Investment Rating - The report maintains a "Buy" rating for Hainan Huatie [4][6]. Core Views - The company plans to issue shares overseas and list on the Singapore Exchange, which is expected to enhance its overseas funding capabilities and accelerate its business expansion in Southeast Asia [1]. - The company has initiated preliminary exploration in the Real World Assets (RWA) sector, focusing on the tokenization of high-value assets and the integration of digital currency into its operations [2]. - The high-altitude work platform business is progressing steadily, with a stable market landscape and increasing rental rates, indicating strong operational efficiency and market share growth [3]. Summary by Sections Investment Outlook - The company is projected to achieve net profits of 850 million, 1.12 billion, and 1.36 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 40%, 32%, and 21% [4]. - Earnings per share (EPS) are expected to be 0.43, 0.56, and 0.68 yuan per share for the same years, with corresponding price-to-earnings (P/E) ratios of 24, 18, and 15 times [4]. Financial Performance - The company's revenue is forecasted to grow from 4.44 billion yuan in 2023 to 9.1 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 26.7% [5]. - The gross profit margin is expected to remain stable, with projections of 46.5% in 2023 and gradually increasing to 47.1% by 2027 [10]. Business Development - The company is actively expanding its high-altitude work platform business, achieving a rental rate of over 88% by the end of April 2025, with a market share exceeding 30% in domestic sales [3]. - The company is also diversifying its service offerings, including the development of heavy-duty drones and forklifts, which are expected to contribute to new growth drivers [3].

Group 1 - Hong Kong's Financial Secretary is considering introducing virtual asset derivatives trading for professional investors, along with robust risk management measures [1] - The second policy declaration on virtual assets will outline the next steps, including integrating traditional financial services with technological innovations in the virtual asset space [1] - The introduction of virtual asset derivatives is expected to enhance institutional trading demand and market liquidity, thereby increasing the attractiveness of Hong Kong's capital markets [1][2] Group 2 - The Securities and Futures Commission (SFC) aims to develop Hong Kong as a global virtual asset hub, targeting professional investors with assets above HKD 8 million for hedging and arbitrage needs [2] - The market for tokenized real-world assets (RWA) is projected to grow significantly, with a 120% year-on-year increase expected by Q1 2025 [2] - Boston Consulting Group forecasts that the global market for tokenized assets will exceed USD 16 trillion by 2030 [2] Group 3 - RWA is diversifying into various asset types, including carbon credits and lithium resources, with notable projects like the forestry carbon credit tokenization in Xiong'an [3] - The integration of AI and blockchain is enhancing asset pricing, risk assessment, and cash flow forecasting, improving RWA management efficiency [3] - There is a push for a collaborative global regulatory framework to facilitate cross-border RWA flows, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 4 - Hongye Futures holds licenses for securities and futures trading, and its asset management arm is authorized to manage investment funds, including virtual assets [4] - Boya Interactive has increased its Bitcoin holdings, purchasing approximately 100 BTC for about USD 7.95 million, bringing its total to around 3,350 BTC [4] - New Fire Technology Holdings, formerly known as Huobi Technology, is a leading global cryptocurrency platform providing virtual asset trading and technology solutions [4] Group 5 - OSL Group reported that three Bitcoin spot ETFs in Hong Kong achieved a total trading volume of approximately HKD 1.2 billion in November 2024, marking a historical monthly high [5] - The collaboration between OSL Group and other funds resulted in a significant portion of the trading volume, indicating strong market interest in Bitcoin ETFs [5]

稳定币机遇展望 20250604 摘要 香港稳定币条例明确 1:1 等值储备金和透明监管，排除算法稳定币，要 求与法定货币关联，发行人和储值组合需获香港金管局认可，赋予其对 稳定币发行的控制权。该条例或促使香港在全球稳定币政策中占据领先 地位。 稳定币在全球加密货币交易所交易量中占比约 5%，因与现实资产关联 被视为价值锚点，各国开始发布相关条例并提供官方牌照。尽管有监管， 稳定币仍属加密货币范畴，存在整体崩盘风险，其稳定性仍需关注。 稳定币条例发布有多重背景，包括全球经济政治不稳定性增加对稳定币 的关注，以及各国逐渐认识到数字货币的价值。央行参与可解决支付工 具的快速结算、账户透明和去中心化等问题。 稳定币可被视为一种政治工具，有助于中国港澳地区在金融领域保持竞 争力。稳定币在大陆范围内不大可能完全放开，但可作为转换过程中的 一个典型例子，探索资金转换和流通机制。 商业银行通过房贷创造货币，稳定币条例要求分账户管理和低风险投资 以保证流动性，发行稳定币本身扩大了货币量，可能带来人民币资产扩 展，增加离岸人民币数量，推动人民币国际化。 Q&A 香港发布的稳定币条例对市场的影响是什么？ 香港正式发布了稳定币条例 ...

近期，金融科技迎来了久违地爆发，凡是沾上"稳定币"概念的公司都原地起飞。 其中，联易融科技于6月2日单日暴涨15.57%，并于6月3日再度延续涨势，成为本轮稳定币行情的核心 标的之一。 这场资本盛宴的导火索，与中国香港、美国、英国等地相继推出稳定币监管框架密不可分。尤其是中国 香港《稳定币条例草案》于5月21日正式通过，未来有望带动更多合规稳定币项目落地香港，能丰富香 港的稳定币产业链生态，带动链上企业加速发展。 一、政策红利属于合规企业 要弄清楚其中逻辑，首先要明确什么是"稳定币"? 联易融科技恰恰是既具备前瞻眼光，又坚持合规发展的企业之一。 早在2019年，联易融便联手绿地金融斩获新加坡数字银行牌照（绿联银行），成为服务加密货币生态的 持牌机构。 该银行在新加坡主要服务数字资产客户，且其拟拓展香港业务，未来在申请香港稳定币发行牌照时更具 优势，有助于联易融科技更快打通稳定币发行的关键通道，赢得重要的时间窗口。 2021年，联易融科技与渣打集团共建区块链贸易金融平台，覆盖跨境融资、结算场景。2023年，联易融 同国际清算银行创新中心、渣打银行、圆币科技与西盟斯联合启动Project Dynamo，将国际贸易 ...

证券研究报告 计算机 报告日期：2025 年 06 月 03 日 香港稳定币条例落地，关注数字资产相关环节 ——计算机行业点评报告 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 执业证书编号：S0230124010005 邮箱：zhulx@hlzq.com 的实体资产通过区块链技术代币化，从而进行链上交易、分割或 投资。我们认为，稳定币对 RWA 的影响主要在于：（1）稳定币 通过锚定法币等保持价格稳定，能够成为 RWA 的可靠交易媒介， 推动 RWA 拓展交易场景；（2）稳定币提高跨境支付效率，吸引 全球资金，为 RWA 增加流动性。 节奏—计算机行业周报》2025.05.26 信号出现—计算机行业 2024 年年报及 2025 年一季报综述》2025.05.15 2025.05.12 华龙证券研究所 事件： 2025 年 5 月 30 日，香港特别行政区政府在宪报刊登《稳定币条 例》，《稳定币条例》正式成为法例。 观点： 稳定币+RWA，实体资产或加速货币化。RWA 是指将现实世界中 请认真阅读文后免责条款 分析师：孙伯文 香港《稳定 ...

"南哥"刷屏 "没有假球，全是世仇"、"比赛第一，友谊第十四"……这个假期，江苏城市足球比赛——"苏超"火爆程度直逼 欧冠。在比赛进入到白热化阶段之时，"南哥之争"火爆全网。三轮战罢，赛事积分榜再度风云变幻。次轮比赛 中积分榜前列的南通、盐城之争最终落定，南通队三战全胜积9分领跑，盐城队2胜1平积7分紧随其后，南通成 了真"南哥"。不过，要论热度，排名垫底的常州却首当其冲，这个城市与苏州和无锡成了网络间快乐的重要来 源。 题材火爆的时段又来了！ 早盘，三大题材类利好突袭市场。其中，江苏足球刷爆网络，其情绪也传递至A股。金陵体育20%涨停，共创 草坪2连板，双象股份、康力源、棕榈股份涨超5%，粤传媒、星辉娱乐、中体产业等跟涨。 无人机概念亦因俄乌冲突刺激，盘初大涨，永悦科技2连板，山河智能一字涨停，莱赛激光、六九一二、纵横 股份、中无人机、航天彩虹等涨幅靠前。 稳定币再度发威。昨天，香港稳定币概念股大幅走强，今天A股接力跟上。翠微股份、恒宝股份竞价涨停，雄 帝科技涨超10%，四方精创、中科金财、海联金汇等纷纷高开。香港特别行政区政府于5月30日在宪报刊登 《稳定币条例》，这意味着《稳定币条例》正式成为法例。 数 ...

Group 1 - The core point of the news is the passage of the GENIUS Act, which establishes a federal regulatory framework for stablecoins in the U.S., potentially reshaping the crypto asset market and impacting global financial systems [1][2]. - Stablecoins are defined as cryptocurrencies that are pegged to stable assets or currencies, providing a bridge between the crypto market and traditional finance, with applications in asset trading, cross-border payments, and decentralized finance (DeFi) [1][2]. - The GENIUS Act aims to enhance anti-money laundering and consumer protection measures, ensuring financial stability and the legality of transactions, thereby reinforcing the dominance of the U.S. dollar in the global financial landscape [1][2]. Group 2 - The U.S. government's proactive approach to stablecoins is driven by the need to alleviate debt burdens and manage rising long-term treasury yields, which indicate higher demands for returns and increased borrowing costs [2]. - The GENIUS Act positions stablecoins as automatic vending machines for U.S. treasuries, creating a significant demand for U.S. debt, which could help manage the country's debt burden and borrowing costs [2]. - The emergence of stablecoins is expected to revolutionize financial asset trading, pricing, transaction modes, and time constraints, posing substantial impacts on financial markets and institutions, as well as introducing new regulatory challenges [3].

Core Insights - The cryptocurrency market is witnessing significant developments, particularly with Kraken launching its tokenized stock trading service "xStocks," allowing non-U.S. clients to trade popular stocks like Apple and Tesla in a tokenized format [2][3] - This move represents a shift towards the tokenization of real-world assets (RWA), redefining the relationship between traditional securities and tokens, and providing decentralized market access to traditional assets without relying on conventional exchanges [2][3] Group 1: Market Developments - Kraken's xStocks operates on the Solana blockchain, with Backed Finance ensuring a 1:1 peg between tokens and underlying stocks, allowing for cash redemption at any time [3] - The total market capitalization of U.S. stocks is approximately $52 trillion, accounting for over 45% of the global stock market [3] - Other platforms like Bybit are also entering the market, supporting USDT trading for 78 global quality stocks, indicating a growing trend in tokenized stock offerings [3] Group 2: Implications for Traditional Finance - The tokenization of U.S. stocks could diversify financing channels for companies, attracting global investors beyond traditional financial markets [4] - This trend poses challenges to traditional financial institutions, particularly in underwriting services, as companies may rely less on investment banks for capital raising [4] - Increased market volatility is anticipated due to extended trading hours and a broader participant base, which may lead to more frequent price fluctuations [4] Group 3: Regulatory and Operational Considerations - The emergence of tokenized stocks highlights the need for robust regulatory frameworks and operational mechanisms to ensure asset rights and prevent issues like price manipulation [5][6] - The collapse of FTX serves as a cautionary tale regarding the credibility of trading platforms and the importance of understanding the underlying asset mapping mechanisms [6] - Investors are advised to assess the credibility of platforms and ensure compliance with legal standards to mitigate risks associated with tokenized assets [5][6] Group 4: Future Trends - The global market for tokenized assets is projected to reach $16 trillion by 2030, with securities playing a significant role [4] - The rise of stablecoins, which are backed by low-risk assets like U.S. Treasury bonds, is expected to further integrate digital currencies into global financial transactions [8][9] - The interplay between stablecoins and tokenized stocks may reshape the competitive landscape of finance, emphasizing the need for a reliable and low-friction RWA ecosystem [7][9]

Group 1 - Bitcoin experienced a short-term decline to the level of $108,000, with a drop of over 1.30% [1] - Trump Media and Technology Group (TMTG) denied reports of raising $3 billion for cryptocurrency investments, calling the source of the news foolish [3] - Whale trader James Wynn increased his Bitcoin long position to $790 million, currently facing a floating loss of $582,000 [5] Group 2 - Dubai launched the first licensed tokenized real estate project in the MENA region, indicating a growing interest in real-world asset tokenization [6] - The project allows individual investors to purchase tokenized shares of Dubai real estate starting at 2,000 AED (approximately $545), with all transactions conducted in AED during the pilot phase [6] - The initiative aims to attract global investors and enhance liquidity in the Dubai real estate market [6] Group 3 - Bitcoin's price found support around $106,650 and began an upward correction, breaking through resistance levels of $107,500 and $108,000 [8] - Key resistance levels for Bitcoin are identified at $110,000 and $110,750, with potential further increases if the price closes above $111,800 [8] - If Bitcoin fails to break the $110,000 resistance, it may initiate a new round of corrections, with immediate support at $109,200 [9]

以下文章来源于太辉研究 ，作者沈建光、朱太辉 太辉研究 . 本平台主要发布朱太辉博士关于金融发展与宏观经济、金融科技与数字经济、金融监管与货币政策等领域的研究观点。所发成果均为个 人学术观点，与任何单位无关！ 文/京东集团首席经济学家 沈建光 ，京东集团高级研究总监 朱太辉 2025年以来，稳定币的市场规模节节攀升，比特币价格一度突破10万美 元，去中心化金融业态不断丰富，全球加密货币市场步入了规范创新和快 速发展期。 更为重要的是，加密货币与金融体系展现出了全面融合发展的趋势，稳定 币与支付体系的融合创新快速推广，银行机构积极拓展加密货币服务、资 本市场与加密市场融合全方位推进。 在 此过程中，美国引 领全球主要 国家加快 制定稳 定 币和加 密货币监 管 法 规、加大对比特币等加密货币的战略储备投资等，加快了加密货币的正规 化、大众化发展，也为加密货币与金融体系的融合创新提供了政策保障。 展望未来，稳定币、加密货币与传统金融体系的融合发展趋势难以逆转， 其中稳定币在重塑全球支付体系、加密货币在升级全球金融基础性设施、 代币化在改造资产交易结算体系方面的表现，值得重点关注。 趋势一：稳定币与支付体系的融合创 ...