1. 安全是生命线，隐私是硬需求 2. RWA项目涉及大量商业机密、资产评估报告、法律文件及合规材料。普通社交或通用办公软件难以满足金融级的安全要求。专属IM系统通过端到端加 密、权限分级管理、信息水印、防截屏等功能，为您的每一次对话、每一份文件提供坚实保护，确保商业敏感信息仅限授权人员知悉，免除后顾之 忧。 3. 效率是竞争力，协同是加速器 4. RWA项目往往需要资产方、发行方、律所、托管方、投资人等多方紧密协作。一个集成在平台内部的IM工具，可以快速创建项目群组，实现精准沟 通。支持文件快速共享、在线会议、任务指派与提醒，显著减少沟通成本，加快项目上线周期，让您的资产更快触达全球市场。 选择我们，构建安全高效的沟通纽带 我们深知，对于像您这样拥有优质底层资产的伙伴，时间、安全和效率意味着一切。我们的RWA生态平台不仅提供了合规、技术强大的资产上链解决方 案，更内置了为RWA业务量身打造的专业IM通讯系统。 在现实世界资产（RWA）上链的浪潮中，我们正致力于将不动产、大宗商品、艺术品等巨额财富带入区块链世界，释放其前所未有的流动性。然而，这条 革新之路并非坦途，尤其是信息传递的壁垒，常常成为项目推进的隐形 ...

Core Viewpoint - Youjia Innovation (2431.HK) has launched its unmanned logistics brand "Xiaozhu Unmanned Vehicle" in Shenzhen, marking its entry into the urban public road system with operational vehicles [1][2]. Group 1: Product Launch and Specifications - The Xiaozhu unmanned vehicles include two models: T5 and T8. The T5 is designed for standardized express delivery with a cargo volume of 5.5 cubic meters, a maximum load of 1,000 kg, and a range of 180 km. The T8 targets larger loads with a cargo volume of 8.5 cubic meters, a maximum load of 1,700 kg, and a range of 240 km [1]. - Both models are equipped with a 100% automotive-grade intelligent driving system, featuring 3 LiDARs and 11 cameras to navigate various road conditions [1]. Group 2: Business Model and Market Strategy - Youjia Innovation has developed differentiated solutions for various customer types. For large B-end clients, the company offers customized solutions primarily through leasing, while for small and medium-sized express outlets, standardized products like the T5 are available with financing leasing options to lower entry barriers [1][2]. - The company adopts a "base strategy," focusing on concentrated deployment in cities with road rights and demand density to refine its operational and financial models before replication [2][3]. Group 3: Operational Efficiency and Financial Outlook - Concentrated deployment is expected to yield scale effects, significantly reducing unit operating costs compared to scattered deployments. The company aims to deliver 400 to 500 vehicles by the end of 2025 and targets a fleet size of 10,000 by 2026 [3]. - Collaborations with local entities, such as the Shenzhen Bus Group, provide stable demand and operational resources, enhancing cash flow stability and potentially creating valuable assets for financial markets [3][4]. Group 4: Competitive Landscape and Challenges - The competitive landscape includes various players, with Youjia Innovation differentiating itself through deeper algorithm and software capabilities and direct partnerships with postal and public transport services [5][6]. - The success of the base strategy depends on local government attitudes towards road rights and the ability to manage the financial risks associated with heavy asset deployment [5][6]. Group 5: Technological and Supply Chain Advantages - The intelligent driving system of Xiaozhu vehicles leverages existing passenger vehicle ecosystems, reducing integration uncertainty and BOM costs by approximately 40%, creating a competitive moat [4][6]. - The company emphasizes the importance of embedding unmanned vehicles within urban public resource systems to achieve scalable commercialization [6].

Market Overview - The A-share market showed a relatively mild performance on July 17, with the Shanghai Composite Index fluctuating around 3500 points and the ChiNext Index rising over 1% [3][4] - The Hong Kong stock market also exhibited a stable performance, with the Hang Seng Index showing little fluctuation [2][15] Individual Stock Performance - Shuangwei New Materials has achieved a "20cm" limit-up for seven consecutive trading days, with a cumulative increase of over 250% [1][7] - Lan Sheng Co. has seen a limit-up for five consecutive trading days [10] - Other stocks such as Lisheng Pharmaceutical and Lianfa Co. have experienced limit-up for three consecutive trading days [12] Sector Performance - In the A-share market, sectors such as telecommunications, electronics, comprehensive services, computers, and retail performed well, while public utilities, construction decoration, transportation, and media sectors showed relative weakness [4] Company Announcements - Shuangwei New Materials announced significant stock trading fluctuations, with a current price-to-earnings (P/E) ratio of 105.71, significantly higher than the industry average of 23.78 [9][10] - Lan Sheng Co. reported a P/E ratio of 30.6, also above the industry average of 28.14 [12] - Dechang Motor Holdings announced the establishment of two joint ventures with Shanghai Mechanical and Electrical Co., focusing on humanoid robot solutions and hardware integration [21] Concept and Thematic Performance - Concept sectors such as CPO and innovative pharmaceuticals performed well during the trading session [5] - Blue Ocean Interactive announced the establishment of the "LK Crypto" division to accelerate its Web3 and real-world asset (RWA) strategies, indicating a strong focus on digital assets [18]

Core Viewpoint - The A-share market showed a mild performance on July 17, with the Shanghai Composite Index fluctuating around 3500 points and the ChiNext Index rising over 1% [1][4]. A-share Market Summary - The Shanghai Composite Index was at 3506.94, up 0.09% [5]. - The ChiNext Index reached 2255.36, with a gain of 1.13% [5]. - The Shenzhen Component Index increased by 0.87% to 10813.75 [5]. - Notable sectors performing well included telecommunications, electronics, and retail, while public utilities and transportation lagged [5]. Individual Stock Performance - Several stocks experienced consecutive trading halts, with Upway New Materials achieving a 250% cumulative increase over seven trading days [1][9]. - Upway New Materials reported significant trading anomalies, with a closing price of 23.24 yuan per share and a P/E ratio of 105.71, significantly higher than the industry average of 23.78 [11]. - Lansheng Co. also saw a continuous rise, with a warning about potential risks due to rapid price increases [13]. - Other companies like Lisheng Pharmaceutical and Lianfa Co. reported similar trading halts and risk warnings [14]. Hong Kong Market Summary - The Hong Kong market exhibited a stable performance, with the Hang Seng Index at 24534.84, up 0.07% [17]. - Notable gainers included Nongfu Spring and Geely Automobile, while Baidu and New Oriental saw declines [17]. - Blueport Interactive surged over 40% after announcing the establishment of a new division focused on Web3 and digital assets [20]. Corporate Announcements - Dechang Motor Holdings announced the establishment of two joint ventures with Shanghai Mechanical and Electrical Co., focusing on humanoid robot solutions, with a registered capital of 75 million yuan for each venture [23].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the impact of stablecoin legislation in the United States and Hong Kong, aiming to reshape financial infrastructure and address the challenges posed by the dominance of the US dollar while meeting the needs of countries in Asia, Africa, and Latin America [1][2][3]. Core Insights and Arguments - **Stablecoin Definition and Applications**: Stablecoins are digital representations of fiat currency on the blockchain, primarily used in crypto asset trading, real-world asset (RWA) transactions, and cross-border payments. They enhance the efficiency and reduce costs of cross-border payments through peer-to-peer value exchange networks [1][6][7]. - **Market Growth Potential**: The current market size for stablecoins is approximately $250 billion, with projections suggesting it could reach $1.6 trillion by 2030, indicating significant growth potential [1][9]. - **Legislative Progress**: The US Senate is expected to finalize stablecoin legislation by the end of 2025, while Hong Kong has already passed its stablecoin regulatory framework [2][4]. - **Strategic Intentions**: The US aims to reinforce the dollar's international status and regulate private stablecoin issuers, while Hong Kong seeks to establish itself as a financial experimentation hub, creating alternative financial transaction and settlement systems [5][8]. Key Players and Market Dynamics - **Major Issuers**: Tether (USDT) and Circle (USDC) dominate the stablecoin market, holding nearly 90% of the market share. Tether has a circulation of about $150 billion, while Circle is positioned as the most compliant stablecoin issuer [12][16]. - **Emerging Competitors**: Other players, including traditional financial institutions and new entrants like the Trump family and PayPal, are entering the stablecoin space, increasing competition [12][27]. - **Distribution Channels**: Centralized exchanges and DeFi protocols are primary distribution channels for stablecoins, with traditional cross-border payment companies expected to integrate compliant stablecoin solutions in the future [11][12]. Regulatory and Compliance Aspects - **Regulatory Frameworks**: Both the US and Hong Kong's stablecoin regulations emphasize the need for high liquidity and low-risk asset reserves, ensuring transparency and security in the issuance process [8][10]. - **RWA Integration**: The integration of real-world assets into the blockchain is seen as a significant trend, with RWA expected to enhance the efficiency of financial transactions and broaden access to global capital [17][18][19]. Additional Insights - **Technological and Competitive Factors**: Key competitive factors in the stablecoin market include the security and transparency of underlying assets, customer acquisition capabilities, and liquidity management [13][14][15]. - **Future Trends**: The total market value of on-chain assets is currently less than 1% of traditional financial markets but is projected to grow to 5-10% as blockchain technology becomes more integrated into global financial systems [24][25]. - **Potential Beneficiaries**: Companies with strong digital asset capabilities, such as JieShun Technology and others involved in cross-border payment solutions, are expected to benefit from the increasing demand for stablecoin transactions [31][32]. This summary encapsulates the critical points discussed in the conference call, highlighting the evolving landscape of stablecoins and their implications for the financial industry.