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]

证券研究报告 2025年07月06日 计算机 稳定币产业加速，数字金融进入新阶段 ——计算机稳定币研究专题 评级：推荐(维持) 刘熹(证券分析师) 郭义俊(联系人) S0350523040001 S0350124070015 liux10@ghzq.com.cn guoyj@ghzq.com.cn 最近一年走势 相关报告 -16% 4% 25% 45% 66% 86% 2024/07/04 2024/10/02 2024/12/31 2025/03/31 2025/06/29 计算机 沪深300 《模型性能不断提升，AI应用进入兑现期——计算机AI应用月度跟踪（2025- 05）（推荐）*计算机*刘熹》——2025-05-26 《计算机行业深度：大模型研究框架（2025）——"大模型"系列（5）（推 《域控制器研究框架——计算机"智能驾驶"系列专题二（推荐）*计算机*刘 熹》——2025-06-24 《计算机行业点评报告：特斯拉Robotaxi商业化时刻将至（推荐）*计算机*刘 熹》——2025-06-15 《计算机行业动态研究：稳定币头部企业Circle IPO，数字货币发展加速（推 荐）*计算机*刘熹》— ...

继2024年全球数字经济大会发布之后，由国内数字科技、金融、产业领域专家组成的中创数经信息服务 （上海）有限公司、中央财经大学科技园数字经济与人工智能研究院，联合中电数字场景科技研究院、 中译语通科技股份有限公司、信永中和研究院、融量数据科技（上海）有限公司、中财进宝（北京）科 技有限公司、海南数字无边科技有限公司等机构，持续四年的研究成果《上市公司数字化价值投资体系 报告（DVI）》（2025）再次在今年的全球数字经济大会成果发布会发布，成果发布会是2025全球数字 经济大会的阶段性关键活动，重点发布大会各项成果。 2025年的报告还有一个更具有里程碑意义的成果是，随着全球稳定币、RWA日渐形成传统金融与加密 数字资产融合加速，DVI从A股5407家上市公司中发掘出与数据资产、数字资产、稳定币、RWA这些全 新数字金融概念设计的分类组合分析，发现数字金融将会迅速成为全面提升上市公司价值的全新场景， 让数字经济发生质的飞跃。 责任编辑：凌辰 2025年，《DVI报告》展示，中国上市公司数字化进程达到83.52%。继全面跟踪研究全场景全产业上市 公司数字化进程的基础上，DVI今年从人工智能、新能源汽车、数字金融 ...

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The stablecoin industry ecosystem is accelerating its construction, with significant opportunities for domestic alternatives. The recent passage of the "Stablecoin Regulation" in Hong Kong is expected to boost the adoption of stablecoins, with major e-commerce platforms like Shopify and retail giants like Amazon and Walmart exploring stablecoin issuance [2][3] - The AI sector is experiencing structural investment opportunities, particularly in domestic alternatives, financial IT, and cross-border payments. The AI sector index saw a 7.6% increase in June, outperforming major indices [2][6] - Huawei's recent developer conference showcased advancements in HarmonyOS and AI cloud services, indicating a strong potential for domestic AI computing infrastructure [2][3] Market Overview - The AI index closed at 9481.88 with a monthly increase of 7.6%, while the computer industry index rose by 7.11% [6] - The AI sector's total market capitalization reached 23666.38 billion, with 84 constituent stocks [8] AI Industry Dynamics - The report highlights the latest developments in data elements and data exchanges, emphasizing the importance of data asset development and high-quality growth in the sector [19][20] - Major AI models are being developed and released, with Huawei announcing the open-sourcing of its Pangu models, which is expected to enhance AI applications across various industries [25] Investment Recommendations - The report suggests focusing on specific segments and companies, including: 1. Domestic computing industry chain: Industrial Fulian, Zhongke Shuguang, etc. 2. IDC service providers and computing leasing: Runze Technology, Guanghuan New Network, etc. 3. Domestic software vendors: China Software, Softcom Power, etc. 4. AI applications: iFlytek, Kingsoft Office, etc. 5. Cloud computing vendors: Kingdee International, Kingsoft Cloud, etc. 6. Data element industry chain companies: Tuolisi, Shensanda A, etc. 7. Stablecoin and RWA: Hengsheng Electronics, Sifang Jichuang, etc. [2][3]

证券研究报告|行业专题报告 海外 2025年7月4日 稳定币法案推动行业加速 看好发行平台、支付以及RWA场景 --加密行业专题报告 姓名：郑嘉伟 资格编号：S1350523120001 邮箱：zhengjiawei@huayuanstock.com 证券分析师 证券分析师 姓名：陆韵婷 资格编号：S1350525050002 邮箱：luyuntingn@huayuanstock.com 证券分析师 姓名：郑冰倩 资格编号：S1350525040002 邮箱：zhengbingqian@huayuanstock.com 证券分析师 姓名：于炳麟 资格编号：S1350524060002 邮箱：yubinglin@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 报告要点：看好发行平台、支付、RWA应用场景 n 稳定币法案推动合规机构扎堆发行 行业发展加速 Ø 稳定币作为连接传统金融与区块链经济的重要桥梁，已形成以USDT和USDC为代表的双寡头格局。USDT依托灵活监管，在线下支付、跨境 交易及OTC市场展现强大适用性，截至2025年3月，市占率高达62%；而USDC则凭借全额储备、 ...

Group 1 - The institutional trading board featured 25 stocks, with 11 experiencing net buying and 14 facing net selling [1] - The top three stocks with the highest institutional buying were Xice Testing (68.63 million), Nanling Technology (28.48 million), and Longyang Electronics (21.19 million) [1] - Nanling Technology saw a significant price increase of 19.98% on the trading day [2] Group 2 - Alibaba Group announced plans to issue zero-coupon exchangeable bonds totaling approximately 12 billion HKD, maturing in 2032, with proceeds aimed at cloud computing infrastructure and international e-commerce development [3] - Nanling Technology is a member of Alibaba Cloud's authorized service center and maintains a strong partnership with Alibaba Cloud in providing integrated "cloud + network" services for digital upgrades [3] - Hopu Co., Ltd. is involved in the drafting of the "Trusted Blockchain Entity Asset Trusted On-chain Technology Specification," marking a new standardization phase for Real World Assets (RWA) [3] - The company Wanlin Shulian, in which Hangzhou Garden participates, focuses on blockchain application services, including product traceability and certification [4]

Market Overview - The market experienced fluctuations with mixed results across the three major indices, with the Shanghai Composite Index approaching the 3500-point mark [1] - Bank stocks continued to perform strongly, with over ten stocks including CITIC Bank, Shanghai Pudong Development Bank, and Industrial Bank reaching historical highs [1] - The electricity sector saw significant gains, with stocks like Huayin Power, Shaoneng Co., and Shenzhen Nanshan Electric A hitting the daily limit [1] - Stablecoin concepts remained active, with stocks such as Jingbeifang, Xinyada, and Jinyi Culture also reaching the daily limit [1] - In contrast, solid-state battery concept stocks collectively adjusted, with Xinyu falling over 10% [1] - Overall, more than 4100 stocks in the Shanghai and Shenzhen markets declined, with a total trading volume of 1.45 trillion [1] Hot Topics RWA Concept - The RWA concept saw a significant rise, with Jinyi Culture achieving two consecutive limit-ups, and stocks like Hopu Co. and Hangzhou Garden also hitting the limit [4] - According to reports, some public funds' Hong Kong subsidiaries are actively preparing for stablecoin sandbox testing, which includes key aspects such as issuance, payment, and asset connection [4] - Huaxia Fund (Hong Kong) is involved in this initiative, indicating a growing interest in virtual asset-related products [4][6] Electricity Sector - The electricity sector experienced a notable surge, with Huayin Power achieving three limit-ups in four days, and stocks like Shaoneng Co. and Shenzhen Nanshan Electric A also hitting the limit [7] - Reports indicate that a significant heatwave is expected, with temperatures in many regions reaching historical highs, which is likely to increase electricity demand [7] - Huayin Power announced an expected net profit increase of 175 to 215 million yuan for the first half of the year [7] Pharmaceutical Sector - The pharmaceutical sector remained active, with stocks like Saili Medical achieving four consecutive limit-ups, and others like Weixin Kang and Guangsheng Tang also performing well [9] - Global breakthrough clinical data is driving activity in overseas licensing markets, with research results accelerating [9] - The introduction of the first Class B medical insurance directory is expected to further expand the innovative drug market, supported by new policy measures [9]