Group 1 - The article discusses various types of virtual currency scams that have emerged, highlighting the deceptive practices used by fraudsters to lure investors [4][5][6]. - It emphasizes the importance of being cautious and not falling for high-return promises associated with virtual currencies, urging individuals to avoid participating in related investment activities [7]. Group 2 - Specific scams mentioned include "airdrop scams," where fraudsters entice investors with free tokens but require them to pay small fees or provide sensitive information, leading to potential asset theft [5]. - Another scam discussed is "cloud mining," where scammers promise returns through fake mining operations, ultimately disappearing with the funds raised [6].

央视网消息（记者 谢博韬）：位于江苏省连云港市徐圩新区的连云港石化产业基地是全国七大石化产业基地之一，园区内石化企业体量 大，每日进出园区三类危化品车辆约1500辆，年均监管三类危化品600余万吨。在不影响园区内企业正常经营的同时，如何确保公共安全监管 工作到位？便成了连云港市公安局徐圩新区分局深入思考的问题。 "消防设施前不能堆放杂物""危化品未存放在指定区域"……近日，徐圩新区公安分局联合消防、应急、综治等部门在辖区某危化品企业检 查时发现企业存在的安全隐患，当场列出问题清单和整改意见。 今年以来，徐圩新区公安分局坚持从企业角度出发，深化"行政执法一件事"改革，推动综合查一次"极简查"场景建设，牵头或参与检查场 景16个，覆盖56项涉企检查事项，并按照"一场景一规范"，建立无事不扰"白名单"，实现入企检查次数减少七成以上。同时，徐圩新区公安分 局出台《石化警务工作指引》，联合相关职能部门以危化品管理为重点制定"一企一策"合规经营指导手册，并同步制定《企业安全防范建设标 准化清单》。 入企检查次数减少了，但公共安全监管的力度并未放松。徐圩新区公安分局创新危化品远程监管特色警务机制，引进"徐小警"数字警察， ...

Core Insights - The report focuses on the rise of Real-World Assets (RWA) tokenization, analyzing its concept, value, regulation, practice, and trends, highlighting its role in bridging traditional finance and the Web3.0 ecosystem [1][11][13]. Group 1: RWA Concept and Background - RWA refers to the tokenization of physical assets like real estate, bonds, and commodities using blockchain technology, enhancing asset liquidity, transparency, and accessibility [1][18]. - The emergence of RWA addresses traditional financial pain points such as low liquidity, high entry barriers, and lack of transparency, leveraging blockchain's immutable nature and smart contracts for automation [1][23][25]. - The global RWA market has surpassed hundreds of billions of dollars, with expectations for explosive growth in the coming years [13][24]. Group 2: Investment Value and Advantages - RWA significantly enhances asset liquidity and market efficiency, with tokenized real estate trading cycles averaging 47 days compared to traditional commercial real estate's 6-9 months [2][39]. - RWA improves investment accessibility and promotes financial inclusion by lowering entry barriers, allowing broader participation in high-value assets [2][39]. - The tokenization process increases transparency and security, although challenges regarding the credibility of off-chain data remain [2][39]. Group 3: RWA Asset Categories and Examples - RWA encompasses diverse asset categories, including stablecoins (e.g., USDT, USDC), private credit, U.S. Treasury bonds, real estate, commodities, intellectual property, and emerging sectors like renewable energy and agriculture [2][29][30]. - Stablecoins serve as foundational RWA, providing a stable value anchor and facilitating the integration of Web3.0 with the real economy [2][34][37]. - The tokenization of real estate allows fractional ownership, significantly reducing investment thresholds and enhancing liquidity [2][30]. Group 4: Global Regulatory Landscape - The global regulatory framework for RWA is evolving, with a focus on compliance and risk management, as seen in the U.S. GENIUS Act and the EU MiCA regulation [3][4]. - Different jurisdictions are adopting varied approaches to RWA regulation, with the U.S. and EU leading in establishing comprehensive frameworks [3][4]. - In China, RWA is in a regulatory gray area, with initiatives focusing on private chains and sectors like renewable energy and agriculture [3][4]. Group 5: Future Trends and Challenges - The RWA market is expected to grow significantly, driven by institutional participation and the increasing importance of stablecoins as a liquidity infrastructure [3][6][12]. - Emerging asset categories like computing power are gaining traction, presenting new opportunities and legal challenges [3][6][12]. - The report emphasizes the need for ongoing research into the intersection of law and technology to support the healthy development of RWA [3][6].

Core Insights - The global B2B e-commerce transaction volume is expected to exceed $25 trillion by 2025, with China holding a 72.8% share at 28 trillion yuan [1] - Traditional B2B industries are undergoing a transformation from "information intermediaries" to "industry routers" due to the deep integration of digital and physical economies [1] - Shushangyun, a leader in B2B digital solutions in China, has assisted over 5,000 enterprises in their digital transformation [1] Trend Insights - **Technological Drive**: The competition in the B2B sector has shifted from traffic acquisition to underlying technological capabilities, with AI, blockchain, and IoT reshaping industry logic. AI algorithms can optimize supply chain dynamics, while blockchain addresses trust issues in cross-border trade [2] - **Ecosystem Co-construction**: Future B2B platforms will serve as "industrial internet infrastructure," requiring the establishment of open and shared ecosystems. Shushangyun proposes a "1+3+N" strategy, which includes one technical foundation, three core capabilities, and multiple industry solutions [3] - **Policy Empowerment**: The focus of policy support is shifting from direct subsidies to guiding innovative investments, with the Ministry of Industry and Information Technology aiming for over 80% deployment of industrial internet platforms [6] Challenges and Solutions - **Information Silos**: 73% of traditional enterprises face system fragmentation, with data utilization rates below 40% [7] - **Supply Chain Coordination**: Traditional supply chains have slow response times, with emergency order fulfillment rates below 65% [8] - **Cross-border Trade Barriers**: Compliance costs account for 20% of cross-border transaction volumes, posing challenges for SMEs [9] - **Organizational Capability Lag**: 83% of traditional enterprises lack digital talent, leading to failures in transformation projects due to organizational inertia [10] Practical Pathways - **Green Transformation**: The EU carbon tariff is pushing companies to establish carbon footprint tracking systems, with Shushangyun helping a paper company save millions annually [12] - **Data Middle Platform Construction**: Integrating dispersed data to enhance marketing conversion rates by 20% for a pharmaceutical company [13] - **Flexible Supply Chain Networks**: Utilizing regional cloud warehouses and dynamic routing to reduce emergency order delivery times to 12 hours [13] Strategic Recommendations - **Top-level Design**: Transition from "business electronicization" to "ecosystem digitalization" [14] - **Scenario-based Approach**: Drive value creation through addressing pain points [14] - **Positioning in Ecosystem**: Become a key node in the industry chain [14] - **Organizational Capability Upgrade**: Shift from "human governance" to "data governance" [14] Future Outlook - Future B2B platforms will combine "augmented intelligence" and "industrial symbiosis," with competition focusing on "ecosystem collaborative efficiency" and "data asset operational capabilities" [14][15]

Core Insights - A major Chinese fintech company is negotiating to acquire the technology solutions of Venom Foundation to integrate into its digital financial services ecosystem [1] - This development aligns with the recently released guidelines on financial support for new industrialization, which encourage financial institutions to adopt blockchain and AI technologies to enhance services for the real economy [1] Group 1: Venom Foundation Technology Features - Venom represents a high-performance Layer-0 blockchain platform capable of processing up to 150,000 transactions per second (TPS) with transaction completion times of less than three seconds [1][2] - Key features attracting Chinese partners include built-in KYC/AML mechanisms, parallel smart contract execution, enterprise-level scalability, fair ordering layer, cross-chain compatibility, and a scale-speed consensus mechanism [2] - Initial information suggests Venom technology may be deployed in critical sectors such as digital stablecoins, supply chain financing, and smart risk assessment [2] Group 2: Strategic Implications - The potential acquisition highlights the practical implementation of China's national strategy to position blockchain as a core financial infrastructure [3] - Venom's ability to operate within diverse regulatory frameworks while maintaining high performance is crucial for Chinese enterprises planning international expansion under the Belt and Road Initiative [3] - The transaction is expected to be completed between late 2025 and early 2026, marking a significant example of blockchain technology integration within the financial system [3]

格隆汇9月16日丨四方精创(300468.SZ)在互动平台表示，公司多年来一直在探索和实践利用区块链和分 布式账本技术赋能持牌金融机构，在区块链和分布式账本技术方面有着深厚的技术积淀，在数字资产的 发行、通证化、交易和支付，以及托管等方面积累丰富的产品研发和项目实施经验。公司FINNOSafe合 规Web3平台可支持稳定币发行人及市场参与者相关业务的发展。公司的产品和技术积累，可为稳定币 发行人、储备资产托管银行、稳定币分销和交易商、监管机构提供技术支持。 ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4860 期 2025 年 9 月 16 日 星期二 研究观点 【公司研究】 中国黄金国际 (2099，买入）：甲玛矿"三步走"规划奠定增长基石，盈利释放进入 快车道 【宏观经济评论】 第一上海——First Call 九月策略（二） 第一上海证券有限公司 www.mystockhk.com 评级变化 咨询热线：400-882-1055 服务邮箱：Service@firstshanghai.com 网址：www.mystockhk.com | 公司 | 代码 | 评级 | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 中国黄金国际 | 2099 | 买入 买入 167.07 | 100.00 | 67% | 0.940 ...

在区块链术语中，Layer 1指的是底层基础设施(主链)，而Layer 2指的是一系列构建在Layer 1之上的链下 系统或独立区块链。花旗假设，只有30%的二层活动对以太坊的价值有贡献，使当前价格高于其基于活 动的模型估值，主要原因可能是强劲的资金流入以及围绕代币化和稳定币的热情。 花旗指出，尽管以太坊ETF资金流入规模小于比特币，但其单位资金的价格影响更大。不过，考虑到以 太坊的市值更小、在新投资者中知名度更低，花旗预计以太坊ETF资金流入仍将有限。 花旗分析师认为，宏观层面的支撑作用有限。此外，由于标普500指数已接近该行的6,600点目标点位， 分析师预计风险资产不会出现明显的上涨。 智通财经APP获悉，花旗集团更新了其预测，预计在基准情景下，以太坊到今年年底将跌至4300美元， 低于当前的4515美元。不过，该行同时预测，在牛市情景下以太坊将涨至6400美元，在熊市情景下则将 跌至2200美元。 花旗分析师表示，网络活动仍是以太币价值的关键驱动因素，但近期的大部分增长发生在二层网络 (layer-2)，而这些价值向以太坊主链的"传导效应"尚不明确。 ...

Core Viewpoint - The stock of Jinkuang Co., Ltd. has shown mixed performance in recent trading sessions, with a year-to-date increase of 8.73% but a significant decline of 23.42% over the past 20 days [2]. Financial Performance - As of July 18, 2025, Jinkuang Co., Ltd. reported a revenue of 487 million yuan for the first half of 2025, representing a year-on-year decrease of 7.58%. The net profit attributable to shareholders was -42.61 million yuan, a decline of 148.21% compared to the previous year [3]. - The company has cumulatively distributed 58.21 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [4]. Stock Market Activity - On September 16, 2025, Jinkuang Co., Ltd.'s stock price increased by 2.22%, reaching 4.61 yuan per share, with a trading volume of 127 million yuan and a turnover rate of 3.39%. The total market capitalization stood at 3.802 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on March 18, where it recorded a net purchase of 44.42 million yuan [2]. Shareholder Information - As of July 18, 2025, the number of shareholders for Jinkuang Co., Ltd. was 36,900, a slight decrease of 0.14% from the previous period. The average number of circulating shares per shareholder increased by 0.14% to 22,333 shares [3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 2.5672 million shares, a decrease of 311,200 shares from the previous period [4]. Business Overview - Jinkuang Co., Ltd., established on October 19, 2006, and listed on May 6, 2016, is located in Changchun, Jilin Province. The company specializes in smart grid equipment, electric vehicle charging infrastructure, and lithium battery separators [2]. - The main revenue sources for the company include smart meters and electricity information collection systems (28.25%), ring network cabinets (21.84%), high and low voltage complete switchgear (17.39%), box-type substations (14.74%), charging pile manufacturing and station operation (9.09%), and others [2].

Core Insights - The US IPO market experienced its busiest week since 2021 in early September 2025, with 11 companies going public, including 8 traditional IPOs and 3 SPACs, indicating a significant revival in market activity [1] Market Trends - A total of 16 companies filed for IPOs, comprising 10 traditional IPOs and 6 SPACs, reflecting a sustained increase in market confidence [1] - Notable IPO performances included Klarna raising $1.4 billion with a first-week gain of 7%, Figure raising $788 million with a 30% increase, and LB Pharmaceuticals raising $285 million with a 12% rise [1] - Six new SPAC applications are focused on emerging technologies such as AI and blockchain, showcasing a trend towards innovative sectors [1] - Anticipation builds for four large IPOs expected in mid-September, potentially raising a total of $3.9 billion, which may continue the autumn IPO momentum [1] Key Characteristics of Recent IPOs - The recent US IPO activity displays four main characteristics: 1. Industry diversification with participation from consumer finance, blockchain, biopharmaceuticals, and cryptocurrency sectors [1] 2. Strong pricing, as leading companies generally priced above expectations with significant first-week gains [1] 3. A resurgence of SPACs, with 37% of the 16 companies filing being SPACs, focusing on cutting-edge fields [1] 4. A breakthrough in biotechnology, as the successful listing of LB Pharma boosted confidence across the sector [1]