Group 1: Fiscal Revenue Insights - In 2025, Guangdong's fiscal revenue is expected to approach 1.4 trillion yuan, maintaining the top position for 35 consecutive years, while Jiangsu's revenue surpasses 1 trillion yuan, ranking second nationally [2] - The overall growth of local fiscal revenue in China is 2.4% compared to the previous year, with regions like Tibet, Jilin, and Xinjiang showing double-digit growth rates [2][3] - The fiscal revenue growth reflects the resilience of economic development despite challenges such as insufficient domestic demand and ongoing adjustments in the real estate market [3] Group 2: Virtual Currency Regulation - The People's Bank of China, along with eight departments, has issued strict regulations on virtual currencies, declaring related activities as illegal financial activities and prohibiting the issuance of stablecoins linked to the yuan abroad [4] - A significant incident occurred in South Korea where a trading platform mistakenly distributed over $44 billion worth of Bitcoin, highlighting the risks associated with virtual currencies [4][5] - The regulatory stance from China indicates a commitment to maintaining financial stability while recognizing the need for balanced development and oversight of the virtual currency industry [5] Group 3: Semiconductor Market Forecast - The global semiconductor sales are projected to reach $791.7 billion in 2025, with a growth rate of 25.6% from 2024, and expected to approach $1 trillion by 2026 [8] - The fastest-growing segment within the semiconductor market is logic chips produced by companies like Nvidia and Intel, with a projected sales increase of 39.9% in 2025 [8] - The demand for semiconductors is being driven by strong growth in AI and data center sectors, indicating a shift in the traditional market cycles [8][9] Group 4: Solar Industry Developments - Aixin Co. and TCL Zhonghuan have signed a patent licensing agreement worth 1.65 billion yuan, marking the highest record for patent licensing fees in China's solar industry [10] - The agreement comes after a series of patent disputes, indicating a trend towards resolving conflicts through financial settlements rather than prolonged litigation [10][11] Group 5: AI Video Generation Technology - ByteDance has launched a new AI video generation model, Seedance 2.0, capable of creating high-quality videos from text or images in under 60 seconds [12] - The model significantly enhances the usability of AI-generated videos, addressing previous limitations in handling complex scenes and maintaining consistency [12][13] Group 6: SpaceX's Strategic Shift - SpaceX has shifted its focus from Mars to building a self-sustaining city on the Moon, aiming to achieve this goal within the next decade [14] - This strategic pivot aligns with NASA's plans for lunar exploration and reflects a pragmatic approach to securing funding and demonstrating viability in space projects [14][15] Group 7: Stock Market Performance - On February 9, the stock market saw significant gains, with the Shanghai Composite Index rising over 1% and the Shenzhen Component Index increasing by over 2% [16] - The market's performance was driven by strong interest in AI applications, chemical sectors, and solar concepts, indicating a recovery in investor sentiment [16][17]

"境内严禁、境外严管"，现实世界资产（RWA）代币化活动的监管导向得以最新明确。 2月6日，中国人民银行、中国证监会等八部门联合发布《关于进一步防范和处置虚拟货币等相关风险的 通知》（以下简称《通知》），对虚拟货币、现实世界资产（RWA）代币化活动亮明监管态度。 《通知》清晰划定了RWA代币化的监管红线，其中三大内容值得特别关注：境内市场严禁任何形式的 发行、交易及相关服务；境内主体跨境开展相关业务，须严格遵循"相同业务、相同风险、相同规则"原 则，由国家发展改革委、中国证监会、国家外汇局等相关部门按照职责分工，依法依规进行严格监管。 未经相关部门同意、备案等，任何单位和个人不得开展上述业务。境外单位和个人不得以任何形式非法 向境内主体提供现实世界资产代币化相关服务。 对于金融机构，监管部门给出两大特别提醒：一方面，不得为未经同意的RWA代币化业务以及相关金 融产品提供服务；另一方面，境外子公司及分支机构在境外提供RWA代币化相关服务要依法稳慎，做 好风险管理。 在业内人士看来，此举旨在从源头上遏制以"金融创新"为名的投机炒作与非法金融活动，坚决维护金融 安全与社会稳定，标志着我国在应对数字化跨境金融风险方面 ...

《通知》强调，虚拟货币相关业务活动属于非法金融活动。在中国境内开展法定货币与虚拟货币兑换业务、虚拟货币之间的兑换业务、作为中央对手方买 卖虚拟货币等相关业务活动，涉嫌非法发售代币票券、擅自公开发行证券、非法经营证券期货业务、非法集资等非法金融活动，一律严格禁止，坚决依法 取缔。境外单位和个人不得以任何形式非法向境内主体提供虚拟货币相关服务。 虚拟货币依托区块链技术，支持点对点交易，突破物理上的"国境"概念，相关风险极易跨境传导。为切实防范风险，《通知》明确提出，未经相关部门依 法依规同意，中国境内主体及其控制的境外主体不得在境外发行虚拟货币。(完) 中新社北京2月6日电 (陶思阅)中国人民银行等八部门6日联合印发《关于进一步防范和处置虚拟货币等相关风险的通知》(下称《通知》)。《通知》重申 中国境内对虚拟货币坚持禁止性政策。同时，未经相关部门依法依规同意，境内外任何单位和个人不得在境外发行挂钩人民币的稳定币。 《通知》明确，虚拟货币不具有与法定货币等同的法律地位。比特币、以太币、泰达币等虚拟货币具有非货币当局发行、使用加密技术及分布式账本或类 似技术、以数字化形式存在等主要特点，不具有法偿性，不应且不能作为货 ...

Core Viewpoint - The recent policies issued by the People's Bank of China and other departments aim to prevent and manage risks associated with virtual currencies and the tokenization of real-world assets (RWA), continuing the regulatory framework established in 2021 [1][2]. Summary by Sections Virtual Currency Regulations - Domestic virtual currencies are classified as illegal activities, with a strict prohibition on all related business activities, including stablecoins [2] - For overseas activities, it is specified that domestic entities and their controlled overseas entities are not allowed to issue virtual currencies abroad without proper authorization [2]. RWA Business Regulations - RWA activities are prohibited within the domestic market, except for those approved by relevant authorities and conducted through specific financial infrastructures [2] - The guidelines clarify that overseas RWA business will be regulated by various authorities, including the National Development and Reform Commission and the China Securities Regulatory Commission, depending on the nature of the RWA [2][3]. Compliance and Risk Management - The issuance of RWA tokens is expected to develop in a compliant manner, with detailed requirements for domestic enterprises engaging in RWA activities both domestically and internationally [3] - Domestic institutions are not allowed to service unauthorized RWA activities, but their overseas subsidiaries can provide RWA-related services abroad, indicating a higher acceptance of overseas RWA business under regulatory compliance [3]. Investment Recommendations - Comprehensive and internationally oriented brokerage firms are likely to benefit more from these regulatory changes [4].

节前以震荡为主 关注结构性机会 ——股指周报2026.02.09 数字金融部：李卫红 联系方式：0371-68599157 电子邮箱：liwh_qh@ccnew.com 投资咨询编号：Z0017812 本期观点 | 品种 | 主要逻辑 | 策略建议 | 风险提示 | | --- | --- | --- | --- | | | 1、证监会公布《关于境内资产境外发行资产支持证券代币的监管指引》，自公布之日 | | | | | 起施行。指引所称境内资产境外发行资产支持证券代币是指，以境内资产或相关资产权 | | | | | 利所产生的现金流为偿付支持，利用加密技术及分布式账本或类似技术，在境外发行代 | 操作上，综合来 | | | | | 看，春节前海外 | | | | 币化权益凭证的活动。证监会对境内资产境外发行资产支持证券代币依法依规进行严格 | 扰动偏多、贵金 | | | | 监管。 | 属巨震，叠加资 | | | | 中国人民银行等八部门联合发文，明确虚拟货币相关业务活动属于非法金融活动，境内 | | | | | 一律严格禁止。境内外任何单位和个人未经同意不得在境外发行挂钩人民币的稳定币， | 金的止盈需求 ...

Core Viewpoint - The recent regulatory documents from Chinese authorities signify a shift in the approach to digital asset regulation, moving from strict prohibition to a framework that allows for compliance and controlled utilization of tokenization of real-world assets (RWA) [1][15]. Regulatory Framework - The primary focus of the regulatory documents is on virtual currencies and RWA activities, explicitly prohibiting the tokenization of real-world assets within China and related services, which are deemed illegal financial activities [2][7]. - The documents establish a differentiated regulatory approach, allowing RWA activities under specific conditions while maintaining strict prohibitions on virtual currency operations [3][10]. Definition and Scope - RWA tokenization is defined as the use of cryptographic technology and distributed ledger to convert ownership and rights into tokens for issuance and trading [5]. - The distinction between asset digitization and tokenization is crucial, as the former does not fall under the regulatory scope, while the latter does [4][5]. Compliance Obligations - The regulations impose specific compliance obligations on various market participants, including financial institutions and technology service providers, to ensure that they do not engage in unauthorized RWA activities [9][11]. - For compliant cross-border RWA activities, technology service providers must adhere to legal frameworks, enhance risk management, and report their activities to relevant authorities [11]. Data Security and Cross-Border Concerns - The documents emphasize the importance of data security and the risks associated with cross-border data flows, particularly when domestic asset data is used in foreign financial contexts [12][13]. - Companies must ensure the legality of data transfers and classify data appropriately, especially when it pertains to sensitive information related to asset tokenization [13][14]. Implications for AIoT Companies - AIoT companies must recognize the potential implications of their data usage, especially if their outputs are utilized in RWA activities, as this could subject them to regulatory scrutiny [6][14]. - The regulatory framework necessitates that AIoT firms proactively clarify their data usage and ensure compliance with the new obligations set forth in the regulatory documents [15].

Core Viewpoint - The recent notice issued by eight Chinese regulatory bodies emphasizes that all virtual currency-related activities are illegal financial activities within China, reinforcing a strict prohibition on such operations [1][3]. Group 1: Virtual Currency Regulations - Virtual currencies do not have the same legal status as fiat currencies and cannot be used for market circulation [1]. - All activities related to virtual currencies, including exchanges between fiat and virtual currencies, trading services, and token issuance, are strictly prohibited [1][3]. - The notice specifies that any issuance of virtual currencies by domestic entities or their controlled foreign entities without approval is illegal [3]. Group 2: Real World Asset (RWA) Tokenization - The concept of RWA tokenization is defined as converting ownership and income rights of assets into tokens using encryption and distributed ledger technology [3][5]. - Activities related to RWA tokenization, including providing intermediary and technical services, are considered illegal financial activities unless approved by regulatory authorities [5]. - The notice warns against the speculative nature of RWA tokenization, highlighting risks associated with low-threshold investments [3]. Group 3: Mining Activities - The notice mandates strict control over virtual currency mining activities, including the closure of existing projects and prohibition of new ones [5]. - Companies involved in the production and sale of mining machines are also prohibited from providing services within China [5].

Group 1 - The recent regulatory measures by the Chinese government aim to strengthen the control over virtual currencies, addressing ongoing issues in the market and closing loopholes in previous regulations [2][3] - The central bank and other departments have reiterated their stance against virtual currencies since 2013, with the latest regulations being more detailed and stringent, targeting all activities related to virtual currencies [2][3] - The new regulations indicate a zero-tolerance approach towards illegal activities related to virtual currencies, regardless of whether they occur domestically or internationally [3][4] Group 2 - Companies involved in any business related to virtual currencies are prohibited from providing services such as account creation, transaction assistance, or promotional activities [4] - Individuals are advised against participating in any virtual currency trading, as it is considered illegal and poses significant financial risks [4] - The regulatory environment is evolving to become more mature and proactive, anticipating risks associated with emerging business models like Real World Asset (RWA) tokenization [3]

Group 1 - The recent regulatory measures by the Chinese government aim to strengthen the oversight of the virtual currency market, which has seen significant declines and widespread financial losses among investors [2][3] - The new regulations are more detailed and stringent, effectively closing loopholes related to virtual currencies, including new concepts like Real World Asset (RWA) tokenization and overseas circumvention of regulations [2][3] - The government emphasizes three main reasons for strict regulation: maintaining currency sovereignty, protecting citizens' financial interests, and ensuring that technological innovation serves the real economy rather than speculative activities [3] Group 2 - Companies involved in any virtual currency-related activities are prohibited from operating, including banks, internet companies, and hardware sellers, with strict penalties for non-compliance [4] - Individuals are strongly advised against participating in virtual currency trading, as it is illegal and poses significant financial risks, including potential scams [4] - The regulatory environment is evolving to be more mature and proactive, anticipating risks associated with emerging business models like RWA and setting clear boundaries to prevent financial instability [3][4]

Domestic Market Overview - The domestic market experienced a volatile consolidation with a slight decrease in trading volume. The Shanghai Composite Index closed at 4065.58 points, down 0.25%, while the Shenzhen Component Index closed at 13906.73 points, down 0.33%. The ChiNext Index fell by 0.73% and the STAR Market 50 Index decreased by 0.71%. The total trading volume of the A-share market was 216.35 billion yuan, showing a slight decline compared to the previous day [1][4][9] - Among the 30 sectors tracked by CITIC, 9 sectors saw gains, with notable increases in the oil and petrochemical, basic chemicals, and electric equipment and new energy sectors. Conversely, the food and beverage, defense and military, and telecommunications sectors experienced significant declines. Additionally, indices related to lithium battery electrolyte, lithium battery anodes, and power batteries showed active performance [1][4][9] Overseas Market Overview - The three major U.S. stock indices all closed higher, with the Dow Jones Industrial Average rising by 2.47%, the S&P 500 increasing by 1.97%, and the Nasdaq Composite gaining 2.18%. Nvidia's stock surged nearly 8%, adding approximately 325 billion dollars to its market capitalization. Caterpillar also saw a rise of over 7%, leading the Dow [2][4] News Highlights - The State Council, led by Premier Li Qiang, held a meeting to discuss policies aimed at promoting effective investment. The meeting emphasized the importance of innovative and effective policy measures to enhance the use of central budget investments, long-term special bonds, and local government special bonds in key areas such as infrastructure and emerging industries [3][11][12] - Eight departments, including the People's Bank of China and the China Securities Regulatory Commission, have strengthened regulations to curb risks associated with virtual currencies. The notice clarifies that virtual currencies do not hold the same legal status as fiat currencies and outlines strict prohibitions on various illegal financial activities related to virtual currencies [14][15][16] - China's foreign exchange reserves have increased for six consecutive months, reaching 3399.1 billion dollars by the end of January 2026, with a month-on-month increase of 41.2 billion dollars, reflecting a growth rate of 1.23%. Additionally, gold reserves have increased for 15 consecutive months, totaling 7.419 million ounces [17][18]