Major Events - Lion Group (02562) collaborates with China Post Hong Kong to expand an AI-driven digital trade platform connecting China and Southeast Asia [1] - Hengrui Medicine (01276) receives approval for clinical trials of SHR-8068 injection [1] - Yuan Da Medicine (00512) launches the world's first nasal spray product OC-01 for dry eye treatment in mainland China [1] - China Resources Pharmaceutical (03320) plans to invest 245 million to establish a 1 billion Chengdu Pharmaceutical Innovation Fund [1] - China Power (02380) intends to invest approximately 310 million to acquire a 31% stake in Tori Power [1] - GCL-Poly Energy (03800) reaches a strategic cooperation with Taibao Asset Management Hong Kong for global issuance of RWA [1] - Beijing Energy International (00686) signs a trust agreement with Xingye International Trust [1] - China New Economy Investment (00080) receives a premium buyout offer from Cai Wensheng at approximately 19.10%, with resumption of trading on July 18 [1] - Gaoshi Medical (02407) obtains medical device registration certificate for corneal contact lens [1] - Tigermed (03347) plans to sell a 3.41% stake in Lixin Pharmaceutical for 34.11 million [1] Operating Performance - Datang Power (00991) reports a total electricity generation of approximately 123.9934 billion kWh in the first half, a year-on-year increase of about 1.30% [1] - Friendship Time (06820) expects mid-term revenue growth of approximately 14.1% to 23.6% [1] - Jiuxing Holdings (01836) reports a year-on-year revenue increase of approximately 0.7% to 775 million [1] - Yanzhou Coal Mining (01171) achieves a coal production of 73.6 million tons in the first half, a year-on-year growth of 6.54% [1] - October Rice Field (09676) issues a profit warning, expecting mid-term adjusted net profit to grow by no less than 90% year-on-year [1] - China Railway (00390) signs new contracts worth 1,108.69 billion in the first half, a year-on-year increase of 2.8% [1] - Luk Fook Holdings (00590) reports a 13% year-on-year growth in overall retail value and a 14% increase in retail revenue for the first quarter [1] - Dreamland (01119) issues a profit warning, expecting mid-term net profit of approximately 2 million to 5 million, turning from loss to profit year-on-year [1]

Fastest-growing RWA issuer: @WisdomTreePrime https://t.co/Q6vbx1Lnx7 ...

Group 1 - The core point of the article is the strategic cooperation memorandum signed between GCL-Poly Energy Holdings Limited and China Pacific Insurance (601601) Investment Management (Hong Kong) Limited to develop infrastructure for real-world asset (RWA) tokenization solutions [1] - The collaboration aims to promote the adoption of compliant digital asset products and services, including the development of stablecoin applications and integration of decentralized finance [1]

Core Viewpoint - The financial technology sector is experiencing significant growth, as evidenced by the strong performance of the China Securities Financial Technology Theme Index and related ETFs, driven by recent regulatory developments and market dynamics [3][4][5]. Group 1: Market Performance - As of July 17, 2025, the China Securities Financial Technology Theme Index (930986) rose by 1.48%, with constituent stocks such as Hengyin Technology (603106) increasing by 10.00% and Tuorisi (300229) by 7.07% [3]. - The Financial Technology ETF (516860) has seen a recent price increase of 1.39%, with a latest price of 1.46 yuan [3]. - Over the past year, the Financial Technology ETF has achieved a net value increase of 125.31%, ranking 3rd out of 2915 index stock funds, placing it in the top 0.10% [5]. Group 2: Fund Flows and Liquidity - The Financial Technology ETF has experienced a continuous net inflow of funds over the past four days, with a peak single-day net inflow of 76.39 million yuan, totaling 176 million yuan in net inflows [4]. - The latest scale of the Financial Technology ETF reached 1.238 billion yuan, marking a one-year high, while the number of shares reached 862 million, also a three-month high [4]. Group 3: Regulatory Developments - A seminar on RWA standards was held in Shenzhen on July 3, 2025, aimed at establishing a comprehensive technical specification system for RWA, transitioning China from a "follower" to a "global rule-maker" in RWA technology applications [3]. - On July 4, the People's Bank of China publicly solicited opinions on the draft business rules for the Renminbi Cross-Border Payment System, detailing account management, funding, and settlement processes for CIPS participants [3]. Group 4: Fund Performance Metrics - The Financial Technology ETF has a management fee rate of 0.50% and a custody fee rate of 0.10%, which are the lowest among comparable funds [5]. - The ETF's Sharpe ratio for the past year is 1.78, indicating strong risk-adjusted returns [5]. - The tracking error for the Financial Technology ETF over the past month is 0.034%, the highest tracking precision among comparable funds [5]. Group 5: Top Holdings - As of June 30, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index accounted for 51.2% of the index, including companies like Dongfang Wealth (300059) and Tonghuashun (300033) [6].

Integration & Partnership - MyStonks_Org 已集成 Wallet [1] - 用户现在可以使用 Wallet 在 MyStonks 的 DEX 上无缝交易 RWA 和代币化股票 [1]

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WAKE UP BABE THE 1st ONCHAIN RWA CREDIT MARKETPLACE DROPS ON THE HEDERA NETWORK.Hedera Foundation (@HederaFndn):We’re pleased to see @IsleFinance, the first onchain RWA credit marketplace for supply chain finance, launch its payment network on @Hedera to tackle the $2.5 TN global trade gap 🇹🇼 https://t.co/7kNIuJq5uQ ...

RWA & DeFi - Plume Network's RWA concept is closely related to WLFI, showing promising data and supporting USD1 yield products [1] - Regulatory clarity on stablecoins, driven by the upcoming GENIUS Act, is expected to accelerate the migration of user deposits and yield opportunities to on-chain finance [1] - Compliant Real World Asset (RWA) products are anticipated to become the next generation of "savings accounts" for mainstream users [1] - SEC's role in RWA is being shaped despite uncertainty surrounding the CLARITY Act in the Senate [2]

Investment Rating - The report maintains an "Overweight" rating for the electricity industry [1] Core Viewpoints - The report emphasizes the importance of integrating RWA (Real World Assets) with virtual power plants, electricity trading, and carbon trading to explore opportunities within the industry [6] - It highlights the expected increase in capacity value for thermal power, driven by regulatory changes and the push towards green energy [6] - The report suggests that the green value of electricity is becoming more significant as the country progresses towards carbon neutrality [6] Summary by Sections Industry Trends - The report notes a projected decline in electricity prices, with a potential drop of 13% by July 2025 compared to the previous year [3] - It discusses the anticipated recovery of fixed costs through capacity pricing mechanisms, particularly in Gansu Province, where a price of 330 RMB per KW per year is set to be implemented starting in 2026 [6] Key Companies Valuation - The report provides valuations for several key companies in the sector, including: - Jiantou Energy with a market cap of 14.456 billion RMB and a "Buy" rating [5] - Xiexin Energy with a market cap of 21.314 billion RMB, currently not covered [5] - Nanjing Energy with a market cap of 17.879 billion RMB and a "Buy" rating [5] - Linyang Energy with a market cap of 11.990 billion RMB and a "Buy" rating [5] - Longxin Group with a market cap of 22.577 billion RMB, currently not covered [5] Investment Recommendations - The report recommends focusing on the rising capacity value of thermal power and the public utility attributes that could enhance sector valuations, particularly for companies like Gansu Energy, Huaneng International, Huadian International, and Datang Power [6] - It also advises attention to investment opportunities in RWA, electricity trading, virtual power plants, and carbon assets, recommending investments in household photovoltaics, charging piles, and carbon assets, with a specific mention of Nanjing Energy and Xiexin Energy [6]

Summary of Stablecoin Industry Analysis Industry Overview - The stablecoin industry has evolved significantly since its inception in 2014, with major developments occurring from 2017 to 2022, leading to a market size of approximately 2.5 trillion yuan, with an annual transaction volume exceeding 20 trillion yuan [2][14]. Key Developments - The first stablecoin linked to the US dollar was launched in 2014, followed by the introduction of decentralized assets in 2017-2018, marking a shift in the market [1]. - The launch of USDC and Meta's Libra (later denied by regulators) were pivotal moments in the evolution of stablecoins [1][2]. - The period from 2020 to 2022 saw a boom in stablecoins, driven by financial tools and platforms based on Web 3.0 blockchain technology [2]. Regulatory Landscape - The regulatory frameworks in the U.S. and Hong Kong are evolving, with both regions requiring licenses for stablecoin issuance. However, the U.S. has a more complex regulatory structure involving both federal and state levels [3][4]. - Hong Kong has recently passed the Monetary Fund Law, allowing institutions to apply for stablecoin issuance licenses, with a three-month window for temporary licenses [6][7]. Market Dynamics - The U.S. stablecoin market is characterized by a one-to-one reserve requirement with legal assets, while Hong Kong's regulations allow for more flexibility in asset settlement [4][5]. - The liquidity of the U.S. dollar is expected to be more freely distributed compared to the Hong Kong dollar, which is still under observation for its implementation mechanism [6]. Future Trends - The approval of stablecoins is anticipated to lead to significant changes in the industry, including increased integration with AI and smart contracts, enhancing transaction efficiency and reducing costs [11][12]. - The potential for real-world asset (RWA) transactions on-chain is significant, particularly for U.S. stocks and bonds, which could reshape asset configurations and trading dynamics [13][14]. Investment Opportunities - The stablecoin market presents a substantial opportunity for traditional financial institutions to engage with blockchain technology, potentially leading to increased capital inflow and market prosperity [15]. - The upcoming listing of major stablecoin issuers and the sandbox testing phase in Hong Kong may drive further interest and investment in the sector [7][8]. Conclusion - The stablecoin industry is at a critical juncture, with regulatory clarity and technological advancements paving the way for broader adoption and integration into the global financial system. The potential for growth remains vast, particularly as traditional financial institutions begin to embrace these digital assets [15].