智通财经APP获悉，申万宏源发布研报称，根据RWA.XYZ网站数据，截止到2025年7月16日，RWA链上 资产规模达到255.2亿美元，拥有310573名资产持有者，251名RWA发行商。RWA作为稳定币重要的使 用场景正在快速发展，相比于传统资产和一般加密资产，RWA有诸多优势。分应用场景上看，国债代 币化是RWA的一个重要场景，正随着区块链理财需求增加快速发展；房地产代币化投资方面，RealT和 Reinno都有着广泛的实践；此外，股票代币化实践方面，Robinhood的代币化股票产品的价格根据 NASDAQ提供的标的资产的实时价值动态调整。 申万宏源主要观点如下： 中国内地和中国香港也有RWA的相关探索 2024 年，朗新集团携手蚂蚁数科在香港完成国内首单新能源RWA融资，金额达1亿元人民币，标志着中 国新能源资产数字化迈出关键一步。中国内地方面，马陆葡萄RWA纪念币登录中国数字资产交易所， 该产品将马陆葡萄产业园的产出作为背书资产，实现了农业和数字经济的融合。 RWA，Real World Asset，是一种基于区块链的数字资产证券化投资项目 RWA通过将现实世界中的实物或者金融资产，利用区块链标签 ...

Group 1: Market Overview - The total scale of stock ETFs reached approximately 3 trillion yuan in Q2 2025, with a market value share of 3.7%, marking a historical high [9] - Active equity public funds saw a decline in market value share from a peak of 6.2% in 2021 to 3.0% in Q2 2025 [9] - Significant increases in ETF shares were noted in sectors such as banking, liquor, semiconductors, artificial intelligence, robotics, military industry, gold, and rare earths [9] Group 2: Investment Opportunities - The RWA (Real World Asset) market has seen rapid growth, with on-chain asset scale reaching 25.52 billion USD by July 16, 2025, and 310,573 asset holders [11][12] - The global market for consumer-grade 3D printers is projected to reach 7.1 billion USD by 2028, with a compound annual growth rate of 19.2% [14] - The Low Dk electronic cloth market is expected to have an annual average market space of around 10 billion yuan by 2028, driven by the demand for high-speed transmission [19] Group 3: Sector Analysis - In Q2 2025, active equity public funds increased their holdings in sectors such as telecommunications, media, agriculture, military, and finance, while reducing exposure to automotive, food and beverage, social services, electric equipment, and steel [9] - The electronic industry maintained a high holding of 18.8%, with semiconductors comprising half of this proportion, indicating a crowded sector [10] - The pharmaceutical sector showed significant internal structural differentiation, with chemical pharmaceuticals receiving substantial increases in holdings, while other areas like medical outsourcing and hospitals saw reductions [12] Group 4: Company-Specific Insights - The company Jin Tian Titanium Industry (688750) is positioned as a leader in high-end titanium alloy technology, with a focus on aerospace and marine applications [20][22] - The company Jieput (688025) reported an earnings forecast that exceeded expectations, indicating a growing demand in consumer-grade applications [21][22] - The company is expected to achieve a revenue of 8.08 billion yuan in 2024, with a net profit of 1.52 billion yuan, reflecting a year-on-year growth of 3.04% [20]

Group 1 - RWA (Real World Asset) is a blockchain-based digital asset securitization investment project that significantly increases asset liquidity and lowers investment thresholds by tokenizing large, hard-to-trade assets [5][9][10] - As of July 16, 2025, the on-chain asset scale of RWA reached $25.52 billion, with 310,573 asset holders and 251 issuers [10] - RWA has various applications in overseas markets, including tokenized government bonds, REITs, stocks, and private credit [5][9] Group 2 - Tokenized government bonds are a key application of RWA, enhancing secondary market liquidity and reducing cross-border transaction friction through digital mapping of sovereign debt [35][36] - The tokenization of real estate is exemplified by projects like RealT and Reinno, which allow fractional ownership and provide liquidity to real estate investments [5][9] - RWA's relationship with traditional financial products like ABS and REITs shows both similarities and differences, with RWA offering broader asset scope and lower standardization [16][19] Group 3 - The regulatory landscape for RWA varies significantly across regions, with China maintaining strict regulations while regions like Hong Kong, the EU, and the US adopt more positive regulatory frameworks [22][23] - RWA's emergence poses challenges for financial regulation, particularly regarding asset ownership and collateralization risks [5][9] - The report highlights the importance of ensuring clear ownership and compliance with legal frameworks when mapping real-world assets onto blockchain [5][9]

Group 1 - The forum emphasized the importance of accelerating the development of domestic and international dual circulation, with a focus on enhancing cross-border payment and clearing systems for the renminbi as a crucial infrastructure and driving force [1] - Significant achievements in the development of renminbi cross-border payment and clearing have been made, including the establishment of the China International Payment System (CIPS) and increased cooperation with SWIFT [1] - The emergence of new business models in the cross-border payment and clearing sector, particularly the development of stablecoins linked to fiat currencies, is highlighted as a response to the limitations of traditional payment systems [2] Group 2 - The rise of stablecoins, particularly those pegged to the US dollar, necessitates attention from other countries due to their potential impact on monetary systems [2] - The need for new technologies to enhance the efficiency and reduce costs of currency operations is emphasized, alongside the importance of stringent risk control measures [2] - The suggestion is made for the domestic industry and academia to pay greater attention to the development of stablecoins and to further promote the digital renminbi [2] Group 3 - Current challenges in financial technology development in China include issues such as redundant construction, data silos, and security risks, which hinder high-quality growth [3] - The proposal to build centralized digital infrastructure based on the digital renminbi model aims to address these challenges by enabling comprehensive transaction data collection and precise tracking [3] - Potential breakthroughs in identity management through digital IDs could lead to significant changes in digital currency, digital assets, digital finance, and the digital society [3]