廖文剑博士，现任蓝源资本董事局主席、北京蓝源民族产业研究院执行院长，深耕产业链垂直投资、产 业链整合、资本投资等领域二十年。廖文剑博士拥有深厚的产业研究与资本运作功底，对全球实物资产 代币化(RWA)领域的发展趋势、政策导向及市场机遇有着深刻洞察。 智通财经APP讯，杜甫酒业集团(00986)发布公告，自2025年9月12日起，廖文剑博士已获委任为公司属 下子公司首席执行官，就拟开展真实世界资产(RWA)及其数字资产相关业务(如有)、与集团现有业务的 整合，与及业务发展方向的可行性进行研究，与及对相关务业拓展及实行提供具体规划。 因此，公司相信廖文剑博士将凭借其对相关实体产业资源的深厚积累和资本市场的运作经验，全面主导 公司RWA新事业部与公司价值创新的建设运营，推动公司成为全球实物资产代币化(RWA)领域的专业服 务商，帮助公司对此加深了解及协助集团于此板块的未来扩展(如有)。 ...

根据公告披露，本次募集资金净额约13.21亿港元，将重点投向以下四个方向： 20% 用于拓展数字资产金融牌照业务与基础设施; 智通财经APP获悉，8月15日，国富量子(00290)开盘即录得超6% 涨幅。消息面上，公司于 8 月 14 日晚 间披露重磅融资计划，宣布与 11 名认购人签订协议，将配发及发行合计约 9.15 亿股新股份，每股认购 价定为 1.45 港元，预计募资总额约 13.26 亿港元。据测算，此次发行的新股份占公司现有已发行股本比 例约 10.05%，扣除相关费用后，募集资金净额约 13.21 亿港元，将按比例投向四大核心领域。 募资用途明确 四大方向聚焦 RWA 生态 10% 用于拓展RWA投行业务; 构建全生命周期生态 打造多维竞争壁垒 4.RWA 二级市场基金：通过设立二级市场投资基金、做市基金及抵押信贷基金优化资产流动性，专注 已上链资产的投融资、流动性支持与退出管理，提升市场效率与周转率。 5.金融科技：作为 RWA 业务的技术底座，公司已与金融科技领军企业京北方(2987.SZ)成立合资公司， 整合其在金融 IT、智能风控等领域的技术资源;同时聚焦 RWA 核心技术平台研发，涵盖 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **stablecoin industry**, focusing on the roles of **Circle** and **Coinbase** in the ecosystem [1][2][3]. Core Insights and Arguments - **Stablecoins** optimize cross-border trade payment efficiency, reducing transaction costs to less than one dollar and transaction times to minutes, posing a potential alternative to traditional SWIFT systems [1][4]. - In high-inflation regions, stablecoins provide residents with a means to hold relatively stable value, similar to holding US dollars, especially when local currency is restricted [1][5]. - **Circle's Business Model**: Circle generates revenue through reserve interest and API fees, relying on the circulation of USDC and its minting/redemption mechanism. However, it faces high distribution and transaction costs, with over half of these costs going to Coinbase [1][12][13]. - **Coinbase's Role**: Coinbase plays a crucial role in Circle's business model by providing custody services for USDC, with its share of revenue increasing from about 33% to over 50% following the Silicon Valley Bank collapse [1][13]. - The **stablecoin industry chain** includes issuers, exchanges, public chain infrastructure, and application layers, with issuers and exchanges being the primary commercial potential areas [1][14]. Important but Overlooked Content - The global stablecoin market size reached **$251.1 billion** as of 2023, with Tether (USDT) and Circle's USDC accounting for **$153.3 billion** and **$61.4 billion**, respectively [2]. - The **tokenization of real-world assets (RWA)** requires stablecoins as a key connector, significantly reducing intermediary costs and enhancing market efficiency [3][18]. - The **importance of global payment licenses** for stablecoin transactions is emphasized, as they enable the conversion of virtual assets into real goods, enhancing practical application value [21][22]. - Regulatory measures in regions like the EU, US, and Hong Kong are being implemented to promote the stablecoin industry, indicating a move towards formalization and compliance [16][25]. - The potential for **A-share companies** like Newland and New Guodu to participate in overseas business layouts for RMB or HKD stablecoins is noted, given their existing overseas payment acquisition operations [24]. Future Outlook - The future of RWA development is promising, with the potential for significant reductions in intermediary costs if stablecoins achieve widespread usage [19]. - The stablecoin industry is currently facing regulatory challenges, with policies still in development, making regulatory progress a critical factor for industry growth [25][26].

Price Trends - Ethereum (ETH) is currently priced at approximately $2,521, reflecting a 5.11% increase from the previous day, with a monthly gain of 40.48%, although it remains down 24.63% year-to-date compared to its all-time high in November 2021 [3] - Bitcoin (BTC) is trading around $105,614, up 0.75% from the previous day, with a daily trading range of $103,100 to $106,200. It is currently testing the significant psychological resistance level of $106,600, which coincides with a supply cluster of approximately 31,000 BTC [4] Market Catalysts and On-Chain Data - The SEC's regulatory stance is shifting towards supporting innovation in the crypto space, as indicated by SEC Chairman Paul Atkins' recent comments. This is expected to positively impact the overall cryptocurrency market [4] - Institutional buying remains strong, with Strategy increasing its Bitcoin holdings by 7,390 BTC at an average price of $103,498, totaling approximately $764.9 million, indicating robust interest from large institutional investors [4] - The correlation between Bitcoin and gold has decreased to -0.54 over the past 30 days, suggesting Bitcoin is developing an independent price trajectory [4] Operational Strategies - For Bitcoin, a light long position can be considered if the price effectively breaks through the $106,600 resistance and stabilizes above it for at least 4 hours, with a target price of $110,000 and a stop-loss set below $105,000 [4] - For Ethereum, a buy zone is identified below $2,400, with a mid-term target of $3,000 and a long-term target of $4,000. A stop-loss is recommended below $2,300, which is a significant technical support level [8] - The macroeconomic environment is supportive, with indications from the New York Fed suggesting potential interest rate cuts, which could benefit risk assets including cryptocurrencies [8] Key Events and Indicators - The market is closely monitoring Bitcoin's ability to break the $106,600 resistance and upcoming statements from Federal Reserve officials regarding interest rate policies, which could influence market sentiment [10] - The recent performance of the S&P 500 index, which rose by 1.2%, reflects improved risk appetite, providing a positive external environment for the cryptocurrency market [8] - Significant trading volume for ETH/USDT has surged to $12.3 billion in the past 24 hours, indicating heightened market interest and buying intent [8]