Core Insights - Ant Group's Ant Financial is expanding its Real World Asset (RWA) business beyond renewable energy assets to include computing power and broader financial assets, indicating a maturation of its RWA technology platform and ecosystem [1][4] Group 1: RWA Business Expansion - Ant Financial's RWA business initially focused on renewable energy assets but is now exploring computing power and financial assets, supported by a year of practical validation in the renewable sector [1] - The RWA practice was recognized as a representative case in the Hong Kong Monetary Authority's Ensemble sandbox, highlighting its significance in the market [1] - The company is accelerating its layout across technology, industry, and ecosystem dimensions, aiming for a comprehensive approach to RWA [1] Group 2: Technological Framework - Ant Financial has developed a complete technological closed loop for digital assets, focusing on trustworthiness, efficient circulation, transaction security, and compliance [2] - The "AntChain Inside" framework utilizes a proprietary "blockchain + IoT" architecture, managing over 15 million renewable energy devices, establishing the largest on-chain renewable energy device network globally [2] - The "Two Chains, One Bridge" architecture facilitates efficient connections between domestic assets and global capital, while the Layer 2 blockchain Jovay enhances RWA transaction throughput and reduces user response time to under one second [2] Group 3: Market Strategy and Caution - Ant Financial is selectively expanding its RWA portfolio, emphasizing a cautious approach to asset selection, akin to transplanting trees, ensuring a solid foundation before scaling [4] - The company has rejected numerous RWA requests in sectors like agriculture and fine art, focusing on assets that meet specific criteria for stability, legal clarity, and verifiable off-chain data [4] - The rise of AI and the digitalization of computing power align well with RWA requirements, making financial assets ideal candidates for tokenization [4] Group 4: Ecosystem Development - Ant Financial is building a one-stop tokenization issuance ecosystem in Hong Kong, collaborating with licensed institutions to cover all aspects of securities trading, investment consulting, asset management, and digital asset custody [5] - The company is also working with the China Academy of Information and Communications Technology and over 20 enterprises to establish asset on-chain standards, which will be released soon [5][6] - Ant Financial has made significant moves in Hong Kong, including becoming a key enterprise partner of the Hong Kong government and establishing an AI + Web3 laboratory in collaboration with Hong Kong Polytechnic University [6]

Core Insights - The report emphasizes that not all assets are suitable for RWA tokenization, which refers to the tokenization of real-world assets through blockchain technology to enhance liquidity and lower investment barriers [2] - The RWA industry is transitioning from concept validation to practical application, with a total locked value (TVL) of RWA reaching $12.5 billion by June 2025, a 124% increase from 2024 [2] - The integration of RWA with stablecoins signifies an upgrade in the "on-chain finance" paradigm, addressing issues of "transaction idleness" and "token rootlessness" in the crypto ecosystem [3] Industry Developments - The report outlines three key criteria for successful RWA tokenization: value stability, clear legal rights, and verifiable off-chain data [2] - Major financial institutions like Citibank and Standard Chartered are exploring RWA applications in payment settlements, asset management, and cross-border transactions [2] - Ant Group has launched a blockchain platform, Jovay, designed for institutional-level RWA transactions, significantly improving throughput and reducing user response time [2] Challenges and Risks - The development of RWA faces significant challenges, including regulatory discrepancies across countries, insufficient transparency of off-chain data, and low liquidity of certain assets [3] - Technical security vulnerabilities and contract complexity are also potential risks that need to be managed alongside technological innovation [3]

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]

Core Insights - The concept of Real-World Asset (RWA) tokenization, which aims to place traditional assets like stocks and bonds on the blockchain, has not yet gained widespread acceptance among major institutional investors on Wall Street [1][4] - According to JPMorgan, the overall market for RWA tokenization is still small, valued at only $25 billion, with most activity driven by crypto-native companies rather than traditional financial institutions [1][3] - The main obstacles to RWA adoption include fragmented cross-border regulations, legal uncertainties, and limited trust in the executability of smart contracts [1][5] Group 1: RWA Tokenization Overview - RWA tokenization is promoted as a way to make financial market transactions faster, cheaper, and more transparent, but this vision largely remains theoretical [2][3] - The tokenization process involves creating blockchain-based representations of traditional financial assets, which can include government bonds, loans, and real estate [2][3] - Stablecoins have validated the on-chain payment pathways, with monthly settlement volumes reaching $650 billion to $700 billion, indicating a growing interest from traditional banks in issuing their own stablecoins [2] Group 2: Market Dynamics and Predictions - The World Economic Forum highlights that tokenization can provide a unified ledger, real-time settlement, and programmable attributes, thereby reducing settlement risks and increasing efficiency [3] - Predictions suggest that the scale of tokenized real-world assets could exceed $18 trillion by 2033, with a compound annual growth rate (CAGR) of 53% since 2025 [3] - Some traditional financial firms, such as Fidelity and VanEck, are beginning to experiment with RWA tokenization, indicating a cautious but growing interest in this area [3] Group 3: Challenges and Institutional Perspectives - Despite some initiatives, RWA adoption remains limited, with secondary market activities for tokenized bonds and private assets being very restricted [4][5] - Traditional investors perceive the utility of RWA tokenization as minimal, as the existing financial system is becoming faster and more efficient, reducing the demand for radical changes in settlement and trading [5] - Concerns about legal clarity, operational risks, and ecosystem fragmentation continue to hinder broader institutional adoption of RWA tokenization [5]

大家早上壕！ 先看海外要闻： 美股涨跌不一，道指收跌0.51%、纳指收涨0.35%、标普500收跌0.08%，苹果收涨3.18%，英伟达、特斯拉、亚马逊、谷歌A至多涨0.75%，微软 则收跌0.78%，Meta Platforms跌1.32%。 特朗普将签署行政令，允许401K账户投资加密货币、私募基金等其他另类投资。 美国持续申领失业救济人数升至2021年底以来最高，表明劳动力市场降温。 OpenAI发布性能更加强大的GPT-5，用于编程和写作，将向免费用户和付费用户提供；美股AI应用概念股Applovin上涨11.97%，多领国上涨 13.75%。 报道：特斯拉解散Dojo超级计算机团队，马斯克的AI抱负遇挫。 礼来Q2营收大增38%并上调全年指引，但口服减肥药效果不及预期，公司收跌超14%创最近25年最差单日表现。 国内重大事件汇总： 据CCTV国际时讯，普京说或在阿联酋会晤特朗普。 航运巨头马士基：美国以外地区需求强劲，上调展望集装箱市场需求。 点评：国泰海通证券表示，随着人形机器人逐步量产，灵巧手也有望迎来规模化发展；目前灵巧手正向更高的仿生度、集成化和智能化的方向发 展，是人形机器人的"神经末梢" ...

Company Developments - Ideal Automotive's legal team responded to multiple reports from car owners regarding "black water army," stating that such negative information may involve organized illegal activities. The company is collecting evidence and will pursue legal action through all available legal channels [7] - China Mobile reported a revenue of 543.8 billion yuan for the first half of the year, with communication service revenue at 467 billion yuan, a year-on-year increase of 0.7%. The profit attributable to shareholders was 84.2 billion yuan, up 5.0% year-on-year, and an interim dividend of 2.75 HKD per share was declared, reflecting a 5.8% increase [7] - Semiconductor Manufacturing International Corporation (SMIC) reported sales revenue of 2.209 billion USD in the second quarter, a decrease of 1.7% quarter-on-quarter, with a gross margin of 20.4%, down 2.1 percentage points. The company expects a revenue growth of 5% to 7% in the third quarter, with a gross margin between 18% and 20% [7] - Upwind New Materials achieved a revenue of 784 million yuan in the first half of the year, a year-on-year increase of 12.50%, while net profit decreased by 32.91% to 29.9 million yuan [8] - Furi Electronics (4 consecutive trading limits) reported that its subsidiary provides JDM/OEM services for service robot products, with revenue contribution being less than 1% [9] - Chuangzhong Technology (4 trading limits in 6 days) clarified that its business does not involve the production of liquid-cooled servers, only participating in testing platforms for liquid cooling [10] Industry Insights - The A-share market experienced a pullback after a surge, with the rare earth permanent magnet concept driving a recovery in cyclical stocks. The semiconductor industry chain, intelligent agents, and brain-computer interface concepts showed strength, while CRO, weight-loss drugs, and innovative drug concepts lagged. The Shanghai Composite Index closed up 0.16% at 3639.67 points, while the Shenzhen Component Index fell 0.18% and the ChiNext Index dropped 0.68%, with total market turnover expanding to 1.85 trillion yuan [6] - The RWA registration platform officially launched in Hong Kong on August 7, initiated by the Hong Kong Web 3.0 Standardization Association, aiming to facilitate the entire process of dataization, assetization, and financialization of RWA assets [6] - MSCI announced the addition of 42 stocks to the global index ACWI, while removing 56 stocks. The three new constituents of the MSCI Emerging Markets Index are CITIC Bank, Sentosa Bank, and Laopu Gold [6] - The third actively delisted stock of the year is expected to emerge, as *ST Tianmao's controlling shareholder is planning a significant matter related to the company, leading to a suspension of its stock. This year, Yulong Co., Ltd. and AVIC Industry have already applied for voluntary delisting [6]

（一）重要市场新闻 1、美股三大指数收盘涨跌不一，道指跌0.51%，纳指涨0.35%，标普500指数跌0.08%，热门科技股涨跌 不一，AMD涨超5%，苹果涨超3%，Meta跌超1%，英特尔跌近3%。赫克拉矿业涨超13%，泛美白银涨 超7%。纳斯达克中国金龙指数收涨0.95%，热门中概股多数上涨，名创优品涨超3%，小鹏汽车、理想 汽车、京东涨超1%，哔哩哔哩跌超1%。 点评：2025年有望成为人形机器人开启从0到1阶段的关键时点，尤其是随着宇树、智元等行业头部公司 加速推进零部件性能升级和成本降低，人形机器人产业发展趋势愈发明朗，2025年有望成为行业爆发起 点。具身智能作为人工智能的重要分支，正逐步走向产业应用，推动专用机器人向通用机器人发展。随 着AI大模型加速驱动及科技公司研发积极推动，具身智能市场规模加速打开。预计未来五年，具身智 能的市场规模将持续增长，有望在2026年突破万亿规模。概念股包括东土科技、汉宇集团、汉威科技 等。 3、8月7日，RWA注册登记平台正式在中国香港地区上线，由香港Web3.0标准化协会发起，将打通RWA 资产代币化的数据化、资产化和金融化全过程服务体系。另据报道，蚂蚁数科正 ...

Core Viewpoint - Ant Group's Ant Technology is expanding its Real World Asset (RWA) business beyond renewable energy to include computing power and financial assets, leveraging its established technology platform and ecosystem [1][3]. Group 1: RWA Business Expansion - Ant Technology's RWA business initially focused on renewable energy assets and is now exploring computing power and broader financial assets [1][3]. - The company has been recognized by the Hong Kong Monetary Authority's Ensemble sandbox for its RWA practices, marking a year of significant progress [3]. - Ant Technology is collaborating with over 20 enterprises and the China Academy of Information and Communications Technology to promote the "AntChain Inside" standard for asset tokenization [3][7]. Group 2: Technological Advancements - The company has developed a complete technological closed loop for digital assets, focusing on trustworthiness, efficiency, security, and compliance [4]. - Ant Technology's "AntChain Inside" utilizes a proprietary "blockchain + IoT" architecture to manage asset data throughout its lifecycle, linking over 15 million renewable energy devices [4]. - The "Two Chains and One Bridge" framework facilitates efficient connections between domestic assets and global capital, while the Layer 2 blockchain Jovay enhances RWA transaction throughput and reduces user response time to under one second [4]. Group 3: Cautious Asset Selection - Ant Technology is selectively expanding its RWA portfolio, emphasizing the importance of stability, legal clarity, and verifiable off-chain data for asset selection [6]. - The company has rejected numerous RWA requests in sectors like agriculture and fine art, focusing instead on areas with proven technological validation and scalability [6]. - The rise of AI and the digitalization of computing power align well with RWA requirements, making financial assets ideal candidates for tokenization [6]. Group 4: Compliance and Ecosystem Development - Ant Technology has established a comprehensive ecosystem for compliant asset issuance by collaborating with licensed institutions in Hong Kong [7]. - The company integrates various services, including securities trading, investment consulting, asset management, and digital asset custody, to facilitate the entire RWA process [7].

Group 1 - The State Council announced a policy to waive education fees for all kindergarten children in their final year, expected to benefit approximately 12 million people and reduce family expenses by 20 billion yuan this fall [2] - S&P maintained China's sovereign credit rating at "A+" with a stable outlook, reflecting confidence in China's economic resilience and debt management [2] - In July, China's total goods trade value reached 3.91 trillion yuan, a year-on-year increase of 6.7%, with exports growing by 8% and imports by 4.8% [2] Group 2 - The People's Bank of China will conduct a 700 billion yuan reverse repurchase operation with a three-month term, aiming to maintain liquidity in the market [4] - As of the end of July, China's foreign exchange reserves stood at 32,922 billion USD, a decrease of 25.2 billion USD from the end of June [4] - The Ministry of Justice, in collaboration with other agencies, issued a document to address issues related to enterprise fines, focusing on excessive penalties and improving regulatory practices [4] Group 3 - In late July, heavy rainfall in North and South China caused severe flooding and geological disasters, prompting the government to allocate 430 million yuan for disaster relief [5] - The China Logistics and Purchasing Federation reported that the road logistics price index in July was 105 points, a slight decrease of 0.05% month-on-month but an increase of 1.8% year-on-year [5] Group 4 - The A-share market experienced fluctuations, with the Shanghai Composite Index closing up 0.16% at 3,639.67 points, while the Shenzhen Component Index and the ChiNext Index fell [6] - The Hong Kong Hang Seng Index rose 0.69% to 25,081.63 points, marking four consecutive days of gains, with significant inflows into the property and materials sectors [6] - MSCI announced the addition of 42 stocks to the global index ACWI, while removing 56 stocks, with notable new entrants in the emerging markets index [6] Group 5 - The third company this year to apply for voluntary delisting is *ST Tianmao, as its controlling shareholder is planning a significant matter related to the company [7] - Huayan Robotics is reportedly seeking to raise over 200 million USD through an IPO in Hong Kong, focusing on high-end collaborative robots [7] Group 6 - The Ministry of Industry and Information Technology and other departments issued guidelines to promote innovation in the brain-computer interface industry, with specific goals set for 2027 and 2030 [10] - The 11th batch of national drug procurement has officially started, involving 55 varieties, with new options for reporting by brand [10] - In July, the average price of new residential buildings in 100 cities was 16,877 yuan per square meter, a month-on-month increase of 0.18% [10] Group 7 - The China Securities Association emphasized the need for self-regulation in the bond market, particularly regarding underwriting fees [21] - In July, the total bond financing in the real estate sector reached 71.39 billion yuan, a year-on-year increase of 90.3% [22] - U.S. Treasury yields rose collectively, influenced by policy expectations and positive economic data [22]

Overview - Sei Network is collateralized by assets from BlackRock, Hamilton Lane, and Apollo [1] - Elixir's fastUSD is a yield-bearing stablecoin [1] Real World Asset (RWA) - fastUSD brings native RWA exposure to Sei Network [1] - RWAs move faster on Sei Network [1]