Core Viewpoint - Hong Kong stablecoins and digital yuan are not in competition but are collaboratively building a "de-dollarization" payment network through "currency bridges + on-chain payments" [1] Group 1: Market Opportunities - The tokenization of Real World Assets (RWA) is not only about asset financing but will also reshape global asset pricing rules [1] - With the issuance of stablecoin licenses in Hong Kong, there will be certain opportunities in areas such as brokerage IT transformation and virtual asset trading [1]

Group 1 - The company announced its participation as a co-founding member of the "Hong Kong Real World Assets Global Industry Alliance" aimed at promoting the digital transformation of real-world assets (RWA) [1] - The alliance's goals include integrating global resources and facilitating cross-industry collaboration among scholars, experts, and various institutions to support the growth of the RWA ecosystem [1] - The focus areas for the alliance will include blockchain, artificial intelligence, and Internet of Things technologies, particularly in the realms of real estate, green finance, and cross-border trade asset digitization [1] Group 2 - As of December 31, 2024, the company's investment properties are valued at approximately 4.3369 billion RMB [1] - The board has noted that the company's market capitalization has long been below its net asset value, indicating that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] Group 3 - The company aims to leverage the alliance's technical expertise, regulatory knowledge, and collaborative resources to explore RWA tokenization [1] - The objective is to provide a more objective fair value measurement for the assets held by the company, thereby facilitating the release of asset value [1]

Core Insights - The Hong Kong digital asset ecosystem is experiencing expansion opportunities as regulatory frameworks are being optimized, allowing licensed institutions to broaden their business scope [1][3][4] Regulatory Developments - Hong Kong regulators are loosening restrictions on licensed institutions, with the Securities and Futures Commission (SFC) recently approving licensed crypto exchanges to offer staking services upon separate approval [3][4] - The regulatory environment is evolving from strict to more permissive, enabling a wider range of products and services within the digital asset space [3][16] - The principle of "same activity, same risks, same regulation" is being adopted to foster a vibrant and innovative digital asset ecosystem [3][16] Competitive Landscape - The Hong Kong cryptocurrency market consists of three main participants: global exchanges without local licenses (e.g., Binance), licensed exchanges and brokers (e.g., OSL and Futu), and offline stores facilitating small-scale crypto transactions [4][17] - Licensed exchanges and brokers have advantages such as connections with local banks, enhanced customer protection, and the ability to conduct marketing activities in Hong Kong [4][17] - OSL's fee structure for OTC trading is 25 basis points, with comprehensive solutions charging 10-15 basis points, and payment services around 2.5%, which is higher than international peers like Coinbase [4][20] Stablecoins and Their Role - Stablecoins play a crucial role in the Hong Kong digital asset ecosystem, with exchanges facilitating a significant volume of stablecoin-related transactions [5][21] - OSL is applying for stablecoin licenses in the EU and considering applications in Hong Kong and Singapore, emphasizing the importance of sustainable use cases for stablecoin issuance [5][21] - The transition from mainstream stablecoins to Hong Kong dollar-backed stablecoins may face challenges, leading most licensed institutions to operate primarily as stablecoin distributors rather than issuers [5][21][22] RWA Tokenization - The tokenization of Real World Assets (RWA) in Hong Kong is still in its early stages, with OSL providing end-to-end solutions and custodial services [6][23] - Current RWA transactions are conducted in fiat, limiting the potential for 24/7 trading; however, using stablecoins could enable real-time transactions [6][23][24] - The slow development of RWA tokenization presents opportunities for the application of Hong Kong dollar stablecoins [6][24][25] Cross-Border Payment Solutions - OSL is building a global payment network that supports both crypto and fiat transactions, with stablecoins playing a key role [26][30] - The application of stablecoins in payments can significantly reduce transaction times compared to traditional banking methods, which typically take 2 to 5 business days [28][30]

Group 1 - The core viewpoint of the news is that Huajian Medical has successfully raised a multi-billion RMB sustainable development-linked revolving syndicated loan, which reflects the confidence of financial institutions in the company's future prospects and strategic initiatives [1][2][3] - The loan, led by East Asia Bank (China) and involving several international and regional financial institutions, provides Huajian Medical with a flexible and ample medium to long-term funding pool, enhancing its capital structure and enabling it to seize industry growth opportunities [2] - The company's stock price surged by 75% from July 14 to July 21, reaching a historical peak of 4.66 HKD, indicating strong market sentiment and investor confidence in its strategic direction [1][3] Group 2 - Huajian Medical's management demonstrated confidence by repurchasing shares at high prices after the stock reached historical highs, signaling their belief in the company's strategic future [4] - The company executed multiple stock buybacks between July 23 and July 28, spending over 6.13 million HKD, which reflects a strong endorsement of its "Web3 + innovative drug" strategy [4] - The establishment of a wholly-owned subsidiary in the U.S. and the initiation of stablecoin license applications further support the company's strategic ambitions [4] Group 3 - Huajian Medical aims to revolutionize the medical asset landscape by creating the "IVDNewCo Exchange," a Web3 ecosystem that integrates innovative drug assets with blockchain technology [5][6] - The proposed ecosystem includes a tokenization platform for real-world assets (RWA), a decentralized exchange for 24/7 global trading, and the IVDD stablecoin as a universal payment medium [6] - The strategy addresses the traditional pharmaceutical development model's pain points, allowing early-stage investors to share in the success of clinical trials through tokenized assets [6] Group 4 - The global RWA market is projected to grow significantly, reaching 16.1 trillion USD by 2030, indicating a favorable environment for Huajian Medical's tokenization strategy [8] - The stablecoin market is also expanding, with a total market cap of 263.6 billion USD, highlighting the potential for new financial infrastructure [8] - Regulatory developments, such as the upcoming Hong Kong Stablecoin Regulation, are expected to facilitate Huajian Medical's initiatives in the crypto-financial space [8] Group 5 - The market's response to Huajian Medical's initiatives is mixed, with strong stock performance indicating investor willingness to pay a premium for the "Web3 + innovative drug" narrative, while also reflecting concerns about the volatility and speculative nature of the market [9] - If successful, Huajian Medical's Web3 ecosystem could open new financing channels for medical assets, reducing investment barriers and enhancing liquidity in the traditionally closed innovative drug development space [9] - The combination of the syndicated loan, rising stock prices, and share buybacks represents a strong vote of confidence in Huajian Medical's disruptive experiment in the healthcare sector [9]

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights the acceleration of stablecoin regulation and a reduction in insurance product interest rates as significant developments impacting the non-bank financial sector [1]. - The capital market is experiencing structural changes driven by policy support and internal demand, with expectations for continued improvement in brokerage valuations and performance due to mid-year earnings catalysts and long-term capital inflows [4][11]. - The upcoming implementation of the stablecoin licensing regime in Hong Kong is expected to create new growth opportunities for brokerages, particularly in the virtual asset ecosystem [13]. Summary by Sections Securities Business Overview and Weekly Review - The China Securities Regulatory Commission (CSRC) is focused on stabilizing the market and enhancing regulatory effectiveness, with key tasks including risk prevention and promoting market vitality [11]. - The merger of Guotai Junan Asset Management and Haitong Asset Management is expected to enhance operational efficiency and profitability, with projected net profits for the first half of 2025 expected to increase by 205%-218% year-on-year [12]. - The securities sector indices outperformed major indices, with the non-bank financial index up by 3.37% and the securities index up by 5.35% [16]. Insurance Business Overview and Weekly Review - The maximum preset interest rates for various insurance products have been reduced, with ordinary life insurance rates dropping from 2.5% to 2.0%, reflecting regulatory adjustments to align with market conditions [31]. - The Ministry of Human Resources and Social Security is promoting the expansion of entrusted basic pension fund investments, which is expected to inject significant long-term capital into the market [32]. - The report notes a surge in insurance capital's equity market participation, with 21 instances of capital increases recorded this year, indicating a strong interest in equity investments by insurance institutions [33]. Market Liquidity Tracking - The central bank's net injection of liquidity amounted to 55.487 billion yuan during the week, with significant reverse repo operations contributing to market liquidity [43]. - The average daily trading volume in A-shares increased by 14.20% compared to the previous week, indicating heightened market activity [21].

Core Viewpoint - Hong Kong is focusing on enhancing its digital asset infrastructure and product ecosystem following the release of favorable policies, particularly the "Hong Kong Digital Asset Development Policy Declaration 2.0" which aims to establish the city as a global innovation center for digital assets [1][2] Group 1: Digital Asset Development - The latest policy emphasizes the tokenization of Real-World Assets (RWA) and the development of stablecoins, marking a significant shift from previous virtual asset terminology [2][3] - The global tokenization market is projected to reach $16 trillion by 2030, which is approximately three times the current market value of gold [1] - The transition from virtual to digital assets reflects a broader trend in the financial landscape, driven by Web3 technologies [2] Group 2: Infrastructure and Market Dynamics - The current infrastructure for digital assets in Hong Kong is still in its early stages, with significant gaps that need to be addressed [3] - Traditional financial institutions are keen to enter the Web3 space to improve transaction efficiency and cater to a new generation of clients [2][3] - The demand for distribution channels for RWA products is high, necessitating the creation of a sales network to connect these products with clients [4] Group 3: Technological Solutions - Star Road Technology has launched the FinRWA Platform 1.0 to address infrastructure challenges, providing compliance guidance and technical support for RWA issuance [3][5] - The platform aims to bridge the gap between traditional finance and Web3, enabling the integration of virtual assets with traditional financial products [4][5] Group 4: Market Trends and Product Diversification - The most popular RWA products currently are money market funds, which play a crucial role in liquidity management and risk management in traditional finance [5][6] - The policy encourages the diversification of tokenized products, including traditional financial instruments and various asset classes such as precious metals and renewable energy [5][6] - The trend towards tokenization is seen as irreversible, with significant developments already occurring in sectors like real estate and renewable energy [5][6] Group 5: Economic Impact and Job Creation - The Hong Kong Investment Promotion Agency has attracted over HKD 160 billion in investments, creating approximately 19,000 new jobs, primarily in financial services and technology [7][8] - The Digital Port is identified as a key base for tokenization projects, fostering collaboration among stakeholders in the digital asset industry [8][9] - The Digital Port has become a hub for over 440 fintech companies, enhancing Hong Kong's position in the global digital economy [9]

Core Insights - The passage highlights the anticipated explosive growth of Real World Asset (RWA) tokenization following the passage of the GENIUS Act, which is seen as a significant legislative support for this innovative direction in finance [1][2][9] - The Aptos Labs' new Chief Business Officer, Solomon Tesfaye, emphasizes the positive interaction between policy and industry, paving the way for RWA tokenization [1][2] Industry Overview - RWA tokenization is rapidly becoming a promising innovation on Wall Street, with the GENIUS Act expected to accelerate its growth [1][2] - The GENIUS Act, recently passed by the U.S. House of Representatives, establishes a regulatory framework for the large stablecoin market, which is indirectly related to RWA as many stablecoins are backed by tangible assets like government bonds [2][4] Market Dynamics - Currently, RWA tokenization growth is primarily concentrated in private credit and U.S. Treasury markets, with private credit accounting for nearly 60% and tokenized U.S. Treasuries making up about 28% of the RWA market [4] - The initial adoption of tokenization focuses on bringing traditional financial assets onto modern digital platforms, with expectations for future expansion into more complex asset classes such as derivatives and intellectual property [4] Company Features - XBIT decentralized exchange platform is positioned to support the accelerating trend of RWA tokenization, offering a transparent and trustworthy environment through smart contracts and decentralized operations [6][9] - The platform supports multiple mainstream public chains and can facilitate cross-chain exchanges of over 200 assets, optimizing transaction costs for RWA-related trades [6][7] Security and Compliance - XBIT employs multiple technical safeguards, including cold wallet storage and key management through sharding, enhancing security against attacks [7] - The platform's AI risk control system can identify suspicious transactions and adjust trading parameters during market volatility, providing a buffer for potential losses in RWA tokenization asset trading [7] User Experience - XBIT allows users to maintain control over their assets without KYC requirements, ensuring privacy and autonomy in managing their digital assets [7][9] - The platform's functionality includes advanced trading strategies, enabling users to set conditions based on price fluctuations of RWA tokenized assets for efficient trading [7]

格隆汇7月23日丨德林控股(01709.HK)公告，本公告由德林控股集团有限公司自愿刊发，旨在知会公司 股东及有意投资者有关集团于数字金融业务发展方面的最新规划与战略布局，进一步巩固集团在数字金 融基础设施及资产代币化领域的先发优势和长远发展蓝图。 数字金融发展战略概览：三阶段规划 德林积极布局区块链、稳定币、实体资产("RWA")等Web3.0时代的金融基础设施，是因为公司相信政府 能够成功把香港构建为全球Web3.0中心。作为一家立足亚太、面向全球资本市场的金融科技企业，公 司正以合规、安全、前瞻的策略推动下一代金融基础设施的建设，目标领航数字资本市场与RWA代币 化，并打造专属德林的数字金融生态体系。主要规划发展路径如下： 第一阶段：建立持牌虚拟资产场外交易("VAOTC")及主经纪商业务 集团计划运用现有客户资源与技术平台，尤其是旗下超高净值社区及专业投资者网络，将RWA等实体 资产上链，提升流动性并优化资产管理效率。 第三阶段：构建合规跨境数字资产基金生态 集团正设计"国际—香港"混合模式，结合开放市场法规优势与国际投资人需求，配合顶级量化交易团队 及母基金(FoF)基金资源，逐步扩大集团受托资产管 ...

Core Insights - A significant capital migration is occurring globally, with funds leaving the previously dominant tech sector and moving towards new value opportunities [1][3] - This shift is characterized by a broader sector rotation, with capital flowing into defensive sectors like healthcare and utilities, as well as international markets with more attractive valuations [3][4] Group 1: Market Trends - The Nasdaq index's momentum has halted, indicating a major change in investment themes [1] - Bitcoin trading volume has surged over 200% in just one month, while stablecoin liquidity has also reached new highs [4] - The demand for decentralized and censorship-resistant value storage methods is increasing, as investors seek alternatives to traditional safe-haven assets [4][6] Group 2: Political and Economic Influences - Political attacks on the independence of the Federal Reserve have undermined trust in fiat currency, leading to a shift in market perception of Bitcoin as a hedge against broader political and institutional risks [6][7] - The phenomenon of "fiscal dominance" is emerging, where monetary policy is increasingly influenced by government debt and fiscal needs [6][9] Group 3: Investment Strategies - Traditional assets are being tokenized through RWA (Real World Asset) methods, allowing for fractional ownership and attracting significant investment from traditional financial institutions [4][6] - The narrative around Bitcoin is evolving from being merely a "digital gold" to a "systemic insurance" against financial instability [7][9] - The XBIT decentralized exchange is positioned to facilitate this capital flow, offering features like instant trading and compliance access for traditional financial participants [9]

智通财经APP获悉，招银国际发布研报称，RWA代币化即现实世界资产通过代币化方式在区块链上交易 和流通，基于智能合约等机制，加密资产1比1锚定现实世界资产。RWA代币化基本可覆盖所有传统资 产，包括债券、股权等金融资产以及地产、黄金、原油等实物资产。 RWA代币化核心价值在于：1)降低交易成本，提高交易效率;2)提升资产交易的流动性和灵活性，触达 更多投资者;3)优化资产价格发现机制。截至1H25全球代币化资产总市值已超230亿美元，随着监管完 善、生态发展以及更多传统资产参与到代币化项目，全球代币化资产总市场规模有望超18万亿美元。产 业中，该行看好具备技术实力、合规能力和客户渠道优势的RWA发行平台与技术方案提供商。 招银国际主要观点如下： 全球代币化资产总市场规模有望超18万亿美元 截至1H25，全球代币化资产(不含稳定币)总市值已超过230亿美元，同比增长约260%，主要得益于更清 晰的监管框架及区块链技术的迭代(数据来源：RedStone)。更多资管机构和金融科技公司正在推动各类 不同资产的代币化，包括美国国债、私募债、股票等。展望RWA代币化市场长期空间，理论上商品、 债券、权益、货币、房地产、私 ...