资料来源：最闻 【山证计算机】AI 算力专题报告：AI 产 业高景气持续，算力国产化大势所趋 2025.5.27 【山证计算机】机器人产业趋势持续强 化，重视上下游投资机会 2025.5.14 分析师： 计算机 行业快报 领先大市-A(维持) 2025 年 7 月 7 日 行业研究/行业快报 计算机行业近一年市场表现 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian@szxq.com 研究助理： 邮箱：zouxinchen@sxzq.com 全球稳定币监管框架建立，产业将迎来爆发时刻 事件描述： 首选股票 评级 全球稳定币监管立法正快速推进：今年 6 月 17 日，美国参议院以 68 票 比 30 票正式通过 GENIUS 法案，明确了支付型稳定币的定义并提出了稳定 币的发行资质和抵押品要求等，为美元稳定币制定监管框架，目前 GENIUS 法案正递交众议院审议；欧盟 MiCA 法案已于 24 年 12 月 30 日全面生效； 今年 5 月 21 日，香港通过《稳定币条例草案》，并将于 8 月 1 日正式生效， 该条例明确稳定币发行人需在香港金管局申请牌照，并符合储备资产管理、 ...

Market Review - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index fell over 1% [1] - Power stocks surged, with companies like Shaoneng Co., Huayin Power, and Shimao Energy hitting the daily limit [1] - Cross-border payment and stablecoin concepts were active, with stocks such as Zhongyi Technology and Jingbei Fang also reaching the daily limit [1] - Real estate stocks saw intraday gains, with companies like Yudai Development and Shahe Co. hitting the daily limit [1] - The overall market saw more gainers than losers, with over 3,200 stocks in the Shanghai, Shenzhen, and Beijing markets in the green, and total trading volume at 1.22 trillion yuan, down nearly 220 billion yuan from the previous trading day [1] Power Sector - The power sector continued to rise, with Huayin Power achieving four consecutive daily limits in five days, and other stocks like Changcheng Electric and Huaguang Huaneng also hitting the daily limit [4][5] - The National Climate Center predicts that high temperatures will be intense and prolonged this year, with the highest temperatures in North China possibly exceeding 42°C, and high temperatures expected to last over 30 days [4] - On July 4, the national maximum power load reached 1.465 billion kilowatts, an increase of about 200 million kilowatts from the end of June and nearly 150 million kilowatts from the same period last year, setting a historical record [4] - The East China grid load reached 422 million kilowatts, with air conditioning load accounting for approximately 37% [4] - The load in provinces like Jiangsu, Shandong, Henan, Anhui, and Hubei has set new records nine times since the start of summer [4] RWA Concept - The RWA concept remained active, with stocks like Jinyi Culture and Xinyada continuing to hit daily limits [7][8] - On July 4, the People's Bank of China released a notice soliciting opinions on the "Rules for the RMB Cross-Border Payment System," clarifying detailed processes for CIPS participants [7] - The Hong Kong "Stablecoin Regulation" is set to take effect in August, with the government expecting to issue a limited number of licenses this year [7] Medical Devices - The medical device sector performed well, with stocks like Baolait and Zhengchuan Co. hitting daily limits [11] - On July 6, the Ministry of Finance announced measures regarding government procurement of medical devices imported from the EU, stating that EU companies (excluding those with operations in China) will be excluded from participating in procurement activities exceeding 45 million yuan [11][12] - The policy aims to systematically restructure the development path of high-end medical devices through five core measures, including speeding up innovation approvals and clarifying classification standards [12]

【导读】稳定币、电力等概念股走高，港股外卖巨头盘初走低 中国基金报记者晨曦 大家好！来一起关注上午的市场行情和最新资讯~ 7月7日上午，A股市场低位震荡。截至午间收盘，市场主要指数绿多红少，上证指数跌0.21%，深证成指跌0.7%，创业板指跌1.25%。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3465.05 | 10434.83 | 1401.47 | | -7.27 -0.21% - -73.94 - -0.70% - -13.57 - -0.96% | | | | 科创50 | 创业板指 | 万得全A | | 979.12 | 2129.34 | 5322.55 | | -5.68 - -0.58% - -26.90 - -1.25% - -9.84 - -0.18% | | | | 沪深300 | 中证500 | 中证A500 | | 3958.86 | 5895.93 | 4635.59 | | -23.34 -0.59% -15.51 -0.26% -26.93 -0.58% | | | | 中证1000 | 深证100 | 中证红利 | | 63 ...

Group 1 - The report highlights the strong growth potential of coconut water as a new consumer product, with a projected market size of nearly 200 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of approximately 20% over the next five years [25][26] - The coconut water market has transitioned from a niche luxury juice to a mainstream health beverage, with sales increasing from less than 2 billion yuan before 2022 to 7.8 billion yuan in 2024, driven by health trends and consumer education [25][26] - Key players in the coconut water market include IFBH, which has become the largest single product in China, and Huanyoujia, which is leveraging its supply chain advantages to expand its market presence [26][27] Group 2 - The report discusses the significant advancements in China's marine economy, emphasizing the strategic importance of marine economic development in the context of national modernization [10][12] - The central government has outlined five key principles for promoting high-quality marine economic development, including innovation-driven growth and efficient collaboration, which are expected to lead to a series of supportive policies [10][11] - Investment opportunities in the marine economy are identified in sectors such as marine technology, marine renewable energy, and marine biomedicine, with a focus on deep-sea materials and equipment [12][13] Group 3 - The report analyzes the performance of the Hong Kong Stock Connect Technology ETF, which tracks the performance of technology-related companies listed in Hong Kong, highlighting its cost advantages and growth potential [15][18] - The technology sector within the Hong Kong Stock Connect index is primarily driven by information technology, with significant contributions from software services and hardware sectors, indicating strong market potential [16][17] - The report notes that the technology index is currently at a historically low price-to-earnings ratio, suggesting potential for future growth as the market recovers [18]

Core Viewpoint - The article emphasizes the urgent need for China to develop a transition finance framework to support high-carbon industries in their shift to low-carbon operations, particularly in light of the upcoming 2035 Nationally Determined Contributions (NDC) targets under the Paris Agreement [1][4]. Group 1: Transition Finance Development - China is actively working on new 2035 NDC targets, which will require specific low-carbon transition plans from various regions, institutions, and enterprises [1]. - The Green Finance Committee of the China Financial Society is collaborating with the People's Bank of China to implement the first batch of transition finance standards and support the development of a second batch [1][9]. - Transition finance is seen as a necessary evolution from existing green finance, which is insufficient to fully support high-carbon industries in their transition [1][9]. Group 2: Global Climate Financing Context - Despite the U.S. withdrawal from the Paris Agreement and other international climate agreements, the actual impact on global sustainable finance is considered limited, as the majority of sustainable investments come from private sector funding rather than government sources [4][5]. - Global sustainable investment is approximately $3 trillion annually, with China's green investments accounting for about $1.2 trillion [4]. - The contribution of developed countries to climate financing for developing nations is less than $100 billion, with the U.S. accounting for less than 10% of this amount [4]. Group 3: International Cooperation and Standards - The international community, excluding the U.S., is encouraged to take a leadership role in sustainable finance by establishing compatible standards and enhancing disclosure practices [6]. - The establishment of a common classification system for sustainable finance, initiated by China and the EU, aims to improve the comparability and compatibility of international standards [6][7]. - The International Sustainability Standards Board (ISSB) standards are being promoted as a global benchmark, with around 40 countries, including China, adopting these standards [7]. Group 4: Transition Financial Products - Current transition finance products in China are primarily debt instruments, with a need to develop equity and insurance-related transition financial tools [10]. - There is a demand for equity-based transition financial tools to support capital expansion for transitioning enterprises, and initiatives are underway to establish "transition funds" for high-quality transition companies [10]. Group 5: Technological Innovations in Green Finance - The discussion around the tokenization of green assets using blockchain technology is gaining traction, with potential applications in tracking environmental and financial data of green assets [12]. - The use of blockchain can enhance the traceability and credibility of green assets, thereby mitigating risks associated with "greenwashing" and improving asset liquidity [12].

Market Overview - On July 7, stablecoins, cross-border payments, and RWA-related concepts saw significant gains, with Jin Yi Culture achieving a three-day consecutive rise, Xinyada also rising consecutively, and Qingdao Jinwang hitting the daily limit. Other companies like Huafeng Superfiber and Hangzhou Garden also experienced increases exceeding 10% [1]. Stock Performance - Jin Yi Culture (002721.SZ) latest price: 4.42, up 9.95%, market cap: 11.754 billion [2] - Xinyada (600571.SS) latest price: 20.39, up 9.98%, market cap: 9.334 billion [2] - Jingbeifang (002987.SZ) latest price: 25.63, up 10.00%, market cap: 21.617 billion [2] - Qindao Jinwang (002094.SZ) latest price: 9.25, up 9.99%, market cap: 6.387 billion [2] - Huafeng Superfiber (300180.SZ) latest price: 10.29, up 15.49%, market cap: 15.287 billion [2] Events - On July 4, the People's Bank of China released a notice soliciting opinions on the draft rules for the Renminbi Cross-Border Payment System (CIPS), aiming to optimize the system's functions and services [3]. - Hainan Huatie has completed the digitalization of nearly 26 billion yuan in assets and signed a strategic cooperation agreement with the RWA Research Institute [3]. - The Hong Kong Stablecoin Regulation will take effect in August, with the Financial Secretary indicating that the Monetary Authority is consulting the market on the implementation guidelines [3]. Institutional Insights - The central bank's proposed revisions to the CIPS rules aim to lower entry barriers and simplify transaction procedures, which will help promote the internationalization of the Renminbi [4]. - The official launch of the Hong Kong FRS license in August 2025 is expected to accelerate the global settlement of USDC/PYUSD and the growth of on-chain money market funds [4]. - With Hong Kong leading the pilot projects, the integration of data rights and on-chain credit in mainland China is expected to make RWA a key component of the national strategy for "digital-physical integration" [4].

记者获悉，由中国移动（600941）通信联合会主办的2025年全球RWA&AGI(数实融合)生态峰会，即将 于7月13日召开。会议将解读RWA全球政策动态与发展趋势，研讨RWA商业应用模式与技术解决方案， 探索现实世界资产与数字资产的融合创新路径。同时，将举行相关揭幕启动仪式。(人民财讯) ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the future of tokenization in the U.S. stock market, particularly focusing on Real World Assets (RWA) and the role of platforms like Robinhood in this emerging market [1][3][4]. Core Insights and Arguments - The RWA market is projected to reach $186 billion in 2024, with stablecoins accounting for approximately 94% of this market [1][7]. - The equity token market, while currently small at under $400 million, shows significant growth potential driven by platforms like Robinhood [3][7]. - Robinhood's innovative business model includes "payment for order flow," allowing it to sell customer orders to market makers for execution, generating revenue from rebates [22][24]. - The company aims to become a "one-stop investment platform," offering a diverse range of products including traditional stocks, options, cryptocurrencies, and equity tokens [3][19]. Robinhood's Product Offerings - Recently, Robinhood launched equity token products covering over 200 U.S. stocks and ETFs, allowing for 24/5 trading [6][19]. - The platform has introduced perpetual contracts and staking products, expanding its offerings in the cryptocurrency space [1][18]. - Robinhood's equity tokens reflect stock prices but do not confer shareholder rights, functioning as derivative contracts [12][14]. Market Dynamics and Competition - Other platforms supporting equity token trading include Kraken, Coinbase, and Back Finance, each with different operational models and regulatory statuses [9][10]. - The global RWA market is expected to grow at a compound annual growth rate (CAGR) of approximately 53%, reaching $18.9 trillion by 2033 [7][18]. Regulatory Environment - The regulatory landscape for equity tokenization is evolving, with Robinhood seeking approval from the SEC to expand its offerings in the U.S. market [16][21]. - Hong Kong is actively promoting digital asset development, having issued its first government green bond and planning further digital bond issuances [5][17]. Financial Performance and Growth Strategy - In Q1, Robinhood's revenue structure showed that trading income accounted for 63% of total revenue, with cryptocurrency trading contributing 27% [22][23]. - The company aims to dominate the active trader market by offering a wider range of derivative products and enhancing user experience on mobile and web platforms [28]. - Robinhood's long-term vision includes building a global financial ecosystem targeting younger investors, particularly millennials and Gen Z [30]. Additional Insights - The company plans to allow users to migrate assets to personal wallets or other DeFi protocols in the future, enhancing the flexibility of its offerings [13][20]. - Robinhood's stock price has seen significant fluctuations, with a notable rebound in 2024, driven by increased trading activity in both the stock and cryptocurrency markets [25][26].

Market Comparison - The NFT market in 2021 had significantly more liquidity compared to the current Pokémon TCG market [1] - The Pokémon TCG market is retail-focused with lower entry price points than NFTs [1] - Participants are more inclined to take profits at a 2x increase rather than holding for a 10x increase, suggesting scalpers are releasing supply [2] - Some believe Pokémon cards have overshadowed NFTs in the current cycle due to overlapping buyer pools [3] Pricing and Valuation - During the 2021 NFT boom, gas fees for minting an NFT could exceed the price of a booster box (36 booster packs) [1] - If the current market mirrored the NFT cycle, booster boxes could cost $3,000+ instead of $300 [2] - High-value cards are available for around 5-figures in PSA-10 condition, while top NFTs like BAYC reached 7-figures with airdrops [2] - Hundreds of cards have increased in value by 500-1,000%+ in the past year [3] Distribution and Access - There are challenges with current distribution channels, with premiums of 50% being paid above MSRP [1] Future Potential - Tokenized cards/RWAs could potentially trigger a new NFT bull run, with on-chain liquidity flowing into Pokémon/sports cards [2] - Unless one is filling warehouses with booster boxes or flipping PSA-10 1st edition Charizards, it's unlikely to generate 7-figure profits [3]

Group 1: China's Green Finance Development - China is actively formulating new NDC targets for 2035, which will require specific low-carbon transition plans from regions, institutions, and enterprises [1] - The Green Finance Committee aims to support the implementation of transition finance standards and the development of new financial products to facilitate the low-carbon transition [1][6] - Current definitions of green finance are insufficient to support high-carbon industries in their transition to low-carbon, necessitating the establishment of a transition finance framework [1][6] Group 2: Global Climate Financing Landscape - Despite the U.S. withdrawal from the Paris Agreement and other international frameworks, the actual impact on global sustainable finance is limited, with global sustainable investments reaching approximately $3 trillion annually, of which $1.2 trillion comes from China [2][3] - Government funding constitutes only about 10% of global sustainable investment, indicating that the majority is driven by social capital [2] - The contribution of developed countries to climate financing for developing nations is less than $100 billion, accounting for less than 2% of global sustainable investment needs [2] Group 3: International Cooperation and Standards - The international community, excluding the U.S., should enhance leadership in establishing standards and mobilizing social capital for sustainable investment [4] - The Sustainable Finance International Platform (IPSF) aims to create compatible sustainable finance standards, with a focus on enhancing comparability and consistency [4][5] - The ISSB standards have been adopted by around 40 countries, including China, which has introduced its own version of the ISSB standards to promote global adoption [5] Group 4: Transition Finance Products - Transition finance currently focuses on debt instruments, with a need to develop equity and insurance-related financial tools to support transition enterprises [6][7] - There is a demand for equity-based transition financial tools, such as transition funds, to help high-quality transition enterprises expand their capital [7] Group 5: Emerging Technologies in Green Finance - The discussion around tokenization of green assets is gaining traction, with RWA (Real World Assets) being a suitable application for blockchain technology in green finance [8] - Blockchain can enhance the tracking of financial and environmental data related to green assets, thereby mitigating "greenwashing" risks and improving asset liquidity [8]