近日，勘设股份（603458）旗下勘设泰宇坦行与翰凯斯智能、趣链科技签署合作协议，三方将围绕"智 慧交通RWA试点应用"展开合作，探索区块链技术与智能交通的融合创新。此次合作将探索面向交通基 础设施和运营装备的RWA(现实世界资产)试点应用。通过对无人车、充电设施等关键资产进行可信登 记、价值映射和链上管理，构建可确权、可量化、可交易的新型数据资产体系。资料显示，勘设泰宇坦 行为贵州省首家自动驾驶技术商业化企业，由勘设股份、贵阳公交、翰凯斯合资成立。(人民财讯) ...

维多利亚，塞舌尔, July 10, 2025 (GLOBE NEWSWIRE) -- 领先的加密货币交易所和 Web3 公司 Bitget 宣布在其现货交易平台推出 Tanssi (TANSSI)。Tanssi 是一种去中心化的基础设施协议。除上述现货交易外，Bitget 还将推出专属 PoolX 推广活动和 CandyBomb 推广活动。 TANSSI/USDT 交易对将于 2025 年 7 月 9 日 11:00（世界协调时间）正式开盘，提现功能则于 2025 年 7 月 10 日 12:00（世界协调时间）启用。符合资格的用户可参与 PoolX 推广活动，锁定最少 100 TANSSI，即可瓜分 888,000 TANSSI，最多可赢取 10,000,000 TANSSI。活动时间为 2025 年 7 月 9 日 11:00 至 2025 年 7 月 19 日 11:00（世界协调时间）。 此外，Bitget 也将推出 CandyBomb 活动，奖励总额高达 7,990,000 TANSSI。交易池分为两个部分：新用户可以交易 TANSSI 和 SOL，即有机会从共计 5,330,000 TANSS ...

Group 1: Market Trends - The cryptocurrency market continues to thrive, with a notable focus on Real World Asset (RWA) tokenization alongside stablecoins [1][3] - Bitcoin reached a historic high of $112,052.24 on July 10, marking a nearly 20% increase since the beginning of the year [1][3] - The stock of Derlin Holdings surged over 70% on July 10 after announcing the tokenization of $500 million worth of real assets [1][3] Group 2: RWA Tokenization - RWA refers to the tokenization of real-world assets using blockchain technology, encompassing both tangible and intangible assets [7][9] - Currently, Hong Kong's RWA offerings are primarily fixed-income assets, with limited access for retail investors due to regulatory constraints [8][9] - The market for RWA is expected to grow significantly, with predictions indicating a market size of $16 trillion by 2030 [11] Group 3: Regulatory Environment - The Hong Kong Monetary Authority is actively exploring RWA tokenization through the Ensemble sandbox program, focusing on traditional financial assets and real-world assets [12][13] - The recent policy declaration by the Hong Kong government emphasizes the importance of stablecoins and RWA in enhancing market efficiency and liquidity [13] - Regulatory frameworks are evolving globally, with stablecoin market capitalization exceeding $240 billion as of mid-2025, indicating a robust growth trajectory [11]

Group 1 - Northbound capital recorded a net purchase of HKD 29.02 billion in the Hong Kong stock market on July 10, with HK Stock Connect (Shanghai) contributing HKD 15.79 billion and HK Stock Connect (Shenzhen) contributing HKD 13.23 billion [1] - The most purchased stocks by northbound capital were China Construction Bank (00939), Alibaba-W (09988), and Meituan-W (03690) [1] - The most sold stocks included Tencent (00700), Xiaomi Group-W (01810), and Sunac China (01918) [1] Group 2 - China Construction Bank saw a net purchase of HKD 5.87 billion, with its stock price reaching a new high [4] - Alibaba-W and Meituan-W received net purchases of HKD 5.72 billion and HKD 4.85 billion, respectively, amid a competitive subsidy war among major food delivery platforms [5] - Derlin Holdings (01709) received a net purchase of HKD 3.55 billion, planning to tokenize assets worth HKD 500 million [5] Group 3 - E-surfing Technology (02550) had a net purchase of HKD 262 million, with Barclays increasing its stake significantly [6] - Guotai Junan International (01788) faced a net sell-off of HKD 903.5 million despite projecting a substantial profit increase [6] - Xiaomi Group-W experienced a net sell-off of HKD 3.78 billion, with a significant drop in electric vehicle sales [6]

在Web3时代的浪潮中，"现实资产如何数字化"成为推动全球产业变革的核心议题。未来云启，正以RWA(现实世 界资产)与AGI(通用人工智能)为双轮驱动，重构企业价值闭环，打造通往可信金融与智能商业的新底座。 01 中小企业的关键之问：为何必须进入RWA+AGI时代？ 在传统经济体系中，中小企业始终面临一道难以逾越的"融资天堑"——资产虽有，价值难证；项目虽优，却止步 于门槛之外。融资难、周期长、流动性差，已成为制约企业创新与成长的核心瓶颈。 一方面，传统金融体系依赖抵押与信用评估，对底层真实资产的识别能力有限，致使众多高潜力企业被拒之门 外；另一方面，企业资产形态多样、数据孤岛林立，缺乏标准化机制与透明化结构，难以实现有效拆分与公开交 易。 更为根本的，是信息不对称与信任缺位。资产的价值往往被低估，融资者与投资者之间缺乏共同语言，资金无法 精准匹配到真实需求场景，企业发展动力就此被扼杀在源头。 它不仅重构资产的数字身份，更在信任与流动之间搭建起桥梁，让企业的每一份真实价值，都有机会被世界看 见、被资本理解、被市场激活。这是一次从根基开始的结构重构，更是中小企业走向"被看见、被投资、被释 放"的时代通道。 02 ...

Core Viewpoint - The global economic governance paradigm is undergoing profound evolution, characterized by the shift from a single power structure to a more collaborative and shared governance model, emphasizing multilateral participation and institutional restructuring [6][10]. Group 1: Global Economic Governance Changes - The current global economic governance is influenced by geopolitical conflicts, rising protectionism, and the acceleration of digital and green transformations, leading to a weakening of global growth momentum [6][12]. - The restructuring of financial order is a significant manifestation of adjustments in global governance, highlighting the need for a diversified sovereign currency coexistence and orderly competition [7][12]. - The role of the International Monetary Fund (IMF) and Special Drawing Rights (SDR) is evolving from crisis response to regular operation, enhancing their integration into trade, financing, and reserve systems [7][21]. Group 2: China's Role in Global Governance - China is transitioning from a rule-taker to a rule-maker in global economic governance, promoting high-level opening-up and aligning with international high-standard trade rules [8][12]. - The country is developing a comprehensive policy framework around digital payments, green finance, and data regulation, aiming to create replicable international governance solutions [8][12]. - China's commitment to multilateralism and shared development is evident in its efforts to enhance institutional compatibility and participation depth within the global governance system [7][8]. Group 3: Future Governance Paradigms - The future of global economic governance remains undefined, with key variables including the restructuring of multilateral mechanisms, the rule-based advancement of technological governance, and the diversification of the international monetary system [8][10]. - Balancing national sovereignty with global cooperation, efficiency with fairness, and risk prevention with innovation will be crucial for the effectiveness and sustainability of future governance frameworks [8][12].

Core Viewpoint - Blockchain technology is recognized as a disruptive foundational technology and is included in China's "14th Five-Year Plan" as one of the seven key industries in the digital economy, with encouragement from financial regulatory authorities for its application in the banking and insurance sectors [1] Blockchain Application in Insurance - The application of blockchain in the insurance industry is still limited compared to the banking sector, with various innovative use cases emerging since 2016, including AXA's flight delay insurance and China People's Insurance Company's agricultural insurance platform [5][6][7] Classification of Blockchain Applications - Blockchain applications can be categorized into three main types: 1. **Evidence and Traceability**: This includes judicial evidence storage and product traceability, ensuring the authenticity and integrity of information [3] 2. **Multi-party Collaboration**: This type facilitates efficient collaboration among different organizations, reducing trust costs and enhancing operational efficiency [4] 3. **Value Sharing**: This application fosters innovation and creates new business models by lowering mutual trust costs among participants [4] China Pacific Insurance's Blockchain Strategy - China Pacific Insurance aims to leverage blockchain for digital transformation, focusing on alliance chains and prioritizing scenarios like evidence storage and data collaboration [8][9] - The company plans to build a blockchain platform, "Taibao Chain," with core functionalities including evidence storage, data collaboration, and privacy computing [9] Innovative Use Cases by China Pacific Insurance - China Pacific Insurance has initiated several innovative applications based on the Taibao Chain, including: 1. **Smart Claims in Medical Insurance**: This application enhances the claims process by enabling proactive service and improving customer experience [9][10] 2. **Digital Safe Services**: This service allows secure storage of digital documents, with over 65,000 documents stored by the end of 2024 [10] 3. **Agricultural Insurance Service Chain**: This initiative aims to trace high-quality agricultural products throughout the supply chain [10] Future Outlook for Blockchain in Insurance - The insurance industry is expected to utilize blockchain to enhance data flow and collaboration, both within the industry and across sectors, improving operational efficiency and service quality [11][12] - The development of Web3 technologies presents new opportunities for the insurance sector, including risk management for decentralized infrastructure and insurance for real-world assets [12][13][14]

Core Viewpoint - Hainan Huatie has achieved significant results since its collaboration with Ant Chain in 2022, completing nearly 26 billion yuan in asset digitalization on the blockchain, meeting the prerequisites for RWA financing [1][3] Group 1: Business Developments - The company has signed a strategic cooperation agreement with RWA Research Institute to collaborate on asset blockchain valuation, industry standards, and global circulation practices [3] - Hainan Huatie has expanded its business into computing power services, with a total signed service amount reaching 6.67 billion yuan and asset delivery exceeding 900 million yuan by the end of March 2025 [1][9] - The company has established six subsidiaries in Hainan in 2024, with total assets amounting to 10 billion yuan, accounting for over 40% of the company's total assets [7] Group 2: Financial Performance - Hainan Huatie's revenue has shown consistent growth, with revenues of 3.278 billion yuan and 4.444 billion yuan in 2022 and 2023, representing year-on-year increases of 25.75% and 35.55% respectively [6] - In 2024, the company achieved a record revenue of 5.171 billion yuan, a year-on-year increase of 16.38%, while net profit decreased by 24.49% to 605 million yuan due to weak macro demand and expanded operational scale [9] - As of the first quarter of 2025, the company reported revenue of 1.288 billion yuan, a year-on-year increase of 16.58%, and net profit of 191 million yuan, up 21.72% [9] Group 3: Debt and Financing - The company's debt ratio rose to 72.32% by the end of the first quarter of 2025 [2][13] - Hainan Huatie plans to issue bonds up to 2 billion yuan to repay debts and supplement working capital [2][13] Group 4: Strategic Initiatives - The company is planning an overseas listing to enhance its international strategy and accelerate the establishment of overseas computing centers [11]

Market Overview - The A-share market experienced low volatility with major indices showing mixed results, where the Shanghai Composite Index fell by 0.21% and the Shenzhen Component Index decreased by 0.70% [2][3] - The total market turnover was 783.06 billion yuan, indicating a significant decrease compared to the previous day, with 2,925 stocks rising and 2,243 stocks falling [4] Sector Performance - The energy sector saw a collective rise, particularly in hydropower and thermal power stocks, with notable gains from companies like Huayin Power and Shaoneng Shares [12][13] - The stablecoin, cross-border payment, and digital currency sectors showed strong performance, with several stocks reaching their daily limit up [9][10] - Conversely, the CPO, CRO, and innovative pharmaceutical sectors experienced a pullback, while 6G and communication sectors faced declines [4][5] Hong Kong Market - The Hong Kong market also faced declines, with the Hang Seng Index dropping by 0.45% and the Hang Seng Tech Index falling by 0.15% [6][7] - Major players in the food delivery sector, such as Meituan and Alibaba, saw significant drops, with Meituan falling over 2% amid intensified competition in the food delivery market [16][17] Stablecoin and Cross-Border Payment Trends - The stablecoin market is rapidly expanding, with a projected transaction volume of $26.7 trillion in cross-border payments by 2024, and the market for Real World Assets (RWA) expected to reach $16 trillion by 2030 [11] - The upcoming implementation of the stablecoin regulations in Hong Kong is anticipated to boost the market, with at least nine institutions expressing interest in obtaining licenses [10][11] Energy Sector Insights - The National Energy Administration reported a record peak electricity load of 1.465 billion kilowatts, indicating a significant increase in demand due to high temperatures [13] - Analysts recommend focusing on hydropower and thermal power stocks that are expected to benefit from the ongoing construction of a unified electricity market [15] Food Delivery Competition - The ongoing "food delivery war" has led to aggressive marketing strategies, including substantial coupon distributions by major players, resulting in a surge in orders for Meituan [21] - Despite the short-term losses, analysts view these marketing expenditures as a long-term investment strategy that may enhance marketing efficiency in the future [21]

今年以来，市场的行情特征主要偏向主题投资，这与产业发展阶段密切相关。 产业的发展通常分为萌芽期、成长期和成熟期，分别对应主题投资范式、景气 投资范式和价值投资范式。当前主导产业 AI 的重要性不言而喻，其上游算力在 2023 年至 2024 年已经充分释放了景气度，而下游应用尚未系统性迎来景气 度投资。因此，在这种背景下，市场进入了偏向主题投资的范式。今年以来的 主要产业类主题包括人形机器人、可控核聚变、新消费以及稳定币等。 什么是主题投资？如何把握其机会？ 重磅电话会议：稳定币主题，如何把握？20250706 摘要 当前市场偏向主题投资，稳定币作为优质主题具备空间大、题材新、催 化剂多的特点，预计将持续受到关注，香港稳定币条例实施、海外加密 货币公司 IPO 等事件将成为催化剂。 稳定币投资逻辑可关注技术基础架构公司（区块链技术及发行支持）、 数字钱包及支付跨境结算公司，以及与稳定币逻辑相似的现实世界资产 代币化（RWA）公司。 金融 IT 与稳定币息息相关，类似于比特币行情及法定数字货币建设需求， 银行 IT 系统、非银机构 IT 系统及第三方支付业务值得关注，尤其是在 香港及海外有布局的公司。 金北方银 ...