DeFi 策略 - Apollo 的私募信贷基金 ACRED 可在 Polygon 的 DeFi 中使用 [1] - 通过 @gauntlet_xyz 优化的 @MorphoLabs 金库循环收益，由 @Securitize 启用 [1] - 机构 DeFi 正在发挥作用 [1] RWA (Real World Assets) - 机构采用包括发行链下资产到链上 (RWA)，并在 DeFi 中使用 [1] - 端到端的私募信贷示例 [1]

RWA season isn't slowing down — it's accelerating!🚀 $SPCX is now LIVE on @HSKChain & @BNBCHAIN, powered by @Paimon_Finance and incubated by @CoinMarketCap.Where to buy:🔹 @Paimon_Finance - https://t.co/rbgBKwG9Qs🔹 @wallet - https://t.co/aojLLLKbOu🔹 @pancakeswap - https://t.co/rrG9S5UYHHMore details 👉 https://t.co/VJyzS4MYCl(CMC Labs: Partnership). ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The current market should focus on both AI applications and stablecoin investment opportunities, as the performance of overseas and domestic AI applications is expected to accelerate [6][63] - The recent release of the Kimi-K2 model and OpenAI's Agent mode indicates significant advancements in AI capabilities, which are likely to enhance commercial applications [6][29] Summary by Sections Market Performance - The computer sector rose by 2.23% last week, ranking 6th among major industries, with a trading volume accounting for 11.19% of the total market [2][12] Key Developments - The Kimi-K2 model was officially released and is now available for commercial use, priced at 16 RMB per million tokens [17][27] - OpenAI introduced the Agent mode, which allows for complex multi-tool tasks, enhancing the capabilities of AI applications [29][30] Investment Recommendations - Focus on AI applications with a Chinese characteristic infrastructure, particularly in data, computing power optimization, and adaptation, emphasizing IDC and domestic computing power supply chains [6][63] - Pay attention to large-scale AI application scenarios in education, justice, and healthcare [6][63] - In the stablecoin sector, monitor companies with issuance qualifications, technological expertise in blockchain, and relevant licenses [6][63] Market Trends - The global market for Real-World Asset (RWA) tokenization is expected to grow significantly, with projections indicating a potential market size of 500 billion USD by the end of 2025 [58][60] - The integration of traditional finance with blockchain technology is anticipated to reshape the financial landscape [54][63] Future Outlook - The report suggests that the advancements in AI models and the regulatory developments in stablecoins will create new investment opportunities, particularly in sectors like education, healthcare, and financial technology [6][63]

blackrock isn't accumulating bags. they're engineering a cross-chain settlement layer.• sol validator program = high performance trading• xrpl rwa surge ($118m) = enterprise rails• yellow bridge investment = connecting it allthe next market isn't about picking winners. it's about building bridges. ...

Tokenized Treasury Products - Ondo's USDY accounts for 85% of actual users among top tokenized treasury products [1] - USDY is highlighted as the premier composable tokenized treasury product [1] Sei Network Integration - USDY is integrating with Sei's high-performance financial rails [1] - RWAs (Real World Assets) are expected to move faster on Sei [1]

“You arrive at a world where the TradFi onboarding process is 1-3 months, and the DeFi RWA onboarding process is 1-3 seconds.”How Chainlink's Automated Compliance standard creates a competitive advantage for onchain finance ↓ https://t.co/wslT5Em7SQ ...

你家屋顶的太阳能板，以后可能比股票账户还值钱。协鑫科技最近干了件捅破天的事——要把甘肃的光 伏电站、江苏的储能电池，甚至每一度绿电都变成手机里能交易的"数字资产"。这事听起来玄乎，说白 了就是：以后咱们普通人花100块就能当"电厂股东"，每天靠太阳晒出来的电分红。更狠的是，太保资 管香港直接下场站台，港股股价两个月暴涨50%。这哪是能源革命？分明是把碳中和玩成了"全民财富 游戏"！今天咱就扒开揉碎了说：这波"绿电上链"到底是割韭菜的新套路，还是普通人逆袭的财富风 口？ 一、RWA是个啥？把"太阳"切成片卖给你 先别急着喊"区块链骗局"，咱先搞懂RWA到底是个啥玩意儿。说白了，就是把现实世界的资产——比如 你家房子、公司的应收账款，甚至甘肃沙漠里的光伏板——通过区块链技术变成一串代码，然后像股票 一样拆成小块儿卖。你花100块买的不是空气，是真真切切的"光伏电站收益权"代币。 举个栗子：协鑫在江苏搞了个550MW的可调负荷项目，占了整个江苏省可调负荷的30%。这玩意儿听 起来像个巨型充电宝，实际上就是把上千个企业的储能电池、充电桩整合起来，电网用电紧张时就放电 赚钱，用电宽松时就充电待命。以前这项目得靠银行贷款 ...

Group 1 - The report from Bank of America indicates a significant decline in the global fund allocation to US stocks, dropping from 72% in 2024 to less than 50% in 2023 due to trade war concerns and political risks associated with the Trump administration [1] - Foreign capital inflow into US stocks has slowed to less than $2 billion in the past three months, compared to $34 billion in January [1] - Concerns over the US fiscal deficit and a depreciating dollar are dampening investor enthusiasm for US assets [1] Group 2 - HSBC's analysis suggests that the reasonable valuation range for USD/JPY is between 146 and 152, with potential intervention from the Japanese government if the exchange rate reaches between 155 and 160 [2] - Key factors influencing the yen's potential rebound include a US-Japan trade agreement and the Federal Reserve's monetary policy decisions [2] Group 3 - Barclays warns that dismissing Federal Reserve Chairman Powell may backfire, potentially leading to increased inflation expectations and prolonged periods of inaction or even rate hikes by the FOMC [3] - The report emphasizes that even a new Fed chair would need consensus with other FOMC members to implement significant policy changes [3] Group 4 - Deutsche Bank analysts believe that the recent mild recovery of the dollar may only represent a pause in its depreciation trend, not a reversal [4] - The report highlights that the upcoming US tariff deadline and threats to the Fed's independence could reignite concerns over the dollar's value [4] Group 5 - Deutsche Bank also notes that the upcoming Japanese elections could negatively impact the yen, as the government risks losing its majority, increasing uncertainty in fiscal policy [5] - The potential for new elections in the House of Representatives adds to the challenges in US-Japan trade negotiations, which could further weaken the yen [5] Group 6 - Deutsche Bank's foreign exchange analyst states that even with significant rate cuts from the European Central Bank, the euro may continue to appreciate against the dollar due to US policies undermining the dollar [6] - The forecast predicts that the EUR/USD exchange rate could rise to 1.20 by December 2025 and 1.25 by September 2026 [6] Group 7 - The report from CICC highlights the potential of the Yarlung Tsangpo River downstream hydropower project, which could be three times the scale of the Three Gorges Project, providing long-term growth opportunities for electrical equipment manufacturers [8] - The project is expected to significantly impact the market for hydropower equipment, with major suppliers like Harbin Electric and Dongfang Electric benefiting from the anticipated demand [8] Group 8 - Huatai Securities estimates that the Yarlung Tsangpo River downstream hydropower project, which commenced on July 19, could generate a total value of approximately 53.5 billion to 95.4 billion yuan in turbine and generator business [10] - The project is expected to become a new growth point for hydropower equipment after 2030, ensuring high capacity utilization in the industry [10] Group 9 - CICC's report indicates that the recent comments from President Trump and Treasury Secretary Mnuchin reflect a strategy of market manipulation, with Trump delivering negative news while Mnuchin provides reassurances to stabilize the market [9] - This dynamic is seen as part of a broader "TACO trading" strategy, where market reactions are influenced by the contrasting messages from the administration [9] Group 10 - CICC suggests that the probability of a Fed rate cut in July is low, as key employment indicators show resilience in the US job market, despite some mixed signals [11] - The report emphasizes that the Fed does not need to rush into rate cuts, as many indicators support a wait-and-see approach [11] Group 11 - CICC notes that the implementation of pricing mechanisms in the electricity reform is expected to stabilize profitability for leading operators in the sector, as new projects focus on coastal wind and renewable energy bases [12] - The report highlights that leading operators are likely to outperform the industry average in project returns due to their superior capabilities [12] Group 12 - CICC identifies overseas expansion as a strong driver for performance exceeding expectations, with companies benefiting from increased ROE and profit margins [13] - The report anticipates that as trade war expectations stabilize, overseas expansion could lead to sector-wide market movements [13] Group 13 - CICC forecasts that commodity prices will return to being driven by fundamentals in Q3 2025, with industrial metals and crude oil potentially weakening, while coal and steel supply-demand dynamics may improve [15] - The report suggests that liquidity easing and supply constraints could keep precious and industrial metal prices stable [15] Group 14 - CICC expresses optimism for sectors related to foundation treatment, civil explosives, cement, and engineering contracting due to the significant investment in the Yarlung Tsangpo River downstream hydropower project [16] - The project is expected to create high demand growth across multiple construction and building material segments [16] Group 15 - Zheshang Securities highlights that RWA (Real World Assets) could lead to a temporary expansion of dollar credit as blockchain technology accelerates the replacement of traditional finance [17] - The report discusses the potential challenges RWA poses to traditional financial institutions, including banks and brokers [17] Group 16 - Huatai Securities suggests that despite entering the e-commerce off-season, the pressure on terminal franchisees may ease due to price stabilization, leading to improved profitability for express delivery companies [18] - The report emphasizes the importance of policy catalysts in supporting the express delivery sector [18] Group 17 - Huatai Securities recommends maintaining positions in the market while making selective switches, as the A-share market shows signs of strength and a shift towards large-cap growth stocks [19] - The report indicates that sectors with low valuations and potential for price increases are likely to maintain market interest [19] Group 18 - GF Securities expresses confidence in the non-bank sector, suggesting that increased market activity and policy signals could enhance the valuation of brokerage firms [20] - The report highlights the potential for recovery in brokerage performance and the importance of monitoring policy-driven mergers and acquisitions [20]

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Views - The report highlights the collaboration between Jinko Environment and Kunheng International to issue RWA, enhancing the market value of quality assets [9] - Huanlan Environment's internal growth and acquisition performance exceeded expectations, with a significant increase in net profit [12] - The report emphasizes the decline in capital expenditure in waste incineration, leading to improved free cash flow and increased dividends, while also noting the efficiency improvements in heating and IDC that boost ROE and valuation [16] - The water service sector is positioned as the next growth area similar to waste incineration, with a focus on marketization and cash flow improvements [19] Summary by Sections Jinko Environment - Jinko Environment has reached a cooperation intention for RWA issuance with Kunheng International, aiming to enhance the market value of its quality assets through digital asset management [9][10] Huanlan Environment - Huanlan Environment reported a net profit of 9.67 billion yuan for H1 2025, a year-on-year increase of 9.00%, with a significant internal growth rate of 18% in Q2 2025 [12][14] - The integration of Yuefeng has contributed positively to the company's performance, with a monthly profit contribution exceeding previous levels [14][15] Waste Incineration - The report notes a decrease in capital expenditure in the waste incineration sector, leading to a substantial improvement in free cash flow and increased dividends for companies like Junxin and Green Power [16][17] - The sector is transitioning into a mature phase, with a focus on efficiency improvements and cost reductions to enhance ROE [16][18] Water Services - The water service sector is highlighted as a stable and low-valuation area with high dividend potential, with companies like Xingrong and Hongcheng Environment expected to see significant cash flow improvements [19][21] - The report anticipates a shift in water pricing policies that will support sustainable growth and valuation increases similar to trends observed in the US water industry [20][21] Environmental Equipment - The report indicates a 90.56% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 15.86% [28] - The overall sales of sanitation vehicles increased by 3.59%, indicating a positive trend in the environmental equipment sector [28][34] Biodiesel and Lithium Battery Recycling - Biodiesel prices remained stable, but profit margins have decreased, with the average profit per ton dropping to 130 yuan [42] - The lithium battery recycling sector is experiencing an upward trend in metal prices, leading to slight improvements in profitability [44]

Core Viewpoint - The article discusses the emerging competition between the U.S. and China regarding Real World Assets (RWA) and stablecoins, highlighting the significance of the "Genius Act" signed by former President Trump, which aims to solidify the dollar's status as the world's reserve currency and regulate the stablecoin market [3][4][32]. Group 1: RWA and Stablecoins - RWA stands for Real World Asset, which refers to the process of tokenizing physical assets like real estate, commodities, and bonds using blockchain technology [13][14]. - The RWA market is projected to reach $16.1 trillion by 2030, accounting for 10% of global GDP, with current RWA assets (excluding stablecoins) amounting to $245.5 billion [18][20]. - The introduction of RWA technology allows for the digitization and fragmentation of physical assets, enhancing liquidity and accessibility for ordinary investors [22][27]. Group 2: Regulatory Developments - The "Genius Act" marks a significant step in U.S. stablecoin regulation, aiming to maintain the dollar's dominance in the global financial system [7][32]. - Hong Kong's "Stablecoin Ordinance," effective August 1, represents a competing regulatory framework that could challenge U.S. dominance in the stablecoin space [8][30]. - The U.S. Treasury Secretary has projected that the stablecoin market could grow to $3.7 trillion by 2030, emphasizing the economic benefits of stablecoins [31][32]. Group 3: Market Dynamics and Challenges - Robinhood's introduction of stock tokenization has garnered attention, but it faces challenges such as liquidity issues and potential market manipulation [17][41]. - Regulatory bodies are scrutinizing Robinhood's practices, raising concerns about the distinction between real equity and derivatives in tokenized stocks [42][46]. - The article warns that while RWA technology offers efficiency, it also opens the door to potential illegal activities due to regulatory gaps [47]. Group 4: Future Outlook - Financial institutions in mainland China are accelerating their efforts to engage with the RWA and stablecoin markets, with many obtaining licenses to provide related services [48]. - The competition between the U.S. and China in the RWA space is intensifying, with the potential for significant shifts in the global financial landscape [50][51].