引言 在真实世界资产（RWA）概念逐渐进入主流金融讨论的背景下，一些高度非标准化、估值依赖主观判断的传统资产，开始被频繁包装进"资产上 链""Token化"的叙事之中。 白酒，尤其是以原浆、老酒、基酒为代表的高溢价酒类资产，正是在这一过程中被反复提及的对象。 从表面看，白酒与区块链的结合并非全然不可理解。白酒具备稀缺性、文化属性与长期储藏特征，在某些语境下也被视为"另类资产"。然而，当这类资产 被进一步包装为可公开推广、可向不特定公众募集资金的 RWA 产品时，其性质已不再是单纯的"资产数字化尝试"，而是直接触及金融监管与投资者保护 的核心边界。 从公开信息来看，香港证监会对相关白酒RWA 产品的警示，措辞相对克制，但指向十分明确：该类产品未获认可向公众发售，结构复杂，透明度不足， 且不受香港现行监管框架保障。在监管语境中，这几项判断本身已经构成高风险信号。 首先，"未获认可向公众发售"意味着该产品并不属于在香港受规管的证券或集体投资计划范畴。这直接导致投资者无法适用香港投资者赔偿基金等既有保 护机制，一旦发生纠纷或损失，维权路径极为有限。 其次，监管文件中反复强调的"结构复杂"，并非中性描述，而是风险提示。 ...

Group 1 - The core viewpoint of the article highlights the advancements in humanoid robots, particularly the release of various models like Figure03, 1X Neo, and others, despite the delay of Tesla's Optimus Gen3 until 2026 [2] - The article emphasizes the significant improvement in the movement capabilities of humanoid robots, evolving from awkward movements to more natural and graceful actions, largely due to the development of humanoid robot large models [2] - The article discusses the transition from Large Language Models (LLM) to Vision-Language Models (VLM) and finally to Vision-Language-Action Models (VLA), which integrate perception, understanding, and action in a unified framework [6][8] Group 2 - Google DeepMind introduced VLA with RT-2, which enhances robotic control by integrating visual and language information with action tokens, achieving a success rate improvement from 32% to 62% compared to its predecessor RT-1 [10] - Tesla's Optimus leverages its Full Self-Driving (FSD) model, transitioning to an end-to-end approach that simplifies input complexity while managing a vast amount of data for training [13][15] - NVIDIA's GR00T N1 model represents a comprehensive approach to humanoid robotics, combining hardware, software, and ecosystem development, emphasizing the importance of virtual environments for data collection and training [19][22] Group 3 - The article mentions that various startups are utilizing NVIDIA's large models and Cosmos for their robotic solutions, highlighting the competitive landscape in the humanoid robotics sector [24] - Wang Xingxing expresses skepticism about the VLA architecture, pointing out the inadequacy of existing data quality and quantity for effective real-world interaction, suggesting a need for better model architecture [26][27]

Investment Rating - The report maintains an "Outperform" rating for the company [2][18][20] Core Insights - The company's three growth engines—Consumer Payments, Commercial Payments & Money Flow Solutions, and Value-Added Services—continue to drive revenue growth [4][16][20] - The adjusted EPS for 2QFY25 was $2.76, reflecting a year-on-year increase of 9.9%, surpassing both internal and market expectations [3][15][20] - The company has a target price of $392.04, indicating a potential upside of 7.2% from the current price of $365.86 [2][20] Revenue and Profitability - Total revenue for 2QFY25 was $13.33 billion, a 10.8% year-on-year increase, slightly below expectations [3][15] - Net revenue, after client incentives, grew by 9.3% year-on-year to $9.59 billion, exceeding estimates [3][15] - Key revenue components included: - Services revenue increased by 9.1% to $4.40 billion, driven by a 7.6% rise in payment volume [3][15] - Data processing revenue rose by 10.4% to $4.70 billion, corresponding to an 8.0% increase in processed transactions [3][15] - International transaction revenue grew by 10.3% to $3.3 billion, primarily due to a 13.0% increase in cross-border transaction volume [3][15] Growth Drivers - The Consumer Payments segment benefited from increased payment volume and cross-border transactions [4][16] - Commercial Payments & Money Flow Solutions revenue grew by 13% year-on-year in constant dollars, with a 6% increase in commercial payment transaction volume [4][16] - Value-Added Services revenue accelerated by 22% year-on-year to $2.6 billion, with growth across all product portfolios [6][16] Market Position and Strategy - The company is enhancing global contactless payment penetration through innovations in Tokenization and Tap technology, with emerging markets as key growth areas [8][17][19] - By the end of 2QFY25, global Tap to Pay penetration reached 76%, with the U.S. market surpassing 60% for the first time [19] - The company has entered a partnership with Efecty in Colombia to expand card acceptance scenarios [19] Management Outlook - Management remains optimistic about the company's outlook, maintaining full-year guidance with expected low double-digit growth in net revenue and operating expenses [9][20] - For 3QFY25, adjusted EPS growth is projected to be approximately 17%-19% year-on-year [20] - The company has authorized a new $30 billion multi-year stock repurchase plan, reflecting confidence in future performance [3][20]

Investment Rating - The report maintains an "Outperform" rating for the company [2][20]. Core Insights - The company's three growth engines—Consumer Payments, Commercial Payments & Money Flow Solutions, and Value-Added Services—continue to drive revenue growth, with a 10.8% year-on-year increase in total revenue for 2QFY25 [3][16]. - Adjusted EPS for 2QFY25 was $2.76, reflecting a 9.9% year-on-year growth, surpassing both internal and market expectations [3][20]. - The management remains optimistic about the company's outlook, maintaining full-year guidance with expected low double-digit growth in net revenue and operating expenses [20]. Revenue and Profitability - Total revenue for 2QFY25 reached $13.33 billion, slightly below expectations, while net revenue after client incentives was $9.59 billion, exceeding estimates [3][15]. - Payment services revenue grew by 9.1% to $4.40 billion, driven by a 7.6% increase in payment volume [3][15]. - Data processing revenue increased by 10.4% to $4.70 billion, with an 8.0% rise in processed transactions [3][15]. Growth Drivers - The Consumer Payments segment saw growth due to increased payment volume and cross-border transactions, while Commercial Payments & Money Flow Solutions revenue grew by 13% year-on-year in constant dollars [4][16]. - Value-Added Services revenue accelerated by 22% year-on-year to $2.6 billion, with all product portfolios contributing to growth [6][16]. Market Position and Strategy - The company is enhancing global contactless payment penetration through technological innovations, with 76% penetration of Tap to Pay globally as of 2QFY25 [17][19]. - A partnership with Efecty in Colombia aims to expand card acceptance scenarios, targeting over 30 million users [19]. Future Guidance - For 3QFY25, the company expects net revenue growth and operating expense growth in the low double digits, with adjusted EPS growth projected at 17%-19% year-on-year [20]. - The full-year guidance remains unchanged, with expectations for net revenue growth at a low double-digit rate and adjusted EPS growth around 13-15% year-on-year [20].