《风险提示》首个披露的案例，聚焦近期高发的"农业云养殖"领域。据介绍，某地市民孙女士经朋友介 绍，接触到一款"云养黑猪"投资项目。该平台对外宣称，投资者无需实地参与养殖，认购后即可享受年 化60%的固定收益。孙女士投入资金后，平台以"系统升级"为由冻结提现功能，随后关闭APP。经查， 该项目无真实养殖场，利用层级返利发展4万会员，涉案金额超亿元，涉嫌非法传销活动。 深圳市委金融办特别提示，近年来，"云养经济"领域违法犯罪活动高发。一些不法分子往往打着"发展 农业产业"的幌子，将正常的农产品种养、销售环节包装成"投资融资项目"，借助互联网平台广泛宣传 推广，从事违法犯罪活动，既侵害公众合法利益，也对农业产业健康发展造成负面影响。 据了解，此类欺诈活动存在三大典型特征：一是以"农业+科技"为噱头，炒作田园生活、有机生态、智 慧农业等热点，伪造养殖、种植的视频图片来虚构或夸大实际生产场景，对外宣称低风险、高收益，但 真实经营模式难以支撑其承诺收益；二是网络属性强，不法分子依托互联网、移动应用程序开展运营， 通过网上支付工具收付资金，风险波及范围广、扩散速度快，资金监管和追踪难度大；三是存在多种违 法犯罪风险，不法分 ...

Investment Rating - The report maintains a positive rating for the industry, suggesting that AI computing power leasing could become the next ideal anchor asset for RWA [4]. Core Insights - RWA serves as a bridge between real-world assets and web3.0, facilitating the transition from web2.0 to web3.0 financing channels by tokenizing tangible and intangible assets on the blockchain [1][8]. - The expansion of RWA assets has evolved from traditional financial assets to real estate and physical economy assets, with significant participation from major financial institutions [11][12]. - AI computing power leasing is identified as a promising next step in the RWA asset chain, characterized by market growth, clear yield transparency, and defined market financing needs [2][3]. Summary by Sections RWA Asset Expansion Path - RWA utilizes blockchain technology to convert real-world assets into digital tokens, enabling investment in fixed-income products and facilitating asset diversification and risk sharing [1][8]. - The RWA asset category has expanded significantly since the introduction of stablecoins like USDT in 2014, which addressed volatility in the crypto market [11][12]. Characteristics of Ideal Anchor Assets for RWA - Ideal RWA anchor assets should exhibit continuous market growth, transparent yield, and clear market financing demand [18][19]. - The process of "confirmation—splitting—circulation—financialization" is essential for RWA, ensuring that assets are digitized and can be traded efficiently [18][20]. AI Computing Power Leasing as the Next Anchor Asset - The report highlights that AI computing power leasing possesses the necessary characteristics to become an ideal anchor asset for RWA, driven by the increasing demand for computational resources in AI applications [2][29]. - The global AI computing power leasing market is projected to grow significantly, with estimates reaching $14.6 billion in 2024 and expanding to $63.64 billion by 2031 [44][47]. Investment Recommendations - The report suggests closely monitoring the relevant industry chain, including IDC manufacturers and cloud service providers, as they are poised to benefit from the growth of RWA and AI computing power leasing [3][58].

Core Viewpoint - The article discusses the rapid divestment of shares by the You family from their listed company, Hongbo Co., which resulted in over 2 billion yuan in cashing out within three years, raising questions about their commitment to the company and the implications for minority shareholders [1][20][30]. Group 1: Company History and Development - The You family, led by patriarch You Laoye, transitioned their foreign trade business to their daughter, You Yuxian, in 1995, despite societal norms favoring male leadership [2][4]. - You Yuxian and her sister, You Lijuan, pivoted the business towards the printing industry, investing heavily in advanced printing technology from Japan in 1999, which was a significant financial commitment at the time [7][9]. - The company, Hongbo Printing, gained a competitive edge by securing a large order for the national population census in 2000, leading to substantial market share growth, particularly in lottery printing, where it reached over 65% market share at its peak [11][13]. Group 2: Financial Performance and Challenges - After going public in May 2008 and raising 1.2 billion yuan, the You family held a 70% stake in Hongbo, solidifying its status as a family-run enterprise [15]. - However, by 2014, the company faced declining profitability, with revenue increasing to 860 million yuan but net profit plummeting to 23 million yuan, indicating a net profit margin of only 2.7% [17]. - The company attempted to diversify through acquisitions in the gaming and telecommunications sectors, but these efforts failed, leading to significant financial losses and a decline in revenue by 23.49% in 2018 [19]. Group 3: Shareholder Actions and Market Impact - The You family initiated a series of share sell-offs starting in 2014, with You Lijuan cashing out over 700 million yuan by 2021, and the family collectively selling off shares worth 2 billion yuan in total [20][21]. - The family strategically timed their sell-offs around financial disclosures, exploiting information asymmetry to maximize their returns while leaving minority shareholders at a disadvantage [23][28]. - Following the family's exit, Hongbo Co. has struggled with financial performance, reporting losses for two consecutive years and a significant increase in retail investor participation, which has led to concerns about the company's future viability [26][30].