Core Viewpoint - The article discusses the growing attention on stablecoins from the perspective of the internet industry, highlighting their potential to bridge traditional finance and Web3.0 through blockchain technology [1]. Group 1: Blockchain as the Infrastructure - Blockchain technology serves as the foundational architecture for stablecoins and Real World Assets (RWA), providing transparency, decentralization, and immutability [3]. - Stablecoins are pegged to fiat currencies or government bonds, utilizing blockchain smart contracts for 1:1 asset mapping, thus acting as a value bridge between traditional finance and Web3.0 [3]. - Compared to traditional payment systems like SWIFT, blockchain-based stablecoins offer significant advantages in efficiency and cost [3]. Group 2: Internet Companies and Stablecoins - The proliferation of stablecoins is unlikely to significantly impact existing domestic third-party payment systems like WeChat Pay and Alipay, which already operate as "quasi-stablecoins" [4]. - Internet companies involved in cross-border payments, such as JD.com and Ant Group, are more actively exploring stablecoin applications due to their large user bases and established payment scenarios [4]. - The advantages of internet companies in the stablecoin space include user scenarios, technical capabilities, and ecosystem synergy, which can enhance the network effects of stablecoins [4]. Group 3: Stablecoins and Web3.0 Ecosystem - Stablecoins can enhance the liquidity and growth of the DeFi ecosystem, attracting compliant stablecoins to the blockchain [5]. - The programmable nature of stablecoins allows for automated yield generation, a feature difficult to achieve in traditional finance [5]. - The collaboration between stablecoins and RWAs can broaden the asset categories in DeFi, introducing significant liquidity into traditional financial markets [5]. Group 4: Cross-Border Payment Advantages - Stablecoins present notable advantages in cross-border payments, offering faster transaction times and lower costs compared to traditional systems like SWIFT [13]. - The average settlement time for SWIFT is 0.5-6 days, while stablecoins can achieve near real-time settlements [13]. - In countries facing currency volatility, stablecoins can mitigate exchange rate risks and enhance payment efficiency [13]. Group 5: Internet Companies' Strategic Moves - Major internet companies are accelerating their stablecoin strategies, with JD.com and Ant Group planning to launch compliant stablecoins for cross-border payments [23]. - Visa and PayPal have also made significant moves in the stablecoin space, indicating a broader trend among tech giants to integrate stablecoins into their payment systems [23]. - The integration of stablecoins into existing ecosystems can lower transaction costs and enhance operational efficiency for internet companies [23]. Group 6: Future Implications for Web3.0 - The adoption of stablecoins is expected to increase the penetration of Web3.0 ecosystems, potentially leading to a more prosperous DeFi landscape [31]. - As stablecoins grow, they may attract more compliant stablecoins into the blockchain market, further enriching the DeFi asset base [31]. - The synergy between stablecoins and RWAs can significantly enhance liquidity and broaden the scope of financial products available in the DeFi space [31].

Market Position - Ondo Finance accounts for 60% of Solana network's non-stablecoin RWA market [1] Future Plans - Ondo plans to introduce tokenized stocks, ETFs, and more [1] RWA Trend - RWAs on Solana are experiencing acceleration [1]

RT Ben Grossman (@ben_grossman)"Yield-bearing RWAs are the most significant and fastest-growing segment in Solana’s RWA landscape, capturing the vast majority of non-stablecoin RWA value (USD)."60% of that is all OndoA fantastic @MessariCrypto report on RWAs on @solana https://t.co/vqnZocVCLU ...

Ondo Finance acquires blockchain dev Strangelove as part of RWA expansion strategy https://t.co/1ZWoVYf9PD ...

Group 1 - The core viewpoint of the article is that Yunfeng Financial is expanding its strategic focus to include Web 3.0, Real World Assets (RWA), digital currencies, ESG zero-carbon assets, and artificial intelligence (AI) in addition to its existing insurance and fintech businesses [1][2] - Yunfeng Financial aims to leverage innovative internet technology to provide comprehensive financial services to individual and institutional investors, as well as corporate clients, while maintaining a strategic presence in Hong Kong and the Greater Bay Area [1][2] - The company has a history of significant investments, including a notable acquisition of a 56% stake in a Hong Kong-listed brokerage for HKD 2.68 billion, which facilitated its reverse listing [1] Group 2 - The announcement highlights that Yunfeng Financial will increase its investment in digital currencies, RWA, and AI, building on its existing ecosystem that combines finance and technology [2] - The company plans to actively participate in and lead technological transformations to enhance long-term shareholder value and returns [2] - The strategic focus on ESG zero-carbon assets aligns with global sustainable development trends and presents emerging investment opportunities, with the global green finance market projected to reach nearly USD 30 trillion by 2025 [2]

周一（7月14日）， 稳定币、跨境支付等热门概念股集体下挫，金融科技板块新高后深度回调超2.5%， 十只成份股跌超5%。其中，大智慧跌停，中科金财、长亮科技、京北方等多股跌逾8%。值得注意的 是，楚天龙尾盘由水下急速翻红涨停，表明部分资金做多情绪仍较浓，或为博弈后续反包行情，古鳌科 技、拓尔思两股也逆市涨逾5%。 热门ETF方面，规模、流动性同类断层第一的金融科技ETF（159851）全天走弱，场内一度下探近4%， 收盘跌幅缩窄至2.64%下穿五日线。交投方面，受份额拆分降低交易门槛事件影响，159851全天成交额 超9亿元，在市场整体缩量下交投情绪仍相对高涨。金融科技行情深度回调之际资金逆行重仓买入，全 天净申购5.67亿份。 从中长期投资机会看，华西证券指出，全球政策共振，建议继续关注相关产业链机会。消息面上，7月 10日，上海市国资委党委召开中心组学习会，围绕加密货币与稳定币的发展趋势及应对策略开展学习， 华西证券认为，继海外及香港稳定币政策相继出台后，国内政策出台预期有望强化。 分析来看，稳定币、跨境支付短期波动调整或受一则利空消息影响。消息面上，近期北京、深圳等多地 监管部门针对稳定币炒作风险发布提 ...

Core Insights - The "RWA & AGI Global Summit 2025" held in Hangzhou focused on the integration of Real World Assets (RWA) and Artificial General Intelligence (AGI), highlighting the importance of digital transformation in the economy [1][3][5] Group 1: Event Overview - The summit attracted over 1,000 attendees, including government officials, industry experts, and media representatives, with online viewership exceeding 50,000 [3][5] - Key discussions revolved around the digitalization of assets and the integration of AGI technology, showcasing China's advancements in asset verification and digital economy [3][6] Group 2: Key Speakers and Their Insights - Jin Shubao emphasized the role of digital economy as a growth engine and the importance of RWA in reshaping asset transactions and enhancing industrial vitality [6] - Liu Shunda discussed the philosophical implications of tokens and AGI, expressing confidence in the future of innovation in the sector [8] - Miao Chengchao highlighted RWA's potential to improve asset liquidity and facilitate financing for SMEs, urging industry players to enhance their sense of responsibility and innovation [10] - Ni Jianzhong noted that the fusion of RWA and AGI marks a new phase in digital integration, providing new financing channels for SMEs [12] - Kim Beom-jang from Korea's Future Five Group expressed optimism about the revolutionary changes RWA and AGI could bring to global industries [14][15] Group 3: Future Developments and Collaborations - The collaboration between Zhejiang Suqin Technology, Future Cloud Start, and Hangzhou Wash Intelligent Technology aims to innovate RWA applications in the real economy, marking a significant step in the development of RWA systems [24][25] - Future Cloud Start plans to expand its user base significantly and launch various RWA projects, indicating a strong growth trajectory in the coming months [23]

Group 1: Software Sector Performance - The CSI Software Index (H30202) declined by 2.02% as of July 14, 2025, with mixed performance among constituent stocks [1] - Leading gainers included Shiji Information (002153) up 10.04%, and Tuorisi (300229) up 6.92%, while major decliners included Dazhihui (601519) down 9.99% [1] - The Software 50 ETF (159590) fell by 1.91%, with a latest price of 1.08 yuan, but saw a weekly increase of 3.78% as of July 11, 2025 [1] Group 2: Market Activity and Liquidity - The Software 50 ETF recorded a turnover rate of 13.26% with a trading volume of 23.93 million yuan, indicating active market participation [1] - The average daily trading volume for the Software 50 ETF over the past year was 28.61 million yuan [1] - Notably, the Software 50 ETF experienced a net subscription of 14 million units today, reflecting investor interest despite market declines [1] Group 3: Digital Finance and Blockchain Developments - On July 10, the Shanghai State-owned Assets Supervision and Administration Commission held a meeting to discuss trends in cryptocurrency and stablecoin development, signaling increased policy support for digital finance [3] - The potential for stablecoin trials in the Shanghai Free Trade Zone is expected to enhance the development of Real World Assets (RWA) and stablecoin ecosystems [3] - RDA, as a form of RWA, is expanding its application scenarios, becoming a key driver for the monetization of data assets [3] Group 4: Software ETF Composition and Focus - The Software 50 ETF (159590) tracks the CSI Software Index, providing exposure to the entire AI software and internet brokerage industry chain [4] - The index has a high elasticity characteristic, with approximately 67% weight in application software and over 15% in AI-related fields [4]

Group 1 - The announcement of increased insurance capital entering the market could lead to a significant bull market, potentially surpassing the 5178-point high from 2015 [1][5] - The insurance capital market has a total balance of 34.93 trillion yuan, and if 10% of this capital flows into the market, it could result in several trillion yuan of new funds [5][7] - Historical precedents show that large inflows of capital, such as the 300 billion yuan pension fund in 2007 and 1 trillion yuan from trusts in 2015, have led to substantial stock price increases [6] Group 2 - Stablecoins are identified as a key area of focus for insurance capital, with the potential to drive significant financial transformation and influence national economic strategies [7][8] - The company mentioned is the only one in the market to hold both the US MSB license and the Hong Kong MSO license, positioning it as a leader in the stablecoin sector [4][12] - The company has developed quantum encryption technology for stablecoin key management, enhancing security and becoming the exclusive supplier of hardware wallets for JD.com [4] Group 3 - Related concept stocks include companies like GuoDianYunTong, which is a core supplier of digital RMB hardware and has achieved over 20 tons of gold collateral on the blockchain with an annualized return of 5.8% [9][10] - XingWangRuiJie is involved in decentralized networks and data security, supporting the necessary infrastructure for stablecoins and has partnerships exploring asset tokenization [11] - The leading company in the stablecoin sector has received significant investments from insurance capital and Central Huijin, indicating strong market confidence and potential for future growth [12]

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [5][23]. Core Insights - The computer (Shenwan) index increased by 3.22% during the week of July 7-11, 2025, outperforming the Shanghai Composite Index, which rose by 1.09%, the Shenzhen Component Index by 1.78%, and the ChiNext Index by 2.36% [1][10]. - The report highlights the introduction of the RDA (Real Data Assets) paradigm by the Shanghai Data Exchange, emphasizing the integration of real data with physical assets and its role in enhancing the authenticity and value of other assets. RDA aims to accelerate the marketization and valuation of data elements, promote the interconnected development of data and other elements, and improve the efficiency of matching physical assets with capital [3][20][21]. Summary by Sections Market Review - The computer index saw a notable increase of 3.22%, with the software development sector performing particularly well, showing a rise of 4.23% [1][12]. Major Events - Significant announcements include: 1. Qiming Star elected Yuan Jie as the chairman of the board [2]. 2. New Beiyang projected a net profit of 34.7-38.2 million yuan for the first half of 2025, marking a year-on-year growth of 100-120% [2]. 3. Ruiming Technology is planning to list on the Hong Kong Stock Exchange to enhance its global strategy [2][18]. Investment Perspective - The report suggests focusing on companies with RDA-related case studies and tracking their business progress to assess their contribution to performance. RDA is characterized by five key features: real data integration, transparency, reliable returns, value reconstruction, and ecological collaboration [3][21].