当前众多境内WEB3研发机构也在探索运作内地资产赴港上链 发行香港稳定币RWA的可行性，目前已有机构已找到相关操 作路径。 作者： 陈植 封图：图虫创意 "感觉币圈又回来了。"6月18日，一位涉足RWA发行业务的境内WEB3研发机构负责人戴峰向记者 感慨说。 在6月13日举行的上海RWA产业论坛上，100余个座位竟然涌入逾200位听众，包括财富机构数字资 产业务负责人、创投机构、Web3投资人、律所与科技企业投资方等。 他们此行的目的，主要是了解内地资产赴港发行RWA募资交易的可行性与具体操作方式。 所谓RWA，主要是指现实世界资产，其核心是将现实世界里的实体资产收益权以数字代币的形 式，在区块链网络实现募资、交易与资产流转。 香港Uweb商学院院长于佳宁向记者表示，某种程度而言，RWA属于证券的代币化，将现实世界 （主流金融）与数字世界（数字金融）进行双向融合。 不同于前些年RWA的数字代币主要是比特币、以太币等其他加密数字资产，如今众多与会听众都 将香港稳定币作为RWA的新型数字代币 HKbitEX首席技术官吴小川向记者表示，随着香港《稳定币条例》在8月生效，未来香港稳定币的 发展将令香港地区RWA进入快 ...

Group 1: RWA Industry Insights - The RWA (Real World Asset) industry is experiencing renewed interest, particularly in the context of Hong Kong's stablecoin regulations, which are expected to facilitate the issuance and trading of RWA [2][6][8] - The recent RWA forum in Shanghai attracted over 200 attendees, indicating a strong interest from wealth management institutions, venture capitalists, and technology investors in the feasibility of issuing RWA backed by real-world assets in Hong Kong [2][6] - The successful issuance of RWA by companies like Ant Group has sparked discussions on the operational pathways for mainland assets to be tokenized and issued in Hong Kong [7][8] Group 2: Stablecoin Developments - The upcoming implementation of Hong Kong's Stablecoin Regulation is anticipated to accelerate the development of stablecoins, particularly in the context of RWA [5][6] - Stablecoins are being recognized for their potential in cross-border payments, offering advantages such as reduced transaction times and lower costs compared to traditional banking methods [4][9] - The integration of stablecoins into cross-border payment systems is seen as a way to enhance efficiency and create new revenue streams for payment platforms [10][11] Group 3: Compliance and Challenges - The exploration of cross-border issuance of RWA involves significant compliance challenges, particularly concerning anti-money laundering (AML) and Know Your Customer (KYC) regulations [3][11] - The successful implementation of stablecoins in cross-border payments will depend on their compliance with regulatory frameworks and the ability to maintain trust among users [10][11] - The need for robust compliance measures is critical for the widespread adoption of stablecoins in the financial ecosystem, as they must be securely linked to fiat reserves to prevent risks of over-issuance or fraud [11]

Group 1: Institutional Trading Insights - A total of 34 stocks were listed on the institutional trading leaderboard, with 14 stocks experiencing net buying and 20 stocks facing net selling [1] - The top three stocks with the highest institutional buying were: Sifang Jingchuang (84.96 million), Cuihua Jewelry (80.77 million), and Yinghe Technology (47.46 million) [1][2] Group 2: Stock Performance - Sifang Jingchuang saw a price increase of 5.29% with a net buying amount of 84.9682 million [2] - Cuihua Jewelry experienced a decline of 8.62% with a net buying amount of 80.7765 million [2] - Yinghe Technology had a significant price increase of 20.01% with a net buying amount of 47.4684 million [2][3] Group 3: Industry Developments - Yinghe Technology successfully delivered core equipment for solid-state batteries to a leading domestic client [3] - The oil service sector is highlighted with companies like China Merchants Industry and Tongyuan Petroleum, which are leaders in their respective fields [4] - The international oil price has risen to a range of 70-75 USD per barrel, with potential supply changes due to geopolitical conflicts [4] Group 4: Digital Currency and Stablecoins - Hengbao Co., Ltd. is one of the first companies to participate in the People's Bank of China's digital currency pilot program [5] - Dongxin Peace is a provider of digital information security products, focusing on digital RMB-related products [6] - The recent legislation on stablecoins in Hong Kong is expected to accelerate the compliant development of stablecoins and expand the RWA market, projected to reach 16 trillion USD by 2030 [6]

与蚂蚁集团合作深化，稳定币立法激活RWA 交易场景。1）服务场景多元化：朗新集团与蚂蚁集团的合 作从最初的生活缴费场景延至出行等更丰富的生活服务场景，与支付宝在出行领域共同首创了"先充后 付"等应用功能。2）公司与蚂蚁数科合作，将超过9000 个充电桩收益权代币化，在香港完成国内首单 新能源RWA 融资1 亿元资金用于支持中小运营商建设，尝试验证RWA 融资链路，未来有望持续推进与 蚂蚁集团的多元金融合作。 香港稳定币立法，设立发牌制度，为RWA 提供合规结算工具。2025 年5 月21 日，香港立法会三读通过 《稳定币条例草案》，确立全球首个稳定币专项监管框架，为RWA交易提供了合规的结算工具。《稳 定币条例》目前已获立法会通过，为法币稳定币发行人设立发牌制度，并将在2025 年8 月1 日生效。 蚂蚁旗下两家子公司抢滩布局稳定币，香港金管局表态将尽快处理牌照申请。目前蚂蚁数科已经启动申 请香港稳定币牌照，将中国香港列为全球总部，并且已经在香港完成监管沙箱的先行先试；蚂蚁集团旗 下国际业务部门正计划在新加坡和中国香港申请稳定币牌照，并计划在卢森堡寻求许可，在跨境支付和 资金管理方面为公司提供服务支持。与此同 ...

Core Viewpoint - Yuanlong Yatu (002878.SZ) has seen a significant stock price surge driven by the hype around RWA (Real World Asset Tokenization) and IP economy, despite facing substantial financial losses and operational challenges [1][2]. Group 1: Stock Performance and Market Dynamics - Yuanlong Yatu's stock price increased dramatically, achieving 8 consecutive trading limits within 11 days, with a total rise of nearly 90% in just over 20 days [1][2]. - The stock's surge was influenced by the approval of the "Stablecoin Regulation Draft" by the Hong Kong Legislative Council, which triggered movements in related concepts in the A-share market [2]. - The company reported a net inflow of over 3.3 billion yuan from major funds during the stock's upward trend, indicating strong market interest [2][3]. Group 2: Financial Performance and Challenges - Despite revenue growth from 1.99 billion yuan in 2020 to 2.79 billion yuan in 2024, Yuanlong Yatu's net profit has plummeted from 167 million yuan in 2022 to a loss of 1.84 billion yuan in 2024, highlighting a troubling trend of increasing revenue without corresponding profit [5][6]. - The company's heavy reliance on event-related revenue, particularly from the Winter Olympics, has led to significant volatility in earnings, with a dramatic drop in related income from 1.13 billion yuan in 2022 to just 55.5 million yuan in 2024 [6][8]. - The IP promotion service business has a low gross margin of 14.49%, significantly lower than competitors like Pop Mart, which has a gross margin of 66.8%, indicating a lack of competitive strength in IP operations [6][7]. Group 3: Strategic Investments and Future Outlook - Yuanlong Yatu has been increasing investments in R&D and sales, with total expenses in these areas reaching 382 million yuan in 2024, a year-on-year increase of 4.83% [7]. - The company recorded a goodwill impairment of 171 million yuan due to the acquisition of Qianma Network, further exacerbating its financial losses in 2024 [8]. - Although the company reported a profit of 24.77 million yuan in Q1 2025, this was still a 13.74% decline year-on-year, raising concerns about the sustainability of its recovery, especially given its reliance on major events for revenue [8].

Group 1: Institutional Trading Activity - On the institutional trading leaderboard, 34 stocks were listed, with 14 experiencing net buying and 20 facing net selling [1] - The top three stocks with the highest net buying by institutions were: Yuekang Pharmaceutical (¥227 million), Yuyin Co., Ltd. (¥129 million), and Dongshan Precision (¥125 million) [1][2] Group 2: Market Developments in Stablecoins - Hong Kong's "Stablecoin Regulation" has been passed, establishing a licensing system for stablecoin issuers, effective from August 1 [4] - The regulation is expected to accelerate the compliance development of stablecoins and fill the regulatory gap for fiat-backed stablecoins [4] - The market for Real World Assets (RWA) is projected to reach $16 trillion by 2030, indicating significant investment opportunities in RWA asset operations, banking IT, and cross-border payments [4] Group 3: IP Economy Insights - Light Media, a major producer of "Nezha 2," is expected to surpass $100 million in overseas box office revenue, with derivative sales reaching hundreds of billions [6] - The IP derivative market in China is projected to reach ¥174.2 billion by 2024, with a compound annual growth rate of 15.1% from 2020 to 2024 [6] - Companies with strong product design, supply chain management, and IP operation capabilities are likely to attract high-quality IP licensing opportunities as consumer spending on IP derivatives increases [6]

从2022年1.63亿元的盈利巅峰，到2024年1.84亿元的巨额亏损，元隆雅图营收规模不断扩张，但净利润 却持续缩水。 在RWA与IP经济概念的热浪席卷下，元隆雅图（002878.SZ）股价狂飙，11天斩获8板，短短20余日累计 涨幅近9成，成为资本市场焦点。 从2022年1.63亿元的盈利巅峰，到2024年1.84亿元出现巨额亏损，元隆雅图营收规模不断扩张，但净利 润却持续缩水。增收不增利、业务过度依赖赛会红利、IP运营缺乏核心竞争力，重重问题交织下，元隆 雅图的业绩能否支撑起当下的高股价？ 多个概念轮番热炒 在RWA（真实世界资产代币化）和IP经济双重概念刺激下，元隆雅图近期大涨录得11天7板。在6月11日 到13日三连板后，6月16日元隆雅图开盘涨停后开板，并在10点半再度封板，多空博弈激烈，换手率近 30%。 5月21日，香港立法会审议通过了《稳定币条例草案》，引发A股二级市场相关概念异动，包括RWA和 数字支付概念。 5月23日，元隆雅图在互动易平台上回复称，RWA通过区块链、web3.0等技术以数字化、数据化、数字 资产的形式进行价值储存、交易与生态发展正成为新的趋势，公司控股子公司喔哇宇宙 （ ...

Market Highlights - Yuanlong Yatu has achieved 12 consecutive trading days with 8 limit-ups, increasing by 9.99% [2] - Jinshi Technology has recorded 10 trading days with 7 limit-ups, rising by 10.03% [2] - Anlikang has seen 10 trading days with 6 limit-ups, up by 10.02% [11] - Jiekang Equipment has achieved 2 consecutive limit-ups, increasing by 20.01% [18] Industry Insights - The chemical industry is heavily reliant on imports, with China importing over 12 million tons of methanol annually, including 3 million tons from Iran [4] - The agricultural sector is witnessing growth, with companies like Limin Co. and Su Li Co. showing significant increases in stock prices due to pesticide demand [6] - The IP economy is thriving, driven by the popularity of Pop Mart's LABUBU series, leading to production capacity constraints [7] - The oil and gas sector is benefiting from a rise in WTI crude oil futures, which opened over 6% higher [9] - The military industry is preparing for the 55th Paris Air Show in June 2025, showcasing China's aviation capabilities [16] - The rare earth permanent magnet market is experiencing price increases, with some overseas rare earth metal prices rising over 200% in the last two months [21]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Stablecoin and Blockchain**: Ant Group's application for stablecoin licenses in Hong Kong and Singapore [14] - **Memory Storage**: Micron's investment expansion in memory manufacturing to $150 billion [3] - **Cultural and Entertainment**: Various companies involved in IP operations and collaborations in the entertainment sector [5][6][9][13] - **Quantum Computing**: Collaboration with Boson Quantum for quantum computing services [8][16] - **Pharmaceuticals**: Focus on innovative drug development and clinical trials [9][10][17] Core Points and Arguments - **Ant Group's Stablecoin Initiative**: - Ant Group is in discussions with regulators for stablecoin licenses, aiming for large-scale applications in AI, blockchain, and stablecoin innovations [14] - Ant's financial capabilities include processing 100,000 transactions per second and a projected global transaction volume exceeding $1 trillion in 2024 [14] - Stablecoins are linked to fiat currencies or physical assets, enhancing payment efficiency and enabling instant settlements [14] - **Micron's Investment in Memory Manufacturing**: - Micron announced an increase in its investment to $150 billion, significantly impacting the memory chip market [3] - The price of DRAM modules is expected to rise by 18-23% for servers and PCs due to reduced production [3] - **Cultural and Entertainment Developments**: - Companies like Aoya and New Classics are launching new products in the blind box market, capitalizing on the popularity of IP collaborations [5][6] - Light Media is extending the screening of "Nezha" and exploring theme park collaborations [13] - **Quantum Computing Collaboration**: - Electronic City is partnering with Boson Quantum to establish a national quantum computing service network [8][16] - Boson Quantum is recognized for its advanced technology in coherent light quantum computing [16] - **Pharmaceutical Innovations**: - The company plans to launch one innovative drug annually over the next three years, with a focus on a lung cancer drug currently in the final testing phase [10][17] - The potential market for the drug is estimated at 1-1.5 billion yuan annually, with significant profit contributions expected by 2027 [10][17] Other Important but Possibly Overlooked Content - **Ant Group's Strategic Partnerships**: - Various companies are collaborating with Ant Group in the blockchain and digital asset sectors, including Yuanlong Yatu and Annie Co. [14] - **Market Trends in Entertainment**: - The rise of blind box products and IP-driven merchandise is a significant trend, with companies like Bubble Mart leading the market [5][6] - **Technological Advancements in Robotics**: - Companies are developing advanced robotics and AI technologies, with applications in various sectors including entertainment and manufacturing [17] - **Investment in Quantum Technologies**: - The growing interest in quantum computing is reflected in stock price increases and strategic partnerships aimed at enhancing technological capabilities [16] - **Pharmaceutical Market Dynamics**: - The competitive landscape for innovative drugs is intensifying, with companies focusing on unique therapeutic areas and strategic collaborations to enhance market presence [10][17]

Group 1: Macro Dynamics - The article discusses the impact of tariffs on export products, highlighting that products with technical barriers and differentiation show stronger pricing power during tariff shocks, leading to a positive cycle of "volume and price increase + increased dependency" [4] - In the short term, a general decline in exports is observed, with more resilience reflected through transshipment trade. High-dependency products exhibit weak overseas substitution effects, indicating a focus on related importers' replenishment needs [4] Group 2: Semiconductor Industry - Strong AI demand, rising storage prices, and opportunities for domestic substitution are expected to boost the fundamentals of the Hong Kong semiconductor sector. Recommended stocks include SMIC, benefiting from domestic AI demand, and Hua Hong Semiconductor, which is gaining more domestic customer orders due to the trend of local production [9] Group 3: Company Insights - Yika, a leading commercial empowerment technology platform, is expanding its overseas footprint and is expected to see significant growth in net profit from 101 million to 123 million CNY from 2025 to 2027, with an EPS forecast of 0.22 to 0.27 CNY [14] - Shengyi Technology is projected to experience rapid growth driven by AI-related demand, with net profit estimates for 2025-2027 raised to 2.628 billion, 3.280 billion, and 4.044 billion CNY respectively, maintaining a "buy" rating [38] - Chow Tai Fook's FY2025 revenue is reported at 89.656 billion HKD, a decrease of 17.5% year-on-year, but the company is expected to benefit from its transformation strategy, with profit forecasts for FY2026 and FY2027 adjusted upwards [42]