Core Insights - The short drama "Ethereum" has gained significant attention, being described as a "divine drama" that creatively narrates the concepts of Bitcoin and blockchain in an ancient setting [1] - May 17 marks a historic day for Hong Kong as it celebrates the listing of RWA (Real World Assets) in the Web3 entertainment sector, with the short drama "Ethereum" ringing the first bell [1][13] - The event attracted various industry innovators and media representatives, indicating a collaborative effort to explore the Web3 entertainment landscape [1][5] Group 1 - The premiere of "Ethereum" took place at Vpoint building in Hong Kong, featuring the main creators and actors, along with nearly a hundred guests [5] - The event included a showcase of notable works in the industry, such as the Web3 suspense short drama "Black Amber" and the award-winning film "Reincarnation Dilemma" [7] - The main actress Lin Xingtong plays the role of Bi Aixi and also serves as a co-producer for the drama [9] Group 2 - The bell-ringing ceremony for RWA's listing was attended by guests dressed in ancient costumes, marking the official launch of the Web3 entertainment sector [13] - The director of the drama, Li Er Chai Si, has a history of creating influential internet phenomena and has been involved in the blockchain space for seven years [13] - The "Ethereum" short drama adopts a co-creation model and introduces the concept of "perpetuity," attracting interest from Web3 practitioners and industry experts [13]

Core Viewpoint - Hong Kong and China Gas Company Limited's subsidiary, Mingqi Tong Telecommunications Limited, has signed a memorandum of cooperation with Ant Group's Ant Digital Technology to explore the integration of AI technology in enhancing data center services and developing solutions in the Real World Assets (RWA) sector [1][2]. Group 1: Partnership Details - The collaboration aims to leverage AI capabilities to improve data center services, focusing on areas such as Internet Data Center (IDC) RWA cooperation and AI transformation for the gas company's related businesses [1][2]. - A joint team will be established to oversee the progress of the collaboration, highlighting the increasing importance of AI and Web3 technologies in transforming traditional infrastructure services [1][4]. Group 2: Future Plans - The partnership plans to deepen cooperation across the gas company's seven business segments, which include urban gas operations in Hong Kong and mainland China, water and environmental services, renewable energy, B2C extensions, green methanol, and sustainable aviation fuel (SAF) [2]. - The gas company intends to adopt AI to enhance internal management and establish an integrated control system across finance, human resources, procurement, operations, and master data [2].

Investment Rating - The report maintains an "Accumulate" rating for the blockchain industry, specifically focusing on stablecoins [4]. Core Insights - Stablecoins have emerged as essential tools in the cryptocurrency market, serving as a bridge between traditional finance and Web3.0, facilitating transactions and providing liquidity [7][30]. - The demand for stablecoins is driven by their ability to act as a "fiat currency" on the blockchain, enabling seamless integration with decentralized finance (DeFi) projects [8][12]. - The report highlights the increasing adoption of stablecoins by traditional financial institutions, indicating a trend towards institutionalization in the Real World Assets (RWA) sector [51][52]. Summary by Sections 1. Core Insights - Stablecoins originated in the early days of Web3.0 as a means to facilitate cryptocurrency transactions and have evolved into foundational tools for exchanges, DeFi, and RWA ecosystems [7]. - The success of stablecoins hinges on market trust, which is closely tied to their credit transmission mechanisms [7]. 2. The Necessity of Stablecoins - Stablecoins serve as a digital representation of fiat currencies on the blockchain, allowing for deeper integration with DeFi projects [8]. - The need for stablecoins arose from the limitations of traditional fiat currencies in the blockchain space, particularly regarding transaction speed and interoperability [9][10]. 3. RWA as a Key Application Area - RWA has become a significant driver for the cryptocurrency market, with traditional financial institutions increasingly adopting stablecoins to facilitate transactions [51]. - The report notes that the RWA market has shown resilience and growth, even amid fluctuations in cryptocurrency prices [49]. 4. Regulatory Considerations for Stablecoins - The report discusses the ongoing evolution of stablecoin regulation, emphasizing the need for a balanced approach that fosters innovation while ensuring consumer protection [5]. 5. Credit Transmission Models for Stablecoins - There are three primary models for credit transmission in stablecoins: centralized issuance backed by reserves, decentralized issuance through collateralized assets, and algorithmic stablecoins [32]. - USDT, as a centralized stablecoin, relies on traditional market mechanisms for credit transmission, while DAI and USDS utilize decentralized models [33][39]. 6. Market Dynamics and Trends - As of May 3, 2025, the total issuance of stablecoins exceeded $240 billion, with USDT and USDC dominating the market [26][23]. - The report highlights the growing importance of decentralized stablecoins in the DeFi ecosystem, although centralized stablecoins still hold a significant market share [20][24].

智通财经APP获悉，国盛证券发布研报称，稳定币某种程度上充当了加密货币市场"计价工具"的作用， 这是对传统法币交易的一种补充甚至替代。目前有三类方式实现这种信用传递：中心化机构足额储备资 产发行稳定币、基于区块链智能合约抵押加密资产发行稳定币、算法稳定币。稳定币监管在逐渐推进过 程中，目前稳定币是先发展、同时与监管进行磨合的过程中，虽然在发展历程中也经历过质疑，但伴随 BTC进入主流资本市场，稳定币的发展有望提速。 国盛证券主要观点如下： 稳定币指的是价值锚定各类法币的加密货币，作为区块链上的资产，稳定币的其优势是可以与加密货币 项目(如DeFi)在区块链基础设施层面深度融合，有非常好的网络扩展性。随着美国、中国香港等地传统 金融机构发力RWA领域，推动了稳定币在传统支付市场应用的探索与深入。 目前有三类方式实现这种信用传递：中心化机构足额储备资产发行稳定币、基于区块链智能合约抵押加 密资产发行稳定币、算法稳定币。对于稳定币来说，USDT这种中心化机构发行的稳定币处于主导地 位；第二类超额抵押和第三轮算法稳定币的机制在一定程度上并不直观，用户往往并不能很直接地感受 到其稳定币产品的内在价值锚定逻辑，尤其是在加 ...

Group 1: Business Transformation and Strategy - The company is focusing on the "dual carbon" goal, emphasizing a green transformation with a zero-carbon comprehensive solution service system [3] - The business is structured into two main segments: green building and green energy, with a collaborative development model [3] - The green energy segment achieved a 94% revenue growth in 2024, indicating strong market potential [8] Group 2: Financial Performance and Growth Measures - The company reported a low revenue of approximately 1,500 million in Q1 2025, primarily due to seasonal and supply-demand factors [3] - To address revenue challenges, the company aims to expand its revenue base and achieve profitability through various measures, including optimizing personnel structure and enhancing project development speed [3] - The company plans to leverage existing client relationships and explore new client segments to bolster revenue in the architectural design sector [16] Group 3: Strategic Partnerships and Collaborations - The company is collaborating with Ant Group on a "blockchain + new energy" initiative, launching a one-stop solution for destination charging scenarios [3] - There is a focus on integrating upstream and downstream resources through potential mergers or strategic partnerships [6] Group 4: Market Position and Competitive Advantage - The company maintains a competitive edge in architectural design through innovation, technical research, and a strong client resource base [9] - The company is actively responding to the declining real estate market by enhancing its green building capabilities and expanding into new energy sectors [7] Group 5: Future Outlook and Industry Trends - The company is optimistic about the future of the industry, citing vast market space and growth potential [17] - The company is committed to developing a zero-carbon comprehensive solution service ecosystem, aiming to optimize its business structure and enhance profitability [16]

Core Insights - The event marked the launch of the Huamei RWA Enterprise Empowerment Platform and the strategic upgrade of the brand for 2025, aiming to connect digital and physical business futures [1][18] - The platform focuses on transforming consumer behavior data into tradable digital assets through blockchain technology, enhancing the efficiency of the real economy [6][18] Group 1: Event Overview - The event took place on May 13, 2015, in Weifang, featuring notable speakers including Li Baoyi, Chairman of the Weifang Economic Development Promotion Association, and Sophie Harrison from the Harrison Family Foundation [3][5] - The Hong Kong Huamei Industrial Group announced a deep dive into the RWA track for consumer rights and unveiled the brand's new upgrade for 2025 [3][6] Group 2: Strategic Partnerships - A significant partnership was formed between Hong Kong Huamei Industrial Group and Shandong Ruiyang Cultural Communication Co., Ltd., involving a $10 million investment in five-star collectible sapphires [8][10] - The collaboration aims to explore a new model for digital trade in the gemstone industry, integrating cultural and artistic property rights into the RWA framework [8][12] Group 3: Platform Features - The Huamei RWA platform is designed to convert consumer data into digital assets, creating a complete value chain from data rights to asset circulation and appreciation [6][18] - The platform aims to empower small and medium-sized enterprises (SMEs) and merchants by allowing them to leverage consumer data for brand enhancement and market potential [13][16] Group 4: Future Plans - By 2025, the company plans to establish a nationwide service station network to support businesses and consumers, enhancing connectivity and resource sharing [15][16] - The initiative is part of a broader strategy to respond to national data policies and promote the assetization of cultural intellectual property [8][12]

Group 1 - GCL-Poly Energy Technology Co., Ltd. showcased its innovative integration of the renewable energy industry with Web3 technology at the "RWA REAL UP Summit 2025" in Dubai [1] - The company, in collaboration with Ant Group's Ant Digital, completed China's first RWA project based on photovoltaic physical assets, exceeding 200 million RMB, providing a new pathway for foreign capital to invest in China's green assets [1] - GCL-Poly's "EnergyTS" model, launched in March 2025, significantly outperformed international mainstream time series models in photovoltaic scenario assessments [1] Group 2 - The integration of renewable energy and Web3 technology is creating a credible infrastructure for asset circulation, carbon trading, and green finance, positioning the renewable energy industry as a core engine for sustainable global economic development [2] - GCL-Poly plans to expand cooperation with international capital and technology partners, exploring innovative models such as energy asset tokenization and carbon financial derivatives [2] - The company's technological output on the international stage highlights the first-mover advantage of Chinese renewable energy enterprises in the intersection of digital finance and provides a reusable "Chinese solution" for the implementation of Web3 technology in the real economy [2]

Group 1 - Nvidia CEO Jensen Huang stated that China is "not lagging" behind the US in the AI field, with the gap between the two countries being very small. He emphasized that China has strong technological capabilities and that 50% of the world's AI researchers are Chinese [1][1][1] - SoftBank's CEO Masayoshi Son announced a $500 billion investment in AI, marking it as the largest investment in the US infrastructure to date [1][1][1] - Google has begun embedding advertisements in its AI chatbot dialogues as part of its strategy to maintain dominance in the digital advertising space amid the rise of generative AI [1][1][1] Group 2 - Ant Group launched a new Layer2 blockchain platform named Jovay, designed for RWA transactions, which aims to enable "millisecond-level trusted transactions" [1][1][1]

Core Viewpoint - GCL-Poly Energy (协鑫能科) reported a significant increase in net profit for 2024, driven by asset optimization and favorable national "dual carbon" policies, with a focus on energy services for future growth [1][2][6] Financial Performance - In 2024, GCL-Poly achieved operating revenue of 9.796 billion yuan, a slight decrease of 5.42% year-on-year, but net profit attributable to shareholders reached 489 million yuan, with a non-recurring net profit of 294 million yuan, marking a substantial increase of 190.83% [1][2] - For Q1 2025, the company reported a net profit of 254 million yuan, a year-on-year growth of 35.15%, with a non-recurring net profit growth of 176.61% [1] Growth Drivers - The company's performance improvement is attributed to the elimination of inefficient coal-fired units and increased investment in renewable energy assets, raising the share of renewable energy installations from 24.94% in 2022 to 57.38% in 2024 [2] - GCL-Poly completed green electricity transactions of 4.42 billion kWh in 2024, with a corresponding green certificate volume of 1.224 billion kWh [2] Energy Storage and Services - The company is expanding its new energy storage business, achieving a grid-side storage capacity of 650 MW/1300 MWh and a user-side storage capacity of 11.75 GW/31.96 MWh [3] - GCL-Poly's dual-driven strategy of "energy assets + energy services" has created an ecological closed loop, participating in market transactions of 27.057 billion kWh [4] Technological Innovation - The company has partnered with Ant Group to complete the largest domestic RWA (Real World Asset tokenization) project, exceeding 200 million yuan, enhancing digital technology in the green industry [4][5] - GCL-Poly has developed a time-series model for photovoltaic scenarios, reducing curtailment rates by 18%, breaking the technological monopoly of Western companies in the energy AI sector [5] Strategic Goals - GCL-Poly aims for energy service revenue to exceed 50% within five years, with a current share of 12.18% and a gross margin of 59.03%, significantly higher than traditional energy sales [6] - The company is positioned to benefit from the green electricity and energy storage markets, with projections indicating a potential net profit exceeding 1.1 billion yuan by 2025 [6][7] Shareholder Returns - GCL-Poly plans to distribute a cash dividend of 1.00 yuan per share, totaling 158 million yuan, which represents 32.34% of the 2024 net profit [7]

Investment Rating - The report maintains an "Increase" rating for the blockchain industry [6]. Core Viewpoints - Circle has submitted an S-1 form to the SEC to go public on the NYSE under the ticker CRCL, potentially becoming the first publicly listed stablecoin issuer in the U.S. [1][9] - As of April 2, 2025, the total market capitalization of stablecoins exceeds $237.5 billion, with USDT and USDC being the dominant products [2][9]. - The RWA market is experiencing growth, serving as a bridge between traditional finance and the cryptocurrency market, with a market value exceeding $19.7 billion as of April 2, 2025 [3][16]. Summary by Sections Circle's IPO and Market Impact - Circle's stablecoin-related business is projected to generate $1.7 billion, accounting for 99.1% of its total revenue by the end of 2024 [1][9]. - The successful IPO of Circle is expected to accelerate the acceptance of stablecoins among traditional financial users, particularly institutional investors [2][10]. Stablecoins and RWA as Market Engines - Stablecoins are fundamental RWA products that anchor fiat currencies like the U.S. dollar to the blockchain, facilitating entry for traditional financial market users into the cryptocurrency space [3][13]. - The RWA market is showing a positive upward trend, contrasting with the decline in the DeFi market's total value locked (TVL) [16][20]. Traditional Financial Institutions' Role - Traditional financial institutions are increasingly participating in the RWA market, as evidenced by initiatives like the tokenized U.S. Treasury market [4][20]. - The collaboration between major funds and RWA indicates a growing trend of traditional finance embracing RWA, which is expected to drive the development of the cryptocurrency market [4][20].