当互联网被发明的时候，人们甚至不知道它能用来做什么。现在，它已经彻底改变了人们的生活。区块 链技术也尚在前沿技术领域，就像20世纪80年代的个人电脑、90年代的互联网、21世纪10年代的智能手 机! 由于我们太熟悉如今的网络世界，甚至没发现任何不妥之处。当工作和生活中充斥着由几家科技巨头开 发的应用程序时，《读，写，拥有》如当头一棒! 在30年的互联网职业生涯中，a16z合伙人克里斯·迪克森根据第一手观察、思维模型和经验总结，用清 晰而引人注目的文字，向我们展示了互联网是如何经历了三个不同的时代并将我们带到今天的关键时 刻。第一幕是1990—2005年的只读时代，早期的互联网网络使信息民主化。随后是横跨2006—2020年的 读写时代，企业网络实现了发布民主化。现在，我们正在向"读，写，拥有"时代转型，这个时代也被称 为Web3，区块链网络将实现所有权民主化，赋予网络参与者而非公司成为网络权力和经济利益的相关 者。 互联网将回归平等开放，没有巨头企业的跟踪，没有强制的内容展示，流量自然增长。互联网社区鼓励 创新创造，由用户定义，共建共享！ 迪克森为区块链正名，区块链绝不是加密货币的代名词，它将为整个互联网参与 ...

Core Insights - The global cryptocurrency market is experiencing a strong rebound after a period of decline, but underlying issues persist, particularly in the Layer2 and AI sectors, which have unexpectedly led the market downturn [1][3] - KuCoin's derivatives trading platform has become a preferred choice for investors seeking to hedge against risks, while XBIT's decentralized exchange platform has utilized on-chain data analysis to reveal the underlying logic of this atypical market behavior [1][3] Market Dynamics - Bitcoin has returned to $105,000 and Ethereum has stabilized around $2,500 due to favorable conditions such as calls for a ceasefire in Israel and a cooling of Federal Reserve interest rate hike expectations [1] - However, notable declines were observed in the Layer2 sector, with Celestia (TIA) and Mantle (MNT) dropping by 1.45% and 2.33% respectively, and a significant 83.23% drop in Polyhedra Network (ZKJ) due to a liquidity crisis [1][3] Risk Management and Trading Strategies - XBIT's security team highlighted that the ZKJ incident exposed critical vulnerabilities in AI and blockchain projects related to cross-chain asset custody, with a total value locked (TVL) evaporating by 92% within 48 hours [3] - KuCoin's trading volume surged by 37% in 24 hours, with Bitcoin perpetual contract positions exceeding 5.2 billion contracts, indicating a shift of institutional users towards derivatives for risk hedging [3] Collaborative Innovations - A recent collaboration between XBIT and KuCoin has created a "DEX-CEX liquidity bridge," allowing users to stake on XBIT and open high-leverage contracts on KuCoin, which has proven effective during market volatility [3][5] - The maximum cross-chain transfer time through the XBIT-KuCoin channel was recorded at 2.3 seconds, significantly faster than the industry average of 8 seconds [3] Market Structure and Behavioral Analysis - XBIT's research institute identified key anomalies in market behavior, noting a 2.48% increase in Layer1 assets, with Solana (SOL) leading at 7.38%, although 34% of new SOL addresses were identified as "ghost wallets," potentially inflating real trading volumes [5] - The overall DeFi sector rose by 1.36%, but significant price increases in Sky (SKY) and Jupiter (JUP) were attributed to manipulation by a whale address using flash loans, which XBIT's MEV protection mechanism intercepted [5] Future Outlook - The market is undergoing a structural transformation, with signs of overheating retail sentiment as even meme coins like Fartcoin (FARTCOIN) saw a 4.91% increase [7] - XBIT's AI-driven on-chain behavior analysis system provided a 12-hour risk warning for the AI sector, showcasing a competitive advantage over centralized exchanges [7] - The synergy between XBIT's decentralized security and KuCoin's centralized efficiency is expected to position them as key players in the evolving cryptocurrency landscape [7]

Industry Overview - The urban environmental protection industry focuses on solving urban environmental issues and improving ecological quality through technology and management measures [1][9] - The industry has seen significant growth, with the market size projected to increase from 1.01 trillion yuan in 2019 to 1.49 trillion yuan in 2024 [7][9] Industry Environment - Urban areas are densely populated and face severe environmental challenges, making urban environmental protection a priority for national development [5] - As of the end of 2023, there are 694 cities in China, with an urbanization rate of 67%, indicating ongoing urbanization and a growing demand for environmental services [5] Industry Status - The urban environmental protection industry is categorized into four segments: energy conservation and emission reduction (35.81%), pollution control (29.96%), recycling (20.91%), and natural resource protection (13.32%) [9] - Major companies in the industry include China Everbright Environment, Beijing Enterprises Water Group, and China Tianying, which are part of the leading competitive tier [11] Future Trends - Technological innovation is driving the industry towards smart environmental solutions, with advancements in IoT, AI, and big data enhancing operational efficiency [17] - Continuous policy support is expected to facilitate market reforms, with initiatives aimed at improving resource and environmental market mechanisms [18] - The international market is becoming increasingly important, with Chinese environmental companies expanding their presence in Southeast Asia and the Middle East [19]

Core Insights - The concept of "stablecoins" has gained significant attention in the financial sector due to the ongoing development of global fintech [1] - Stablecoins are a type of cryptocurrency that maintains price stability by being pegged to specific assets, commonly fiat currencies like the US dollar [3] - The rise of stablecoins is attributed to their utility in mitigating risks for cryptocurrency traders, their essential role in decentralized finance (DeFi), and their efficiency as a payment tool [5] Group 1: Understanding Stablecoins - Stablecoins are fundamentally different from traditional cryptocurrencies like Bitcoin and Ethereum due to their inherent stability [3] - The most common type of stablecoin is fiat-collateralized, such as USDT, which is backed by a dollar for every token issued, ensuring a 1:1 peg to the US dollar [3] Group 2: Functions and Applications - For cryptocurrency traders, stablecoins serve as a safe haven during volatile market conditions, allowing them to convert high-risk assets into stablecoins [5] - In the DeFi sector, stablecoins are crucial for lending, mining, and derivatives trading, providing a stable value reference and liquidity support [5] - Stablecoins facilitate efficient and low-cost transactions for cross-border payments and on-chain payments, leveraging blockchain technology [5] Group 3: Regulatory Developments - Increasing global attention on stablecoins has prompted various countries to develop regulatory frameworks, such as the US Senate's passage of the Stablecoin Innovation Act and Hong Kong's Stablecoin Regulation Draft [7] - The establishment of regulatory policies is expected to lead to a more standardized and orderly development of the stablecoin market, protecting investor rights [7]

Group 1 - The core viewpoint is that China's foreign trade has shown stable growth in the first five months of the year, with a total import and export value of 17.94 trillion yuan, reflecting a year-on-year increase of 2.5%, and exports reaching 10.67 trillion yuan, up 7.2% [1] - China's foreign trade performance exceeds market expectations, indicating that Chinese enterprises have effectively countered external shocks through technological innovation and market diversification [1][2] - The structural upgrade of "Made in China" is evident, with a focus on green, low-carbon, and intelligent products gaining attention, enhancing the competitiveness of Chinese exports [1][3] Group 2 - The global manufacturing industry is paying attention to the structural upgrade and value creation transition of "Made in China," with increased automation reinforcing its irreplaceability [2] - A survey by the China-Germany Chamber of Commerce indicates that 55% of German companies believe Chinese enterprises will become innovation leaders in their industries within five years [2] - China's industrial policies, which draw from German experiences but are implemented with greater intensity, have significantly contributed to the development and innovation levels of its manufacturing sector [2][3] Group 3 - China has introduced various policies to promote manufacturing development, aiming to become a global manufacturing leader by the centenary of the founding of the People's Republic of China [3] - By 2024, China's manufacturing sector is expected to maintain its position as the largest in the world for 15 consecutive years, with a complete industrial production system [3] - Continuous technological innovation in China's manufacturing sector is leading to the emergence of high-tech, high-value-added products, further optimizing the industrial structure [3][4] Group 4 - Despite the progress, challenges remain in product R&D, advanced process design, and high-end production equipment, indicating the need for further improvements to transition from a manufacturing giant to a manufacturing power [4] - There is a call for significant technological upgrades and large-scale equipment renewal to enhance traditional industries using digital and green technologies [4] - The focus is on developing world-class advanced manufacturing clusters in strategic sectors such as rail transportation, smart connected vehicles, and renewable energy [4]

这场变革已超越商业范畴，演变为新旧金融势力的角力场。尽管面临监管和技术成熟度挑战，但当沃尔玛货架上的商品能 用稳定币标价时，我们或许正在见证21世纪最深刻的货币革命开端。对于消费者而言，更低的交易成本与更便捷的支付体 验将是这场革命最直观的馈赠。 图源:币界网 《GENIUS法案》的推进成为关键变量。该法案拟为非银机构参与支付清算开辟合法路径，但要求稳定币发行方满足储备 金透明化、反洗钱审查等严苛条件。沃尔玛游说修改法案的行为，折射出企业既渴望突破Visa、万事达卡垄断，又需确保 合规安全的矛盾心态。XBIT去中心化交易所平台分析师指出，美国财政部此前警告稳定币可能威胁金融稳定，这种监管 不确定性让企业更倾向"两条腿走路"——既研发自有稳定币，也储备USDC等合规方案作为备选。 图源:币界网 若零售巨头成功发行稳定币，影响将远超支付环节。XBIT去中心化交易所平台分析师表示：供应链金融领域，沃尔玛可 利用稳定币实现供应商货款实时结算；跨境电商中，亚马逊或能构建封闭式支付闭环，削弱PayPal的中介地位。更深远的 是，这可能倒逼银行体系升级实时支付网络（如FedNow），甚至引发美联储对数字美元的加速布局。 近 ...

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, which include significant stock market updates such as suspensions, increases or decreases in holdings, investment wins, acquisitions, earnings reports, unlocks, and high transfers [1] - It emphasizes the need for investors to identify potential investment hotspots and to guard against various black swan events by having ample time to analyze and select suitable listed companies [1] Group 2 - The first company mentioned is involved in the economy of grains, blockchain, AI gaming, AI large models, and Huawei's HarmonyOS, and has accumulated a large number of IP licenses, including well-known IPs like "Monopoly" [1] - The second company is advancing cooperation with relevant financial institutions in digital currency and is expanding its business in pilot cities for digital currency, focusing on blockchain, humanoid robots, military applications, and digital economy [1] - The third company plans to raise no more than 1 billion yuan for projects related to embodied intelligent robots, which includes humanoid robots, military applications, drones, and new energy vehicles [1]

Core Insights - MemeStrategy has made a strategic purchase of 2,440 units of Solana cryptocurrency for HKD 2.9075 million, leading to a significant stock price increase of 28.50% on the same day [1][2] Company Strategy - The CEO of MemeStrategy, Chen Zhan Cheng, expressed strong confidence in the long-term potential of Solana, highlighting its applications in decentralized platforms, real-world asset tokenization, and AI-driven Web3 scenarios [2] - The board of MemeStrategy recognizes Solana's foundational role in decentralized applications (dApps), institutional-grade decentralized finance (DeFi), and Web3 innovations, emphasizing its scalability and economic efficiency [2][4] Investment Rationale - MemeStrategy aims to leverage three core advantages by allocating financial reserves to Solana: 1. Participation in a rapidly expanding ecosystem that includes developers, individuals, and institutional users, driving sustainable demand [4] 2. Earning rewards through network validation via Solana's staking architecture, contributing to blockchain security [4] 3. Diversifying reserve assets by investing in high-growth digital assets with unique application value, complementing traditional reserves and hedging against macroeconomic fluctuations [4] Market Position - MemeStrategy is the first publicly listed company in Hong Kong to invest in the Solana ecosystem, with OSL Group facilitating this transaction [5] - OSL Group's involvement underscores its position as a preferred platform for institutional investors in digital assets, reflecting a growing market recognition and investment in cryptocurrencies with significant potential [5]

[Table_Title] 研究报告 Research Report 16 Jun 2025 香港中国非银行金融 Hong Kong China (A-share) Non-Bank Financials 现实世界资产（RWA）：与稳定币形成正循环、重塑企业跨境融资 Real World Assets (RWA): Enhanced by Stablecoin Regulations, Reshaping Cross-Border Financing Ling Tan ling.ml.tan@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 2024 年 8 月，金管局正式启动了 Ensemble 项目沙盒促进代币化应用， RWA 的进程不断加速。我们认为，香港立法 会 5 月 21 日通过《稳定币条例草案》将进一步推动现实世界资产（RWA）的发展。 点评 RWA 与稳定币的比较。稳定币是一种与法定货币、主流数字货币、大宗商品等资产锚定，实现货 ...

Core Insights - The global rise of digital currencies is prompting central banks to accelerate their exploration of central bank digital currencies (CBDCs) [1][2] - The mBridge project, which involves multiple central banks, has entered the Minimum Viable Product (MVP) stage, but faces challenges in data privacy and other areas [1][3] Technical Challenges - Beijing has a leading blockchain research foundation, but there is a gap in underlying blockchain technology compared to top international cities [1] - There is a lack of widely recognized evaluation standards and systems for blockchain technology, which affects performance, efficiency, scalability, and security [1] Market Challenges - Foreign trade enterprises primarily rely on the traditional USD-dominated cross-border payment system, limiting the acceptance of digital RMB for cross-border payments [1][2] Recommendations for Advancement - Strengthening core blockchain technology through comprehensive technical validation, creating an open-source blockchain community, and enhancing talent recruitment and training [2] - Improving enterprises' adaptability to new payment technologies while reinforcing cross-border payment regulatory frameworks to reduce digital transformation costs [2] - Enhancing international cooperation to elevate the level of financial services and align with global regulatory frameworks [2] Project Background - The mBridge project was jointly established by the Bank for International Settlements (Hong Kong), the Bank of Thailand, the Central Bank of the UAE, the People's Bank of China Digital Currency Research Institute, and the Hong Kong Monetary Authority in 2021 [2] - The project aims to address issues in traditional cross-border payment systems, such as high costs, low efficiency, low transparency, and limited access [2][3]