Group 1 - Han Yu Pharmaceutical announced a strategic partnership with KuCoin to advance the first pilot project in mainland China for RWA tokenization based on "future revenue rights of innovative drug research and development" [2] - The combination of pharmaceuticals and blockchain has created significant market interest, but there are concerns about the "running ahead" phenomenon unique to the A-share market [2][3] - Historical observations indicate that seemingly sudden positive news often has prior indications in trading data, suggesting that institutional funds may have already positioned themselves before the announcement [2] Group 2 - The A-share market tends to "buy expectations" rather than "buy facts," leading to a situation where good news often serves as an opportunity for smart money to realize profits [3] - Examples from the stablecoin concept show that while the Shanghai Composite Index rose nearly 500 points from April to July 2025, individual stocks within the digital currency theme exhibited vastly different performances, indicating selective institutional positioning [3][5] - The trading behavior of stocks like "Cuiwei Co." shows that institutional activity can be detected before a market trend becomes apparent, highlighting the advantage of professional investors who utilize quantitative tools to capture fund movements [5] Group 3 - The trading data of "Dongsoft Group" reveals a lack of institutional activity initially, with only brief participation later, explaining the stark performance differences among stocks in the same sector [6][8] - "Runhe Software" initially showed active institutional participation but lacked sustainability, leading to weak stock performance, while "Zhongke Jiangnan" gained momentum after the index surpassed 3600 points [10][12] - The analysis of trading data emphasizes the importance of understanding whether institutional funds have already entered the market before news releases, as this is crucial for investment success [13]

Core Viewpoint - The strategic partnership between Hanyu Pharmaceutical and KuCoin aims to explore the tokenization of future revenue rights from innovative drug research and development in Hong Kong, marking a significant step in the integration of technology, finance, and pharmaceuticals under the new stablecoin regulations [1][3][4]. Group 1: Partnership Details - Hanyu Pharmaceutical has partnered with KuCoin to leverage its expertise in blockchain technology and RWA (Real World Asset) solutions for the tokenization of intangible assets related to drug development [2][3]. - KuCoin, established in 2017, has over 40 million registered users and ranks fourth globally in futures trading, with a daily trading volume exceeding $6.1 billion [2]. - The collaboration is positioned as a response to the new regulatory environment in Hong Kong, aiming to transform the valuation and trading of intangible assets in the pharmaceutical sector [3][4]. Group 2: Hanyu Pharmaceutical's Strengths - Hanyu Pharmaceutical's core competencies lie in its extensive GLP-1 peptide drug pipeline and over 500 patents, which provide a significant technological barrier [3][4]. - The company anticipates a substantial increase in net profit for the first half of 2025, projecting between 142 million to 162 million yuan, representing a year-on-year growth of 1,471% to 1,664% [4]. - Recent collaborations, including a partnership with Carbon Cloud Peptide for the development of a new GLP-1R/GIPR/GCGR triple agonist, highlight the company's rapid global expansion and innovation [4]. Group 3: Implications for the Industry - The partnership is expected to create a new paradigm for international pricing and financing of Chinese innovative drugs, addressing the high costs and risks associated with drug development [5][6]. - The RWA model offers a solution to the uncertainties of traditional financing methods, allowing for the tokenization of intangible assets and broader investor participation [6][7]. - Successful implementation of the RWA model could enhance Hanyu Pharmaceutical's competitive edge in the GLP-1 drug sector and set a precedent for future pharmaceutical RWA projects in China [7].

Core Viewpoint - Derin Holdings (01709) has announced a conditional subscription agreement with Pangu Software Pte Ltd, involving an investment of $1 million for 1,041 ordinary shares, with an option for an additional $1 million for the same number of shares, aimed at strengthening its strategic position in the digital entertainment and Web3 sectors [1] Group 1: Investment Details - The investment will result in Derin Holdings' fund holding approximately 2.0% of Pangu's equity post-investment, assuming no further issuance or repurchase of shares [1] - The fund is managed by a wholly-owned subsidiary of Derin Holdings, which holds about 11.7% interest in the fund [1] Group 2: Pangu's Business Model - Pangu is a Singapore-registered tech company focused on developing decentralized Web3 gaming platforms, utilizing blockchain and AI technologies to enhance user engagement and digital asset ownership [2] - Pangu operates the MetaCene Universe, which has launched four Web3 titles, including innovative games that support decentralized governance and NFT-based game assets [2] Group 3: Strategic Alignment - The investment aligns with Derin Holdings' long-term vision in digital finance, virtual assets, and real-world asset (RWA) tokenization, facilitating potential new business developments and collaborations in the merging fields of virtual assets and decentralized finance [2][3] - Derin Holdings plans to tokenize RWAs, including commercial properties and fund interests, leveraging blockchain infrastructure to distribute digital rights to qualified shareholders [3] Group 4: Competitive Advantage - The company is expanding its regulatory license to cover various virtual asset activities, viewing virtual assets as a transformative force in inclusive finance and institutional-level digital finance [3] - Pangu's extensive experience in virtual asset operations and its overseas user distribution resources are expected to enhance Derin Holdings' service and product offerings, tapping into new digital economy audiences [3] Group 5: Strategic Value - The investment is anticipated to position Derin Holdings to participate in the rapid development of Web3 technologies and business models, which are strategically significant for its digital finance development plans [4] - By establishing a partnership with Pangu, Derin Holdings aims to seize opportunities in digital entertainment and drive the integration of traditional finance with innovative blockchain-driven asset models, creating long-term value for shareholders and clients [4]

Market Overview - A-shares opened lower but rallied towards the end of the trading session, with the Shenzhen Component Index recovering above 11,000 points and the ChiNext Index gaining support around 2,300 points [1] - Nearly 4,000 stocks rose, while trading volume shrank to 1.52 trillion yuan [1] Sector Performance - Defense, precious metals, gaming, and humanoid robotics sectors saw significant gains, while commercial vehicles, sports, professional chains, and photovoltaic equipment sectors experienced declines [3] - The machinery equipment sector attracted over 11.5 billion yuan in net inflows, with defense and military industries receiving over 9.7 billion yuan [3] - Other sectors like electronics and automotive also gained over 5 billion yuan, while building materials, social services, real estate, and food and beverage sectors saw net outflows exceeding 1 billion yuan [3] Company Highlights - Hanyu Pharmaceutical surged, reaching a 20% limit up, marking a two-and-a-half-year high with a trading volume of 4.69 billion yuan and a turnover rate of 29.65% [3] - The innovative drug sector index rose for the sixth consecutive day, achieving a record closing high, with several companies like Hanyu Pharmaceutical, Haichen Pharmaceutical, and others hitting their upper limits [5] Strategic Developments - Hanyu Pharmaceutical signed a strategic cooperation agreement with digital asset platform KuCoin to explore the first RWA tokenization pilot project in mainland China, focusing on innovative drug development [5] - The collaboration aims to introduce a new financing and value discovery mechanism in the biopharmaceutical sector, leveraging Hanyu's expertise in GLP-1 peptide drugs [5] - Hanyu also announced a strategic partnership with Borui Pharmaceutical to enhance collaboration in peptide drug development and commercialization [6] Market Outlook - Huatai Securities indicated that the A-share market may enter a period of increased volatility, with a relatively controllable downside risk [6] - The market's reduced trading volume suggests a cautious stance among investors, with a focus on high-dividend stocks and sectors like large finance, innovative drugs, and military industries for medium-term strategic allocation [6]

国防军工、机械设备行业主力资金净流入居前。 A股三大指数今日（8月4日）集体收涨，行业板块多数收涨，航天航空、贵金属、电机、仪器仪表、通 用设备、珠宝首饰、船舶制造、汽车零部件、塑料制品板块涨幅居前；商业百货、保险板块跌幅居前。 从今日主力资金情况来看，沪深两市全天主力资金净流出38.69亿元。13个行业主力资金净流入，其中 国防军工、机械设备行业主力资金净流入均超20亿元，远超其他行业；家用电器、电力设备、银行、有 色金属行业主力资金净流入均超3亿元；汽车、交通运输行业主力资金净流入均超1亿元。 18个主力资金净流出行业中，计算机、电子行业主力资金净流出金额居前，分别为31.68亿元、19.73亿 元；通信、社会服务行业主力资金净流出金额均超8亿元，建筑装饰、医药生物、商贸零售行业主力资 金净流出均超6亿元。 11股获主力资金净流入均超3亿元 从个股看，73股主力资金净流入均超1亿元，11股获主力资金净流入均超3亿元。 6股尾盘主力资金净流入均超1亿元 据数据宝统计，尾盘沪深两市主力资金净流入33.73亿元。机械设备、电子行业尾盘均获主力资金抢筹 超7亿元；通信、医药生物、家用电器、电力设备行业尾盘净流入金 ...

格隆汇8月4日｜翰宇药业午后拉升涨停，报价24.32元，股价创2022年12月以来新高。消息面上，翰宇 药业与数字资产平台KuCoin正式签署战略合作意向书，双方拟共同探索在香港共同推进中国内地首个 以"创新药研发未来收益权"为底层资产的RWA(Real World Asset)代币化试点项目。根据协议，翰宇药业 将以其在GLP-1类多肽重磅药物领域的技术积累与研发管线为基础资产，KuCoin则将发挥其在区块链技 术、RWA全流程解决方案和全球合规资源方面的优势，为该项目提供链上映射、资产通证化、交易撮 合、收益分配等一体化支持。 ...

格隆汇8月4日｜翰宇药业(300199.SZ)午后拉升涨停，报价24.32元，股价创2022年12月以来新高。消息 面上，翰宇药业与数字资产平台KuCoin正式签署战略合作意向书，双方拟共同探索在香港共同推进中 国内地首个以"创新药研发未来收益权"为底层资产的RWA(Real World Asset)代币化试点项目。根据协 议，翰宇药业将以其在GLP-1类多肽重磅药物领域的技术积累与研发管线为基础资产，KuCoin则将发挥 其在区块链技术、RWA全流程解决方案和全球合规资源方面的优势，为该项目提供链上映射、资产通 证化、交易撮合、收益分配等一体化支持。 ...

智通财经APP获悉，有统计数据显示，包括摩根大通、高盛等华尔街金融巨擘在内的全球传统金融巨头 们在2020年–2024年间完成高达345起与区块链技术布局相关联的投资，其中G-SIB(即在全球金融体系具 备重大影响力的全球系统重要性银行)在代币化、加密货币金融产品托管以及区块链支付领域主导逾100 起重大交易。 据Ripple与CB Insights以及英国区块链技术中心联合发布的最新加密货币研究报告，花旗集团、摩根大 通、 高盛以及日本的金融巨头SBI集团已成为支持区块链类型初创企业的传统金融板块最活跃势力。根 据Ripple与波士顿咨询公司的预测数据，预计2033年实现代币化的现实资产规模(以RWA为核心)或将超 过18万亿美元，预计自2025年以来的复合年增长率(CAGR)有望达 53%。 报告称，2020年至2024年间，全球传统银行参与了345笔针对区块链公司的投资项目，其中多数处于早 期融资阶段。花旗和高盛各以18笔重大交易领跑全球传统金融巨头，摩根大通与三菱日联紧随其后，各 完成15笔重大投资。 据了解，价值一亿美元及以上的"巨额区块链融资"是市场关注焦点。四年间，这些传统银行巨头参与了 33轮 ...

Group 1 - The core point of the article is that China New City (01321) has seen its stock price surge over 100%, reaching a peak increase of over 150% during trading, attributed to its announcement of participating in the establishment of the "Hong Kong RWA Global Industry Alliance" [1] - The alliance will focus on digital transformation of assets in sectors such as real estate, green finance, and cross-border trade, leveraging technologies like blockchain, artificial intelligence, and the Internet of Things [1] - As of December 31, 2024, the group's investment properties are valued at approximately 4.337 billion RMB, indicating a significant asset base [1] Group 2 - The board has noted that the group's market value has long been below its net asset book value, suggesting that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] - The group aims to utilize the alliance's technological expertise and regulatory knowledge to explore RWA tokenization, providing a more objective fair value measurement for its assets and facilitating asset value release [1]

Group 1 - China New City (300778) shares surged over 100%, reaching a peak increase of 150%, with a current price of 1.57 HKD and a trading volume of 3.28 million HKD [1] - The company announced its participation as a founding member in the "Hong Kong Real World Assets Global Industry Alliance," set to launch on July 30, 2025, focusing on blockchain, AI, and IoT technologies [1] - The alliance aims to enhance asset digitalization in sectors such as real estate, green finance, and cross-border trade, while exploring digital asset cooperation mechanisms with ASEAN [1] Group 2 - As of December 31, 2024, the company's investment properties are valued at approximately 4.337 billion RMB [1] - The board noted that the company's market value has consistently been below its net asset value, indicating that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] - The company plans to leverage the alliance's technological expertise and regulatory knowledge to explore RWA tokenization, aiming to provide a more objective valuation of its assets and facilitate value release [1]