Macroeconomic Insights - The US GDP growth rate for Q2 2025 increased significantly to 3% due to a rebound in personal consumption income and expenditure, with disposable income rising by 4.3% year-on-year and expenditure by 4.75%[8] - The core PCE price index showed a year-on-year increase of 2.79% in June, indicating persistent inflationary pressures[8] - The US non-farm payrolls added only 73,000 jobs in July, with significant downward revisions to previous months' data, raising concerns about the labor market's strength[23] Market Trends - Major global stock indices experienced declines, with the Shanghai Composite Index down 0.9%, Nikkei 225 down 1.6%, S&P 500 down 2.4%, and Hang Seng Index down 3.5%[7] - Commodity prices showed mixed results, with IPE Brent crude oil futures up 1.7% and COMEX copper down 20.2% due to policy impacts[7] - The dollar index rose by 1% over the week, reflecting a recovery after a rapid decline[7] Investment Strategies - The report emphasizes a focus on long-term investment opportunities in low-inflation environments, particularly in bond assets and high-dividend equities[20] - The ongoing transformation of the Chinese economy is expected to create new investment opportunities, especially in technology and new consumption sectors[42] - The report suggests that the decline in risk-free rates, with long-term government bond yields falling below 2%, will further enhance the attractiveness of equities over fixed-income products[44]

Core Insights - FTFT has officially established a "Real World Asset Tokenization Division" (RWA Division) to explore the technical pathways and compliance feasibility for issuing stablecoins and tokenizing core assets under its umbrella [1] - The company aims to apply for regulatory licenses related to the issuance and circulation of stablecoins, marking a new phase in the integration of RWA and stablecoin business under the Web 3.0 framework [1] Group 1 - The RWA Division will be led by former Blockchain Division President Xu Kai, who will oversee strategic planning and daily management [1] - The primary focus of the division includes communication with U.S. regulatory bodies to apply for relevant licenses for RWA and stablecoins, as well as exploring the feasibility of tokenizing core or potential acquisition assets [1][2] - Former Vice President of FTFT Securities, Chen Jia, has been appointed as Vice President of the RWA Division, responsible for communication with Hong Kong regulatory bodies and lawyers, and applying for additional virtual asset-related licenses [1] Group 2 - FTFT CEO Li Hu stated that the next major task is to build a technical framework for stablecoin issuance and management, evaluating underlying assets such as gold and Bitcoin to be linked with U.S. Treasury bonds [2] - The RWA Division will lead the design and implementation of the on-chain process for real-world assets, establishing a comprehensive asset valuation, risk management, and trading mechanism [2] - The company's blockchain chief advisor, Professor Xiong Yu, will assist in communication and collaboration with regulatory agencies and partners to ensure the healthy development of stablecoin and RWA business in compliance [2]

21世纪经济报道 记者 崔文静 北京报道 香港《稳定币条例》与美国《GENIUS法案》的相继落地，对此，21世纪经济报道记者与清华大学国家 金融研究院院长、清华大学五道口金融学院副院长田轩教授展开一场对话。在田轩看来，上游发币方如 Circle（USDC），依托合规性与储备资产透明度形成优势，但需警惕储备资产流动性风险；中游服务 商如 Chainalysis，凭借技术能力立足，却面临技术迭代被替代的挑战；下游场景方如蚂蚁、京东等，通 过 "RWA + 支付" 闭环释放商业潜力，不过概念炒作可能催生估值泡沫。 跨境协作方面，香港作为国际金融枢纽，在稳定币监管中高度重视与其他司法管辖区的合作，通过建立 互信机制，促进稳定币的跨境流动与使用场景扩展。而美国的《GENIUS法案》更多聚焦于国内市场的 整合与保护，在国际合作上通常附带严苛条件。因此，这种灵活性、包容性方面的差异，使得香港模式 能够更好地适应多边金融体系，促进全球稳定币市场的多元化发展，而美国模式则可能在短期内继续通 过美元锚定型稳定币主导主流市场，进一步挤压其他货币的空间。 21世纪：您提到香港条例推动"数字金融与跨境资本体系重构"。稳定币是否可能冲击 ...

Core Viewpoint - The A-share market often behaves contrary to expectations, with unexpected rebounds and declines occurring frequently. Group 1: Market Trends - Recent days have seen military, pharmaceutical, and technology sectors taking turns as market leaders, supported by a rebound in robotics [2] - The banking index has experienced a decline of over 6% since mid-July, marking a significant pullback compared to the last three years [2] - High-risk capital that flowed into the banking sector in late June is gradually exiting, leading to a noticeable decrease in the volatility of the banking sector [3] Group 2: Banking Sector Analysis - Guotou Securities indicates that the clearing of the banking sector's chip structure suggests that the major phase of decline has passed [4] - The overall ROE level of the banking index is at 9.33%, which is historically low, while profit growth remains at a historical low of 0-2% [8] - Despite some recovery in sentiment, risks remain due to unresolved trade talks between China and the U.S. and potential spillover risks from the U.S. stock market [8] Group 3: Real Estate Market Insights - The Chinese real estate market has undergone the longest and most severe adjustment in 26 years, with sales area and amount significantly declining [11] - By 2024, the sales area is projected to be 974 million square meters, a 15-year regression, and the sales amount is expected to be 9.67 trillion yuan, an 8-year regression [11] - New housing prices in 70 major cities have decreased by 3.7% year-on-year, marking 39 consecutive months of decline [11] Group 4: Sector Performance - The A-share market saw a slight increase today, with the Shanghai Composite Index rising by 0.66% and the Shenzhen Component Index by 0.46% [15] - The military equipment sector experienced a collective surge, with several stocks hitting the daily limit [15] - The gaming sector also performed actively, with Giant Network hitting the daily limit [16] Group 5: Capital Flow Dynamics - Main capital inflow was 38.3 billion yuan, with the machinery equipment sector seeing the largest net inflow [27] - The top five sectors for net inflow included machinery equipment, defense military, automotive, electronics, and non-ferrous metals [27] - The banking sector saw a net inflow of 2.255 billion yuan, indicating some interest from investors [28] Group 6: Industry Valuation and Sentiment - The defense military, machinery equipment, and non-ferrous metals sectors are leading in performance, while retail, oil and petrochemicals, and social services are lagging [37] - The trading heat in sectors like construction decoration, environmental protection, and electric power equipment has increased, while sectors like agriculture, non-bank finance, and food and beverage are at historical low PE levels [37]

Market Overview - On August 4, the market saw a significant rise with all three major indices closing in the green, over 3,800 stocks rising, and more than 1,300 stocks declining [1] - A total of 69 stocks hit the daily limit up, while 6 stocks hit the limit down [1] High-Performing Stocks - Victory Energy achieved a limit up for four consecutive days, while Lideman, involved in a merger and restructuring, saw a 20% limit up for three consecutive days [3][4] - The military industry sector had nearly 20 stocks hitting limit up or rising over 10%, with notable performances from Wanze Shares and Great Wall Military [3] - The robotics sector also experienced a rebound, with Zhongma Transmission and Dongjie Intelligent showing strong performances [3] Stock Performance Data - Victory Energy (Code: 001331) recorded a 10.01% increase, with a trading volume of 6.0748 billion [4] - Dongxin Co. (Code: 688110) saw a 20% increase, with a trading volume of 5.667 billion [4] - Lideman (Code: 300289) achieved a 20% increase, with a trading volume of 1.588 billion [4] Top Trading Stocks - The top net buying stocks on the day included Hanyu Pharmaceutical, Construction Industry, and Longcheng Military, with net purchases of 5.45 billion, 4.57 billion, and 4.45 billion respectively [5][6] - The top net selling stocks included Giant Network, Asia-Pacific Pharmaceutical, and Tibet Tianlu, with net sales of 2.07 billion, 1.93 billion, and 1.78 billion respectively [7] Sector Highlights - Hanyu Pharmaceutical is collaborating with a well-known cryptocurrency exchange, marking a significant move in the pharmaceutical industry by tokenizing future revenue rights [10][12] - The company is advancing its innovative weight-loss drug project, with various formulations under development [12] - Construction Industry, involved in military restructuring, also saw significant trading activity, with a trading volume of 3.249 billion [13][16] Institutional Activity - Institutions showed strong interest in Hanyu Pharmaceutical and Construction Industry, with net purchases of 2.33 billion and 2.17 billion respectively [20] - Conversely, institutions sold off shares in Giant Network and Asia-Pacific Pharmaceutical, with net sales of 1.76 billion and 1.25 billion respectively [20]

@StellarOrg @provenancefdn @injective View RWA on CoinGecko:https://t.co/vtDVGcMKBA ...

翰宇药业午后20%涨停，公司与KuCoin达成战略合作，探索创新药RWA项目。创新药概念回暖，广生 堂涨超15%再创逾10年新高，药石科技、舒泰神等先后翻红。 ...

人民财讯8月4日电，大禹节水(300021)8月2日在RWA时代高端农产品创新研讨会上表示，公司充分认识 到RWA是农业水利资产与数字金融相结合的重要尝试，将为行业的发展提供新型金融助力，将积极研 究推动相关业务进程。目前，该事项尚处于筹划阶段，公司相关资产能否成功实现RWA上链仍存在较 大不确定性，具体进展情况以公司公告为准。 转自：证券时报 ...

（文章来源：证券日报） 中科原动力董事长韩威介绍了智能采摘机器人在设施农业中的创新应用。他提到，温室采摘机器人技术 路径涵盖多模态感知、智能决策与自主操作，已在其他品种实现应用，未来将与大禹节水携手，加速机 器人在云南蓝莓基地的落地应用。 与会专家一致认为，区块链技术为农业资产数字化确权、供应链金融模式创新及碳积分交易开辟了广阔 空间。中国农业大学副校长杜太生教授强调，需强化学术界与产业界协同，推动高品质农业与现代资本 深度绑定，助力建设农业强国。 专题分享环节，科思达集团中国区总经理穆晨晖剖析了全球浆果产业趋势及云南蓝莓的竞争优势，中科 原动力研发主管李兴旭展示了智能采摘机器人的成熟方案，大禹节水副总裁陈静介绍了公司在农业水利 数字化领域的创新实践。沙龙讨论由董事会秘书姚键主持，嘉宾们围绕RWA与农业结合的路径展开热 议，呼吁完善政策法规框架，以实现技术创新与产业发展的可持续融合。 有分析人士表示，此次研讨会及签约动作清晰展现大禹节水深化智慧农业布局的战略路径。大禹节水携 手科思达集团锁定高端蓝莓市场，为智能灌溉技术提供优质场景；联合中科原动力直击劳动力痛点，有 望在云南基地形成可复制的机器人采摘方案，提升 ...

Market Performance - The Hang Seng Index closed at 24,507, down 1.07% for the day but up 22.17% year-to-date [1] - The Hang Seng Tech Index closed at 5,397, down 1.02% for the day and up 20.80% year-to-date [1] - The Dow Jones Index closed at 43,588, down 1.23% for the day and up 2.45% year-to-date [1] - The S&P 500 Index closed at 6,238, down 1.60% for the day and up 6.06% year-to-date [1] - The Nasdaq Index closed at 20,650, down 2.24% for the day and up 6.94% year-to-date [1] Currency and Commodity Performance - The Renminbi Index is at 96.760, up 1.48% over the last month but down 3.91% over the last six months [2] - Brent crude oil is priced at $71.440 per barrel, up 7.67% over the last month but down 1.33% over the last six months [2] - Gold is priced at $3,295.05 per ounce, down 1.31% over the last month but up 17.05% over the last six months [2] Company News - RWA Group received strategic investment from Meta Strategy, which will support technology development and market expansion [11][12] - InnoTech responded to being selected as a partner for NVIDIA's 800V DC power architecture, indicating that the collaboration has not yet generated substantial orders [13] - BYD reported July sales of 344,296 new energy vehicles, a 10% month-on-month decrease [14] - Apple plans to increase spending on data centers and acquisitions to catch up with competitors in AI [15] Economic Indicators - The US ISM Manufacturing PMI fell to 48 in July, indicating a contraction for the fifth consecutive month [17] - The US has raised tariffs on several Asian countries, with rates reaching up to 40% [16] - Trump's administration announced a 35% tariff on certain imports from Canada, while maintaining exemptions under the USMCA [18]