed across various shipping routes [21][22] Investment Recommendations - The report recommends focusing on companies involved in the production of PLA and those benefiting from the growth of the 3D printing market, such as Haizheng Biomaterials and Jindan Technology [7][9] - In the coal sector, companies like Shanxi Coal International and Jincheng Anthracite Mining are highlighted as potential investment opportunities due to their positioning in a recovering market [20] - The report suggests monitoring companies in the home appliance sector, particularly those with strong dividend yields and limited downside potential, such as Midea Group and Gree Electric Appliances [22]

Group 1 - The "Su Super" phenomenon has transformed from a local football league into a significant commercial IP, leading to substantial stock price increases for related companies [1] - From May 28 to June 17, notable stock performances include ST United with a 52.85% increase, Jining Sports with a 106.41% rise, and Gongchuang Lawn with a 64.63% gain [1] - On June 17, a significant market correction occurred, with Gongchuang Lawn hitting the daily limit down and Jining Sports dropping by 9.05%, indicating potential short-term speculative risks [1] Group 2 - The "Su Super" trend has shown a "universal" characteristic, benefiting companies from both southern and northern Jiangsu cities, reflecting capital's recognition of balanced regional economic development [2] - Jiangsu Bank, as the title sponsor of "Su Super," reached a historical high of 11.79 yuan per share, with a total market value exceeding 213.6 billion yuan [2] - As of June 17, Jiangsu has 707 listed companies, ranking third in China, with a structural gap in the sports and cultural tourism sectors compared to Guangdong, suggesting new investment opportunities [2] Group 3 - The "Su Super" model may provide insights for Shenzhen to develop its own IP events in the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging low ticket prices and city rivalry narratives [3] - The ongoing "Su Super" effect is prompting a reevaluation of the value boundaries in the sports and cultural tourism industries within the capital market [3]

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 ...