Group 1 - The current development of the renewable energy industry faces challenges such as "data fog" and "asset solidification," leading to a trust deficit among investors and higher investment thresholds. RWA effectively addresses the connection between assets and the capital chain [1] - RWA refers to the digitization of assets, the valuation of data, and the tokenization of value. The industry must provide credible, transparent, assessable, and accessible high-quality renewable energy assets [1] - The introduction of new digital asset policies in Hong Kong presents new opportunities for global industrial digitization and green financial innovation [1] Group 2 - In December 2024, the company plans to sign a strategic agreement with Ant Group to complete over 200 million RMB in photovoltaic green asset RWA [2] - In March 2025, the company will collaborate with Ant Group to release a time-sequenced large model use case for energy AI, aimed at enhancing the efficiency of power resource development and operational service yields [2] - On June 12, the company announced the establishment of a new company, Ant Xineng, in partnership with Ant Group to create an AI-driven renewable energy ecosystem [2]

蚂蚁集团副总裁、蚂蚁数科区块链业务总裁边卓群在主题演讲时表示，经过在新能源领域的实践验证， 蚂蚁的RWA技术平台、商业模式和生态系统逐渐成熟。基于这一前提，蚂蚁开始稳健推行算力与更广 泛金融资产的新探索。"我们选择资产如同移栽树木，不求大踏步，而是要先把根系扎进土壤里。"边卓 群介绍，蚂蚁数科正通过代码开源、生态开放、工具共享和产学研合作的形式，深度拥抱香港市场的场 景需求。 此外，会上发布了由香港Web3.0标准化协会、香港理工大学、粤港澳大湾区国际信息科技协会数字经 济研究中心、IEEE计算机协会区块链和分布式记账标准化委员会牵头发起的《RWA产业发展研究报告· 产业篇2025》。 报告指出，并非所有资产都适合进行RWA代币化，"万物皆可RWA"是一个伪命题。成功实现规模化落 地的资产需要满足价值稳定性、法律确权清晰性及链下数据可验证性三大门槛。 （文章来源：新华财经） 全国政协副主席梁振英致辞指出，Web3.0正展现出开放、包容、创新驱动的发展格局。在技术迭代、 应用创新与产业治理方面，Web3.0有着极大的发展潜力，正逐渐成为产业转型升级、应用场景创新与 全球资本融合的关键支撑点，其对于构建更健康、开 ...

Group 1 - Ant Group's subsidiary, Ant Financial Technology, is expanding its capabilities in computing power and Real World Assets (RWA) [1] - The RWA business initially focused on new energy assets, but is now broadening its scope to include a wider range of financial assets [1] - Ant Group plans to launch its self-developed public blockchain by the end of September 2025, which will facilitate real transactions [1] Group 2 - RWA refers to the process of tokenizing real-world assets such as bonds and real estate using blockchain technology, enhancing asset liquidity and pricing in the Web 3.0 space [1] - As of July 26, 2025, the total scale of RWA on-chain reached $25.21 billion [1] - RWA is seen as an emerging financing method that can improve financing efficiency and shorten financing cycles, with significant potential for future applications [1][2] Group 3 - Hainan Huatie has been collaborating with Ant Chain since 2022 to explore the implementation of RWA business related to computing power assets and on-chain devices [2] - Hengsheng Electronics, a subsidiary of Ant Group, has been instrumental in helping financial institutions establish secure connections with virtual asset exchanges [2]

华泰证券表示，稳定币市场正处在一个关键的转折点，从一个主要服务于加密货币交易的利基工具，演 变为日益融入全球支付和金融体系的基础设施层。长期看，稳定币的规模或具备三阶段需求驱动：1.作 为不可或缺的"链上现金"，或受益加密资产规模增长；2.服务现实世界金融应用，作为新一代支付轨 道，或重塑跨境支付全球格局；3.从金融领域延伸到社交、游戏等去中心化应用全生态，捕获金融应用 以外的价值。 智通财经APP获悉，全球首个RWA注册登记平台于8月7日正式上线，由香港 Web3.0 标准化协会发起， 将打通RWA资产代币化的资料化、资产化和金融化全过程服务体系。同日，Web3.0三项标准立项，包 括《RWA代币化业务指南》、《RWA代币化技术规范》、《基于区块链的稳定币跨境支付技术规范》 等。 大湾区RWA孵化器认为，中国香港正系统性建构"监管-创新-税收"的虚拟资产战略，或推动更多虚拟资 产ETF、结构性产品上市，推动传统金融(如基金、资管)与虚拟资产技术(如区块链、代币化)结合。传 统资产的链上流动性将被显著释放，赋能实体经济。 ...

Group 1 - The RWA registration platform has officially launched in Hong Kong, initiated by the Hong Kong Web3.0 Standardization Association, aiming to facilitate the entire process of dataization, assetization, and financialization of RWA asset tokenization [1] - On the same day, three Web3.0 standards were established, including the "RWA Tokenization Business Guidelines," "RWA Tokenization Technical Specifications," and "Blockchain-based Stablecoin Cross-border Payment Technical Specifications" [1]

Group 1 - Yisou Technology (02550) rose nearly 12.63% after announcing a share subscription agreement with Lightnet Pte. Ltd., acquiring approximately 1.23% equity for $5 million [1] - Maifushi (02556) fell nearly 2.28% despite a profit forecast of RMB 31.8 million to RMB 41 million for the six months ending June 30, 2025, a significant turnaround from a loss of RMB 820 million in the same period last year [1] - New World Development (00086) increased nearly 4.19% after announcing a profit forecast of no less than HKD 800 million for the six months ending June 30, 2025, compared to HKD 75.4 million in the same period last year [2] Group 2 - Cao Cao Travel (02643) surged nearly 15.68% after signing a strategic cooperation memorandum with Victory Securities to explore virtual asset tokenization and stablecoin applications [2] - Boan Bio (06955) dropped nearly 5.06% after announcing a placement of 48 million shares at HKD 16.42 each, aiming to raise approximately HKD 780 million for R&D and operational purposes [2] - Huaxing Capital Holdings (01911) rose nearly 6%, with a year-to-date stock price increase of 1.1 times, as it plans to invest $100 million in Web 3.0 and cryptocurrency assets [3] Group 3 - Cathay Pacific Airways (00293) continued to decline nearly 3% after a report indicated an 8.3% year-on-year increase in net profit for the first half of the year, but operating profit fell short of market expectations [3] - Keep (03650) rose over 10%, with a cumulative increase of over 22% this week, reporting an adjusted net profit of approximately RMB 10 million for the first half of the year [4] - Smoore International (06969) increased nearly 5%, with BAT's new tobacco product revenue growing 2.4% year-on-year, and Smoore is expected to benefit from this growth [4] Group 4 - Xiaomi Group-W (01810) fell over 4% after Nomura raised its target price by 79% to HKD 61 but downgraded its rating to "Neutral" due to limited upside potential [5] - Apple (AAPL.US) rose 5.09% after announcing a commitment to invest an additional $100 billion in U.S. manufacturing, bringing its total investment commitment to $600 billion [6] - McDonald's (MCD.US) increased 2.98% with second-quarter revenue growing 5.4% year-on-year to $6.84 billion, exceeding analyst expectations [6]

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].

Web3.0将广泛应用于各个领域，如金融、医疗、教育、娱乐等。在金融领域，Web3.0可以实现去中心化的金融服务，如去中心化交易所（DEX） 和去中心化金融（DeFi），降低交易成本，提高交易效率。在医疗领域，Web3.0可以保护患者隐私，实现数据共享，提高诊断和治疗的准确性。 在教育领域，Web3.0可以实现个性化学习，通过分析学生的学习数据，为每个学生提供定制化的教育方案，提高学习效果。在娱乐领域，Web3.0 可以实现去中心化的内容创作和分发，创作者可以直接与观众互动，获得更多的收益。 Web3.0的定义与核心特点 Web3.0，即第三代互联网，是一种基于区块链技术的去中心化网络。它不仅继承了Web1.0和Web2.0的互动性，还引入了更高的安全性、隐私性和 可扩展性。Web3.0的核心特点包括去中心化、智能合约、隐私保护和可扩展性。 去中心化意味着数据和信息不再集中在少数大型企业手中，而是分散在各个节点上，这有助于提高数据安全性，防止数据泄露和滥用。智能合约 则是一种自动执行的合约，可以在满足特定条件时自动执行，大大提高交易效率，降低交易成本。同时，Web3.0强调用户隐私保护，通过使用加 密技术确保 ...

Core Viewpoint - Huaxing Capital Holdings (01911) has seen its stock price increase by 110% year-to-date, reflecting strong market interest and confidence in its strategic direction towards Web 3.0 and cryptocurrency assets [1] Group 1: Company Strategy - The board of Huaxing Capital has approved a budget of $100 million to develop Web 3.0 business and invest in cryptocurrency assets over the next two years [1] - The company aims to strengthen its existing business while expanding into the Web 3.0 and cryptocurrency sectors, focusing on stablecoins, RWA (real-world assets), and the entire cryptocurrency ecosystem [1] Group 2: Market Context - The implementation of the Stablecoin Regulation Draft in Hong Kong on August 1 marks a significant step in establishing a licensing system for fiat-backed stablecoin issuers, enhancing the regulatory framework for virtual asset activities [1] - Analysts have noted that the move towards compliance in the stablecoin market presents investment opportunities, particularly in stablecoins and RWA [1]

恺英网络 20250805 摘要 恺英网络凭借《斗罗大陆》、《诛仙传说》等大 IP 改编游戏进入新产品 周期，有望驱动业绩增长。2025 年 2 月上线的《龙珠世界》首月流水 达 2 亿，预计六七月份月流水仍可达 8,000 万左右，表现优异，为业绩 带来显著边际贡献。 传奇类游戏业务通过解决版权问题和拓展小程序游戏巩固基本盘， "传 奇盒子"作为社区平台贡献增量。正版化推进有望扩大在 300 亿规模传 奇 IP 市场份额，并拓展变现渠道。 恺英网络与比高集团合作设立吉亿公司，分拆 AI 模型及引擎独立运营。 行一大模型作为国内首个 AI 工业化管线模型，提升游戏开发效率，并可 商业化服务中小团队。 恺英网络投资开发 Eve AI 智能排班应用，预计 2025 年四季度推出，该 应用具有高度拟人性和高情商特性，可与用户进行互动，有望成为业内 代表性产品。 恺英网络布局潮玩业务，推出晚安羊和布优鸟两款 IP AI 玩具，通过线上 APP 社区打通线上线下，提高用户复购率和粘性，预计 2025 年第四季 度正式推出。 Q&A 恺英网络的核心投资逻辑是什么？ 布局。例如，与比高集团合作设立吉亿公司，分拆协议大模型及 ...