Core Viewpoint - Hong Kong is seizing the opportunity for the development of Real World Assets (RWA) by launching the world's first RWA registration platform and establishing three Web3.0 standards to facilitate the tokenization and lifecycle services of RWA assets [1][6][10]. Group 1: RWA Registration Platform and Standards - The RWA registration platform in Hong Kong will provide comprehensive lifecycle services for RWA asset tokenization, including compliance registration, information disclosure, and circulation support [1][6]. - The three Web3.0 standards aim to address key challenges in asset confirmation, valuation, and cross-border payments, promoting standardized processes and technical implementations for RWA tokenization [1][6][10]. Group 2: Challenges in RWA Development - RWA development faces structural obstacles, including a lack of unified regulatory standards for asset definition, confirmation, registration, and token issuance, particularly in cross-border transactions [3][4]. - Technical bottlenecks arise from the disconnection between on-chain and off-chain data, making it difficult to verify the authenticity and ownership of off-chain assets [3][4]. - High upfront costs and the absence of a trust system hinder participation from small and medium-sized enterprises, limiting the scope of RWA standardization [4][5]. Group 3: Infrastructure and Global Impact - The RWA registration platform is expected to establish a standardized technical system for coding, classification, identification, and evaluation of RWA assets, enhancing regulatory compliance and global adaptability [6][10]. - The platform will initially focus on financial assets, real estate, bulk commodities, and green assets, creating a new model for the integration of ESG and Web3.0 [7][8]. - Hong Kong's initiative is anticipated to accelerate the global digitalization of assets, providing a clear institutional model and technical template for other jurisdictions to follow [11][12].

Core Viewpoint - Hong Kong is seizing the opportunity to develop the Real World Asset (RWA) industry by launching the world's first RWA registration platform and establishing three Web3.0 standards to facilitate the tokenization of RWA assets [1][4][7] Group 1: RWA Registration Platform and Standards - The RWA registration platform in Hong Kong will provide comprehensive lifecycle services for RWA asset tokenization, including compliance registration, information disclosure, and circulation support [1][4] - The three Web3.0 standards aim to address key challenges in asset confirmation, valuation, and cross-border payments, promoting standardized processes and technical implementations for RWA tokenization [1][4][7] - The platform is expected to enhance the transparency and global adaptability of RWA financial services, establishing a standardized technical system for coding, classification, identification, and evaluation of RWA assets [4][5] Group 2: Challenges in RWA Development - The RWA industry faces structural barriers, including a lack of unified regulatory standards for asset definition, confirmation, registration, and token issuance, particularly in cross-border transactions [2][3] - Technical bottlenecks such as data disconnection between on-chain and off-chain assets hinder the development of RWA, making it difficult to quantify risks and establish trust [2][3] - High upfront costs associated with due diligence, auditing, and technical development pose significant challenges for small and medium-sized enterprises, limiting their participation in RWA [3][5] Group 3: Global Implications and Future Prospects - The launch of the RWA registration platform is expected to accelerate the global digitalization of assets, providing a clear institutional model and technical template for other jurisdictions [7][8] - Hong Kong's initiative may establish a "Hong Kong standard" for RWA compliance, integrating financial regulation with blockchain technology, thereby enhancing its strategic position as a global financial hub [7][8] - The platform aims to create new pathways for global capital allocation and financing efficiency, facilitating the transition of Web3.0 from virtual narratives to real-world value [8]

Core Viewpoint - Desheng Technology (002908) is enhancing its AI applications in public services through collaboration with the International Artificial Intelligence Industry Alliance, focusing on the integration of AI in employment, government affairs, and healthcare sectors [1] Group 1: AI Applications and Development - Desheng Technology's AI Agent has achieved large-scale implementation in high-frequency public service scenarios, transitioning service models from "people seeking services" to "services seeking people" [1] - The company utilizes service corpus resources covering over 100 cities nationwide, continuously optimizing AI Agent functionalities through a "training + reasoning" model [1] - The goal is to create an intelligent assistant that is "understanding needs, capable of handling tasks, and more efficient" [1] Group 2: Future Collaborations and Innovations - The recent discussions have broadened the application pathways for Desheng Technology's AI technology in public service [1] - Future plans include collaboration with the International Artificial Intelligence Industry Alliance to integrate data resources and business scenarios, leveraging top academicians and innovation resources [1] - The company aims to explore innovations in Real World Asset (RWA) scenarios, assisting governments and enterprises in advancing AI applications, asset digitization, and technological transformation, while building a standardized and sustainable intelligent service ecosystem [1]

Investment Rating - The industry investment rating is "Positive" [3] Core Viewpoints - The report emphasizes the investment opportunities in water assets combined with Real-World Assets (RWA) under innovative financing models. RWA refers to the tokenization of tangible or intangible assets through blockchain technology, allowing for the trading of these assets as digital tokens. As of July 30, 2025, the total RWA on-chain scale is $25.17 billion, with a total value of stablecoins at $253.66 billion [3][17][21]. - The report highlights the stable income and continuous cash flow characteristics of water assets, making them attractive for investment, especially in the context of the "14th Five-Year Plan" which emphasizes environmental quality and industrial green development [3][45]. Summary by Sections Market Performance - As of August 1, 2025, the environmental sector has underperformed the market, with a decline of 2.10%, while the Shanghai Composite Index fell by 0.94% to 3559.95. The top-performing sectors include pharmaceuticals and communications, while coal and non-ferrous metals saw significant declines [3][10][13]. Industry Dynamics - Recent statements from President Xi Jinping at the National Ecological Environment Protection Conference stress the importance of ecological civilization and the need for harmonious coexistence between humans and nature. Additionally, the Guangxi Zhuang Autonomous Region has allocated approximately $2.8995 million for air pollution prevention projects [27][28]. Investment Recommendations - The report suggests that the water and waste incineration sectors, as operational assets, are expected to see stable profit growth and positive cash flow. The report recommends focusing on companies such as Huanlan Environment, Xingrong Environment, and Hongcheng Environment, while also suggesting attention to Wangneng Environment and Junxin Co., Ltd. [3][45].

Core Viewpoint - Stablecoins are transitioning from decentralized experiments to institutionalized frameworks, with a focus on compliance, custody, and asset tokenization, particularly in regions like Hong Kong where regulatory frameworks are being established [1] Group 1: Stablecoin Industry Chain Overview - The stablecoin ecosystem is complex, involving various key participants such as custodians, issuers, distributors, payment and IT providers, and RWA participants [2][3][4][5] - Custodians are responsible for safeguarding the reserve assets backing stablecoins, such as USD and short-term government bonds [2] - Issuers must obtain licenses to legally issue stablecoins, with over 50 companies expressing interest in applying for licenses in Hong Kong [3] - Distributors facilitate the circulation of stablecoins, with 11 virtual asset trading platforms already licensed in Hong Kong [4] - RWA participants provide real-world asset backing for stablecoins, expanding their value beyond just USD [5] Group 2: Stablecoin Issuance Mechanism - The stablecoin issuance process involves five key steps: user requests for exchange, funds entering a custody account, reserve management, stablecoin minting, and user receipt and usage [7][8][9] Group 3: Global Stablecoin Trends - Regulatory frameworks are being established globally, with major economies implementing licensing requirements for stablecoin issuance [12] - Traditional financial institutions are increasingly adopting stablecoins as settlement tools, enhancing their role in mainstream financial infrastructure [13] - Non-USD stablecoin options are emerging, promoting a multi-polar ecosystem with local currency stablecoins in regions like Southeast Asia and Latin America [14] Group 4: RWA as a Key Application Scenario - RWA (Real World Assets) is gaining attention as a potential new underpinning for stablecoins, moving the focus from merely USD backing to more robust asset support [15] - RWA involves mapping real-life assets onto the blockchain, providing legal certainty and regulatory compliance [16] - The RWA market is projected to grow significantly, with estimates suggesting it could reach $16 trillion by 2030, becoming a foundational element of the stablecoin ecosystem [19]

中环街巷，熟悉的热闹气息正在回归。写字楼中，金融从业者热议港股、美股与全球利率走势；咖啡馆 里，创业者与律师围绕稳定币、跨境结算和RWA（现实世界资产）发行展开探讨。咖啡香气中混杂着 区块链术语，映射出数字金融时代的脉动节奏。 稳定币与平台协作"打通四环"，交易申购场景闭环逐步成型 丁肇飞将"交易平台与稳定币发行方之间的协同路径"总结为3个关键环节： 1． 公开交易支持：稳定币需要通过像HashKey Exchange这样的持牌交易所，实现二级市场自由流通的 能力。交易所通过提供交易撮合机制，让用户完成兑换，有助于价格锚定与流动性形成；交易所作为入 口，可实现用户一键申购/赎回稳定币，降低使用门槛； 2． 资产增值机制：如持币锁仓、质押奖励等增值功能，帮助提升用户黏性和使用频率； 2025年5月，香港《稳定币条例》正式通过，8月1日起落地实施，为稳定币设立发牌制度；6月，《数字 资产发展政策宣言2.0》发布，为Web3和RWA的制度化发展铺设路径。香港，这座走在全球加密政策前 沿的城市，正将监管框架化为生态优势。 在此背景下，新浪财经赵般娇专访 HashKey Group 首席分析师丁肇飞（Jeffrey D ...

Group 1 - The core viewpoint is that Yisou Technology and Greenland Jinchuang have formed a strategic partnership to enter the trillion-level RWA (Real World Assets) market through the digitalization of cultural IP [3] - The partnership involves the establishment of the Novus Infusion platform, which will create a management channel for RWA issuance and will expand into diverse asset fields such as real estate and carbon credits in the future [1] - Greenland Jinchuang holds digital asset licenses from the Hong Kong Securities and Futures Commission, providing strong compliance backing and underlying asset support for the projects [3]

Core Insights - The report by CertiK indicates that stablecoins are rapidly integrating into the global financial system, accompanied by increasing security vulnerabilities and compliance pressures [1][2] - As of the first half of 2025, the total supply of stablecoins has surpassed $250 billion, with a monthly settlement volume reaching $1.4 trillion, reflecting a 43% quarter-over-quarter increase [1] - The number of unique addresses holding stablecoins exceeded 120 million by the third quarter of 2024, with Tether (USDT) leading at 5.8 million addresses, 2.6 times that of USD Coin (USDC) [1] Security and Compliance Risks - In the first half of this year, the cryptocurrency market experienced 344 security incidents, resulting in total losses of $2.47 billion, setting a new historical record [1] - Attackers are increasingly targeting the operational infrastructure of centralized platforms rather than traditional smart contract vulnerabilities [1] - Stablecoins are being utilized by hackers as a means for money laundering, with absolute amounts reaching hundreds of billions of dollars, posing significant compliance risks despite a decrease in their proportion of overall transaction volume [1] Future Trends - The report forecasts that Real World Asset (RWA)-backed and yield-bearing stablecoins will become the main innovation themes in the second half of 2025 [2] - RWA-backed stablecoins align with global regulatory trends aimed at stabilizing compliance by anchoring to off-chain assets like government bonds [2] - Yield-bearing stablecoins, characterized as "on-chain money market funds," are attracting institutional investors and high-net-worth individuals seeking stable returns [2] - The report emphasizes that rigorous risk management, transparent operational mechanisms, and proactive compliance strategies are essential for the long-term sustainability of stablecoin projects [2]

Core Insights - The global stablecoin market has surpassed $250 billion, with projections estimating it could reach $3.7 trillion by 2030, driven by regulatory support and increasing adoption in digital economies [1][9] - Stablecoins are distinct from cryptocurrencies like Bitcoin, serving primarily as payment tools rather than investment assets, and are pegged to real-world assets such as fiat currencies [1][3] Regulatory Developments - The passage of the U.S. GENIUS Act and Hong Kong's Stablecoin Regulation marks a significant milestone, providing regulatory clarity and legitimacy to stablecoins, which enhances market confidence [3][9] - These regulations are expected to facilitate the long-term development of stablecoins, allowing for innovation while establishing compliance frameworks [5][9] Market Dynamics - Stablecoins address traditional financial pain points by linking fiat currencies with virtual currencies, thus streamlining transactions and reducing costs [6][7] - The inherent characteristics of stablecoins, such as lower transaction costs and higher efficiency, make them suitable for cross-border payments, potentially transforming the cross-border settlement landscape [7][8] Future Outlook - The anticipated growth in stablecoin issuance is supported by optimistic forecasts from financial institutions, with Standard Chartered predicting a $2 trillion issuance by 2028 and Citibank suggesting a market cap of $3.7 trillion by 2030 [9] - Companies in fintech, cross-border payments, and blockchain technology are expected to benefit from the rise of stablecoins, as they align with the ongoing digital economy trends [9][10]

Group 1 - The "Stablecoin Regulation" will officially take effect on August 1, promoting the tokenization of Real World Assets (RWA) through blockchain technology, covering asset categories such as real estate, charging piles, and precious metals [1] - The People's Bank of China is implementing eight financial opening policies in Shanghai, including the establishment of a digital RMB international operation center and exploring blockchain cross-border payment pilots, aiming to build a dual-layer structure of "sovereign credit + market-based supplements" to address global dollar stablecoin challenges [1] - The Shanghai State-owned Assets Supervision and Administration Commission emphasizes strengthening research on digital currencies and exploring blockchain applications in cross-border trade and supply chain finance [1] Group 2 - The Hong Kong Stock Technology ETF tracks the Hong Kong Stock Connect Technology Index, which is compiled by China Securities Index Co., Ltd., selecting listed companies in the information technology and healthcare sectors within the Hong Kong Stock Connect range to reflect the overall performance of the Hong Kong technology industry [1] - This index particularly focuses on selecting companies with innovative characteristics, technology-driven features, and high growth potential, providing investors with an efficient tool to track the performance of the Hong Kong technology sector [1] - Investors without stock accounts can pay attention to the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiator Link A (015739) and Cathay China Securities Hong Kong Stock Connect Technology ETF Initiator Link C (015740) [1]