山东神光投顾上海分公司：智能合约，区块链技术新应用 智能合约，作为区块链技术的一项革命性应用，正在逐步改变我们对交易和合同管理的传统认知。它不仅仅是一串代 码，更是一个自动执行、自我验证的合同，能够在满足预设条件时自动执行合同条款。本文将深入探讨智能合约在区 块链技术中的实践应用，以及它如何影响金融、法律等多个行业，实现自动化交易和合同管理。 例如，智能合约可以用于自动支付股息，或者在满足特定市场条件时自动执行期权合约。在法律领域，智能合约的应 用同样具有颠覆性。传统的合同需要律师起草、审核，并且执行过程中可能存在人为错误或欺诈行为。而智能合约通 过代码的形式，确保了合同条款的严格执行，减少了法律纠纷。智能合约可以自动验证合同各方的履约情况，并在条 件满足时自动执行合同条款，如支付、资产转移等，从而提高了合同执行的效率和透明度。智能合约的实践应用不仅 限于金融和法律领域，它还可以扩展到供应链管理、物联网、共享经济等多个行业。在供应链管理中，智能合约可以 用于确保货物的按时交付和支付，通过自动化的方式减少人为错误和提高效率。在物联网领域，智能合约可以用于设 备之间的自动交易，比如根据使用情况自动支付服务费用。在 ...

这一类别属于传统版权资产的数字化转化，核心特征是实体艺术品的版权通过数字化技术实现线上管理 与交易。具体依据如下： 1. 权利基础源自传统版权资产：实物艺术品本身是受《著作权法》保护的实体作品，其数字版权是基于 线下物权的版权衍生形态。例如，一件实体画作的数字版权（如高清扫描件的复制权、网络传播权）需 先通过著作权登记证书确权，再通过区块链技术转化为可在线交易的数字凭证。 2. 数字化是管理手段而非权利本质：此类资产的核心价值仍依附于实体艺术品的版权，数字化仅为实现 版权拆分、授权、交易的技术工具。例如，用户购买实物艺术品的数字版权后，可在线上平台授权他人 使用该作品的数字图像，但实体物权仍归原持有者所有。 3. 符合版权数字资产的定义：根据《数字版权资产管理》的权威界定，版权数字资产是"传统版权资产 通过数字化技术转化为可在线管理、交易的数字形态资产"，强调"数字化是确权与流通的手段"。 一、带著作权登记证书的实物艺术品的数字版权：版权数字资产 3. 符合数字版权资产的法律属性：根据《数字版权资产管理》，数字版权资产需满足"以数字化形式存 在、受著作权法保护、权利归属明确"的条件。NFTSH证书通过区块链存 ...

数字人民币（e-CNY）与微信支付、支付宝的本质区别在于法定货币属性与技术架构，核心差异如下： 本质属性不同；数字人民币中国人民银行发行的法定数字货币，等同于纸币的电子形式，具有国家信用 背书。属于M0（流通中现金）范畴，是人民币的数字化形态。微信/支付宝第三方商业支付工具，依赖 银行账户资金结算，本身并非货币。实质是"钱包"，需绑定银行卡或预存余额才能支付。 离线支付✅ 支持双离线交易（无网/关机均可支付） ❌ 依赖互联网连接 匿名性可控匿名（交易信息仅央行可见） 需实名认证，平台记录完整交易轨迹 手续费转账/提现零手续费提现可能收取手续费（如0.1%） 账户依赖❌ 无需绑定银行账户（松耦合设计） ✅ 必须绑定银行卡或预存余额 安全与监管差异；资金安全数字人民币：央行直接结算，资金无挪用风险；微信/支付宝：资金存管于 商业银行，存在平台破产风险。反洗钱能力数字人民币可追踪资金流向（每张电子钞有唯一编码），央 行可监控非法交易；第三方支付依赖平台风控，存在信息泄露隐患。应用场景扩展性；跨境支付：数字 人民币已接入多国清算桥（如港澳、新加坡），降低跨境成本50%； 智能合约：支持预付资金管理（如租房定金自动划转 ...

Group 1 - The article discusses the dual perception of cryptocurrency, particularly Bitcoin, as both a revolutionary asset and a potential Ponzi scheme, highlighting the contrasting views on its value and legitimacy [1][2][31] - It emphasizes the historical context of financial systems and the failures of traditional currencies, using examples from China, Zimbabwe, and Russia to illustrate the dangers of inflation and loss of trust in government-backed currencies [4][5][6][8][9] - The emergence of Bitcoin is framed as a response to the 2008 financial crisis, where a loss of faith in traditional financial institutions led to the rise of decentralized currencies [10][11][31] Group 2 - The article outlines the technological foundations of cryptocurrency, including decentralization, distributed ledger technology, and blockchain, which collectively provide security and transparency [12][13][17][18] - It explains how Bitcoin's fixed supply of 21 million coins is encoded in its blockchain, creating a sense of scarcity and value that is enforced by code rather than trust in institutions [19][31] Group 3 - The article identifies significant risks associated with cryptocurrency, including extreme price volatility, prevalence of scams, and the complexity of technology that can alienate average investors [21][22][23] - It discusses the centralization of wealth within the cryptocurrency market, where a small number of early adopters hold significant power over market movements, often at the expense of new investors [24][31] Group 4 - The concept of smart contracts is introduced as a transformative application of blockchain technology, allowing for automated and trustless agreements, but also warns of the potential pitfalls and vulnerabilities associated with them [25][26][28] - The article concludes by reflecting on the dual nature of cryptocurrency as both a groundbreaking innovation and a potential trap for uninformed investors, urging a reevaluation of trust, freedom, and wealth in a digital age [31][35]

该领域翻译的难点集中于技术术语的精确性（如"smart contract"需译为"智能合约"而非"智能合同"）、新兴词汇的标准化（如"零 知识证明"），以及代码与文本结合的跨维度理解。译者需同时掌握计算机科学、密码学及金融学知识，避免因误译导致技术歧 义或协议漏洞。 区块链翻译对生态发展至关重要。准确的翻译能促进技术全球化传播，助力开源社区协作，并保障法律合规性。实践中需建立术 语库、遵循技术文档规范，并结合上下文验证译文的逻辑一致性，最终实现技术内容与受众认知的无缝对接。 区块链翻译是高度专业化的领域，专注于处理区块链技术相关的文档、白皮书、智能合约代码注释及学术论文等。其核心在于准 确传递分布式账本、加密算法、共识机制等技术概念，同时确保术语的一致性和技术逻辑的严密性。 ...

Core Viewpoint - The establishment of the Digital Renminbi International Operation Center in Shanghai marks a significant step in the infrastructure development for the international application of the digital renminbi, facilitating cross-border digital payments and enhancing the internationalization of the renminbi [1][4][9]. Group 1: Digital Renminbi International Operation Center - The Digital Renminbi International Operation Center has three main business platforms: cross-border digital payment platform, blockchain service platform, and digital asset platform, which are interconnected through a common blockchain foundation [1][5]. - The operation of the center signifies a strategic move by the central bank to promote the internationalization of the renminbi and the digitalization of finance, providing a clear path for extending digital currency applications from domestic trials to international use [1][4][11]. Group 2: Impact on Shanghai's Financial Center - The center's establishment is expected to inject new vitality into Shanghai's development as an international financial center, enhancing its global financial resource allocation capabilities and attracting more international financial institutions and investors [2][9][10]. - The operation of the center will foster financial technology innovation in Shanghai, leading to new business models and products, particularly through the integration of blockchain and smart contracts for real-time cross-border payment settlements [3][10][11]. Group 3: Benefits of the Business Platforms - The three business platforms aim to reduce costs, improve efficiency, and enhance traceability in cross-border payments, aligning with the central bank's principles of "no loss, compliance, and interoperability" [4][7]. - The cross-border digital payment platform addresses pain points in traditional cross-border payments, while the blockchain service platform enhances transaction transparency and regulatory oversight [5][6][7]. Group 4: Global Financial Technology Center - The Digital Renminbi International Operation Center will strengthen Shanghai's position in the global financial technology ecosystem, attracting related fintech companies and fostering sectors such as supply chain finance and cross-border e-commerce [11][12]. - The center's operation is anticipated to elevate Shanghai's status in the global central bank digital currency application landscape, facilitating the transition from a traditional financial hub to a digital finance nexus [11][12].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - RWA bonds, as a key product integrating "real - asset credit anchoring" and "blockchain technology enabling", are reshaping the operation logic of the traditional debt - financing market. The report comprehensively analyzes RWA bonds from multiple aspects such as core definition, operation mechanism, comparison with traditional bonds and ABS, global policy environment and regulatory framework, typical cases, and investor participation paths [12]. 3. Summary by Directory 3.1 RWA Bond Core Definition - **Concept Definition**: RWA bonds are standardized debt - financing tools that tokenize the creditor's rights of real - world assets with stable cash flows through blockchain technology. They have "dual - anchoring" features, anchoring both the cash flows of underlying assets and the income - distribution rules of smart contracts, and are classified as "security tokens" subject to securities regulations [13][14]. - **Underlying Asset Types and Characteristics**: There are three types of underlying assets. Financial assets, including accounts receivable, corporate loans, and national debts, are the mainstream with stable cash flows and low verification difficulty. Physical assets, such as real estate, infrastructure, and charging piles, have anti - inflation properties but long valuation periods and poor liquidity. Equity assets, like carbon - emission rights and intellectual property rights, are scarce and suitable for long - term allocation [15][16]. 3.2 RWA Bond Operation Mechanism - **Asset Confirmation and Pooling**: For non - standardized assets, asset confirmation uses the multi - node consensus of the alliance chain to generate "on - chain ownership certificates", and then packs the assets into an asset pool. For standardized financial assets, the issuer purchases the underlying assets through a licensed custodian, and the custodian issues a legal holding certificate, which is then uploaded to the chain [19][21]. - **Chain Mapping and Token Generation**: Non - standardized assets need to disassemble the asset - pool rights and interests into "on - chain quantifiable units" and associate them with on - chain ownership certificates, and then issue standardized security tokens. Standardized financial assets can be directly mapped by unit, and the token generation often uses a highly compatible general standard [22][25]. - **Trading, Circulation, and Settlement**: Non - standardized assets can be traded on compliant centralized exchanges or decentralized exchanges (DEX) with a KYC check. The settlement cycle is instant, and the T + 0 arrival is achieved. Standardized financial assets are traded on Layer2 DEX and licensed centralized exchanges, and the smart contract realizes instant "token - funds" transfer [26][30]. - **Income Distribution and Asset Monitoring**: For non - standardized assets, the income is distributed through IoT devices to collect data and smart contracts to execute the distribution rules. Asset monitoring uses IoT devices to collect data and establish an early - warning mechanism. Standardized financial assets have a simpler income - distribution process, and the asset monitoring focuses on price and ownership risks [31][34]. 3.3 Comparison with Traditional Bonds and ABS - **Compared with ABS**: RWA bonds are more efficient and intelligent. They change from an "off - line manual - driven" model to an "on - chain algorithm - driven" model, with a more transparent process, lower participation thresholds, and better risk control [37][38]. - **Multi - Dimensional Comparison**: In terms of technical foundation, asset scope, liquidity, regulatory framework, investor threshold, information transparency, and issuance cost, RWA bonds, traditional bonds, and ABS have significant differences. RWA bonds have a wider asset scope, higher liquidity, and lower investor thresholds [44][45]. 3.4 Global RWA Bond Policy Environment and Regulatory Framework - **United States**: It is the largest RWA bond market globally. After experiencing the technology - exploration period, institutional - trial period, and explosive - growth period, it has achieved significant market - scale growth. The passage of the CLARITY Act has established a dynamic regulatory framework, and technological infrastructure improvements and institutional capital inflows have also promoted market development [48][50]. - **Europe**: It has developed from infrastructure pilots to a unified framework under MiCA. After the phased and full implementation of MiCA, it has eliminated the regulatory differences among countries, and technological improvements have also met institutional requirements [51][54]. - **China**: It features a dual - track pattern of cautious piloting in the Chinese mainland (excluding Hong Kong, Macao, and Taiwan) and international linkage in Hong Kong. Through rule recognition, asset interconnection, and technological interconnection, a cross - border compliance closed - loop has been formed [55][58]. 3.5 RWA Typical Cases - **Shenzhen Futian RWA Digital Bond**: Issued in 2025 with a scale of 500 million yuan and a coupon rate of 2.62%, it is the world's first public - offering RWA bond, listed on both the Macau Stock Exchange and the Shenzhen Stock Exchange, with the underlying assets being the income rights of charging piles and office buildings [60]. - **Langxin Group Charging Pile RWA**: Issued in 2024 with a scale of 100 million yuan, it is the first new - energy RWA in China, anchoring the income rights of 9000 charging piles [63]. - **GCL - New Energy Photovoltaic Power Station RWA**: Issued in 2024 with a scale of 200 million yuan, it anchors the income rights of an 82MW photovoltaic power station and bundles carbon - reduction benefits [64]. 3.6 RWA Bond Investor Participation Paths and Thresholds - **Primary Market Subscription**: Chinese mainland (excluding Hong Kong, Macao, and Taiwan) institutional investors can subscribe through direct connection with overseas licensed underwriting institutions or indirect participation through domestic QDII products [68]. - **Secondary Market Trading**: They can trade through the Hong Kong MOX, the Shenzhen Stock Exchange Cross - border Connect, or licensed digital exchanges, with different trading objects and risk levels for each channel [69][70].

Group 1 - The core concept of decentralization is highlighted as a response to the centralized control of information and resources by a few entities, emphasizing the need for a decentralized system like blockchain [4][6] - Ethereum is presented as a decentralized platform that allows for the development of various blockchain applications, contrasting with centralized systems like Android and iOS [7][12] - Blockchain is defined as a public, transparent, and tamper-resistant distributed ledger, which improves data integrity by requiring consensus among participants [7][8] Group 2 - Cryptocurrency is introduced as a digital currency that operates on blockchain technology, with Ethereum and Bitcoin being the most prominent examples [8][12] - Bitcoin, created during the 2008 financial crisis, is referred to as "digital gold," while Ethereum is described as a "universal computer" that enables the execution of programs on its blockchain [12][14] - Ethereum's token, ETH, is used to pay for computational fees and incentivizes network participants [15][11] Group 3 - Smart contracts are explained as self-executing contracts that operate without intermediaries, reducing the need for trust and enabling automatic execution based on predefined conditions [17][20] - The concept of trust is discussed, highlighting the challenges of establishing trust without a reliable third party, which smart contracts aim to address [18][19] - Smart contracts are seen as a means to significantly reduce transaction costs and enhance efficiency in various applications [22] Group 4 - Ethereum's applications are diverse, including decentralized finance (DeFi), which allows for banking services without traditional banks [23] - Non-fungible tokens (NFTs) are introduced as a way for artists to create unique digital collectibles that can be verified globally [24] - Decentralized Autonomous Organizations (DAOs) are mentioned as organizations governed by rules encoded on the blockchain, allowing members to vote on decisions [25][26]

Group 1 - The company showcased its development dynamics and potential in financial technology and smart transportation during recent investor research activities [1][2] - The GEC 2025 Summit, themed "AI Empowerment, Digital Innovation, Smart Finance," attracted nearly 400 professionals from over 70 countries, highlighting the company's innovative achievements [3] - The company has established a strong presence in the international market, with eight branches covering 120+ countries, leveraging its domestic digital transformation experience [3] Group 2 - The smart transportation business has made significant progress, with successful bids for multiple overseas projects in regions like India and Thailand [3] - The company has a solid technological foundation in vertical scene robotics, collaborating with major banks to enhance operational efficiency [3] - The Guangdian Wuzhou's revenue and profit have both increased, capitalizing on domestic opportunities and deepening partnerships with major tech firms [3] Group 3 - The North Bay Digital RMB platform has launched two nationwide first scenarios, promoting the application of digital RMB in cross-border trade [3] - The "Digital RMB + Smart Contracts + Border Trade" model is central to the platform's strategy, attracting over 2000 merchants to accelerate regional adoption [3]

Group 1: Core Insights - The global financial landscape is undergoing profound changes driven by rising expectations of Federal Reserve interest rate cuts and geopolitical restructuring, leading to a significant "de-dollarization" movement [2] - The push for de-dollarization is not only a strategic policy choice but also catalyzing a technological revolution in cross-border payments and innovative business practices [2] - The internationalization of the Renminbi (RMB) is highlighted by a bilateral swap agreement between the People's Bank of China and the Saudi Central Bank, marking a breakthrough in RMB's role in oil trade settlements [5][6] Group 2: Key Developments in Cross-Border Payments - The traditional cross-border payment system, heavily reliant on SWIFT, faces criticism due to high costs (2%-5% fees), inefficiencies (3-5 days for settlement), and politicization, prompting a consensus for a diversified payment system [6] - Five Chinese fintech giants are emerging as core players in reshaping the global payment order through differentiated technological approaches [9] - Ant Group's cross-border payment scale surpassed 1.2 trillion yuan in 2023, with innovations like instant remittance and blockchain-based trade settlement significantly enhancing efficiency [9][10] Group 3: Innovations and Technological Advancements - Tencent's blockchain cross-border settlement platform has improved transaction efficiency by 80%, while its digital payment solutions are facilitating RMB's penetration in retail scenarios [9][10] - JD Technology's focus on supply chain financial digitization has led to a 300% year-on-year increase in cross-border B2B transaction volume in the first half of 2024 [10] - The application of blockchain technology in cross-border payments has reduced costs by over 70% and enabled real-time transaction updates, enhancing trust in international trade [12] Group 4: Broader Implications for Financial Infrastructure - The digital RMB's mixed settlement unit system is innovatively designed to mitigate direct competition with the US dollar, providing a more stable settlement option for emerging markets [12][15] - The practices of these fintech companies illustrate that RMB internationalization is not merely about currency substitution but involves building more inclusive financial infrastructure through technological innovation [15] - The transformation in cross-border payments reflects a broader reshaping of global financial order, with the digital RMB settlement system expanding to cover 50 countries along the Belt and Road Initiative [15]