今年以来，极具辨识度的中国潮玩IP"拉布布(LABUBU)"在海外迅速走红，不仅带动相关上市公司股价 屡创新高，也令IP经济概念股持续受到市场关注。 智慧消费：开拓IP数字资产新蓝海 在智慧消费领域，天机控股依托现有IP资源，聚焦IP数字化、IP商品交易和IP社群运营三大业务板块， 正逐步构建出一个覆盖全球的数字资产IP链上身份，为文创、潮玩、数字艺术品等提供确权、溯源与价 值赋能的全链条服务。 在IP数字化环节，公司扮演着"IP投行"的角色，将实体IP产品转化为可验证、可流通的数字资产。具体 而言，每件实体IP藏品都将绑定唯一的数字标识，上链存证，实现"一物一码、权属清晰"；同时，借助 人工智能技术，公司还能够利用IP打造更真实的互动叙事与游戏化体验，生成可参与、可衍生的动态数 字内容。 在IP商品交易环节，公司与授权IP方直接合作，确保每一件IP作品均为官方正品；智能合约的引入，则 让交易结算更透明、版权分成更即时，真正保障创作者持续从二级市场获益。跨链交易技术的支持，更 进一步拓宽了IP商品流转的范围，提升了IP资产的全球流动性。 最后，在IP社群运营环节，天机控股通过会员忠诚度计划和共创活动，构建高互 ...

Group 1: RWA Financing Model - The core of RWA financing is the tokenization of real assets through blockchain technology, enabling the creation of digital assets that can be traded on decentralized platforms [6][16] - The main processes include asset selection and evaluation, tokenization using blockchain, compliance handling, issuance and trading, and automatic profit distribution through smart contracts [6][16] - RWA financing focuses on assets with clear value or stable cash flows, such as real estate and accounts receivable [6] Group 2: Role of Digital Currencies - Digital currencies serve as payment and settlement tools, with stablecoins acting as a bridge between fiat currencies and RWA, reducing cross-border transaction costs [9] - RWA tokens can be used as collateral in DeFi protocols, enhancing their stability [9] - Governance tokens incentivize user participation through mechanisms like staking and fee discounts [9] Group 3: Development of Digital Currencies - The development of digital currencies has gone through five distinct phases, from inception in the late 1970s to the current era of strategic policies influencing their use [11] - Digital currencies are increasingly recognized for their decentralized, anonymous, and secure nature, becoming reserve assets for some central banks [13] Group 4: Stablecoins - Stablecoins emerged to address the volatility of mainstream digital currencies, providing a stable medium for transactions [14] - There are three types of stablecoins: fiat-collateralized, algorithmic, and crypto-collateralized, each serving different functions in the digital finance ecosystem [14] Group 5: Regulatory Landscape - Regulatory measures are crucial for the RWA and digital currency sectors, with increased regulation indicating higher safety but potentially fewer profit opportunities for ordinary investors [16][19] - The U.S. SEC employs a multi-faceted regulatory approach to oversee crypto assets, determining whether they fall under securities regulations [20][21] - Various global jurisdictions are developing regulatory frameworks for digital currencies, with a focus on compliance, user protection, and market integrity [24][25] Group 6: Hong Kong's Regulatory Approach - Hong Kong is at the forefront of digital currency regulation, with the Financial Management Bureau actively developing policies to manage crypto assets [25][30] - The region has implemented a sandbox approach to test the interoperability of tokenized assets and digital currencies, aiming to support market development [30][33] Group 7: Future of RWA Financing - RWA financing can utilize either tokenized financing or asset-backed lending, both relying on digital currencies for transactions [36] - The future of RWA is contingent on a healthy and regulated digital currency market, posing new challenges for traditional regulatory bodies [36]