DeFi & Ethereum Ecosystem - TVL (Total Value Locked) concentration on Ethereum is highlighted [1] - The current asset concentration on Ethereum is expected to change dramatically in the next cycle with the introduction of Real World Assets (RWAs) on-chain [1]

Core Viewpoint - The recent mid-term performance report of Shengye (6069.HK) has attracted market attention, showcasing high growth trends and promising developments in AI and other cutting-edge fields [1][2]. Financial Performance - Shengye achieved a total revenue of approximately 405 million RMB and a net profit of about 203 million RMB for the first half of the year, reflecting a year-on-year growth of approximately 23% [3][5]. - The revenue from technology services surpassed 50% for the first time, reaching 52%, with a scale of approximately 211 million RMB, marking a year-on-year increase of 37% [3][5]. Business Model and Efficiency - The company is transitioning towards a technology-driven business model, which is expected to enhance profit margins and lead to a potential revaluation in the capital market [5]. - Shengye's operational efficiency has improved significantly, with the platform helping clients resolve approximately 278 billion RMB in capital turnover, a year-on-year increase of about 29% [7]. - The average profit per employee increased by 21% to 550,000 RMB, indicating ongoing operational efficiency breakthroughs [7]. AI Integration and Global Expansion - AI technologies, such as AI Agent, have been instrumental in enhancing operational efficiency and customer satisfaction, leading to new business opportunities [7]. - Shengye has initiated a global expansion strategy, establishing partnerships with over 30 international financial institutions and positioning its Singapore subsidiary as the group's international headquarters [8]. Value Anchors in Bull Market - The company possesses core asset attributes, particularly in the "AI + industrial supply chain" layout, which provides high visibility and a unique market position [9][11]. - Shengye's high growth potential is evident, especially in new sectors like e-commerce and robotics, with the e-commerce supply chain service scale exceeding 2.8 billion RMB, an eightfold increase year-on-year [12]. - The company maintains a high dividend policy, announcing a special dividend of 600 million RMB for 2025, which provides a safety margin for investors [13][14]. - The light asset model has begun to take shape, reducing financial risks and allowing for a potential revaluation towards technology platform companies [19]. Conclusion - Despite some stock price fluctuations post-earnings announcement, Shengye is expected to continue attracting market interest due to its core asset attributes, high growth potential, and safety measures [20]. - Long-term prospects remain strong as AI technology continues to innovate and expand into various applications, solidifying Shengye's leading position in the supply chain technology sector [20].

Overview - HTX 深度分析：Chainlink 如何为链上金融和 RWA 提供支持 [1] Technology & Infrastructure - 数据和跨链基础设施是 Chainlink 的核心驱动力 [1] Tokenomics - 飞轮代币经济学：质押 + 储备回购是关键机制 [1] Adoption & Integration - 机构集成和多链采用正在推动 Chainlink 的发展 [1]

Group 1 - Jiufang Zhitu Holdings (09636) saw its stock price rise over 10% during trading, reaching a historical high of 82.6 HKD, and is currently trading at 79.65 HKD with a transaction volume of 476 million HKD [1] - The A-share market has experienced a continuous daily trading volume exceeding 2 trillion CNY, with margin financing balances returning to over 2 trillion CNY for the first time in ten years [1] - Guoyuan Securities suggests that investors should focus on the long-term development logic of the capital market, particularly on leading companies in the fintech sector [1] Group 2 - Xinda Securities (601059) highlights the vast market potential for retail securities investment consulting, driven by increasing wealth accumulation among residents [1] - The company is capitalizing on the short video traffic trend, with innovative business models leading to high growth rates [1] - The new round of placements targeting stablecoins and RWA is expected to open up a second growth curve for the company [1]

Group 1 - Jiufang Zhitu Holdings (09636) saw its stock price rise over 10%, reaching a historical high of 82.6 HKD, with a current increase of 6.48% at 79.65 HKD and a trading volume of 476 million HKD [1] - The A-share market has recently seen trading volumes exceed 2 trillion CNY for several consecutive days, with margin financing balances returning to over 2 trillion CNY for the first time in ten years [1] - Guoyuan Securities suggests that investors focus on the long-term development logic of the capital market, particularly on leading companies in the fintech sector [1] Group 2 - Xinda Securities highlights the vast market potential for retail securities investment consulting, driven by increasing demand from residents as their wealth accumulates [1] - The company is leveraging the short video traffic trend, with innovative business models leading to high growth rates [1] - The new round of placements targeting stablecoins and RWA is expected to open up a second growth curve for the company [1]

Core Viewpoint - Fubo Group (03738) has seen a significant stock price increase, rising over 10% in early trading, attributed to upcoming board meetings and the launch of a new platform [1] Group 1: Company Developments - Fubo Group plans to hold a board meeting on August 28 to approve its interim results [1] - On August 7, the world's first RWA registration platform was officially launched, alongside the establishment of three Web3.0 standards [1] - In June, Fubo Group announced the successful completion of market testing for the Vobile MAX digital content asset trading platform, which now supports concurrent rights confirmation and trading for various physical assets [1] Group 2: Market Position and Outlook - Citic Securities highlights Fubo Group as a leader in the global copyright protection third-party technology service industry, emphasizing its core advantages in data volume, algorithm capabilities, and exclusive APIs [1] - The firm is optimistic about the long-term demand for copyright protection from major content providers and streaming platforms, noting that AI-generated video content may increase both creative efficiency and the supply of infringing content, presenting new opportunities for AIGC original asset protection [1] - Fubo Group is positioned in a high-quality sector with competitive advantages, suggesting it can maintain a high growth trajectory [1]

Core Viewpoint - Fubo Group (03738) saw a significant stock increase of over 10% in early trading, currently up 9.23% at HKD 5.92, with a trading volume of HKD 214 million. The company is set to approve its interim results in a board meeting on August 28, and has launched the world's first RWA registration platform on August 7, indicating strong growth potential in the digital content asset market [1][1][1] Company Developments - Fubo Group successfully completed market testing for the Vobile MAX digital content asset trading platform in June, which now supports concurrent rights confirmation and trading for a large number of physical assets (RWA), enhancing the liquidity value of digital content assets [1][1] - The company is recognized as a leader in the global copyright protection third-party technology service industry, possessing three core advantages: data volume, algorithm capabilities, and exclusive API [1][1] Industry Outlook - CITIC Securities expresses optimism regarding the long-term demand for copyright protection from major content providers and streaming platforms. The rise of AI-generated video content is expected to increase the supply of infringing content while creating new opportunities for the protection of AIGC original assets [1][1][1] - The company is positioned in a high-quality sector with competitive advantages, suggesting it is likely to maintain a high growth trajectory [1][1]

Group 1 - Hua Xing Capital Holdings (01911) saw its stock price rise over 16% in early trading, currently up 8.35% at HKD 9.34, with a trading volume of HKD 42.54 million [1] - The company announced a strategic cooperation memorandum with YZiLabs to establish a long-term collaboration framework around Binance Coin (BNB) and the BNBChain ecosystem [1] - Hua Xing Capital plans to invest approximately USD 100 million in BNB assets and collaborate with Huaxia Fund (Hong Kong) and other ecosystem partners to develop fund products and Web3 expansion plans [1] Group 2 - The goal is to promote the compliance listing of BNB on licensed virtual asset exchanges in Hong Kong [1] - The company will establish a Real World Asset (RWA) fund with a scale of several hundred million dollars, supported by YZiLabs, and assist Hong Kong-listed companies in adopting BNB blockchain in stablecoin and RWA scenarios [1] - Hua Xing Capital is set to hold a board meeting on August 28 to approve its interim results, with a profit forecast of approximately RMB 64.98 million for the first half of the year, a turnaround from a loss of RMB 73.82 million in the same period last year [1]

Core Insights - Ethereum has surged past $4,700, reaching a nearly four-year high, while Bitcoin has also set a historical record, contributing to a total crypto market capitalization of $4.2 trillion. This bullish trend is supported by expectations of a Federal Reserve interest rate cut to the 4.00%-4.25% range, which injects strong momentum into the crypto market reliant on high liquidity [1][3]. Market Dynamics - The Bitcoin dominance (BTC.D) has decreased to 57.7%, indicating a shift of funds from Bitcoin to Ethereum, which has seen its dominance (ETH.D) rise to 14.0%. The ETH/BTC exchange rate has surged over 4% in 24 hours. Meanwhile, the market capitalization of smaller altcoins remains stagnant, suggesting a classic rotation phase where funds first exit Bitcoin, then flow into Ethereum, and eventually into smaller market cap tokens [3]. - Historical patterns suggest a potential "altcoin season," where the progression typically follows: Bitcoin leads, followed by Ethereum, then large-cap altcoins, mid-cap coins, and finally small-cap coins. Currently, the market is in the third phase, with Ethereum and large-cap altcoins reaching new highs, indicating a buildup for further explosive growth [3]. Investment Themes - The competitive landscape of over a million tokens means that funds will gravitate towards strong narratives and communities, leading to localized rallies rather than a broad market uptrend. Key sectors identified for potential investment include AI, Real World Assets (RWA), and gaming, which have demonstrated commercial viability [5]. - The XBIT decentralized exchange is positioned to capitalize on the upcoming market rotation, offering features such as non-custodial trading and cross-chain support, which are crucial for investors during high volatility periods. Recent data shows a 47% week-over-week increase in trading volume for altcoins on the XBIT platform, highlighting its growing relevance [5][7]. Strategic Outlook - The market is currently at a pivotal moment, with liquidity expected to increase following the Federal Reserve's interest rate decision. The altcoin dominance index (OTHERS.D) needs to surpass the 15% threshold to confirm the strength of the market rotation. The emergence of benchmark projects in AI and RWA sectors could signal a shift in market narratives [7]. - The XBIT platform has introduced a "altcoin momentum index" tool to help users identify signals of fund rotation, indicating that a surge in search volume and large on-chain transactions for small-cap coins could precede a market rally. As Ethereum approaches the $5,000 mark, early signs of fund inflow into small-cap tokens are becoming evident [7].

Project Progress - $ESX 成功启动，图表显示持续走高 [1] - $ESX 的浏览器和测试网络已上线 [1] Industry Focus - 该项目结合了区块链和 RWA（Real World Assets）概念，专注于房地产领域 [1]