一、资产筛选与评估 【鋒言鋒語】 业务数据化 数据资产化 资产代币化 代币全球化 RWA（现实世界资产）的标准化流程是将物理或金融资产转化为区块链可交易代币的系统性过程，需兼顾法律合规、技术实现与市场运作。以下是核心 流程及要点： 3. 价值评估 二、法律合规与结构设计 三、资产结构化与代币化设计 1. 标准化拆分 2. 分层设计（可选） 复杂资产（如混合债权包）可设优先级（固定收益）和次级（高风险高收益）代币，匹配不同风险偏好。 四、技术实现与链上映射 2. 智能合约开发 1. 资产选择 适用类型：优先权属清晰、现金流稳定的资产，如商业地产、债券、应收账款、绿色能源项目（光伏/充电桩）、知识产权等。 排除类型：存在权属纠纷或法律禁止流通的资产（如抵押房产、部分国有股权）。 2. 法律确权 通过律师或公证机构核查资产所有权文件（如房产证、股权登记证），确保无质押、查封等权利瑕疵。 集合资产（如多租户租金收益）需签署信托协议打包处理。 第三方机构（如评估公司、审计所）核定资产价值： 不动产采用市场比较法、收益法； 金融资产参考市场价格或财务报表； 新能源资产依据运营数据（如充电量、成本）预测现金流。 1. 合规 ...

Core Insights - The completion of the ETHK Building in Nanjing marks the establishment of the world's first core base focused on the digitalization of Real World Assets (RWA) technology, serving as a strong response to market skepticism regarding RWA's viability [1][4] - The building symbolizes a strategic transformation for the company, transitioning its brand focus from "IVD" to "ETHK Labs," highlighting its role as an enabler of global digital industry innovation and blockchain financial infrastructure [1][4] Group 1: Strategic Leap - The announcements made by the company on September 19 signify a critical leap from conceptual leadership to large-scale physical R&D and implementation [3] - The ETHK Building is not just a commercial property; it serves dual foundational missions: as a hub for physical R&D and collaborative innovation, and as a credible technology development and output infrastructure [4] Group 2: Addressing Challenges - RWA technology, which tokenizes real-world assets for blockchain integration, is becoming a vital bridge between traditional and digital finance, with a total on-chain market value of $25.93 billion as of August 15, 2025, and a 11.86% increase in asset holders [5] - The potential of RWA is hindered by several core bottlenecks, including public chain performance limitations, funding barriers between traditional and crypto worlds, complex cross-border regulations, and general liquidity issues [5] Group 3: Ecosystem Empowerment - The company's innovative "ETHK Global RWA Exchange within an Exchange" business model provides top-tier technical infrastructure and compliance support to leading enterprises across various industries, allowing for rapid entry into different sectors with strong replicability and scalability [6] - The establishment of the ETHK Building provides a physical anchor to address trust issues in the RWA sector, demonstrating the company's commitment to advancing its blockchain financial ecosystem strategy [6] Group 4: Collaborative Advantage - The company's RWA ecosystem strategy is driven by the belief that technology should serve the public good, aiming to facilitate the efficient and compliant circulation of high-quality global assets [10] - The collaboration with Renhe Pharmaceutical to establish the world's first OTC vertical RWA exchange reflects the company's innovative business model, providing tailored solutions for asset digitization and capital structure optimization [9][10] - The choice of Nanjing as the core base for RWA technology underscores strategic considerations, as the region is a hub for the biopharmaceutical industry with a mature ecosystem [9] Group 5: Industry Impact - The ETHK Building stands as a physical benchmark for the industry, representing the maturation of the RWA sector from virtual concepts to tangible, scalable implementations [11] - The partnership with Renhe Pharmaceutical is expected to introduce a "digital License-in/Out" model, breaking down traditional barriers to cross-border collaboration and enhancing innovation efficiency across the global OTC industry [10]

與 仁 和 藥 業（000650.SZ） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責 任。 IVD Medical Holding Limited 華檢醫療控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1931） 全資附屬公司仁和國際達成重大戰略合作 與 仁 和 藥 業（000650.SZ）間 接 全 資 附 屬 公 司 仁 和 國 際 達 成 重 大 戰 略 合 作，於 美 國 共 同 籌 建 全 球 首 家 非 處 方 藥（OTC）垂 直 領 域RWA交 易 所。 本 公 告 乃 由 華 檢 醫 療 控 股 有 限 公 司（「本公司」或「華檢醫療」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，旨 在 向 股 東 及 潛 在 投 資 者 提 供 本 集 團 業 務 發 展 的 最 新 資 料。 一、前 言：ETHK生態戰略的系統性深化 茲提述本公司日期為2025年 ...

Group 1 - Xibei's founder, Jia Guolong, announced plans to sue Luo Yonghao over allegations of using pre-made dishes, while Luo offered a reward for evidence supporting his claims [2][3] - Xibei confirmed that some dishes may be prepared in advance, with the chef stating that lamb chops can be served up to three meals after cooking [2][3] Group 2 - A court ruled that the parents of two teenagers involved in a public urination incident at a Haidilao restaurant must pay a total of 2.2 million yuan in damages [3][4] - The compensation includes 130,000 yuan for cleaning and damages, and 2 million yuan for business losses and reputation damage [3][4] Group 3 - Apple delayed the launch of the iPhone Air in China due to regulatory issues related to its eSIM technology, with all models pending approval [4][5] - Major Chinese telecom operators will support the iPhone Air with eSIM services once regulatory approval is obtained [4][5] Group 4 - Nio's M9 interior design was leaked by a man who was later ordered to pay 250,000 yuan in damages for infringing on trade secrets [5][6] - The court found that the man's actions diminished consumer interest and disrupted marketing strategies for the new vehicle [5][6] Group 5 - Ant Group introduced a new "pay for performance" model for its enterprise AI services, allowing clients to pay based on the actual results achieved [6] - This model aims to reduce upfront costs for businesses, particularly benefiting small and medium enterprises [6] Group 6 - China Resources Land denied rumors of an intention to acquire Evergrande Property, stating that such information is untrue [7] - Evergrande Property had previously announced a trading suspension pending the release of insider information [7] Group 7 - Shanghai Disneyland responded to complaints about the high price of sanitary products, reducing the price of a pack of five sanitary pads from 150 yuan to 70 yuan [7][8] Group 8 - Wumart Supermarket announced plans to open 20 newly renovated stores by the end of September, as part of its strategy to enhance customer experience [8] Group 9 - Tencent refuted claims regarding a former OpenAI researcher's salary exceeding 100 million yuan upon joining the company [9] Group 10 - Gold prices reached a new record high of $3,674.27 per ounce, surpassing the inflation-adjusted peak from 1980 [10] - The price increase reflects a nearly 40% rise this year, highlighting gold's status as a safe-haven asset amid macroeconomic uncertainties [10] Group 11 - The China Securities Regulatory Commission announced penalties against Beijing Dongtong Technology for serious financial fraud, proposing fines totaling 229 million yuan [10] - The company faces potential delisting due to significant violations of securities laws [10] Group 12 - Dazhonghua's operations remain unaffected despite the investigation of a senior executive for alleged misconduct [11] - The company emphasized its commitment to legal compliance and maintaining operational efficiency [11] Group 13 - Xiamen Hengkang New Materials Technology received approval for its initial public offering on the Sci-Tech Innovation Board [12] - Figure Technology became the first platform focused on real-world assets to list on NASDAQ [12] Group 14 - Albania appointed an AI named "Diera" as a government minister, marking a global first for AI in a governmental role [13] - The AI will oversee public procurement processes to ensure transparency and reduce corruption [13] Group 15 - The U.S. Federal Trade Commission initiated an investigation into AI chatbots from seven companies, including Meta and OpenAI, to assess their impact on children [14] Group 16 - Chasing Car completed its first round of financing and is planning to establish a factory near Tesla's German facility [15]

付饶 近年来，RWA（现实世界资产）的讨论逐渐成为数字金融与区块链行业的核心议题。伴随区块链技术 与智能合约的不断成熟，市场正在寻找新的资产类别，以解决现实经济中存在的流动性不足与融资效率 低下的问题。 在笔者看来，中国RWA市场的创新价值，首先体现在对非金融资产流动性的改善。大量现实中存在 的"沉睡资产"，由于缺乏市场化流通渠道，未能有效释放潜能。通过RWA，企业可以将订单、设备、 库存等资产转化为数字化权益，并在链上实现融资与交易，这为中小企业尤其是科技创新型企业提供了 新的发展动力。其次，非金融资产的代币化有助于降低投资门槛，推动普惠金融。过去，这些资产往往 只有少数机构或大企业才能够参与，而通过区块链的拆分机制，更多普通投资者也能以较低成本参与其 中。再次，RWA依托区块链的技术特性，可以提升市场的透明度和交易效率，降低欺诈与篡改风险， 为投资者保护提供新的手段。最后，非金融RWA资产的引入，还能够为链上金融活动提供更加稳健的 底层支撑，使得DeFi等新兴金融形态能够脱离对加密货币的单一依赖，获得更加稳定的资产基础。 当然，非金融资产的链上化也并非没有挑战。最大的难题在于确权与估值。无论是不动产还是数 ...

Group 1: Business Impact of New Regulations - The implementation of new social security regulations will elevate policy execution to a legal level, providing significant development opportunities for government service enterprises. The company has established a grassroots service network covering nearly 170 cities, enhancing the efficiency of social security service solutions [2][3]. Group 2: Technological Integration and Innovation - The company is leveraging AI technology to optimize core service scenarios such as employment and medical services, having developed a large model "Zhiwei Jieyu" with service data from over 100 cities. This technological advancement is expected to positively impact business progression [2][3]. Group 3: Data Operations and Market Positioning - The company has recently won the bid for the "Guangzhou Data Exchange (Tianhe) Service Zone Operation" project, aiming to enhance data operation services by integrating various data resources and promoting the assetization of data [3][4]. Group 4: Employment and Medical Service Strategies - In the employment sector, the company focuses on flexible workers, college graduates, and veterans, utilizing AI tools to improve job matching efficiency and providing comprehensive services such as training and subsidy applications. In the medical sector, partnerships with China UnionPay and Guangzhou Medical Insurance have led to the development of a seamless payment platform for medical services [5][6]. Group 5: Market Challenges and Future Directions - The company faces challenges in business expansion due to cyclical market demand adjustments and increased complexity in G-end project initiation. This necessitates a transformation in business models and organizational structure, which has temporarily raised management costs and time investments [5][6]. The company prefers partnerships with entities possessing core resources and operational capabilities for potential mergers and acquisitions [6][7].

Investment Rating - The investment rating for Fosun International is "Buy" [1] Core Views - Fosun International's core industries are operating steadily, and the RWA ecological layout is progressing steadily. The company reported a total revenue of 87.3 billion yuan in the first half of 2025, a year-on-year decrease of 10.8% [2]. - The company is focusing on local and international dual-driven strategies in its insurance segment, with total premium income of 3.27 billion euros in the first half of 2025, an increase of 16.5% year-on-year [3]. - The company has made significant advancements in its RWA ecological layout, obtaining licenses for virtual assets and launching a leading RWA platform [4][5]. - Fosun Pharma's innovative drug revenue is steadily growing, with a revenue of over 4.3 billion yuan, a year-on-year increase of 14.26% [6][7]. - The performance of core subsidiary Yuyuan Inc. showed improvement in Q2, with revenue of 19.11 billion yuan, a year-on-year decrease of 30.68% [8]. Summary by Sections Financial Performance - In the first half of 2025, Fosun International's total revenue was 87.3 billion yuan, with a net profit of 660 million yuan, a year-on-year decrease of 8.2% [2]. - The company adjusted its revenue forecasts for 2025-2026 to 96 billion and 103.4 billion yuan, respectively, with net profit estimates of 730 million and 930 million yuan [9]. Insurance Segment - Fosun Portugal Insurance's total premium income reached 3.27 billion euros, with a market share of 29.3% in Portugal [3]. - The international business of Fosun Portugal Insurance reported a premium income of 920 million euros, a year-on-year increase of 4.3% [3]. RWA Ecological Layout - The company has obtained licenses for virtual asset trading and investment management, enhancing its capabilities in the RWA sector [4][5]. Pharmaceutical Segment - Fosun Pharma's revenue was 19.426 billion yuan, with a net profit of 1.702 billion yuan, a year-on-year increase of 38.94% [6][7]. Subsidiary Performance - Yuyuan Inc. reported a revenue of 19.112 billion yuan in Q2, with a significant improvement in operational cash flow [8].

Core Viewpoint - Tianji Holdings (01520) has reported a significant increase in its stock price, driven by its strategic focus on stablecoin-related businesses and Web3.0 developments, reflecting strong market optimism for its future growth [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of HKD 23.12 million and a gross profit of HKD 2.93 million [1]. Strategic Initiatives - The company is actively expanding its presence in the stablecoin and Web3.0 sectors through investments and acquisitions, which are expected to provide further upward momentum for its stock price [1][2]. - Tianji Holdings has formed a joint venture with Xizuchain Technology to operate Web3.0 sports IP consumption businesses, enhancing its strategic positioning in the "Web3.0+" sector [4]. Market Trends - The stablecoin market is poised for growth, supported by regulatory developments in multiple countries, including the U.S. and Hong Kong, which are establishing frameworks for stablecoin issuance [2][3]. - The rise of Real World Assets (RWA) is anticipated to create a massive market opportunity, potentially reaching trillions in value, as these assets are digitized and integrated into blockchain systems [2][5]. Partnerships and Collaborations - The company has established strategic partnerships with various well-known enterprises, including a collaboration with Xinqiao Capital to enhance its Web3.0 initiatives [3][4]. - Tianji Holdings has a strong track record of forming alliances with global gaming and entertainment companies, which may synergize with its stablecoin operations to unlock new growth avenues [5].

Group 1 - Zhongyu Energy Holdings Limited has completed the acquisition of Guangdong Baojie Environmental Technology Co., marking a strategic partnership aimed at deep integration of business, capital, and strategy in the biomass energy sector [1] - The acquisition strengthens Zhongyu Energy's position in the zero-carbon energy transition, enhancing its comprehensive layout in the biomass energy field [1] Group 2 - The implementation of the Energy Law in 2024 legally recognizes biomass energy as a "zero-carbon energy," providing a legal basis for its replacement of fossil fuels [3] - The Chinese government has initiated policies to promote clean heating technologies, including biomass, which aligns with global trends in supporting biomass energy through legislation and tariff incentives [3] Group 3 - Zhongyu Smart Energy has established a comprehensive energy system covering low-carbon parks, factories, buildings, and transportation, with 262 smart energy projects operational across eight provinces as of mid-2025 [4] - The acquisition allows Zhongyu Energy to enter the biomass gasification equipment R&D and manufacturing sector, enhancing its business model and profitability in the biomass zero-carbon coupling business [4] Group 4 - Post-acquisition, Zhongyu Energy will adopt a "manufacturing + comprehensive service" model to address the traditional heavy asset reliance in urban gas sectors, capturing key midstream segments of the industry [5] - The company plans to offer diverse cooperation models, including equipment manufacturing, engineering construction, and investment operations, to meet varied energy needs of clients [5] Group 5 - Zhongyu Energy is integrating its private AI computing platform "Zhongyu Zhiqing" with its biomass business to enhance energy efficiency through smart monitoring and predictive maintenance [6] - The company is developing innovative RWA projects in the biomass energy sector, facilitating a "green energy-carbon trading" link, thus providing new green investment pathways for global investors [6] - This acquisition is a pivotal step for Zhongyu Energy's transformation from a traditional gas operator to a comprehensive zero-carbon energy solution provider, promoting the high-quality development of the biomass energy industry [6]

Group 1 - The rise of technology is profoundly reshaping the form and boundaries of finance, with the integration of technology and finance driving technological updates in the financial sector and providing strong support for technological innovation [1] - The focus of the discussion on stablecoins should not be on the stablecoins themselves, but rather on the underlying blockchain technology that builds a new digital financial infrastructure [4][5] - The strategic significance of tokenization is increasingly prominent, as it enhances market efficiency, reduces transaction costs, and promotes the digitalization and globalization of financial markets [4][5] Group 2 - Blockchain is considered the next generation of infrastructure, particularly valuable in finance due to its decentralized physical structure and centralized logical operation, which can enhance efficiency and value in financial infrastructure [5][6] - The establishment of a self-controlled and secure financial infrastructure is crucial for financial safety, as many current financial technologies are not under domestic control [6][7] - A "dual-layer" digital currency system is advocated, where wholesale central bank digital currencies (CBDCs) support the issuance of retail stablecoins, creating a structured approach to digital currency [9][10] Group 3 - The application of central bank digital currencies in cross-border scenarios is theoretically feasible at the wholesale level, but limited at the retail level due to the sovereign nature of currencies [11] - The development of technology is seen as a driving force for the internationalization of currencies, with the integration of technology and finance being essential for the high-quality development of the Chinese economy [14][15] - Real World Assets (RWA) present a significant opportunity for developing technology finance with Chinese characteristics, as digitizing and verifying these assets could attract international investors [15]