Investment Rating - Industry Rating: Recommended [4] Core Insights - The "Web3.0 Future Summit" held in Hong Kong on August 7, 2025, emphasized the importance of standardization in promoting digital asset and stablecoin innovation, marking a significant step towards establishing a regulatory framework for stablecoins in Hong Kong [1][13][19] - The total market value of Real World Assets (RWA) is projected to exceed $12.7 billion in 2024, with strong growth in segments like stablecoins, which have surged from $4 billion in 2020 to $156 billion, reflecting a 3800% increase [2][34] - Ant Group's AntChain has made significant advancements in the RWA space, with its Layer2 chain Jovay achieving a throughput of 100,000 transactions per second and a response time of 100 milliseconds, facilitating efficient asset data management [2][15][37] Summary by Sections Section 1: Stablecoin Regulation in Hong Kong - Hong Kong implemented a comprehensive stablecoin regulatory framework on August 1, 2025, requiring issuers to obtain licenses and meet strict capital and asset reserve requirements [13][19][23] - The regulatory framework aims to ensure that stablecoins are fully backed by high-quality liquid assets and includes measures for anti-money laundering and risk management [19][25][30] Section 2: RWA Tokenization - The RWA industry is gaining global attention, with a focus on meeting three core standards: value stability, legal clarity, and verifiable off-chain data [2][14][34] - Ant Group's initiatives in RWA have been recognized as leading examples, with successful projects in renewable energy and AI server asset tokenization [15][42][47] Section 3: Investment Recommendations - Beneficial stocks include: - Licensing: Zhongyou Capital, Bank of China Hong Kong, Bank of China Securities, Guotai Junan International, and Lianlian Digital [3][16] - Stablecoins: Yuxin Technology, Zhongke Jincai, Tianyang Technology, Xinyada, Chutianlong, and Jingbeifang [3][16] - RWA: Longxin Group, Xiexin Energy, Hopu Co., Jinko Technology, Hainan Huatie, and Aori De [3][16]

Core Viewpoint - The rise of Real World Assets (RWA) tokenization is driven by various factors, but not all assets are suitable for RWA, which requires specific criteria for successful implementation [2][3][4] Group 1: RWA Overview - RWA refers to the tokenization of tangible and intangible assets using blockchain technology, allowing for digital representation and trading [2] - The total locked value (TVL) of RWA reached $12.5 billion by June 2025, marking a 124% increase from 2024 [2] - Major banks like Citibank and Standard Chartered are exploring RWA applications in payment settlements, asset management, and cross-border transactions [2] Group 2: Asset Suitability and Standards - Successful RWA implementation requires assets to meet three criteria: value stability, clear legal rights, and verifiable off-chain data [3][4] - The report identifies five main asset categories suitable for RWA: financial assets (gold, bonds), renewable energy assets (charging stations, photovoltaics), real estate (hotels, properties), intangible assets (carbon credits, data), and computing power assets (GPU hardware) [3][4] Group 3: Regulatory and Standardization Efforts - A new RWA registration platform was launched in Hong Kong to facilitate the entire process of asset tokenization [5][6] - The Hong Kong Web3.0 Standardization Association initiated key standards for RWA tokenization, expected to be completed within the year [6] - The registration platform aims to transform assets into financeable products, addressing valuation gaps and standardization issues [6]

Group 1 - The core breakthrough of the EU legislation is treating tokenized traditional assets equally with traditional assets without additional conditions, allowing banks to tokenize real estate, bonds, or commodities directly via blockchain without extra capital reserves [2][4] - The European banking sector is expected to accelerate the tokenization of Real World Assets (RWA), with predictions indicating that Europe could capture over 50% of the global market share within three years due to the policy relaxation [4][11] - XBIT decentralized exchange platform is positioned as a key tool for both institutional and individual investors to participate in the digitalization wave, showcasing unique advantages such as a "zero liquidity pool" architecture and real-time asset reserve auditing technology [4][5] Group 2 - Several European banks have begun collaborating with XBIT to advance RWA projects, including a German bank planning to tokenize €120 million worth of commercial real estate and issue stablecoin bonds through the XBIT platform [8] - XBIT's "smart compliance engine" automatically adapts to regulatory policies based on user location, making it the first decentralized exchange to achieve "one platform, multiple compliance" capabilities [8][11] - The demand for RWA tokenization is surging as the EU's Digital Operational Resilience Act (DORA) progresses, with XBIT emerging as a super hub connecting traditional finance and the crypto world [11]

Core Insights - The Hong Kong Web3.0 Standardization Association launched the RWA (Real World Assets) registration platform, aiming to standardize the RWA ecosystem and promote the tokenization of real-world assets [2][3] - The Hong Kong government has shown a strong commitment to RWA tokenization, mentioning it 35 times in the latest Digital Asset Development Policy Declaration 2.0 [2][6] - The RWA registration platform is designed to transform assets into financeable products, addressing challenges faced by traditional financial channels [3][4] Group 1: RWA Registration Platform - The RWA registration platform serves as a key mechanism for financing by converting assets into tokenized products, enabling companies to upload standardized data for verification and token issuance [3][4] - This platform aims to bridge the gap between data, assets, and finance, particularly benefiting small and medium enterprises and green projects that lack visibility in capital markets [4][5] - The platform is seen as a foundational infrastructure for the healthy development of the RWA industry in Hong Kong, addressing complexities in asset types and regulatory challenges [4][5] Group 2: Standardization Initiatives - The Hong Kong Web3.0 Standardization Association has initiated three key standards, including the RWA Tokenization Business Guide and RWA Tokenization Technical Specifications, expected to be completed within the year [5][6] - These standards aim to clarify which assets are suitable for tokenization and establish guidelines for rights confirmation, valuation, registration, and custody [5][6] - The technical specifications will focus on connecting on-chain and off-chain processes, enhancing the overall infrastructure for RWA tokenization [5][6] Group 3: Market Context and Future Outlook - The RWA market is rapidly expanding, with the global RWA asset value exceeding $25.21 billion as of July 26, 2025, indicating a growing interest in tokenized assets [6][7] - Hong Kong has been proactive in RWA tokenization, having issued the world's first tokenized green bond worth HKD 800 million and exploring various asset classes for tokenization [7][8] - The push for RWA tokenization is seen as a strategic move for Hong Kong to maintain a competitive edge in the evolving global financial landscape, responding to structural changes in international capital [8]

Group 1 - The core point of the article is the strategic cooperation between Hanyu Pharmaceutical and the digital asset platform KuCoin to explore the tokenization of "future revenue rights of innovative drug research and development" as a pilot project in Hong Kong [1] - The company is actively exploring innovative models based on its operational needs and appreciates suggestions regarding potential collaborations with major shareholders and other digital asset platforms [1]

Core Viewpoint - Derin Holdings Group Limited (1709.HK) has announced two significant capital operation plans, including a general placement of existing shares and a "old shares first, new shares later" subscription of new shares, aiming to raise approximately HKD 653.3 million to support its strategic layout and business development in the digital finance sector [2][3]. Group 1: Capital Operation Plans - The financing plan involves a "old shares first, new shares later" method, which allows existing shares to be placed at a certain price before subscribing to the same number of newly issued shares, maintaining the stability of the capital structure [2]. - This financing method is not uncommon and has been used by companies like Tencent, Meituan, and Anta for strategic development or optimizing shareholder structure [2]. Group 2: Business Development Strategy - Derin Holdings is advancing a "three-step" plan in the digital finance sector, aiming to build a compliant cross-border digital asset ecosystem, and has established partnerships with leading fintech companies [5]. - The company has completed a multi-million HKD Series A financing for its fintech platform, NeuralFin, and is preparing for a listing in the U.S. [5]. - Derin Holdings has also invested in Pangu, the parent company of MetaCene, to strengthen its strategic position in the digital entertainment and Web3 sectors [5]. Group 3: Market Reactions and Long-term Outlook - Following the announcement of the placement, Derin Holdings experienced a typical short-term decline in stock price due to increased supply and potential discounting of shares [6]. - However, the long-term value of the company is expected to be recognized, as the placement targets institutional and professional investors, which is beneficial for the company's sustainable development [7]. - The net proceeds from the financing will primarily be used for strategic acquisitions, investments, and expanding the reality asset tokenization business, as well as establishing compliant virtual asset OTC networks [7].

Domestic News - Xiaopeng Motors shifts its design philosophy to prioritize aesthetics, committing an annual investment of 2 billion yuan to enhance vehicle design [6] - NIO has launched 11 battery swap stations along the G318 Sichuan-Tibet line, with plans to establish a total of 15 stations [7] - Leap Motor has deepened its battery collaboration with CATL, supplying self-developed battery packs to over five new energy commercial vehicle clients [8] - Li Auto has opened 67 new supercharging stations across various provinces in China during the last week of July 2025 [9] - WeRide has increased its registered capital from 3 billion to 3.5 billion yuan, marking a 17% growth [10] - Huawei has published a patent for a vehicle platooning method aimed at enhancing the safety of intelligent driving [11] - Cao Cao Mobility is exploring the tokenization of real-world assets and stablecoin payments in collaboration with a licensed financial institution [12] - FAW Hongqi plans to launch its first flying car product by 2029, with a goal for commercial passenger flight by 2035 [13][14] International News - The UK automotive market saw a 5% year-on-year decline in new car registrations in July, although plug-in hybrid and electric vehicle registrations increased by 33% and 9.1%, respectively [14] - General Motors and Hyundai are collaborating to develop five new models targeting the Central and South American markets, with an expected annual sales of over 800,000 units [15] - Faurecia and EVE Energy have achieved the global mass production of a 12V lithium battery management system, set to launch in European luxury passenger vehicles [16] - BMW is set to globally debut its new generation model, the BMW iX3, at the 2025 Munich Auto Show [18] Commercial Vehicles - GAC's self-developed heavy-duty truck battery has successfully passed the stringent new national standard certification for electric vehicle batteries [19] - Remote's "Alcohol-Hydrogen + Electric" series solutions for new energy heavy-duty trucks were unveiled, promoting full-scenario applications in the industry [20] - Xiamen Golden Dragon's overseas bus sales reached nearly 6,000 units in the first half of 2025, marking a 60% increase year-on-year [21] - Suzhou Golden Dragon has delivered its L4 level autonomous driving bus for testing in Hangzhou, showcasing advancements in intelligent transportation [22]

Core Viewpoint - The collaboration between Cao Cao Mobility and Victory Securities marks a significant step in integrating Real World Assets (RWA) with digital financial tools, aiming to enhance the Robotaxi ecosystem and unlock the value of green transportation assets [2][3]. Group 1: Strategic Collaboration - Cao Cao Mobility signed a strategic cooperation memorandum with Victory Securities to explore RWA tokenization, stablecoin payment applications, and compliant digital currency issuance [2]. - This partnership represents the first systematic exploration of RWA and stablecoins in the domestic transportation industry, focusing on financial technology innovation to activate core assets [2][4]. Group 2: Robotaxi Development - Cao Cao Mobility is steadily expanding its Robotaxi fleet, having launched pilot services in Suzhou and Hangzhou, with plans for a custom L4-level Robotaxi model [3]. - The Robotaxi business is characterized by stable, long-term, and predictable operations, making it a promising candidate for RWA [3]. Group 3: Financial and Environmental Impact - The company has processed 598 million ride-hailing orders in 2024, with a 51.8% year-on-year growth in the first quarter of 2025 [3]. - All custom vehicles are electric, contributing to a reduction of over 3.1 million tons of carbon emissions, aligning with global green finance trends [3]. Group 4: Regulatory and Market Opportunities - With Victory Securities' compliance license and experience in asset management, Cao Cao Mobility is positioned to issue RWA funds or asset-backed tokens under Hong Kong's regulatory framework [4]. - This initiative opens innovative financing pathways and enhances transparency for global investors regarding the company's operational foundation and quality green assets [4].

Core Viewpoint - Derin Holdings (01709) experienced a significant decline of over 7% in its stock price following the announcement of a share placement and capital raising plan [1] Group 1: Share Placement Details - The company announced a placement of 201 million shares, representing approximately 11.96% of the enlarged share capital, at a price of HKD 2.95 per share, which is about 11.94% lower than the closing price of HKD 3.35 on August 6 [1] - The expected net proceeds from this placement are approximately HKD 581 million [1] Group 2: Additional Share Issuance - The company will also issue 20 million shares to DA Wolf, a company wholly owned by executive director and controlling shareholder Chen Ningdi, at the same price of HKD 2.95 per share, with expected net proceeds of about HKD 58.57 million [1] Group 3: Use of Proceeds - Approximately 30% of the net proceeds will be allocated to support strategic acquisitions and/or investments, and to expand the RWA tokenization plan [1] - About 15% will be used for developing Bitcoin mining operations and establishing Bitcoin reserves [1] - Approximately 7% is earmarked for establishing a licensed virtual asset over-the-counter trading and retail network in Hong Kong, as well as applying for and upgrading compliance licenses for virtual asset-related businesses in Hong Kong and other jurisdictions [1] - Around 8% will be used for further development of the group's digital assets, cryptocurrency, and stablecoin-related business plans [1] - About 10% will be invested in the ONE Carmel premium residential project in the United States [1] - Another 10% will be allocated for information technology facilities and system upgrades [1] - Approximately 10% will be used to create exchange-traded funds and develop quantitative investments [1] - The remaining 10% will be used to supplement working capital and support daily operations [1]

Group 1 - The Ministry of Transport, Ministry of Finance, and Ministry of Natural Resources have issued a plan to complete the construction and renovation of 300,000 kilometers of rural roads by 2027, aiming to establish a convenient and efficient rural road network [1] - The plan includes implementing 300,000 kilometers of repair and maintenance projects, maintaining a good road condition rate of over 70%, and carrying out safety protection projects on 150,000 kilometers of roads [1] - The initiative aims to enhance rural transportation services and support the vision of a well-structured, high-quality rural transportation system by 2035 [1] Group 2 - U.S. stock markets saw an overall increase, with the Dow Jones rising by 81.38 points (0.19%) and the Nasdaq increasing by 252.87 points (1.21%) [2] - Notable stock movements included Apple rising by 5% due to anticipated investments in U.S. manufacturing, and McDonald's gaining over 3% following better-than-expected earnings [2] - Many popular Chinese concept stocks also saw gains, with Alibaba up over 3% and NIO increasing by over 2% [2] Group 3 - The State Grid reported a record high electricity load for three consecutive days, reaching a maximum load of 1.233 billion kilowatts, an increase of 53 million kilowatts compared to last year's peak [3] - The electricity load is expected to remain above 1.2 billion kilowatts, with a potential decrease anticipated due to upcoming rainfall and cooler temperatures [3] Group 4 - The Hong Kong Monetary Authority intervened in the currency market, buying HKD 8.439 billion after the Hong Kong dollar hit the weak end of its trading band [4] - This action is part of the linked exchange rate system, where the HKMA sells USD and buys HKD to stabilize the currency [4] Group 5 - The China Photovoltaic Industry Association is soliciting opinions on the draft amendment to the Price Law, focusing on price behavior norms and regulatory mechanisms [5] - This initiative aims to reflect the demands of the photovoltaic industry and gather feedback for potential modifications [5] Group 6 - Guangnan Group's subsidiary successfully acquired land use rights in Foshan for RMB 56.16 million, expanding its meat industry chain [6] Group 7 - Caocao Travel is exploring the tokenization of real-world assets and stablecoin payments through a strategic partnership with a licensed financial institution in Hong Kong [7][8] Group 8 - Lianzhong is integrating AI technology into traditional board games, collaborating with tech companies to enhance gaming experiences [9] Group 9 - China National Pharmaceutical Group's self-developed drug TQ05105 has been included in the breakthrough therapy designation program for chronic graft-versus-host disease treatment [10] Group 10 - China Nuclear Technology expects a mid-year profit increase of no less than 15% compared to the previous year [11] Group 11 - Hengrui Medicine's product received orphan drug designation from the FDA, which may provide regulatory advantages in the U.S. market [12] Group 12 - Huaxian Optoelectronics anticipates a significant profit increase of at least 600% for the first half of 2025 [13] Group 13 - New World Development expects a mid-year profit of no less than HKD 800 million, a substantial increase from the previous year's HKD 75.4 million [14] Group 14 - Xinwei Medical expects to achieve a net profit of at least RMB 40 million in the first half of 2025, marking a turnaround from losses [15] Group 15 - Zhiyu Technology anticipates a mid-year profit increase of approximately 108.9% to 126.7% [16] Group 16 - Ningmeng Media expects to achieve a net profit of approximately RMB 10 million to 12 million in the first half of 2025, reversing previous losses [17] Group 17 - Weixin Jinke anticipates a significant profit increase of no less than RMB 200 million for the first half of 2025, reflecting a growth of at least 65% [18] Group 18 - Uni-President China reported a 33.24% increase in shareholder profit to RMB 1.287 billion for the mid-year period [19] Group 19 - BeiGene reported a net profit of USD 94.32 million for the second quarter, marking a turnaround from a loss of USD 120 million in the previous year [20] Group 20 - Maifushi expects to achieve a net profit of approximately RMB 31.8 million to 41 million in the first half of 2025, reversing a significant loss from the previous year [21]