据央视新闻报道，当地时间9月4日，美国总统特朗普签署行政命令，正式实施美日贸易协议。根据白宫 声明，该协议涵盖了关税调整、市场准入等多个领域。但市场最为关注的，无疑是作为交换条件，日本 承诺向美国进行的5500亿美元投资。 协议签署后，两国政府发布了一份联合声明和一份谅解备忘录（MOU），这份备忘录详细规定了投资 的治理结构、决策流程与利润分配机制。 备忘录的核心内容显示，这笔投资的决策权将高度集中于美方。根据哈德逊研究所（Hudson Institute） 的一份分析报告，美国总统将对投资项目拥有最终决定权，而日本如果拒绝为选定的项目出资，将面临 美国施加新关税的风险。尽管协议同时规定，日本企业在项目供应链中享有优先权。 据该研究所的最新整理，这份备忘录部分重要的规定如下： 特朗普的"完全裁量权"：投资决策由美方主导 随着美日新贸易协议正式实施，其核心条款——一笔高达5500亿美元的对美战略投资——的运作细节也 随之浮出水面。 据谅解备忘录的条款，这笔5500亿美元投资的治理结构几乎完全由美方掌控。 备忘录规定，将成立一个投资委员会，负责推荐和监督投资项目。该委员会将由美国商务部长担任主席 并挑选其他成员。 ...

在深入流程之前，我们必须清晰认知其本质。 版权类RWA（Real World Asset），简单来说，就是将现实世界中的版权资产，通过法律、技术和金融结构的设计，将其经济权益映射到区块链上，生成对 应的数字通证（Token）。 请注意几个关键点： 这不同于NFT（非同质化通证）。NFT更侧重于对独一无二数字物品的所有权证明，而版权RWA通证通常是同质化的（FT），可拆分、可组合，更侧重于 金融属性的表达，适合代表可分割的收益权。 二、 版权类RWA项目核心操作流程"四步走" 对于拥有版权资产的您来说，参与一个RWA项目需要经历以下四个关键阶段： 第一步：资产筛选与合规确权 一、 什么是版权类RWA？—— 不是发行币，而是资产上链 第二步：经济模型与法律结构设计 这一步是连接现实世界与区块链世界的"桥梁设计"。 第三步：技术实现与通证发行 这是将设计落地的技术环节。 第四步：持续运营与资产管理 通证发行成功只是开始，长期的运营才是价值保障。 资产筛选：并非所有版权都适合通证化。通常，选择那些价值稳定、有清晰现金流（如版税、授权费）、权属清晰、易于评估的资产成功率更高。例 如，一支拥有长期稳定播放收益的音乐版权库 ...

划重点： 近期，一种已有数十年历史的投资机制——特殊目的载体（SPV），正在硅谷悄然成为人工智能泡沫的"隐形加速器"。 SPV（Special Purpose Vehicle）是为特定目的设立的法律实体，通常以有限责任公司或信托形式存在。其核心运作模式是：投资者将资金汇集 至这一独立法律实体，由它代表众人投资于那些炙手可热、通常难以直接触及的科技公司股份。SPV自身不开展实质经营，其完全系于所投的 单一资产或交易。 随着人工智能领军企业如OpenAI、Anthropic等的估值飙升至数千亿美元，一个由众多临时SPV构成的"平行市场"正在急速膨胀。它精准地利用 了投资者生怕错失AI时代红利的"错失恐惧症"（FOMO），吸引了大量渴望分一杯羹的资金涌入。 这些SPV通过让散户投资者有机会购买热门AI公司的零散股份，极大地降低了投资门槛，但也可能在不透明的情况下推高本已高昂的AI公司估 值。 不少投资者已发出警告，认为这预示着当前人工智能热潮中正出现泡沫风险。 尽管很多SPV运作合法，但也有一些管理费高得离谱、结构不透明、中间环节复杂。投资人士提醒，在追逐所谓"万亿美元AI市场"的热潮中， 缺乏经验的投资者很容易掉 ...

Core Viewpoint - The European Central Securities Depository (ECSD) warns that the EU's plan to invest frozen Russian assets into higher-risk investments to increase aid to Ukraine could be tantamount to "confiscation" [1][3] Group 1: Financial Implications - Approximately €191 billion of Russian central bank assets are currently frozen in the ECSD due to Western sanctions, and the EU Commission is exploring ways to extract more value from these assets [1] - The ECSD has paid €4 billion to Ukraine last year and €1.8 billion this year, with plans to potentially create a Special Purpose Vehicle (SPV) to manage these assets [2] - The proposal to shift cash into higher-risk asset classes comes as profits from these assets have been declining due to lower interest rates from the European Central Bank [1] Group 2: Legal and Risk Considerations - Creating an SPV would legally imply "confiscation" of cash from the ECSD, while still holding the obligation to return it to the Russian central bank, leading to significant legal and financial risks [3] - The ECSD is facing over 100 lawsuits related to frozen Russian assets, including those belonging to oligarchs and other sanctioned entities [3] - Russia has already confiscated €33 billion of assets belonging to ECSD clients that were previously frozen in its corresponding institution in Moscow [3] Group 3: Market Integration and Regulation - The ECSD is keen on advancing the EU's initiative to integrate its fragmented capital markets, aiming to unlock untapped savings and improve financing for companies [4] - The ECSD plans to provide a "single access point" for retail and institutional investors across the 27 member states [4] - The CEO of the ECSD supports more centralized regulation of central securities depositories as a key element of the EU capital markets initiative [4]

Core Viewpoint - The demand for secondary shares of Anduril has surged, with the company moving up in rankings among private equity firms, indicating strong investor interest in defense technology startups [1][5]. Group 1: Market Demand - There has been a significant increase in inquiries from potential buyers looking to purchase shares from early investors in Anduril, reflecting a booming interest in the company's stock [3][4]. - The past six months have seen a frenzy of interest, with reputable family offices and institutions actively seeking to acquire shares [4][5]. - According to Caplight, buyers are willing to pay $56.67 per share, valuing the company at $36.3 billion, a 63% increase from its last funding round valuation of $14 billion [5]. Group 2: Company Profile - Anduril, founded by 32-year-old entrepreneur Palmer Luckey in 2017, specializes in defense technology and has gained notable attention in the private equity market [4][13]. - The company has strict controls over its stock, making actual transactions rare despite high demand [9][10]. Group 3: Investment Environment - The favorable environment for defense technology startups, including lucrative contracts and a charismatic founder, has contributed to the heightened demand for Anduril's shares [13][14]. - Geopolitical instability and market volatility are driving increased interest in defense technology investments [14]. Group 4: Transaction Challenges - Secondary transactions are complicated due to the need for intermediaries and the lengthy process involved in trading private company shares [4][9]. - Some buyers are circumventing company rules by purchasing shares through Special Purpose Vehicles (SPVs), which allows a group of investors to pool funds [11][12].