Core Viewpoint - Robinhood has launched a tokenized stock and ETF service in the EU, allowing users to invest in over 200 US stocks and ETFs with 24/5 real-time trading capabilities, marking a significant step towards democratizing investment access [4][6]. Group 1: Tokenization and Investment Access - The introduction of tokenized stocks allows users to purchase contracts that track the stock prices of companies, recorded on the blockchain, enabling broader participation in investments [6][10]. - Robinhood's CEO Vlad Tenev describes this move as a form of "investment equity," allowing millions of customers to engage in investments that were previously inaccessible, particularly in private companies like SpaceX and OpenAI [8][9]. - The EU's regulatory environment is more flexible compared to the US, which facilitates the tokenization of private companies [5][10]. Group 2: Market Dynamics and Regulatory Environment - The trend of private companies remaining unlisted is creating barriers for ordinary investors to benefit from their growth, as highlighted by industry experts [9][10]. - Robinhood's tokenized stocks are classified as derivatives under the MiFID II regulation, with underlying assets held by licensed US institutions, indicating a structured approach to compliance [10]. - Future regulatory developments in the US are anticipated to involve the SEC, with discussions already taking place regarding the approval of stock tokens [10]. Group 3: Market Reactions and Trends - Following the announcement of the tokenized service, Robinhood's stock price saw a significant increase of 12.8% on June 30, with a cumulative rise of 41.5% in June [18]. - The interest in cryptocurrency and stablecoins is growing among institutional investors, indicating a shift in asset allocation strategies [13][14]. - The boundaries between retail and institutional investors, as well as between crypto and traditional assets, are becoming increasingly blurred, leading to enhanced liquidity but also greater price volatility [17].

值得注意的是，目前仍未上市的公司SpaceX和OpenAI等股权代币也已上线。这也是Robinhood首次将私营公司进行代币化，其原因也部分 可以归咎为欧盟更灵活的监管环境。 Robinhood加密业务总经理JohannKerbrat对此表示："代币化的目标，就是让任何人都能参与这类投资，……，欧盟没有类似美国的合格投 资者规则，因此所有符合条件的用户都可以交易这些股票代币。" 6月30日，美国投资交易平台Robinhood（HOOD.US）宣布在欧盟区落地美股和ETF代币服务，符合条件的用户可以投资200多种美股和 ETF，并可以实现24小时/每周5天的实时交易——其中包括英伟达（NVDA.US）、微软（MSFT.US）、苹果（AAPL.US）和亚马逊 （AMZN.US）。 「投资平权」还是「市场停滞」？ 据Robinhood官网介绍，当用户购买股票代币时，用户实际上是在购买追踪目标公司股价的代币化合约，且这些合约也记录在区块链上。 此外，其官网介绍还称，目前用户并不能将股票代币发送到其他钱包或平台（也就是只能在Robinhood上交易，Robinhood自己更像是交易 所），股票代币以美元显示、买卖。当用 ...

近日，由证券时报社主办的"变革与突围·中国基金业高质量发展系列沙龙"之"发现科技之美·AI技术变革与 投资机遇"在深圳成功举行。多位公募基金经理受邀通过主题演讲深入探讨AI技术变革给投资带来的机遇与 挑战。 南方基金、博时基金、建信基金、大成基金等四大公募旗下科技赛道明星基金经理，就AI技术变革浪潮中 的"确定性"与"不确定性"下带来的定价方法、选股策略展开讨论。 图为发表主题演讲的四位嘉宾 重塑中国AI本土化逻辑 南方人工智能混合基金经理罗安安认为，A股在过去两年实际上更多偏向于主题以及跟随北美市场的股票逻 辑，而今DeepSeek的出现开始重塑中国AI的本土化逻辑，过去经验表明，每一轮技术突破都能创造一批优秀 的上市公司。例如，2003年的知识图谱、知识检索诞生了谷歌；2013年的深度学习则创造出安防巨头的市值崛 起。 罗安安认为，DeepSeek是"中国的Iphone时刻"，它将让中国很多弱应用变成强AI应用，即不仅仅输出信息，强 AI还能输出决策，比如创新药的研发，辅助驾驶等，或带来万亿美元的成长故事。DeepSeek等AI技术赋能， 也将打开互联网公司的市值天花板，可为这些传统互联网公司在应用价值上 ...